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Reports Net Income of $14.1 Million or $0.33 Per Diluted Share, and Adjusted EBITDA of $17.7 million
Announces the Appointment of Rose Sparks as CFO and the Retirement of David Baker, Sr. Vice President Operations SupportConference Call Begins at 9:00 a.m. Eastern Time May 8, 2013
CLAYTON, Mo., May 7, 2013 (GLOBE NEWSWIRE) --
FutureFuel Corp. (NYSE:FF), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the three months ended March 31, 2013. Additionally, it announced that effective June 1, 2013 Rose Sparks will become CFO and David Baker, Sr. Vice President Operations Support of FutureFuel Chemical Company, will retire.
First Quarter 2013 Financial Highlights (all comparisons are with the first quarter of 2012)
Revenues were $92.2 million, up 8% from $85.7 million
Adjusted EBITDA was $17.7 million, up 7% from $16.6 million
Net income increased to $14.1 million, or $0.33 per diluted share, from $7.1 million, or $0.17 per diluted share.
"Our reported results from operations for the first three months of 2013 saw a strong improvement from those in the first three months of 2012. A meaningful proportion of this improvement, however, was attributable to non-recurring items, such as approximately $2.5 million of pre-tax income we recognized in the first three months of 2013 related to the retroactive reinstatement of the 2012 $1.00 biodiesel blenders tax credit and reduced income tax expense of $1.5 million on a pretax basis resulting from the retroactive reinstatement of the 2012 small agri-biodiesel production tax credit," said Lee Mikles, FutureFuel president. "Even after adjusting for these items, however, the results from our first quarter were encouraging. With the support of the blenders credit, biodiesel margins improved over the fourth quarter of 2012 and our chemicals segment delivered a solid performance. We are thankful that our legislators in early 2013 demonstrated their support for biodiesel through the retroactive reinstatement of the tax credits which play an important role in the biodiesel industry, our nation's energy supply, and in our national employment."