DELAWARE
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75-1256622
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(State or other jurisdiction of
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(I.R.S. employer incorporation or
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organization)
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identification no.)
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1650 Hwy 6 South, Suite 190
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77478
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Sugar Land, Texas
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(Zip code)
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(Address of principal executive offices)
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SEPTEMBER 30,
2014
(unaudited)
|
DECEMBER 31,
2013
|
|||||||
ASSETS
|
(thousands of dollars)
|
|||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 13,948 | $ | 7,608 | ||||
Trade receivables, net
|
27,625 | 22,069 | ||||||
Advance to AMAK
|
- | 536 | ||||||
Inventories
|
11,956 | 12,063 | ||||||
Prepaid expenses and other assets
|
2,520 | 2,075 | ||||||
Contractual based intangible assets, net
|
- | 104 | ||||||
Taxes receivable
|
- | 571 | ||||||
Deferred income taxes
|
839 | 1,324 | ||||||
Total current assets
|
56,888 | 46,350 | ||||||
Plant, pipeline and equipment, net
|
46,251 | 41,925 | ||||||
Investment in AMAK
|
53,408 | 54,095 | ||||||
Mineral properties in the United States
|
588 | 588 | ||||||
Other assets
|
772 | 709 | ||||||
TOTAL ASSETS
|
$ | 157,907 | $ | 143,667 | ||||
LIABILITIES
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 12,605 | $ | 7,362 | ||||
Accrued interest
|
81 | 102 | ||||||
Current portion of derivative instruments
|
198 | 292 | ||||||
Accrued liabilities
|
3,881 | 3,060 | ||||||
Accrued liabilities in Saudi Arabia
|
140 | 140 | ||||||
Current portion of post-retirement benefit
|
284 | 278 | ||||||
Current portion of long-term debt
|
1,400 | 1,400 | ||||||
Current portion of other liabilities
|
1,080 | 1,654 | ||||||
Total current liabilities
|
19,669 | 14,288 | ||||||
Long-term debt, net of current portion
|
7,789 | 11,839 | ||||||
Post-retirement benefit, net of current portion
|
649 | 649 | ||||||
Derivative instruments, net of current portion
|
183 | 319 | ||||||
Other liabilities, net of current portion
|
706 | 1,369 | ||||||
Deferred income taxes
|
10,580 | 11,984 | ||||||
Total liabilities
|
39,576 | 40,448 | ||||||
EQUITY
|
||||||||
Common stock-authorized 40 million shares of $.10 par value; issued and outstanding 23.9 million and 23.8 million shares in 2014 and 2013, respectively
|
2,395 | 2,383 | ||||||
Additional paid-in capital
|
47,673 | 46,064 | ||||||
Accumulated other comprehensive loss
|
(248 | ) | (366 | ) | ||||
Retained earnings
|
68,222 | 54,849 | ||||||
Total Trecora Resources Stockholders’ Equity
|
118,042 | 102,930 | ||||||
Noncontrolling Interest
|
289 | 289 | ||||||
Total equity
|
118,331 | 103,219 | ||||||
|
||||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 157,907 | $ | 143,667 |
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(thousands of dollars)
|
||||||||||||||||
REVENUES
|
||||||||||||||||
Petrochemical Product Sales
|
$ | 75,283 | $ | 59,354 | $ | 210,517 | $ | 165,737 | ||||||||
