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FutureFuel Releases First Quarter 2014 Results

Stocks in this article: FF

Reports net income of $6.3 million or $0.14 per diluted share, and adjusted EBITDA of $10.1 million

Conference call begins at 9:00 a.m. Eastern time May 9, 2014

CLAYTON, Mo., May 8, 2014 (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, 2014.

First Quarter 2014 Financial Highlights (all comparisons are with the first quarter of 2013)

  • Revenues were $82.2 million, down 11% from $92.2 million
  • Adjusted EBITDA was $10.1 million, down 43% from $17.7 million
  • Net income decreased to $6.3 million, or $0.14 per diluted share, from $14.1 million, or $0.33 per diluted share.

"The first quarter was characterized by flat revenue and much lower profitability in biodiesel due to the expiration of the $1 blender's tax credit on 12/31/13 and somewhat lower volume of our chemical division," said Lee Mikles, FutureFuel president. "Comparisons to first quarter of 2013 were also skewed by the $2.5 million retroactive credit for 2012 biodiesel volumes.

We continue to explore acquisition opportunities in both biofuel and chemicals to further our presence in both industries. Our strong balance sheet gives us tremendous flexibility in driving our business."

2014 Regular Cash Dividends

FutureFuel declared normal quarterly dividends of $0.12 per share for 2014. The remaining 2014 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, 2014 Three Months Ended March 31, 2013 Dollar Change % Change
Revenues $ 82,197 $ 92,165 $   (9,968) (11%)
Income from operations $  7,451 $ 18,950 $  (11,499) (61%)
Net income $   6,274 $ 14,050 $   (7,776) (55%)
Earnings per common share - basic $ 0.14 $ 0.33 $    (0.19) (58%)
Earnings per common share – diluted $ 0.14 $ 0.33 $   (0.19) (58%)
Capital expenditures (net reimbursements)   $   2,478   $ 1,261   $   1,217   97%
Adjusted EBITDA $   10,108 $ 17,734 $   (7,626) (43%)
Cash and cash equivalents and marketable securities $ 211,574 $ 158,563 $  53,011 33%

First Three Months of 2014 Financial and Business Summary

Revenues for the three months ended March 31, 2014 were $82.2 million as compared to revenues for the three months ended March 31, 2013 of $92.2 million, a decrease of 11%. Revenues from biofuels were $51.9 million as compared to $52.0 million in the first three months of 2013 and accounted for 63% of total revenues in the first quarter of 2014 as compared to 56% in the first quarter of 2013. Revenues from chemicals were $30.3 million in the first three months of 2014 as compared to $40.1 million in the first three months of 2013, a decrease of 25%.   Chemical revenue accounted for 37% of total revenue in the first three months of 2014 as compared to 44% of total revenue in the first quarter of 2013. Within the chemicals segment, revenues for the three months ended March 31, 2014 changed as follow compared to the three months ended March 31, 2013: (i) revenues from the bleach activator and the proprietary herbicide intermediates decreased 34%; (ii) revenues from the industrial intermediate utilized in the antimicrobial industry and other custom chemicals decreased 35%; (iii) revenues from DIPB and CPOs increased 16%; and (iv) revenues from other performance chemicals increased 26%.

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