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FutureFuel Second Quarter Revenues Increase 38.2% to $103.2 Million
Reports Net Income of $8.5 Million or $0.20 Per Diluted Share, and Adjusted EBITDA of $5.9 MillionConference Call Begins at 9:00 a.m. Eastern Time August 10, 2012
CLAYTON, Mo., Aug. 9, 2012 (GLOBE NEWSWIRE) --
FutureFuel Corp. (NYSE:FF), a manufacturer of custom and performance chemicals and biofuels, today announced financial results from the three and six months ended June 30, 2012.
Second Quarter 2012 Financial Highlights (all comparisons are with the second quarter of 2011)
Revenues were $103.2 million, up 38.2% from $74.7 million
Adjusted EBITDA was $5.9 million, down 54.9% from $13.2 million
Net income increased to $8.5 million, or $0.20 per diluted share, from $8.4 million, or $0.21 per diluted share.
First Half 2012 Financial Highlights (all comparisons are with the first half of 2011 unless otherwise noted)
Revenues were $189.0 million, up 45.4% from $130 million
Adjusted EBITDA was $22.5 million, a 2.1% increase from $22.1 million
Net income increased to $15.6 million, or $0.38 per diluted share, from $11.2 million, or $0.28 per diluted share, increases of 39.7% and 35.7%, respectively
"While the financial results of the second quarter of 2012 did not show the same level of growth we have experienced in past quarters, we continue to see steady demand for biodiesel," said Lee Mikles, FutureFuel president and chief executive officer. "Revenues from our chemicals business increased in the second quarter of 2012 as compared to the second quarter of 2011 as a result of increased sales of our bleach activator product and other custom chemicals. The increases seen in these products were partially offset by declining revenues from our largest herbicide product.
Revenues from our biofuels business also increased in the second quarter of 2012 as compared to the second quarter of 2011. However, gross profit from our biofuels segment was adversely affected by the expiration of the $1.00 per gallon federal blenders tax credit at December 31, 2011. In 2011, the blenders tax credit generally resulted in a reduction to our cost of goods sold. We had no such reduction in 2012.