0-52577
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20-3340900
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(Commission File Number)
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(IRS Employer Identification No.)
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£
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Written communications pursuant to Rule 425 under the Securities Act
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£
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
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£
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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£
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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FUTUREFUEL CORP.
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|||
By:
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/s/ Douglas D. Hommert | ||
Douglas D. Hommert, Executive Vice President,
Secretary and Treasurer
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COMPANY CONTACT:
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INVESTOR CONTACTS:
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FutureFuel Corp.
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Lippert/Heilshorn & Associates, Inc.
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Lee E. Mikles, CEO
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Jody Cain (Jcain@lhai.com)
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(805) 565-9800
www.futurefuelcorporation.com
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(310) 691-7100
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●
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Revenues were $74.7 million, up 45% from $51.7 million
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●
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Adjusted EBITDA was $13.2 million, up three-fold from $4.3 million
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●
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Net income increased to $8.4 million, or $0.21 per diluted share, from $2.8 million, or $0.07 per diluted share
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●
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Revenues were $130.0 million, up 31% from $99.5 million
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●
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Adjusted EBITDA was $22.0 million, a 77% increase from $12.4 million
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●
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Net income increased to $11.2 million, or $0.28 per diluted share, from $6.4 million, or $0.19 per diluted share
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●
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Cash and cash equivalents (including restricted cash and cash equivalents) and marketable securities were $147.3 million as of June 30, 2011, compared with $121.0 million as of December 31, 2010
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For the Three Months Ended June 30,
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||||||||||||||||
2011
|
2010
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Change
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% Change
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|||||||||||||
Revenues
|
$ | 74,728 | $ | 51,714 | $ | 23,014 | 45 | % | ||||||||
Income from operations
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$ | 12,656 | $ | 4,241 | $ | 8,415 | 198 | % | ||||||||
Net income
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$ | 8,439 | $ | 2,763 | $ | 5,676 | 205 | % | ||||||||
Earnings per common share – basic
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$ | 0.21 | $ | 0.08 | ||||||||||||
Earnings per common share – diluted
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$ | 0.21 | $ | 0.07 | ||||||||||||
Capital expenditures (net of customer reimbursements and grants)
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$ | 2,624 | $ | 1,247 | $ | 1,377 | 110 | % | ||||||||
Cash and cash equivalents and marketable securities
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$ | 147,281 | $ | 128,403 | $ | 18,878 | 15 | % | ||||||||
Adjusted EBITDA
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$ | 13,173 | $ | 4,266 | $ | 8,907 | 209 | % |
For the Six Months Ended June 30,
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||||||||||||||||
2011
|
2010
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Change
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% Change
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|||||||||||||
Revenues
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$ | 129,969 | $ | 99,477 | $ | 30,492 | 31 | % | ||||||||
Income from operations
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$ | 15,874 | $ | 10,020 | $ | 5,854 | 58 | % | ||||||||
Net income
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$ | 11,153 | $ | 6,422 | $ | 4,731 | 74 | % | ||||||||
Earnings per common share – basic
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$ | 0.28 | $ | 0.19 | ||||||||||||
Earnings per common share – diluted
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$ | 0.28 | $ | 0.19 | ||||||||||||
Capital expenditures (net of customer reimbursements and grants)
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$ | 4,869 | $ | 3,001 | $ | 1,868 | 62 | % | ||||||||
Adjusted EBITDA
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$ | 22,053 | $ | 12,430 | $ | 9,623 | 77 | % |
First Half, 2011
|
First Half, 2010
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|||||||
