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TheStreet Open House

FutureFuel Releases Second Quarter 2013 Results

Reports net income of $18.2 million or $0.42 per diluted share, and adjusted EBITDA of $25.3 million

Conference call begins at 9:00 a.m. Eastern time August 9, 2013

CLAYTON, Mo., Aug. 8, 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 June 30, 2013.

Second Quarter 2013 Financial Highlights (all comparisons are with the second quarter of 2012)

  • Revenues were $106.1 million, up 3% from $103.2 million
  • Adjusted EBITDA was $25.3 million, up 327% from $5.9 million
  • Net income increased to $18.2 million, or $0.42 per diluted share, from $8.5 million, or $0.20 per diluted share.

First Half 2013 Financial Highlights (all comparisons are with the first half of 2012)

  • Revenues were $198.2 million, up 5% from $189.0 million
  • Adjusted EBITDA was $43.1 million, up 91% from $22.5 million
  • Net income increased to $32.2 million, or $0.75 per diluted share, from $15.6 million, or $0.38 per diluted share.

"We are extremely pleased with our record performance resulting from strong margins in the biofuel segment and solid performance from our chemical segment," said Lee Mikles, FutureFuel president. "We, like the rest of the biofuel industry, realize the importance that continued support from our legislatures in the Renewable Fuel Mandate and the blenders credit has on our biodiesel business. The chemical pipeline of potential new custom products continues to be strong but we do face challenges in bridging the gap in the volumetric decline of existing chemicals and are diligently working in that effort."

2013 Regular Cash Dividends

FutureFuel declared normal quarterly dividends of $0.11 per share for 2013. The remaining 2013 dividends will be paid in 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 Three Months Ended Dollar   %
  June 30, 2013 June 30, 2012 Change Change
Revenues $ 106,063 $ 103,237 $ 2,826 3%
Income from operations $ 24,975 $ 11,572 $ 13,403 116%
Net income $ 18,156 $ 8,473 $ 9,683 114%
Earnings per common share - basic $ 0.42 $ 0.21 $ 0.21 100%
Earnings per common share - diluted $ 0.42 $ 0.20 $ 0.22 110%
Capital expenditures (net reimbursements) $ 2,345 $ 1,823 $  522 29%
Adjusted EBITDA $ 25,340 $ 5,940 $ 19,400 327%
Cash and cash equivalents and marketable securities $ 185,711  $   178,968 $  6,743 4%
         
  Six Months Ended Six Months Ended Dollar   %
  June 30, 2013 June 30, 2012 Change Change
Revenues $ 198,228 $ 188,964 $ 9,264 4.9%
Income from operations $ 43,925 $ 22,155 $ 21,770 98.3%
Net income $ 32,206 $ 15,586 $ 16,620 106.6%
Earnings per common share - basic $ 0.75 $ 0.38 $ 0.37 97.4%
Earnings per common share - diluted $ 0.75 $ 0.38 $ 0.37 97.4%
Capital expenditures (net of customer reimbursements and grants) $ 3,606 $ 3,779 $ (173) (4.6%)
Adjusted EBITDA $ 43,074 $ 22,524 $ 20,550 91.2%

Second Quarter Financial and Business Summary

Revenues for the second quarter of 2013 were $106,063,000 as compared to revenues for the second quarter of 2012 of $103,237,000, an increase of 3%. Revenues from biofuels were up 3% and accounted for 60% of total revenues in the second quarter of 2013 and in the second quarter of 2012. Revenues from chemicals increased 3% and accounted for 40% of total revenues in the second quarter of 2013 and in the second quarter of 2012. Revenue from the bleach activator and the proprietary herbicide and intermediates are together the most significant components of our chemicals business revenue base, accounting for 18% and 23% of total revenues for the second quarter of 2013 and 2012, respectively. Revenues from both of these products have continued to comprise a smaller percentage of our total revenues in 2013 as revenues from our biofuels segment have increased coupled with decreases in the sales of the bleach activator and the proprietary herbicide and intermediates. Revenues from biofuels increased from $62,344,000 in the three months ended June 30, 2012 to $64,037,000 in the three months ended June 30, 2013. We have experienced increased sales quantities in the second quarter of 2013 with the reinstatement of the blenders credit in January 2013 compared to the second quarter of 2012 when the blender credit was not available. 

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