FutureFuel Corp. (NYSE: FF) (“FutureFuel”), a manufacturer of
custom and performance chemicals and biofuels, today announced
financial results for the fourth quarter and year ended
December 31, 2023.
Fourth quarter
2023 Financial Highlights (all
comparisons are with the fourth quarter of 2022)
- Revenues were $92.0 million, compared
to $117.8 million.
- Net income increased to $23.4 million, or $0.53 per
diluted share, from $14.9 million, or $0.34 per
diluted share.
- Adjusted EBITDA(1) was $16.8 million, down from
$17.1 million.
2023 Financial
Highlights (all comparisons are with the year ended
December 31, 2022)
- Revenues were $368.3 million, compared
to $396.0 million.
- Net income increased to $37.4 million, or $0.85 per
diluted share, from $15.2 million, or $0.35 per
diluted share.
- Adjusted EBITDA(1) was $35.0 million, up from
$27.8 million.
(1) A non-GAAP financial measure. See
“Non-GAAP Financial Measures” for a description of the measure
and a reconciliation to the applicable GAAP measure.
“I am pleased to report net income for the year
of $37.4 million and delighted to
report the issuance of a special cash dividend of $2.50
per share as part of our plan to return value to our stockholders.
In addition to this, our Board of Directors has also authorized a
Share Repurchase program of up to $25 million over the next 24
months.
In 2023, we achieved a record production volume
of Biodiesel. This was thanks to our focus on operational
excellence and reliability, as well as the successful execution of
our risk management strategy. In our Chemicals segment, we are
focused on the growth of new products and providing first class
service to our existing customers. Even against a backdrop of
dampening demand in certain mature segments, we were
successful in bringing new products to our chemical business,
either as trials or straight to commercial production.
As we look forward to 2024, we will continue our
pursuit of new chemicals business adopting a broad multi-market
strategy, as well as ensuring our biodiesel business maintains its
strong history of production and margin capture,” said Tom
McKinlay, Chief Executive Officer for FutureFuel Corp.
2024 Regular Cash Dividends
For 2024, FutureFuel declared a regular
quarterly cash dividend in the amount of $0.06 per share on
our common stock in the fourth quarter of 2023. In
addition, on March 12, 2024, FutureFuel declared a special cash
dividend of $2.50 per share on common stock payable on April 9,
2024, to holders of record as of the close of business on March 26,
2024.
Financial Overview and Key Operating
Metrics
Financial and operating metrics, which include
non-GAAP financial measures (see “Non-GAAP Financial Measures” for
additional information), include dollars in thousands, except per
share amounts:
FutureFuel Corp.Certain Financial and
Operating Metrics(Unaudited) |
|
|
Three Months Ended December 31, |
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
2023 |
|
|
2022* |
|
|
Change |
|
|
Change |
|
Revenue |
$ |
92,009 |
|
|
$ |
117,816 |
|
|
$ |
(25,807 |
) |
|
|
(22 |
)% |
Income from operations |
$ |
20,403 |
|
|
$ |
11,778 |
|
|
$ |
8,625 |
|
|
|
73 |
% |
Net income |
$ |
23,384 |
|
|
$ |
14,933 |
|
|
$ |
8,451 |
|
|
|
57 |
% |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.53 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
|
|
56 |
% |
Diluted |
$ |
0.53 |
|
|
$ |
0.34 |
|
|
$ |
0.19 |
|
|
|
56 |
% |
Adjusted EBITDA* |
$ |
16,753 |
|
|
$ |
17,119 |
|
|
$ |
(366 |
) |
|
|
(2 |
)% |
|
For the Year Ended December 31, |
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
% |
|
|
2023 |
|
|
2022* |
|
|
Change |
|
|
Change |
|
Revenue |
$ |
368,250 |
|
|
$ |
396,014 |
|
|
$ |
(27,764 |
) |
|
|
(7 |
)% |
Income from operations |
$ |
27,368 |
|
|
$ |
17,546 |
|
|
$ |
9,822 |
|
|
|
56 |
% |
Net income |
$ |
37,382 |
|
|
$ |
15,211 |
|
|
$ |
22,171 |
|
|
|
146 |
% |
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.85 |
|
|
$ |
0.35 |
|
|
$ |
0.50 |
|
|
|
143 |
% |
Diluted |
$ |
0.85 |
|
|
$ |
0.35 |
|
|
$ |
0.50 |
|
|
|
143 |
% |
Adjusted EBITDA* |
$ |
34,983 |
|
|
$ |
27,763 |
|
|
$ |
7,220 |
|
|
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted EBITDA for 2022 has been restated to
be consistent with 2023 reporting. Adjusted EBITDA in both
years excludes the impact from unrealized gains or
losses on derivatives. Realized gains and losses are included
in Adjusted EBITDA in both 2022 and 2023.
