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FutureFuel Releases Fourth Quarter And Full Year 2012 Results

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) (Unaudited)
 
  December 31, 2012 December 31, 2011
Assets    
Cash and cash equivalents $ 58,737 $ 89,745
Accounts receivable, net of allowances of $0 and $10, respectively 22,782 35,677
Inventory 41,992 57,439
Marketable securities 87,768 56,294
Other current assets 2,657 3,370
Total current assets 213,936 242,525
Property, plant and equipment, net 138,865 140,517
Other assets 2,436 2,202
Total noncurrent assets 141,301 142,719
Total Assets $ 355,237 $ 385,244
     
Liabilities and Stockholders' Equity    
Accounts payable $ 16,476 $ 21,688
Other current liabilities 19,758 14,111
Total current liabilities 36,234 35,799
Deferred revenue – long-term 27,684 29,256
Other noncurrent liabilities 30,985 31,951
Total noncurrent liabilities 58,669 61,207
Total liabilities 94,903 97,006
Commitments and contingencies    
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, 41,739,569 and 41,308,446 issued and outstanding as of December 31, 2012 and 2011, respectively 4 4
Accumulated other comprehensive income 2,597 1,803
Additional paid in capital 257,041 253,505
Retained earnings 692 32,926
Total stockholders' equity 260,334 288,238
Total Liabilities and Stockholders' Equity $ 355,237 $ 385,244

 

FutureFuel Corp. Condensed Consolidated Statements of Operations and Comprehensive Income (Dollars in thousands, except per share amounts) (Unaudited)
 
  Three Months Ended December 31,
  2012 2011
Revenues $ 74,589 $ 89,609
Cost of goods sold and distribution 66,540 70,277
Gross profit 8,049 19,332
Selling, general and administrative expenses 2,515 2,049
Research and development expenses 818 902
  3,333 2,951
Income from operations 4,716 16,381
Other income/(expense) 5,025 (931)
Income before income taxes 9,741 15,450
Provision for income taxes 3,572 4,829
Net income $  6,169 $ 10,621
     
Earnings per common share    
Basic $ 0.15 $ 0.26
Diluted $ 0.15 $ 0.26
Weighted average shares outstanding    
Basic 41,512,014 41,298,295
Diluted 41,611,258 41,478,725
     
Comprehensive Income    
Net income $  6,169 $ 10,621
Other comprehensive income/(loss) from unrealized gains and losses on available-for-sale securities, net of tax of $(1,610) in 2012 and of $2,684 in 2011 (2,582) 4,294
Comprehensive income $   3,587 $ 14,915
   
   
  Twelve Months Ended December 31,
  2012 2011
Revenues $ 351,829 $ 309,885
Cost of goods sold and distribution 294,576 248,130
Gross profit $ 57,253 61,755
Selling, general and administrative expenses 7,717 6,628
Research and development expenses 3,444 3,512
  11,161 10,140
Income from operations 46,092 51,615
Other income 8,788 1,160
Income before income taxes 54,880 52,775
Provision for income taxes 20,576 18,266
Net income $ 34,304 $ 34,509
     
Earnings per common share    
Basic $ 0.83 $ 0.85
Diluted $ 0.83 $  0.84
Weighted average shares outstanding    
Basic 41,366,860 40,708,552
Diluted 41,507,660 40,886,693
     
Comprehensive Income    
Net income $ 34,304 $ 34,509
Other comprehensive income from unrealized gains on available-for-sale securities, net of tax of $495 and $797 in 2012 and 2011, respectively 794 1,278
Comprehensive income $ 35,098 $ 35,787

 

FutureFuel Corp. Consolidated Statements of Cash Flows  (Dollars in thousands) (Unaudited)
 
