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Reports Net Income of $34.3 Million or $0.83 Per Diluted Share, and Adjusted EBITDA of $52.5 Million
Conference Call Begins at 9:00 a.m. Eastern Time March 19, 2013
CLAYTON, Mo., March 18, 2013 (GLOBE NEWSWIRE) --
FutureFuel Corp. (NYSE:FF), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the year ended December 31, 2012.
Fourth Quarter 2012 Financial Highlights (all comparisons are with the fourth quarter of 2011)
Revenues were $74.6 million, down 16.8% from $89.6 million
Adjusted EBITDA was $6.0 million, down 69.6% from $19.6 million
Net income decreased to $6.2 million, or $0.15 per diluted share, from $10.6 million, or $0.26 per diluted share.
2012 Financial Highlights (all comparisons are with the year ended December 31, 2011)
Revenues were $351.8 million, up 13.5% from $309.9 million
Adjusted EBITDA was $52.5 million, a 15.0% decrease from $61.7 million
Net income decreased to $34.3 million, or $0.83 per diluted share, from $34.5 million, or $0.84 per diluted share, decreases of 0.6% and 1.2%, respectively
"2012 presented FutureFuel with several challenges – we experienced declining revenues from our two largest chemical customers, a biodiesel industry without the support of the $1.00 federal blenders tax credit and a biodiesel industry whose mandated usage requirement was largely met early in the fourth quarter of 2012. As a result, financial results, particularly those of the fourth quarter for biodiesel, suffered," said Lee Mikles, FutureFuel president. "Despite these challenges, FutureFuel generated income from operations of over $46 million and net income approximately equivalent to that earned in 2011.
"While our biodiesel business faced significant headwinds in the fourth quarter of 2012, we are optimistic about this segment's prospects in 2013 as market conditions have improved since yearend. Additionally, we retain a strong pipeline of potential new custom chemical products, which bodes well for the financial future of our chemicals segment."