Financial Results Q4 2023 versus Q4
2022
Consolidated sales revenue decreased 22% or
$25,807 in the fourth quarter of 2023 compared to the
same period of 2022 primarily from lower average sales prices
in the biofuel segment $25,819 and, to a lesser extent, in the
chemical segment $1,433. This decrease was partially offset by
higher sales volumes in the chemical segment $1,633.
Income from operations increased $8,625 in
the fourth quarter of 2023 as compared to the same period of
2022. This comparative increase was primarily attributable to
improved margins in both the biofuel and chemical segments
inclusive of (i) the change in the unrealized activity of
derivative instruments in comparison to the prior year quarter with
a gain of $5,401 as compared to a loss of $2,709 and (ii)
the benefit from the change in adjustments in the carrying
value of our inventory as determined utilizing the last-in,
first-out (“LIFO”) method of inventory accounting which increased
gross profit $4,311 in the current quarter and decreased
gross profit $5,252 in the prior year quarter.
Financial Results 2023 versus 2022
Consolidated sales revenue decreased 7% or
$27,764 in 2023 compared to 2022 primarily from
lower average sales prices in the biofuel segment $71,198 and,
to a lesser extent, in the chemical segment $1,916. This decrease
was partially offset by higher biodiesel sales volumes in the
biofuel segment $44,994.
Income from operations increased
$9,822 as compared to 2022. This comparative increase was
primarily attributable to improved margins in both the biofuel and
chemical segments inclusive of (i) the change in the realized
activity of derivative instruments in comparison to the prior year
with a gain of $694 as compared to a loss of $24,703 in the
prior year; the prior year loss included an unfavorable impact
of volatility in the NYMEX heating oil futures market of
$10,500 and (ii) the change in the unrealized activity of
derivative instruments in comparison to the prior year with a gain
of $1,878 in the current year and a gain of $343 in the prior
year. Also contributing to this improved margin was the
benefit from the change in adjustments in the carrying value of our
inventory as determined utilizing the LIFO method of inventory
accounting which increased gross profit $10,334 in 2023 and
decreased gross profit $3,944 in 2022 (net of a liquidation of
$1,850 from exiting the pipeline business).
In our Biodiesel segment, our strategy is to
secure ample supplies of feedstock when margins are attractive and
then commit to sales of biodiesel and RINs to further secure those
margins. This begins with building feedstock in the early part
of the year and holding inventories of biodiesel and RINs until we
can realize their optimum sales value later in the year. To protect
those margins against price volatility in the oil markets, we use
heating oil futures to counteract those movements. When the prices
of those futures contracts fluctuate, it can result in significant
changes in the value of the unrealized derivatives position that we
report in our quarterly earnings. However, at the end of the year,
when inventories of feedstock and biodiesel are lower, that effect
is less pronounced. It is worth noting that even with this
strong performance, as of December 31, 2023, we still hold
4.3 million of RINs in inventory at no cost with a fair market
value of $6,567. For comparison, at December 31, 2022, we held
1.5 million of RINs in inventory at no cost with a
fair market value of $2,557.
