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TheStreet Open House

FutureFuel Releases Fourth Quarter And Full Year 2012 Results

Key 2012 Corporate Milestones

FutureFuel's year-to-date corporate milestones include:

  • The payment of dividends in 2012 totaling $1.60 per common share, including a $1.20 per share special dividend
  • The signing of an amendment with our existing customer for our bleach activator product, extending the terms of our agreement to December 31, 2016 and allowing us the right to sell certain formulations of this product to other customers
  • Ranked as one of the top 25 small public companies in America by Forbes magazine in October 2012

2013 Regular Cash Dividends

FutureFuel declared normal quarterly dividends of $0.11 per share for 2013, 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 December 31, 2012 Three Months Ended December 31, 2011 Dollar Change % Change
Revenues $ 74,589 $ 89,609 $ (15,020) (16.8%)
Income from operations $  4,716 $ 16,381 $ (11,665) (71.2%)
Net income $  6,169 $   10,621 $ (4,452) (41.9%)
Earnings per common share - basic $ 0.15 $ 0.26 $ (0.11) (42.3%)
Earnings per common share – diluted $ 0.15 $ 0.26 $ (0.11) (42.3%)
Capital expenditures (net of customer reimbursements and grants) $ 1,351 $ 1,842 $ (491)  (26.7%)
Adjusted EBITDA $  5,959 $ 19,600 $  (13,641) (69.6%)
Cash and cash equivalents and marketable securities $  146,505 $ 146,039 $  466 0.3%
         
  Twelve Months Ended December 31, 2012 Twelve Months Ended December 31, 2011 Dollar Change % Change
Revenues $ 351,829 $  309,885 $ 41,944 13.5%
Income from operations $ 46,092 $ 51,615 $  (5,523) (10.7%)
Net income $ 34,304 $ 34,509 $   (205) (0.6%)
Earnings per common share - basic $ 0.83 $  0.85 $  (0.02) (2.4%)
Earnings per common share – diluted $ 0.83 $ 0.84 $   (0.01) (1.2%)
Capital expenditures (net of customer reimbursements and grants) $ 7,786 $ 9,884 $ (2,098) (21.2%)
Adjusted EBITDA $ 52,474 $ 61,701 $  (9,227) (15.0%)

Full Year 2012 Financial and Business Summary

Revenues for the year ended December 31, 2012 were $351.8 million as compared to revenues for the year ended December 31, 2011 of $309.9 million, an increase of 14%. Revenues from biofuels increased 35% and accounted for 54% of total revenues in 2012 as compared to 46% in 2011. Revenues from chemicals decreased 5% and accounted for 46% of total revenues in 2012 as compared to 54% in 2011. Revenues from the bleach activator and the proprietary herbicide and intermediates are together the most significant components of our chemicals segment revenue base, accounting for 25% of total revenues for the year ended December 31, 2012 as compared to 35% for the year ended December 31, 2011. These products comprised a smaller percentage of our total revenues in 2012 as revenues from our biofuels segment assumed a larger percentage. Additionally, revenues from the bleach activator and the proprietary herbicide decreased in 2012. This decrease was attributable to reduced volumes for both products in 2012, partially offset by increased per unit sales prices. Revenues from biofuels increased from $141.6 million in 2011 to $191.4 million in 2012. Sales of biodiesel in the first quarter of 2011 were limited due to the initial conversion to lower grade biodiesel feedstocks and adaptation to the improvement in biodiesel economics, whereas in 2012, despite a decline in fourth quarter sales quantities, biodiesel was produced and sold over a larger percentage of the fiscal year. As a result, revenues from biofuels increased substantially in 2012 compared to 2011.     

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