  Twelve Months Ended December 31,
  2012 2011
Cash flows provided by operating activities    
Net income $ 34,304 $  34,509
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 10,454 9,098
Provision for deferred income taxes 1,827 2,846
Change in fair value of derivative instruments (1,506) 617
Other than temporary impairment of marketable securities -- 2,710
Impairment of fixed assets -- 466
Gain on the sale of investments (3,927) (590)
Losses on disposals of fixed assets 63 262
Stock based compensation 281 502
Noncash interest expense 24 21
Changes in operating assets and liabilities:    
Accounts receivable 12,772 (389)
Accounts receivable – related parties 123 (123)
Inventory 15,447 (20,067)
Income taxes receivable -- 519
Prepaid expenses (135) (220)
Prepaid expenses – related parties (32) --
Accrued interest on marketable securities (109) (123)
Other assets (249) 633
Accounts payable (6,076) 4,037
Accounts payable – related parties 864 2,555
Income taxes payable (503) 1,123
Accrued expenses and other current liabilities 368 (116)
Accrued expenses and other current liabilities – related parties (43) 35
Deferred revenue 941 12,124
Net cash provided by operating activities 64,888 50,429
Cash flows from investing activities    
Restricted cash -- 21,086
Collateralization of derivative instruments 2,510 (2,133)
Purchase of marketable securities (58,745) (87,320)
Proceeds from the sale of marketable securities 33,637 40,196
Purchases of auction rate securities (1,150) --
Proceeds from the sale of fixed assets 247 12
Capital expenditures (9,112) (23,208)
Net cash used in investing activities (32,613) (51,367)
Cash flows from financing activities    
Proceeds from the issuance of stock 3,149 15,872
Minimum tax withholding on stock options exercised (255) --
Excess tax benefits associated with stock options 361 8
Payment of dividend (66,538) (16,254)
Net cash provided by financing activities (63,283) (374)
Net change in cash and cash equivalents (31,008) (1,312)
Cash and cash equivalents at beginning of period 89,745 91,057
Cash and cash equivalents at end of period $  58,737 $  89,745
     
Cash paid for interest $  3 $ 5
Cash paid for income taxes $ 19,252 $ 13,773
Non-cash capital expenditures $ -- $  2,059

 

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 December 31,
  2012 2011
Adjusted EBITDA $  5,959 $  19,600 
Depreciation and amortization (2,665) (2,747)
Interest and dividend income 1,345 953
Interest expense (6) (8)
Gain on disposal of property and equipment (1) (169)
Gains/(losses) on derivative instruments 1,463 (6)
Other income/(expense), net 3,646 (1,707)
Impairment of fixed assets -- (466)
Income tax expense (3,572) (4,829)
Net income $  6,169 $ 10,621
   
   
  Twelve Months Ended December 31,
  2012 2011
Adjusted EBITDA $ 52,474 $ 61,701
Depreciation and amortization (10,454) (9,098)
Non-cash share-based compensation (281) (502)
Interest income and dividend income 4,776 3,495
Interest expense (27) (184)
Loss on disposal of property and equipment (63) (262)
Gains/(losses) on derivative instruments 4,528 (20)
Other income, net 3,927 (1,889)
Impairment of fixed assets -- (466)
Income tax expense (20,576) (18,266)
Net income $ 34,304 $ 34,509

 

Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities
     
  Twelve Months Ended December 31, 2012 Twelve Months Ended December 31, 2011
Adjusted EBITDA $ 52,474 $  61,701
Provision for deferred income taxes 1,827 2,846
Interest and dividend income 4,776 3,495
Income tax expense (20,576) (18,266)
Gains (losses) on derivative instruments 4,528 (20)
Change in fair value of derivative instruments (1,506) 617
Changes in operating assets and liabilities, net 23,368 (12)
Other (3) 68
Net cash provided by operating activities $ 64,888 $ 50,429

 

FutureFuel Corp. Condensed Consolidated Segment Income (Dollars in thousands) (Unaudited)
 
  Three Months Ended December 31,
  2012 2011
Revenues    
Chemicals $ 40,822 $ 44,506
Biofuels 33,767 45,103
Revenues $ 74,589 $ 89,609
     
Segment gross profit    
Chemicals $ 10,344 $ 14,778
Biofuels (2,295) 4,554
Segment gross profit 8,049 19,332
Corporate expenses (3,333) (2,951)
Income before interest and taxes 4,716 16,381
Interest and dividend income 1,345 953
Other income/(expense) 3,680 (1,884)
Provision for income taxes (3,572) (4,829)
Net income $ 6,169 $ 10,621
   
   
  Twelve Months Ended December 31,
  2012 2011
Revenues    
Chemicals $ 160,450 $ 168,237
Biofuels 191,379 141,648
Revenues $ 351,829 $ 309,885
     
Segment gross profit    
Chemicals $ 48,661 $ 42,685
Biofuels 8,592 19,070
Segment gross profit 57,253 61,755
Corporate expenses (11,161) (10,140)
Income before interest and taxes 46,092 51,615
Interest and dividend income 4,776 3,495
Other income/(expense) 4,012 (2,335)
Provision for income taxes (20,576) (18,266)
Net income $ 34,304 $  34,509

Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value.

CONTACT: COMPANY CONTACT:
         FutureFuel Corp.
         Lee E. Mikles, President
         (805) 565-9800
         www.futurefuelcorporation.com

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