Capital Expenditures
Capital expenditures were
$6,022 in 2023, compared with $4,778 in the same
period in 2022.
Cash and Cash Equivalents and Marketable
Securities
Cash and cash equivalents increased
to $219,444 as of December 31, 2023. All marketable
securities were sold during 2023 and the proceeds were moved
to interest bearing accounts. As of December 31, 2022, cash
and cash equivalents were $175,640 and marketable
securities were $37,126, for a total of $212,766.
Share Repurchase Program
FutureFuel also adopted a share repurchase
program of up to $25.0 million of common stock expiring March 12,
2026. The program could be suspended or discontinued at any
time, based on market, economic, or business conditions. The timing
and amount of repurchase transactions will be determined by
management based on its evaluation of market conditions, share
price, and other factors.
About FutureFuel
FutureFuel is a leading manufacturer of
diversified chemical products and biofuels. FutureFuel’s chemicals
segment manufactures specialty chemicals for specific customers
(“custom chemicals”) as well as multi-customer specialty chemicals
(“performance chemicals”). FutureFuel’s custom manufacturing
product portfolio includes proprietary agrochemicals, adhesion
promoters, a biocide intermediate, and an antioxidant precursor.
FutureFuel’s performance chemicals products include a portfolio of
proprietary nylon and polyester polymer modifiers and several
small-volume specialty chemicals and solvents for diverse
applications. FutureFuel’s biofuels segment primarily produces and
sells biodiesel to its customers. Please visit
www.futurefuelcorporation.com for more information.
Forward-Looking Statements
This document contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements deal with
FutureFuel’s current plans, intentions, beliefs, and expectations,
and statements of future economic performance. Statements
containing such terms as “believe,” “do not believe,” “plan,”
“expect,” “intend,” “estimate,” “anticipate,” and other phrases of
similar meaning are considered to contain uncertainty and are
forward-looking statements. In addition, from time-to-time
FutureFuel or its representatives have made or will make
forward-looking statements orally or in writing. Furthermore, such
forward-looking statements may be included in various filings that
the company makes with United States Securities and Exchange
Commission (the “SEC”), in press releases, or in oral statements
made by or with the approval of one of FutureFuel’s authorized
executive officers.
These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, those set forth under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in FutureFuel’s Form 10-K Annual Report for
the year ended December 31, 2023 and in its future
filings made with the SEC. An investor should not place undue
reliance on any forward-looking statements contained in this
document, which reflect FutureFuel management’s opinions only as of
their respective dates. Except as required by law, the company
undertakes no obligation to revise or publicly release the results
of any revisions to forward-looking statements. The risks and
uncertainties described in this document and in current and future
filings with the SEC are not the only ones faced by FutureFuel. New
factors emerge from time to time, and it is not possible for the
company to predict which will arise. There may be additional risks
not presently known to the company or that the company currently
believes are immaterial to its business. In addition, FutureFuel
cannot assess the impact of each factor on its business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. If any such risks occur, FutureFuel’s
business, operating results, liquidity, and financial condition
could be materially affected in an adverse manner. An investor
should consult any additional disclosures FutureFuel has made or
will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K,
and any amendments thereto. All subsequent written and oral
forward-looking statements attributable to FutureFuel or persons
acting on its behalf are expressly qualified in their entirety by
the cautionary statements contained in this document.
Non-GAAP Financial Measures
In this press release, FutureFuel used adjusted
EBITDA as a key operating metric to measure both performance and
liquidity. Adjusted EBITDA is a non-GAAP financial measure.
Adjusted EBITDA is not a substitute for operating income, net
income, or cash flow from operating activities (each as determined
in accordance with GAAP), as a measure of performance or liquidity.