Capital expenditures
|
$ | 15,325 | $ | 3,896 | ||||
Cash received from customers and grants as reimbursement of capital expenditures
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(10,456 | ) | (895 | ) | ||||
Net cash paid for capital expenditures
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$ | 4,869 | $ | 3,001 |
(Unaudited)
June 30, 2011
|
December 31, 2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
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$ | 94,525 | $ | 91,057 | ||||
Accounts receivable, net of allowances of $10
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30,498 | 35,165 | ||||||
Inventory
|
40,376 | 37,372 | ||||||
Marketable securities
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52,756 | 28,200 | ||||||
Restricted cash and cash equivalents
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- | 21,086 | ||||||
Other current assets
|
2,520 | 2,774 | ||||||
Total current assets
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220,675 | 215,654 | ||||||
Property, plant and equipment, net
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137,605 | 125,007 | ||||||
Other assets
|
2,259 | 2,495 | ||||||
Total noncurrent assets
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139,864 | 127,502 | ||||||
Total Assets
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$ | 360,539 | $ | 343,156 | ||||
Liabilities and Stockholders’ Equity
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||||||||
Accounts payable
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$ | 14,678 | $ | 15,096 | ||||
Short position – marketable debt securities
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- | 19,295 | ||||||
Other current liabilities
|
13,613 | 9,768 | ||||||
Total current liabilities
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28,291 | 44,159 | ||||||
Deferred revenue – long-term
|
29,712 | 17,118 | ||||||
Other noncurrent liabilities
|
30,322 | 29,556 | ||||||
Total noncurrent liabilities
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60,034 | 46,674 | ||||||
Total Liabilities
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88,325 | 90,833 | ||||||
Commitments and contingencies
|
||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding
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- | - | ||||||
Common stock, $0.0001 par value, 75,000,000 shares authorized, 41,297,834 and 39,978,849 issued and outstanding as of June 30, 2011 and December 31, 2010, respectively
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4 | 4 | ||||||
Accumulated other comprehensive income
|
959 | 525 | ||||||
Additional paid in capital
|
253,423 | 237,123 | ||||||
Retained earnings
|
17,828 | 14,671 | ||||||
Total stockholders’ equity
|
272,214 | 252,323 | ||||||
Total Liabilities and Stockholders’ Equity
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$ | 360,539 | $ | 343,156 |
Three Months Ended
June 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
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$ | 74,728 | $ | 51,714 | ||||
Cost of goods sold and distribution
|
59,299 | 45,412 | ||||||
Gross profit
|
15,429 | 6,302 | ||||||
Selling, general and administrative expenses
|
1,912 | 1,175 | ||||||
Research and development expenses
|
861 | 886 | ||||||
2,773 | 2,061 | |||||||
Income from operations
|
12,656 | 4,241 | ||||||
Other income
|
716 | 231 | ||||||
Income before income taxes
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13,372 | 4,472 | ||||||
Provision for income taxes
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4,933 | 1,709 | ||||||
Net income
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$ | 8,439 | $ | 2,763 | ||||
Earnings per common share
|
||||||||
Basic
|
$ | 0.21 | $ | 0.08 | ||||
Diluted
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$ | 0.21 | $ | 0.07 | ||||
Weighted average shares outstanding
|
||||||||
Basic
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40,234,242 | 36,773,695 | ||||||
Diluted
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40,438,023 | 37,522,593 | ||||||
Comprehensive Income
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||||||||
Net income
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$ | 8,439 | $ | 2,763 | ||||
Other comprehensive loss, net of tax of $(346) in 2011 and $(41) in 2010
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(553 | ) | (66 | ) | ||||
Comprehensive income
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$ | 7,886 | $ | 2,697 |
Six Months Ended
June 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
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$ | 129,969 | $ | 99,477 | ||||
Cost of goods sold and distribution
|
109,542 | 85,234 | ||||||
Gross profit
|
20,427 | 14,243 | ||||||
Selling, general and administrative expenses
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2,939 | 2,437 | ||||||
Research and development expenses
|
1,614 | 1,786 | ||||||
4,553 | 4,223 | |||||||
Income from operations
|
15,874 | 10,020 | ||||||
Other income
|
1,448 | 371 | ||||||
Income before income taxes
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17,322 | 10,391 | ||||||
Provision for income taxes
|
6,169 | 3,969 | ||||||
Net income
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$ | 11,153 | $ | 6,422 | ||||
Earnings per common share
|
||||||||
Basic
|
$ | 0.28 | $ | 0.19 | ||||
Diluted
|
$ | 0.28 | $ | 0.19 | ||||
Weighted average shares outstanding
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||||||||
Basic
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40,109,268 | 33,040,280 | ||||||
Diluted
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40,285,249 | 34,261,022 | ||||||
Comprehensive Income
