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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:
Certain Financial and Operating Metrics
(Dollars in thousands, except per share amounts)
Three Months Ended March 31, 2014
Three Months Ended March 31, 2013
Income from operations
Earnings per common share - basic
Earnings per common share – diluted
Capital expenditures (net reimbursements)
Cash and cash equivalents and marketable securities
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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