Adjusted EBITDA has limitations as an analytical tool, and should
not be considered in isolation or as a substitute for analysis of
results as reported under GAAP. FutureFuel defines adjusted EBITDA
as net income before interest, income taxes, depreciation, and
amortization expenses, excluding, when applicable, non-cash
share-based compensation expense, public offering expenses,
acquisition-related transaction costs, purchase accounting
adjustments, loss on disposal of property and equipment, non-cash
gains or losses on derivative instruments, and other non-operating
income or expense. Information relating to adjusted EBITDA is
provided so that investors have the same data that management
employs in assessing the overall operation and liquidity of
FutureFuel’s business. FutureFuel’s calculation of adjusted EBITDA
may be different from similarly titled measures used by other
companies; therefore, the results of its calculation are not
necessarily comparable to the results of other companies.
Adjusted EBITDA allows FutureFuel’s chief
operating decision makers to assess the performance and liquidity
of FutureFuel’s business on a consolidated basis to assess the
ability of its operating segments to produce operating cash flow to
fund working capital needs, to fund capital expenditures, and to
pay dividends. In particular, FutureFuel management believes that
adjusted EBITDA permits a comparative assessment of FutureFuel’s
operating performance and liquidity, relative to a performance and
liquidity based on GAAP results, while isolating the effects of
depreciation and amortization, which may vary among its operating
segments without any correlation to their underlying operating
performance, and of non-cash stock-based compensation expense,
which is a non-cash expense that varies widely among similar
companies, and non-cash gains and losses on derivative instruments,
whose immediate recognition can cause net income to be volatile
from quarter to quarter due to the timing of the valuation change
in the derivative instruments relative to the sale of biofuel.
A table included in this earnings release
reconciles adjusted EBITDA with net income, the most directly
comparable GAAP performance financial measure, and a table
reconciles adjusted EBITDA with cash flows from operations, the
most directly comparable GAAP liquidity financial measure.
FutureFuel Corp.Condensed Consolidated Balance
Sheets(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
219,444 |
|
|
$ |
175,640 |
|
Accounts receivable, inclusive of the blenders’ tax credit of
$11,381 and $8,970 and net of allowances for credit loses of $55
and $48, respectively |
|
|
28,407 |
|
|
|
26,204 |
|
Inventory |
|
|
32,978 |
|
|
|
26,761 |
|
Marketable securities |
|
|
- |
|
|
|
37,126 |
|
Other current assets |
|
|
9,717 |
|
|
|
8,045 |
|
Total current assets |
|
|
290,546 |
|
|
|
273,776 |
|
Property, plant and equipment, net |
|
|
72,711 |
|
|
|
76,941 |
|
Other assets |
|
|
3,824 |
|
|
|
5,252 |
|
Total noncurrent assets |
|
|
76,535 |
|
|
|
82,193 |
|
Total
Assets |
|
$ |
367,081 |
|
|
$ |
355,969 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable, inclusive of the blenders’ tax credit
rebates due customers of $890 and $890, respectively |