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||||||||
Net income
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$ | 11,153 | $ | 6,422 | ||||
Other comprehensive income, net of tax of $272 in 2011 and $37 in 2010
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434 | 60 | ||||||
Comprehensive income
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$ | 11,587 | $ | 6,482 |
Six Months Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Cash flows provided by operating activities
|
||||||||
Net income
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$ | 11,153 | $ | 6,422 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation
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3,884 | 3,803 | ||||||
Provision for (benefit from) deferred income taxes
|
478 | (253 | ) | |||||
Change in fair value of derivative instruments and marketable securities
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984 | (430 | ) | |||||
Loss on the sale of investments
|
148 | 4 | ||||||
Losses on disposals of fixed assets
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27 | 42 | ||||||
Stock based compensation
|
502 | - | ||||||
Noncash interest expense
|
11 | 11 | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
|
4,915 | (1,715 | ) | |||||
Accounts receivable – related parties
|
(247 | ) | - | |||||
Inventory
|
(3,004 | ) | (2,843 | ) | ||||
Income taxes receivable
|
519 | 112 | ||||||
Prepaid expenses
|
386 | 537 | ||||||
Prepaid expenses – related parties
|
- | 23 | ||||||
Accrued interest on marketable securities
|
(123 | ) | (5 | ) | ||||
Other assets
|
274 | 194 | ||||||
Accounts payable
|
(368 | ) | (4,281 | ) | ||||
Accounts payable – related parties
|
(50 | ) | (284 | ) | ||||
Income taxes payable
|
1,849 | - | ||||||
Accrued expenses and other current liabilities
|
1,832 | 1,856 | ||||||
Accrued expenses and other current liabilities – related parties
|
23 | (47 | ) | |||||
Deferred revenue
|
11,602 | 4,647 | ||||||
Other noncurrent liabilities
|
- | 21 | ||||||
Net cash provided by operating activities
|
34,795 | 7,814 | ||||||
Cash flows from investing activities
|
||||||||
Restricted cash
|
21,086 | - | ||||||
Collateralization of derivative instruments
|
(1,920 | ) | 9 | |||||
Purchase of marketable securities
|
(70,072 | ) | (6,034 | ) | ||||
Proceeds from the sale of marketable securities
|
27,090 | 425 | ||||||
Proceeds from the sale of fixed assets
|
12 | - | ||||||
Capital expenditures
|
(15,325 | ) | (3,896 | ) | ||||
Net cash used in investing activities
|
(39,129 | ) | (9,496 | ) | ||||
Cash flows from financing activities
|
||||||||
Proceeds from the issuance of stock
|
15,798 | 67,994 | ||||||
Purchase of warrants
|
- | (878 | ) | |||||
Payment of dividend
|
(7,996 | ) | (15,062 | ) | ||||
Net cash provided by financing activities
|
7,802 | 52,054 | ||||||
Net change in cash and cash equivalents
|
3,468 | 50,372 | ||||||
Cash and cash equivalents at beginning of period
|
91,057 | 65,512 | ||||||
Cash and cash equivalents at end of period
|
$ | 94,525 | $ | 115,884 | ||||
Cash paid for interest
|
$ | - | $ | - | ||||
Cash paid for income taxes
|
$ | 2,857 | $ | 4,090 | ||||
Non-cash capital expenditures
|
$ | 1,134 | $ | - |
Three Months Ended
June 30,
|
||||||||
2011
|
2010
|
|||||||
Adjusted EBITDA
|
$ | 13,173 | $ | 4,266 | ||||
Depreciation and amortization
|
(1,973 | ) | (1,866 | ) | ||||
Non-cash share-based compensation
|
(502 | ) | - | |||||
Interest income
|
811 | 222 | ||||||
Interest expense
|
(36 | ) | (5 | ) | ||||
Loss on disposal of property and equipment
|
(21 | ) | (18 | ) | ||||
Gains on derivative instruments
|
1,957 | 1,877 | ||||||
Other income, net
|
(37 | ) | (4 | ) | ||||
Income tax expense
|
(4,933 | ) | (1,709 | ) | ||||
Net income
|
$ | 8,439 | $ | 2,763 |
Six Months Ended
June 30,
|
||||||||
2011
|
2010
|
|||||||
Adjusted EBITDA
|
$ | 22,053 | $ | 12,430 | ||||
Depreciation and amortization
|
(3,884 | ) | (3,803 | ) | ||||
Non-cash share-based compensation
|
(502 | ) | - | |||||
Interest income
|
1,587 | 344 | ||||||
Interest expense
|
(170 | ) | (11 | ) | ||||
Loss on disposal of property and equipment
|
(27 | ) | (42 | ) | ||||
Losses/gains on derivative instruments
|
(1,793 | ) | 1,477 | |||||
Other income, net
|
58 | (4 | ) | |||||
Income tax expense
|
(6,169 | ) | (3,969 | ) | ||||
Net income
|
$ | 11,153 | $ | 6,422 |
Three Months Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
|
||||||||
Chemicals
|
$ | 36,851 | $ | 40,255 | ||||
Biofuels
|
37,877 | 11,459 | ||||||
Revenues
|
$ | 74,728 | $ | 51,714 | ||||
Segment gross profit
|
||||||||
Chemicals
|
$ | 7,068 | $ | 8,706 | ||||
Biofuels
|
8,361 | (2,404 | ) | |||||
Segment gross profit
|
15,429 | 6,302 | ||||||
Corporate expenses
|
(2,773 | ) | (2,061 | ) | ||||
Income before interest and taxes
|
12,656 | 4,241 | ||||||
Interest and other income
|
811 | 240 | ||||||
Interest and other expense
|
(95 | ) | (9 | ) | ||||
Provision for income taxes
|
(4,933 | ) | (1,709 | ) | ||||
Net income
|
$ | 8,439 | $ | 2,763 |
Six Months Ended June 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
|
||||||||
Chemicals
|
$ | 81,547 | $ | 83,857 | ||||
Biofuels
|
48,422 | 15,620 | ||||||
Revenues
|
$ | 129,969 | $ | 99,477 | ||||
Segment gross profit
|
||||||||
Chemicals
|
$ | 14,842 | $ | 17,932 | ||||
Biofuels
|
5,585 | (3,689 | ) | |||||
Segment gross profit
|
20,427 | 14,243 | ||||||
Corporate expenses
|
(4,553 | ) | (4,223 | ) | ||||
Income before interest and taxes
|
15,874 | 10,020 | ||||||
Interest and other income
|
1,645 | 386 | ||||||
Interest and other expense
|
(197 | ) | (15 | ) | ||||
Provision for income taxes
|
(6,169 | ) | (3,969 | ) | ||||
Net income
|
$ | 11,153 | $ | 6,422 |
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