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FutureFuel Releases First Quarter 2013 Results And Announces Organizational Changes

Stocks in this article: FF

"We are also excited to announce the appointment of Rose Sparks as our CFO effective June 1, 2013. Rose brings a wealth of experience to the position with over twenty years of service at the Batesville facility. Rose is an exceptionally talented individual that I have enjoyed working with very much since our acquisition of FutureFuel Chemical. We are fortunate to have a resource such as Rose and are very happy to present her with this opportunity. Rose will be replacing Chris Schmitt who has served as our CFO since February of 2011. Chris will leave the company and assume new responsibilities with Apex Oil Company, Inc., an affiliated company of our Chairman. We thank him for his contributions to FutureFuel."

"Lastly, effective June 1, 2013, David Baker, Sr. Vice President Operations Support of FutureFuel Chemical Company, will retire. I have had the privilege of working with David since our acquisition of the plant site. David has served our company with the utmost dedication and professionalism. His presence will be missed. We are sincerely appreciative of his numerous contributions to our chemicals and biodiesel businesses. We wish David the very best in all of his future endeavors."    

2013 Regular Cash Dividends

FutureFuel declared normal quarterly dividends of $0.11 per share for 2013. The remaining 2013 dividends will be paid in 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)
  Three Months Ended March 31, 2013 Three Months Ended March 31, 2012 Dollar Change % Change
Revenues $92,165 $85,727 $6,438 8%
Income from operations $18,950 $10,583 $8,367 79%
Net income $14,050 $7,113 $6,937 98%
Earnings per common share - basic $0.33 $0.17 $0.16 94%
Earnings per common share – diluted $0.33 $0.17 $0.16 94%
Capital expenditures (net reimbursements)  $1,261 $1,956  $ (695)  (36)%
Adjusted EBITDA $17,734 $16,584 $1,150 7%
Cash and cash equivalents and marketable securities $158,563 $146,505 $12,058 8%

First Three Months of  2013 Financial and Business Summary

Revenues for the three months ended March 31, 2013 were $92.2 million as compared to revenues for the three months ended March 31, 2012 of $85.7 million, an increase of 8%. Revenues from biofuels were up 10% and accounted for 56% of total revenues in the first quarter of 2013 as compared to 55% in the first quarter of 2012. Revenues from chemicals increased 4% and accounted for 44% of total revenues in the first quarter of 2013 as compared to 45% in the first quarter of 2012. Within the chemicals segment, revenues for the three months ended March 31, 2013 changed as follows compared to the three months ended March 31, 2012: (i) revenues from the proprietary herbicide and intermediates increased 16%; (ii) revenues from the industrial intermediate utilized in the antimicrobial industry increased 20%; (iii) revenues from other custom chemicals increased 10%; (iv) revenues from CPOs increased 9%; (v) revenues from DIPB decreased 14%; and (vi) revenues from other performance chemicals decreased 11%. Revenues from the first three months of 2013 for the bleach activator were consistent with those of the first three months of 2012. Revenues from biofuels increased 10% from $47.3 million in the three months ended March 31, 2012 to $52.0 million in the three months ended March 31, 2013. We have experienced an increase in demand for our biodiesel as a result of the reinstatement of the blenders credit and sales quantities in the first quarter of 2013 increased compared to the first quarter of 2012. The reinstatement of the $1.00 per gallon federal blender's credit in January 2013 along with the continued government mandated renewable fuel standard for biodiesel combined to improve the demand for biodiesel in the United States in 2013. Revenues from biofuels have also been benefited by our sales of refined petroleum products as a supplier on a common carrier pipeline. Such sales totaled $9.2 million and $8.9 million in the first three months of 2013 and 2012, respectively.

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