|
$ |
22,220 |
|
|
$ |
36,345 |
|
Dividends payable |
|
|
10,503 |
|
|
|
10,503 |
|
Other current liabilities |
|
|
8,621 |
|
|
|
9,250 |
|
Total current liabilities |
|
|
41,344 |
|
|
|
56,098 |
|
Deferred revenue – long-term |
|
|
12,570 |
|
|
|
15,079 |
|
Other noncurrent liabilities |
|
|
3,287 |
|
|
|
1,792 |
|
Total noncurrent liabilities |
|
|
15,857 |
|
|
|
16,871 |
|
Total liabilities |
|
|
57,201 |
|
|
|
72,969 |
|
Preferred stock, $0.0001 par value, 5,000,000 shares authorized,
none issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.0001 par value, 75,000,000 shares authorized,
43,763,243 and 43,763,243 issued and outstanding as of December 31,
2023 and December 31, 2022 |
|
|
4 |
|
|
|
4 |
|
Accumulated other comprehensive loss |
|
|
- |
|
|
|
(1 |
) |
Additional paid in capital |
|
|
282,489 |
|
|
|
282,489 |
|
Retained earnings |
|
|
27,387 |
|
|
|
508 |
|
Total Stockholders’ Equity |
|
|
309,880 |
|
|
|
283,000 |
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
367,081 |
|
|
$ |
355,969 |
|
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Condensed Consolidated
Statements of Income and Comprehensive
Income(Dollars in thousands, except per share
amounts)(Unaudited) |
|
|
Three months ended |
|
|
Year Ended |
|
|
December : |
|
|
December : |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
$ |
92,009 |
|
|
$ |
117,816 |
|
|
$ |
368,250 |
|
|
$ |
396,014 |
|
Cost of goods sold and
distribution |
|
67,931 |
|
|
|
102,630 |
|
|
|
327,271 |
|
|
|
367,021 |
|
Gross profit |
|
24,078 |
|
|
|
15,186 |
|
|
|
40,979 |
|
|
|
28,993 |
|
Selling, general, and
administrative expenses |
|
2,519 |
|
|
|
2,394 |
|
|
|
9,213 |
|
|
|
8,032 |
|
Research and development
expenses |
|
1,156 |
|
|
|
1,014 |
|
|
|
4,398 |
|
|
|
3,415 |
|
|
|
3,675 |
|
|
|
3,408 |
|
|
|
13,611 |
|
|
|
11,447 |
|
Income from
operations |
|
20,403 |
|
|
|
11,778 |
|
|
|
27,368 |
|
|
|
17,546 |
|
Interest and dividend
income |
|
2,982 |
|
|
|
2,249 |
|
|
|
9,577 |
|
|
|
4,870 |
|
(Loss) gain on marketable
securities |
|
- |
|
|
|
(590 |
) |
|
|
575 |
|
|
|
(8,546 |
) |
Other expense |
|
(34 |
) |
|
|
(32 |
) |
|
|
(137 |
) |
|
|
(132 |
) |
Other income
(expense) |
|
2,948 |
|
|
|
1,627 |
|
|
|
10,015 |
|
|
|
(3,808 |
) |
Income before income
taxes |
|
23,351 |
|
|
|
13,405 |
|
|
|
37,383 |
|
|
|
13,738 |
|
Income tax (benefit)
provision |
|
(33 |
) |
|
|
(1,528 |
) |
|
|
1 |
|
|
|
(1,473 |
) |
Net income |
$ |
23,384 |
|
|
$ |
14,933 |
|
|
$ |
37,382 |
|
|
$ |
15,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.53 |
|
|
$ |
0.34 |
|
|
$ |
0.85 |
|
|
$ |
0.35 |
|
Diluted |
$ |
0.53 |
|
|
$ |
0.34 |
|
|
$ |
0.85 |
|
|
$ |
0.35 |
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,763,243 |
|
|
|
43,763,243 |
|
Diluted |
|
43,765,709 |
|
|
|
43,764,227 |
|
|
|
43,765,163 |
|
|
|
43,763,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
23,384 |
|
|
$ |
14,933 |
|
|
$ |
37,382 |
|
|
$ |
15,211 |
|
Other comprehensive (loss) income from unrealized net losses on
available-for-sale securities |
|
- |
|
|
|
(8 |
) |
|
|
2 |
|
|
|
(227 |
) |
Income tax effect |
|
- |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
48 |
|
Total unrealized (loss) gain, net of tax |
