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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|||
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By:
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/s/ Douglas D. Hommert | |
Douglas D. Hommert, Executive Vice President, | |||
Secretary and Treasurer | |||
COMPANY CONTACT:
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INVESTOR CONTACTS:
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FutureFuel Corp.
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LHA
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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 $90.3 million, up 37% from $66.1 million
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·
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Adjusted EBITDA was $20.0 million, up 56% from $12.8 million
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·
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Net income increased to $12.7 million, or $0.31 per diluted share, from $6.6 million, or $0.16 per diluted share
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·
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Revenues were $220.3 million, up 33% from $165.6 million
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·
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Adjusted EBITDA was $42.1 million, a 67% increase from $25.3 million
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·
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Net income increased to $23.9 million, or $0.59 per diluted share, from $13.0 million, or $0.36 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 $158.8 million as of September 30, 2011, compared with $121.0 million as of December 31, 2010
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·
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Shares of common stock began trading on the New York Stock Exchange in March.
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·
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Added to the Russell 3000® Index in late June.
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·
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Entered into a three-year at-the-market offering agreement with Stifel Nicolaus Weisel in May to sell up to 3 million shares of common stock, to provide the company with access to additional capital and to bolster trading liquidity in its shares. As of the date of this release, approximately 1.3 million shares had been sold, raising $15.8 million in net proceeds. However, no shares were sold in the three months ended September 30, 2011.
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·
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Declared a normal quarterly dividend of $0.10 per share for 2011.
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·
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Named as one of the top 20 small public companies in America by Forbes magazine in October, as ranked by sales and earnings growth.
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For the Three Months Ended September 30,
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||||||||||||||||
2011
|
2010
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Change
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% Change
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|||||||||||||
Revenues
|
$ | 90,307 | $ | 66,093 | $ | 24,214 | 37 | % | ||||||||
Income from operations
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$ | 19,358 | $ | 9,536 | $ | 9,822 | 103 | % | ||||||||
Net income
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$ | 12,733 | $ | 6,551 | $ | 6,182 | 94 | % | ||||||||
Earnings per common share – basic
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$ | 0.31 | $ | 0.16 | ||||||||||||
Earnings per common share – diluted
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$ | 0.31 | $ | 0.16 | ||||||||||||
Capital expenditures (net of customer reimbursements and regulatory grants)
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$ | 3,173 | $ | 1,453 | $ | 1,720 | 118 | % | ||||||||
Cash and cash equivalents and marketable securities
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$ | 158,826 | $ | 75,934 | $ | 82,892 | 109 | % | ||||||||
Adjusted EBITDA
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$ | 20,046 | $ | 12,822 | $ | 7,224 | 56 | % |
For the Nine Months Ended September 30,
|
||||||||||||||||
2011
|
2010
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Change
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% Change
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|||||||||||||
Revenues
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$ | 220,276 | $ | 165,570 | $ | 54,706 | 33 | % | ||||||||
Income from operations
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$ | 35,234 | $ | 19,556 | $ | 15,678 | 80 | % | ||||||||
Net income
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$ | 23,888 | $ | 12,973 | $ | 10,915 | 84 | % | ||||||||
Earnings per common share – basic
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$ | 0.59 | $ | 0.37 | ||||||||||||
Earnings per common share – diluted
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$ | 0.59 | $ | 0.36 | ||||||||||||
Capital expenditures (net of customer reimbursements and regulatory grants)
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$ | 8,042 | $ | 4,454 | $ | 3,588 | 81 | % | ||||||||
Adjusted EBITDA
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$ | 42,101 | $ | 25,252 | $ | 16,849 | 67 | % |
First Nine Months, 2011
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First Nine Months, 2010
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|||||||
Capital expenditures
