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Reports net income of $15.3 million or $0.35 per diluted share, and adjusted EBITDA of $28.2 million Conference call begins at 9:00 a.m. Eastern time November 8, 2013
CLAYTON, Mo., Nov. 7, 2013 (GLOBE NEWSWIRE) --
FutureFuel Corp. (NYSE:FF), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the three and nine months ended September 30, 2013.
Third Quarter 2013 Financial Highlights (all comparisons are with the third quarter of 2012)
Revenues were $121.1 million, up 37% from $88.3 million
Adjusted EBITDA was $28.2 million, up 17% from $24.0 million
Net income increased to $15.3 million, or $0.35 per diluted share, from $12.5 million, or $0.30 per diluted share.
First Nine Months 2013 Financial Highlights (all comparisons are with the first nine months of 2012)
Revenues were $319.3 million, up 15.2% from $277.2 million
Adjusted EBITDA was $71.3 million, up 53% from $46.5 million
Net income increased to $47.5 million, or $1.10 per diluted share, from $28.1 million, or $0.68 per diluted share.
"The record performance resulting from strong margins in the biofuel segment and continued solid performance from our chemical segment is gratifying," said Lee Mikles, FutureFuel president. "Like the rest of the biofuel industry, we realize the importance that continued support from our legislatures in the Renewable Fuel Mandate and the federal blenders' credit has on our biodiesel business. The 2014 RVO requirement is scheduled to be released by the EPA at any time, followed by a comment period, which should give the industry more clarity. The chemical pipeline of potential new custom products continues to be strong. We continue to endeavor to replace or rejuvenate our older existing chemicals and are diligently working in that direction."
2013 Regular Cash Dividends
FutureFuel declared normal quarterly dividends of $0.11 per share for 2013. The final 2013 quarterly dividend will be paid in December.