|
- |
|
|
|
(6 |
) |
|
|
1 |
|
|
|
(179 |
) |
Comprehensive
income |
$ |
23,384 |
|
|
$ |
14,927 |
|
|
$ |
37,383 |
|
|
$ |
15,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Consolidated Statements of
Cash Flows(Dollars in
thousands)(Unaudited) |
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net income |
$ |
37,382 |
|
|
$ |
15,211 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
10,348 |
|
|
|
10,454 |
|
Amortization of deferred financing costs |
|
101 |
|
|
|
95 |
|
Benefit for deferred income taxes |
|
- |
|
|
|
(1,822 |
) |
Change in fair value of equity securities |
|
(3,117 |
) |
|
|
8,297 |
|
Change in fair value of derivative instruments |
|
(1,878 |
) |
|
|
(343 |
) |
Loss on the sale of investments |
|
2,543 |
|
|
|
248 |
|
Stock based compensation |
|
- |
|
|
|
46 |
|
Loss on disposal of property and equipment |
|
29 |
|
|
|
64 |
|
Noncash interest expense |
|
34 |
|
|
|
33 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(2,208 |
) |
|
|
3,118 |
|
Accounts receivable – related parties |
|
5 |
|
|
|
52 |
|
Inventory |
|
(6,217 |
) |
|
|
162 |
|
Income tax receivable |
|
19 |
|
|
|
7,801 |
|
Prepaid expenses |
|
(652 |
) |
|
|
(106 |
) |
Prepaid expenses – related party |
|
- |
|
|
|
(8 |
) |
Other assets |
|
3,523 |
|
|
|
799 |
|
Accounts payable |
|
(6,493 |
) |
|
|
13,790 |
|
Accounts payable – related parties |
|
(7,757 |
) |
|
|
(112 |
) |
Accrued expenses and other current liabilities |
|
(719 |
) |
|
|
(948 |
) |
Accrued expenses and other current liabilities – related
parties |
|
(1 |
) |
|
|
- |
|
Deferred revenue |
|
(2,418 |
) |
|
|
(4,055 |
) |
Other noncurrent liabilities |
|
1,461 |
|
|
|
(325 |
) |
Net cash provided by operating activities |
|
23,985 |
|
|
|
52,451 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
Collateralization of derivative instruments |
|
(1,343 |
) |
|
|
(404 |
) |
Proceeds from the sale of marketable securities |
|
37,701 |
|
|
|
1,292 |
|
Proceeds from the sale of property and equipment |
|
- |
|
|
|
61 |
|
Capital expenditures |
|
(6,022 |
) |
|
|
(4,778 |
) |
Net cash provided by (used in) investing
activities |
|
30,336 |
|
|
|
(3,829 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
Payment of dividends |
|
(10,503 |
) |
|
|
(10,503 |
) |
Deferred financing costs |
|
(14 |
) |
|
|
- |
|
Net cash used in financing activities |
|
(10,517 |
) |
|
|
(10,503 |
) |
Net change in cash and cash
equivalents |
|
43,804 |
|
|
|
(38,119 |
) |
Cash and cash equivalents at
beginning of period |
|
175,640 |
|
|
|
137,521 |
|
Cash and cash
equivalents at end of period |
$ |
219,444 |
|
|
$ |
175,640 |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
$ |
- |
|
|
$ |
3 |
|
Cash paid for income
taxes |
|
20 |
|
|
|
69 |
|
Noncash capital expenditures
included in accounts payable |
|
333 |
|
|
|
208 |
|
Noncash operating lease |
|
- |
|
|
|
707 |
|
Dividends payable |
|
10,503 |
|
|
|
10,503 |
|
|
|
|
|
|
|
|
|
FutureFuel Corp.Reconciliation of Non-GAAP
Financial Measure to Financial Measure(Dollars in
thousands)(Unaudited) |
Reconciliation of Adjusted
EBITDA to Net Income
|
Three months ended |
|
|
Year Ended |
|
|
December : |
|
|
December : |
|
|
2023 |
|
|
2022* |
|
|
2023 |
|
|
2022* |
|