Processing Fees
|
1,634 | 1,516 | 5,054 | 3,853 | ||||||||||||
76,917 | 60,870 | 215,571 | 169,590 | |||||||||||||
OPERATING COSTS AND EXPENSES
|
||||||||||||||||
Cost of Sales and Processing
|
||||||||||||||||
(including depreciation of $881, $834, $2,614, and $2,497, respectively)
|
63,873 | 50,772 | 182,112 | 144,246 | ||||||||||||
|
||||||||||||||||
GROSS PROFIT
|
13,044 | 10,098 | 33,459 | 25,344 | ||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES
|
||||||||||||||||
General and Administrative
|
4,086 | 3,411 | 12,430 | 10,368 | ||||||||||||
Depreciation
|
131 | 129 | 406 | 389 | ||||||||||||
4,217 | 3,540 | 12,836 | 10,757 | |||||||||||||
OPERATING INCOME
|
8,827 | 6,558 | 20,623 | 14,587 | ||||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||
Interest Income
|
8 | 4 | 26 | 5 | ||||||||||||
Interest Expense
|
(70 | ) | (141 | ) | (169 | ) | (379 | ) | ||||||||
Losses on Cash Flow Hedge Reclassified from OCI
|
(60 | ) | (73 | ) | (190 | ) | (231 | ) | ||||||||
Equity in earnings (loss) of AMAK
|
(343 | ) | 1,302 | (687 | ) | 8,998 | ||||||||||
Miscellaneous Income (Expense)
|
2 | (57 | ) | (47 | ) | (146 | ) | |||||||||
(463 | ) | 1,035 | (1,067 | ) | 8,247 | |||||||||||
INCOME BEFORE INCOME TAXES
|
8,364 | 7,593 | 19,556 | 22,834 | ||||||||||||
INCOME TAXES
|
2,590 | 2,372 | 6,183 | 6,519 | ||||||||||||
|
||||||||||||||||
NET INCOME
|
5,774 | 5,221 | 13,373 | 16,315 | ||||||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
-- | -- | -- | -- | ||||||||||||
NET INCOME ATTRIBUTABLE TO TRECORA RESOURCES
|
$ | 5,774 | $ | 5,221 | $ | 13,373 | $ | 16,315 | ||||||||
Basic Earnings per Common Share
|
||||||||||||||||
Net Income Attributable to Trecora Resources (dollars)
|
$ | 0.24 | $ | 0.22 | $ | 0.55 | $ | 0.68 | ||||||||
Basic Weighted Average Number of Common Shares Outstanding
|
24,175 | 24,116 | 24,163 | 24,110 | ||||||||||||
Diluted Earnings per Common Share
|
||||||||||||||||
Net Income Attributable to Trecora Resources (dollars)
|
$ | 0.23 | $ | 0.21 | $ | 0.54 | $ | 0.66 | ||||||||
Diluted Weighted Average Number of Common Shares Outstanding
|
24,880 | 24,782 | 24,870 | 24,697 |
THREE MONTHS ENDED
|
NINE MONTHS
ENDED
|
|||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(thousands of dollars)
|
||||||||||||||||
NET INCOME
|
$ | 5,774 | $ | 5,221 | $ | 13,373 | $ | 16,315 | ||||||||
OTHER COMPREHENSIVE GAIN, NET OF TAX
|
||||||||||||||||
Unrealized holding gains arising during period
|
115 | 120 | 308 | 405 | ||||||||||||
Less: reclassification adjustment for losses included in net income
|
60 | 73 | 190 | 231 | ||||||||||||
OTHER COMPREHENSIVE GAIN, NET OF TAX
|
55 | 47 | 118 | 174 | ||||||||||||
COMPREHENSIVE INCOME
|
$ | 5,829 | $ | 5,268 | $ | 13,491 | $ | 16,489 |
TRECORA RESOURCES STOCKHOLDERS
|
||||||||||||||||||||||||||||||||
COMMON STOCK
|
ADDITIONAL
PAID-IN
|
ACCUMULATED
OTHER COMPREHENSIVE
|
RETAINED
|
NON-
CONTROLLING
|
TOTAL
|
|||||||||||||||||||||||||||
SHARES
|
AMOUNT
|
CAPITAL
|
LOSS
|
EARNINGS
|
TOTAL
|
INTEREST
|
EQUITY
|
|||||||||||||||||||||||||
(thousands)
|
(thousands of dollars)
|
|||||||||||||||||||||||||||||||
JANUARY 1, 2014
|
23,832 | $ | 2,383 | $ | 46,064 | $ | (366 | ) | $ | 54,849 | $ | 102,930 | $ | 289 | $ | 103,219 | ||||||||||||||||
Stock options
|
