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Reports Net Income of $5.3 Million or $0.12 Per Diluted Share, and Adjusted EBITDA of $6.7 Million for the Second Quarter
Conference Call Begins at 9:00 a.m. Eastern Time August 8, 2014
CLAYTON, Mo., Aug. 7, 2014 (GLOBE NEWSWIRE) -- FutureFuel Corp . (NYSE:FF), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the three and six months ended June 30, 2014.
Second Quarter 2014 Financial Highlights (all comparisons are with the second quarter of 2013)
Revenues were $68.0 million, down 36% from $106.1 million
Adjusted EBITDA was $6.7 million, down 74% from $25.3 million
Net income decreased to $5.3 million, or $0.12 per diluted share, from $18.2 million, or $0.42 per diluted share.
First Half 2014 Financial Highlights (all comparisons are with the first half of 2013)
Revenues were $150.2 million, down 24% from $198.2 million
Adjusted EBITDA was $16.8 million, down 61% from $43.1 million
Net income decreased to $11.6 million, or $0.27 per diluted share, from $32.2 million, or $0.75 per diluted share.
"The second quarter presented us with significant challenges. Weak biodiesel economics and execution struggles in our chemical business lead to a very disappointing second quarter," said Lee Mikles, FutureFuel president. "The completion of our new refined glycerin plant and the retrofit of the new herbicide intermediate equipment proved to be more complex than anticipated and delayed what we expected to achieve in the second quarter.
The lingering absence of the 2014 final rule from the EPA regarding the Renewable Fuel mandate and the expiration of the $1.00 per gallon blenders' credit have severely harmed the biodiesel industry. While we trust a decision soon will be made to enable the industry to perform as it was designed, until these regulatory provisions change or market dynamics have reason for improvement, we anticipate continued depressed conditions for our biofuels segment."