|
$ | 18,849 | $ | 6,063 | ||||
Cash received from customers and regulatory grants as reimbursement of capital expenditures
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(10,807 | ) | (1,609 | ) | ||||
Net cash paid for capital expenditures
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$ | 8,042 | $ | 4,454 |
September 30,
2011
|
December 31,
2010
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 102,556 | $ | 91,057 | ||||
Accounts receivable, net of allowances of $10
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25,847 | 35,165 | ||||||
Inventory
|
43,716 | 37,372 | ||||||
Marketable securities
|
56,270 | 28,200 | ||||||
Restricted cash and cash equivalents
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- | 21,086 | ||||||
Other current assets
|
2,210 | 2,774 | ||||||
Total current assets
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230,599 | 215,654 | ||||||
Property, plant and equipment, net
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138,946 | 125,007 | ||||||
Other assets
|
2,189 | 2,495 | ||||||
Total noncurrent assets
|
141,135 | 127,502 | ||||||
Total Assets
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$ | 371,734 | $ | 343,156 | ||||
Liabilities and Stockholders’ Equity
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||||||||
Accounts payable
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$ | 15,751 | $ | 15,096 | ||||
Short position – marketable debt securities
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- | 19,295 | ||||||
Other current liabilities
|
16,442 | 9,768 | ||||||
Total current liabilities
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32,193 | 44,159 | ||||||
Deferred revenue – long-term
|
30,124 | 17,118 | ||||||
Other noncurrent liabilities
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32,048 | 29,556 | ||||||
Total noncurrent liabilities
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62,172 | 46,674 | ||||||
Total Liabilities
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94,365 | 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, $0.0001 par value, 75,000,000 shares authorized, 41,297,834 and 39,978,849 issued and outstanding as of September 30, 2011 and December 31, 2010, respectively
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4 | 4 | ||||||
Accumulated other comprehensive income (loss)
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(2,491 | ) | 525 | |||||
Additional paid in capital
|
253,423 | 237,123 | ||||||
Retained earnings
|
26,433 | 14,671 | ||||||
Total stockholders’ equity
|
277,369 | 252,323 | ||||||
Total Liabilities and Stockholders’ Equity
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$ | 371,734 | $ | 343,156 |
Three Months Ended
September 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
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$ | 90,307 | $ | 66,093 | ||||
Cost of goods sold and distribution
|
68,312 | 54,217 | ||||||
Gross profit
|
21,995 | 11,876 | ||||||
Selling, general and administrative expenses
|
1,641 | 1,540 | ||||||
Research and development expenses
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996 | 800 | ||||||
2,637 | 2,340 | |||||||
Income from operations
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19,358 | 9,536 | ||||||
Other income
|
643 | 465 | ||||||
Income before income taxes
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20,001 | 10,001 | ||||||
Provision for income taxes
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7,268 | 3,450 | ||||||
Net income
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$ | 12,733 | $ | 6,551 | ||||
Earnings per common share
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||||||||
Basic
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$ | 0.31 | $ | 0.16 | ||||
Diluted
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$ | 0.31 | $ | 0.16 | ||||
Weighted average shares outstanding
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||||||||
Basic
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41,297,834 | 39,934,275 | ||||||
Diluted
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41,478,005 | 40,028,131 | ||||||
Comprehensive Income
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||||||||
Net income
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$ | 12,733 | $ | 6,551 | ||||
Other comprehensive income (loss), net of tax of $(2,159) in 2011 and $346 in 2010
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(3,449 | ) | 564 | |||||
Comprehensive income
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$ | 9,284 | $ | 7,115 |
Nine Months Ended
September 30,
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||||||||
2011
|
2010
|
|||||||
Revenues
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$ | 220,276 | $ | 165,570 | ||||
Cost of goods sold and distribution
|
177,853 | 139,451 | ||||||
Gross profit
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42,423 | 26,119 | ||||||
Selling, general and administrative expenses
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4,579 | 3,977 | ||||||
Research and development expenses
|
2,610 | 2,586 | ||||||
7,189 | 6,563 | |||||||
Income from operations
|
35,234 | 19,556 | ||||||
Other income
|
2,091 | 836 | ||||||
Income before income taxes
|
37,325 | 20,392 | ||||||
Provision for income taxes
|
13,437 | 7,419 | ||||||
Net income
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$ | 23,888 | $ | 12,973 | ||||
Earnings per common share
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||||||||
Basic
|
$ | 0.59 | $ | 0.37 | ||||
Diluted
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$ | 0.59 | $ | 0.36 | ||||
Weighted average shares outstanding
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||||||||
Basic