||||||||||||||||||||||||||||||||
Issued to Directors
|
- | - | 323 | - | - | 323 | - | 323 | ||||||||||||||||||||||||
Issued to Employees
|
- | - | 1,128 | - | - | 1,128 | - | 1,128 | ||||||||||||||||||||||||
Warrants
|
- | - | 79 | - | - | 79 | - | 79 | ||||||||||||||||||||||||
Common stock
|
||||||||||||||||||||||||||||||||
Issued to Employees
|
32 | 3 | 88 | - | - | 91 | - | 91 | ||||||||||||||||||||||||
Issued to Directors
|
88 | 9 | (9 | ) | - | - | - | - | - | |||||||||||||||||||||||
Unrealized Gain on Interest Rate Swap (net of income tax expense of $64)
|
- | - | - | 118 | - | 118 | - | 118 | ||||||||||||||||||||||||
Net Income
|
- | - | - | - | 13,373 | 13,373 | - | 13,373 | ||||||||||||||||||||||||
SEPTEMBER 30, 2014
|
23,952 | $ | 2,395 | $ | 47,673 | $ | (248 | ) | $ | 68,222 | $ | 118,042 | $ | 289 | $ | 118,331 |
NINE MONTHS ENDED
|
||||||||
SEPTEMBER 30,
|
||||||||
2014
|
2013
|
|||||||
(thousands of dollars)
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net Income Attributable to Trecora Resources
|
$ | 13,373 | $ | 16,315 | ||||
Adjustments to Reconcile Net Income Attributable to Trecora Resources
|
||||||||
To Net Cash Provided by Operating Activities:
|
||||||||
Depreciation
|
3,020 | 2,886 | ||||||
Amortization of Contractual Based Intangible Asset
|
104 | 188 | ||||||
Accretion of Notes Receivable Discounts
|
(26 | ) | (5 | ) | ||||
Unrealized (Gain) Loss on Derivative Instruments
|
(48 | ) | 39 | |||||
Stock-based Compensation
|
1,530 | 882 | ||||||
Deferred Income Taxes
|
(982 | ) | 1,240 | |||||
Postretirement Obligation
|
6 | 5 | ||||||
Equity in (earnings) losses of AMAK
|
687 | (5,001 | ) | |||||
Gain from additional equity issuance by AMAK
|
- | (3,997 | ) | |||||
Changes in Operating Assets and Liabilities:
|
||||||||
Increase in Trade Receivables
|
(5,556 | ) | (4,518 | ) | ||||
(Increase) Decrease in Notes Receivable
|
211 | (357 | ) | |||||
Decrease in Income Tax Receivable
|
571 | 1,182 | ||||||
(Increase) Decrease in Inventories
|
107 | (3,270 | ) | |||||
Increase in Prepaid Expenses
|
(695 | ) | (915 | ) | ||||
Increase in Accounts Payable and Accrued Liabilities
|
6,064 | 634 | ||||||
Increase (Decrease) in Accrued Interest
|
(21 | ) | 13 | |||||
Increase in Other Liabilities
|
- | 2,255 | ||||||
Net Cash Provided by Operating Activities
|
18,345 | 7,576 | ||||||
INVESTING ACTIVITIES
|
||||||||
Additions to Plant, Pipeline and Equipment
|
(8,582 | ) | (5,156 | ) | ||||
Addition to Investment in AMAK
|
- | (7,862 | ) | |||||
Advance to AMAK, net
|
536 | 2,016 | ||||||
Net Cash Used in Investing Activities
|
(8,046 | ) | (11,002 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Issuance of Common Stock
|
91 | 44 | ||||||
Additions to Long-Term Debt
|
3,000 | 6,000 | ||||||
Repayment of Long-Term Debt
|
(7,050 | ) | (5,050 | ) | ||||
Net Cash Provided by (Used in) Financing Activities
|
(3,959 | ) | 994 | |||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
6,340 | (2,432 | ) | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
7,608 | 9,508 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 13,948 | $ | 7,076 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash payments for interest
|
$ | 372 | $ | 587 | ||||
Cash payments for taxes
|
$ | 5,859 | $ | 3,006 | ||||
Supplemental disclosure of non-cash items:
