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TheStreet Open House

FutureFuel Releases Third Quarter 2013 Results

Stocks in this article: FF

  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     
  September 30, 2013 September 30, 2012 Dollar Change % Change
Revenues  $ 121,119  $ 88,276  $ 32,843 37.2%
Income from operations  $ 23,515  $ 19,181  $ 4,334 22.6%
Net income  $ 15,297  $ 12,549  $ 2,748 21.9%
Earnings per common share – basic  $ 0.35  $ 0.30  $ 0.05 16.7%
Earnings per common share – diluted  $ 0.35  $ 0.30  $ 0.05 16.7%
Capital expenditures (net of reimbursements)  $ 7,570  $ 2,656  $ 4,914 185.0%
Adjusted EBITDA  $ 28,177  $ 23,991  $ 4,186 17.4%
         
         
  Nine Months Ended Nine Months Ended    
  September 30, 2013 September 30, 2012 Dollar Change % Change
Revenues  $ 319,347  $ 277,240  $ 42,107 15.2%
Income from operations  $ 67,440  $ 41,336  $ 26,104 63.2%
Net income  $ 47,503  $ 28,135  $ 19,368 68.8%
Earnings per common share - basic  $ 1.10  $ 0.68  $ 0.42 61.8%
Earnings per common share – diluted  $ 1.10  $ 0.68  $ 0.42 61.8%
Capital expenditures (net of customer reimbursements and grants)  $ 11,179  $ 6,435  $ 4,744 73.7%
Adjusted EBITDA  $ 71,251  $ 46,515  $ 24,736 53.2%

Third Quarter Financial and Business Summary

Revenues for the three months ended September 30, 2013 were $121,119,000 as compared to revenues for the three months ended September 30, 2012 of $88,276,000, an increase of 37%. Revenues from biofuels were up 61% and accounted for 64% of total revenues in the third quarter of 2013 as compared to 54% in the third quarter of 2012. Revenues from chemicals increased 8% and accounted for 36% of total revenues in the third quarter of 2013 as compared to 46% in the third quarter of 2012. Within the chemicals segment, revenues for the three months ended September 30, 2013 changed as follows compared to the three months ended September 30, 2012: (i) revenues from other custom chemicals increased 47%; (ii) revenues from the industrial intermediate utilized in the antimicrobial industry increased 39%; (iii) revenues from other performance chemicals increased 23% (iv) revenues from CPOs increased 27%; (v) revenues from DIPB decreased 25%; and (vi) revenues from the proprietary herbicide and intermediates decreased 25%.  Revenues from the bleach activator were unchanged.

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