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40,509,810 | 35,363,531 | ||||||
Diluted
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40,687,188 | 36,207,117 | ||||||
Comprehensive Income
|
||||||||
Net income
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$ | 23,888 | $ | 12,973 | ||||
Other comprehensive income (loss), net of tax of $(1,887) in 2011 and $382 in 2010
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(3,016 | ) | 625 | |||||
Comprehensive income
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$ | 20,872 | $ | 13,598 |
Nine Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Cash flows provided by operating activities
|
||||||||
Net income
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$ | 23,888 | $ | 12,973 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
|
6,351 | 5,637 | ||||||
Provision for deferred income taxes
|
3,453 | 2,889 | ||||||
Change in fair value of derivative instruments and marketable securities
|
869 | 488 | ||||||
Loss (gains) on the sale of investments
|
414 | (63 | ) | |||||
Losses on disposals of fixed assets
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93 | 143 | ||||||
Stock based compensation
|
502 | - | ||||||
Noncash interest expense
|
16 | 17 | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
|
9,399 | (5,091 | ) | |||||
Accounts receivable – related parties
|
(81 | ) | - | |||||
Inventory
|
(6,344 | ) | (4,854 | ) | ||||
Income taxes receivable
|
519 | (609 | ) | |||||
Prepaid expenses
|
827 | 995 | ||||||
Prepaid expenses – related parties
|
- | 23 | ||||||
Accrued interest on marketable securities
|
(123 | ) | (9 | ) | ||||
Other assets
|
544 | 324 | ||||||
Accounts payable
|
877 | (1,856 | ) | |||||
Accounts payable – related parties
|
(222 | ) | (346 | ) | ||||
Income taxes payable
|
4,570 | - | ||||||
Accrued expenses and other current liabilities
|
2,781 | 2,138 | ||||||
Accrued expenses and other current liabilities – related parties
|
35 | (45 | ) | |||||
Deferred revenue
|
11,743 | 5,252 | ||||||
Other noncurrent liabilities
|
- | (497 | ) | |||||
Net cash provided by operating activities
|
60,111 | 17,509 |
Nine Months Ended September 30,
|
||||||||
2011 | 2010 | |||||||
Cash flows from investing activities
|
||||||||
Restricted cash
|
21,086 | - | ||||||
Collateralization of derivative instruments
|
(2,162 | ) | (992 | ) | ||||
Purchase of marketable securities
|
(83,350 | ) | (20,199 | ) | ||||
Proceeds from the sale of marketable securities
|
30,979 | 1,333 | ||||||
Proceeds from the sale of fixed assets
|
12 | 2 | ||||||
Capital expenditures
|
(18,849 | ) | (6,063 | ) | ||||
Net cash used in investing activities
|
(52,284 | ) | (25,919 | ) | ||||
Cash flows from financing activities
|
||||||||
Proceeds from the issuance of stock
|
15,798 | 70,700 | ||||||
Purchase of warrants
|
- | (1,210 | ) | |||||
Payment of dividend
|
(12,126 | ) | (23,057 | ) | ||||
Net cash provided by financing activities
|
3,672 | 46,433 | ||||||
Net change in cash and cash equivalents
|
11,499 | 38,023 | ||||||
Cash and cash equivalents at beginning of period
|
91,057 | 65,512 | ||||||
Cash and cash equivalents at end of period
|
$ | 102,556 | $ | 103,535 | ||||
Cash paid for interest
|
$ | 0 | $ | 2 | ||||
Cash paid for income taxes
|
$ | 4,896 | $ | 6,605 | ||||
Non-cash capital expenditures
|
$ | 1,390 | $ | 0 |
Three Months Ended
September 30,
|
||||||||
2011
|
2010
|
|||||||
Adjusted EBITDA
|
$ | 20,046 | $ | 12,822 | ||||
Depreciation and amortization
|
(2,467 | ) | (1,834 | ) | ||||
Interest income
|
955 | 307 | ||||||
Interest expense
|
(6 | ) | (8 | ) | ||||
Loss on disposal of property and equipment
|
(66 | ) | (101 | ) | ||||
Gains/(losses) on derivative instruments
|
1,779 | (1,252 | ) | |||||
Other income, net
|
(240 | ) | 67 | |||||
Income tax expense
|
(7,268 | ) | (3,450 | ) | ||||
Net income
|
$ | 12,733 | $ | 6,551 |
Nine Months Ended
September 30,
|
||||||||
2011
|
2010
|
|||||||
Adjusted EBITDA
|
$ | 42,101 | $ | 25,252 | ||||
Depreciation and amortization
|
(6,351 | ) | (5,637 | ) | ||||
Non-cash share-based compensation
|
(502 | ) | - | |||||
Interest income
|
2,542 | 651 | ||||||
Interest expense
|
(176 | ) | (19 | ) | ||||
Loss on disposal of property and equipment
|
(93 | ) | (143 | ) | ||||
(Losses)/gains on derivative instruments
|
(14 | ) | 225 | |||||
Other income, net
|
(182 | ) | 63 | |||||
Income tax expense
|
(13,437 | ) | (7,419 | ) | ||||
Net income
|
$ | 23,888 | $ | 12,973 |
Three Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
|
||||||||
Chemicals
|
$ | 42,184 | $ | 47,209 | ||||
Biofuels
|
48,123 | 18,884 | ||||||
Revenues
|
$ | 90,307 | $ | 66,093 | ||||
Segment gross profit
|
||||||||
Chemicals
|
$ | 13,064 | $ | 13,289 | ||||
Biofuels
|
8,931 | (1,413 | ) | |||||
Segment gross profit
|
21,995 | 11,876 | ||||||
Corporate expenses
|
(2,637 | ) | (2,340 | ) | ||||
Income before interest and taxes
|
19,358 | 9,536 | ||||||
Interest and other income
|
955 | 473 | ||||||
Interest and other expense
|
(312 | ) | (8 | ) | ||||
Provision for income taxes
|
(7,268 | ) | (3,450 | ) | ||||
Net income
|
$ | 12,733 | $ | 6,551 |
Nine Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Revenues
|
||||||||
Chemicals
|
$ | 123,731 | $ | 131,066 | ||||
Biofuels
|
96,545 | 34,504 | ||||||
Revenues
|
$ | 220,276 | $ | 165,570 | ||||
Segment gross profit
|
||||||||
Chemicals
|
$ | 27,907 | $ | 31,221 | ||||
Biofuels
|
14,516 | (5,102 | ) | |||||
Segment gross profit
|
42,423 | 26,119 | ||||||
Corporate expenses
|
(7,189 | ) | (6,563 | ) | ||||
Income before interest and taxes
|
35,234 | 19,556 | ||||||
Interest and other income
|
2,542 | 855 | ||||||
Interest and other expense
|
(451 | ) | (19 | ) | ||||
Provision for income taxes
|
(13,437 | ) | (7,419 | ) | ||||
Net income
|
$ | 23,888 | $ | 12,973 |
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