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FutureFuel Releases Second Quarter 2012 Results

Stocks in this article: FF

Net income for the quarter was essentially unchanged with the net income from the comparable quarter in the prior year."

2012 Regular Cash Dividends

FutureFuel declared a normal quarterly dividend of $0.10 per share for 2012, payable in March, June, September, and December.

Financial Overview and Key Operating Metrics

Financial and operating metrics, which include non-GAAP financial measures, include:

         
FutureFuel Corp.
Certain Financial and Operating Metrics
(Dollars in thousands, except per share amounts)
(Unaudited)
         
  Three Months Ended June 30, 2012 Three Months Ended June 30, 2011 Dollar Change % Change
Revenues $ 103,237 $ 74,728 $ 28,509 38.2%
Income from operations $ 11,572 $ 12,656 $ (1,084) (8.6%)
Net income $ 8,473 $ 8,439 $ 34 0.4%
Earnings per common share - basic $ 0.21 $ 0.21 $ 0.00 0.0%
Earnings per common share – diluted $ 0.20 $ 0.21 $ (0.01) (4.8%)
Capital expenditures (net of customer reimbursements and grants) $ 1,823 $ 2,624 $ (801) (30.5%)
Adjusted EBITDA $ 5,940 $ 13,173 $ (7,233) (54.9%)
Cash and cash equivalents and marketable securities $ 178,968 $ 147,281 $ 31,687 21.5%

 

  Six Months Ended June 30, 2012 Six Months Ended June 30, 2011 Dollar Change % Change
Revenues $ 188,964 $ 129,969 $ 58,995 45.4%
Income from operations $ 22,155 $ 15,874 $ 6,281 39.6%
Net income $ 15,586 $ 11,153 $ 4,433 39.7%
Earnings per common share - basic $ 0.38 $ 0.28 $ 0.10 35.7%
Earnings per common share – diluted $ 0.38 $ 0.28 $ 0.10 35.7%
Capital expenditures (net of customer reimbursements and grants) $ 3,779 $ 4,869 $ (1,090) (22.4%)
Adjusted EBITDA $ 22,524 $ 22,053 $ 471 2.1%

Second Quarter Financial and Business Summary

Revenues for the three months ended June 30, 2012 were $103,237,000 as compared to revenues for the three months ended June 30, 2011 of $74,728,000, an increase of 38%. Revenues from biofuels increased 65% and accounted for 60% of total revenues in the second quarter of 2012 as compared to 51% in the second quarter of 2011. Revenues from chemicals increased 11% and accounted for 40% of total revenues in the second quarter of 2012 as compared to 49% in the second quarter of 2011. Revenue from the bleach activator and the proprietary herbicide and intermediates are together the most significant components of our chemicals business revenue base, accounting for 23% of total revenues for the three months ended June 30, 2012 as compared to 32% of total revenues for the three months ended June 30, 2011. These products comprised a smaller percentage of our total revenues in 2012 as revenues from our biofuels segment have assumed a larger percentage coupled with decreases in the sales of the bleach activator and the proprietary herbicide and intermediates. Sales and production of biodiesel increased in the second quarter of 2012 as we were producing and selling a larger quantity of biodiesel for the entire period; production volumes in the second quarter of 2011 did not have the benefit of process improvements that have been instated since.

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