Net income |
$ |
23,384 |
|
|
$ |
14,933 |
|
|
$ |
37,382 |
|
|
$ |
15,211 |
|
Depreciation |
|
2,612 |
|
|
|
2,604 |
|
|
|
10,348 |
|
|
|
10,454 |
|
Non-cash stock-based
compensation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
46 |
|
Interest and dividend
income |
|
(2,982 |
) |
|
|
(2,249 |
) |
|
|
(9,577 |
) |
|
|
(4,870 |
) |
Non-cash interest expense and
amortization of deferred financing costs |
|
34 |
|
|
|
56 |
|
|
|
135 |
|
|
|
128 |
|
Loss on disposal of property
and equipment |
|
21 |
|
|
|
4 |
|
|
|
29 |
|
|
|
64 |
|
Unrealized (gain) loss on
derivative instruments |
|
(5,401 |
) |
|
|
2,709 |
|
|
|
(1,878 |
) |
|
|
(343 |
) |
Loss (gain) on marketable
securities |
|
- |
|
|
|
590 |
|
|
|
(575 |
) |
|
|
8,546 |
|
Other income |
|
(882 |
) |
|
|
- |
|
|
|
(882 |
) |
|
|
- |
|
Income tax (benefit)
provision |
|
(33 |
) |
|
|
(1,528 |
) |
|
|
1 |
|
|
|
(1,473 |
) |
Adjusted EBITDA* |
$ |
16,753 |
|
|
$ |
17,119 |
|
|
$ |
34,983 |
|
|
$ |
27,763 |
|
Reconciliation of Adjusted
EBITDA to Net Cash Provided by Operating Activities
|
Year Ended |
|
|
December : |
|
|
2023 |
|
|
2022* |
|
Net cash provided by operating activities |
$ |
23,985 |
|
|
$ |
52,451 |
|
Benefit for deferred income
taxes |
|
- |
|
|
|
1,822 |
|
Interest and dividend
income |
|
(9,577 |
) |
|
|
(4,870 |
) |
Income tax provision
(benefit) |
|
1 |
|
|
|
(1,473 |
) |
Changes in operating assets
and liabilities, net |
|
21,456 |
|
|
|
(20,168 |
) |
Other non-operating (income)
expense |
|
(882 |
) |
|
|
1 |
|
Adjusted EBITDA* |
$ |
34,983 |
|
|
$ |
27,763 |
|
*Adjusted EBITDA for 2022 has been restated to
be consistent with 2023 reporting. Adjusted EBITDA in both
years excludes the impact from unrealized gains or
losses on derivatives. Realized gains and losses are included
in Adjusted EBITDA in both 2022 and 2023.
FutureFuel Corp.Condensed Consolidated
Segment Income(Dollars in
thousands)(Unaudited) |
|
|
Three months ended |
|
|
Year Ended |
|
|
December : |
|
|
December : |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Custom chemicals |
$ |
17,636 |
|
|
$ |
14,709 |
|
|
$ |
64,286 |
|
|
$ |
58,737 |
|
Performance chemicals |
|
3,213 |
|
|
|
4,923 |
|
|
|
15,047 |
|
|
|
22,156 |
|
Chemical revenue |
|
20,849 |
|
|
|
19,632 |
|
|
|
79,333 |
|
|
|
80,893 |
|
Biofuel revenue |
|
71,160 |
|
|
|
98,184 |
|
|
|
288,917 |
|
|
|
315,121 |
|
Total Revenue |
$ |
92,009 |
|
|
$ |
117,816 |
|
|
$ |
368,250 |
|
|
$ |
396,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemical |
$ |
8,019 |
|
|
$ |
7,669 |
|
|
$ |
29,936 |
|
|
$ |
25,645 |
|
Biofuel |
|
16,059 |
|
|
|
7,517 |
|
|
|
11,043 |
|
|
|
3,348 |
|
Total gross profit |
$ |
24,078 |
|
|
$ |
15,186 |
|
|
$ |
40,979 |
|
|
$ |
28,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023, FutureFuel held
4.3 million of RINs in inventory at no cost with a fair market
value of $6,567. Comparatively, at December 31, 2022,
FutureFuel held 1.5 million of RINs in inventory at
no cost with a fair market value of $2,557.
COMPANY CONTACT FutureFuel
Corp.Tom McKinlay(314) 854-8352www.futurefuelcorporation.com
FutureFuel (NYSE:FF)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
FutureFuel (NYSE:FF)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024