|
||||||||
Capital expansion amortized to depreciation expense
|
$ | 1,236 | $ | 819 | ||||
Unrealized gain on interest rate swap, net of tax expense
|
$ | 118 | $ | 174 |
September 30, 2014
|
December 31, 2013
|
|||||||
(thousands of dollars)
|
||||||||
Trade receivables
|
$ | 27,835 | $ | 22,279 | ||||
Less allowance for doubtful accounts
|
(210 | ) | (210 | ) | ||||
Trade receivables, net
|
$ | 27,625 | $ | 22,069 |
September 30, 2014
|
December 31, 2013
|
|||||||
(thousands of dollars)
|
||||||||
Raw material
|
$ | 3,802 | $ | 2,403 | ||||
Petrochemical products
|
8,154 | 9,660 | ||||||
Total inventory
|
$ | 11,956 | $ | 12,063 |
|
Plant, pipeline and equipment consisted of the following:
|
September 30, 2014
|
December 31, 2013
|
|||||||
(thousands of dollars)
|
||||||||
Platinum catalyst
|
$ | 1,612 | $ | 1,612 | ||||
Land
|
1,577 | 1,577 | ||||||
Plant, pipeline and equipment
|
74,021 | 71,115 | ||||||
Construction in progress
|
6,467 | 824 | ||||||
Total plant, pipeline and equipment
|
83,677 | 75,128 | ||||||
Less accumulated depreciation and amortization
|
(37,426 | ) | (33,203 | ) | ||||
Net plant, pipeline and equipment
|
$ | 46,251 | $ | 41,925 |
Three Months Ended
September 30, 2014
|
Three Months Ended
September 30, 2013
|
|||||||||||||||||||||||
Per Share
|
Per Share
|
|||||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
Basic Net Income per Share:
|
||||||||||||||||||||||||
Net Income Attributable to Trecora Resources
|
$ | 5,774 | 24,175 | $ | 0.24 | $ | 5,221 | 24,116 | $ | 0.22 | ||||||||||||||
Dilutive stock options outstanding
|
705 | 666 | ||||||||||||||||||||||
Diluted Net Income per Share:
|
||||||||||||||||||||||||
Net Income Attributable to Trecora Resources
|
$ | 5,774 | 24,880 | $ | 0.23 | $ | 5,221 | 24,782 | $ | 0.21 |
Nine Months Ended
September 30, 2014
|
Nine Months Ended
September 30, 2013
|
|||||||||||||||||||||||
Per Share
|
Per Share
|
|||||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
Basic Net Income per Share:
|
||||||||||||||||||||||||
Net Income Attributable to Trecora Resources
|
$ | 13,373 | 24,163 | $ | 0.55 | $ | 16,315 | 24,110 | $ | 0.68 | ||||||||||||||
Dilutive stock options outstanding
|
707 | 587 | ||||||||||||||||||||||
Diluted Net Income per Share:
|
||||||||||||||||||||||||
Net Income Attributable to Trecora Resources
|
$ | 13,373 | 24,870 | $ | 0.54 | $ | 16,315 | 24,697 | $ | 0.66 |
Fair Value Measurements Using
|
||||||||||||||||
September 30, 2014
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
(thousands of dollars)
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Interest rate swap
|
$ | 381 | - | $ | 381 | - |
Fair Value Measurements Using
|
||||||||||||||||
December 31, 2013
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
(thousands of dollars)
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Interest Rate Swap
|
$ | 563 | - | $ | 563 | - | ||||||||||
Commodity financial instruments
|
48 | 48 | - | - |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Unrealized gain (loss)
|
$ | - | $ | (39 | ) | $ | (48 | ) | $ | (39 | ) | |||||
Realized loss
|
- | - | 87 | - | ||||||||||||
Net loss
|
$ | - | $ | (39 | ) | $ | 39 | $ | (39 | ) |
September 30, 2014
|
December 31, 2013
|
|||||||
Fair value of financial contracts – liability
|
$ | - | $ | 48 |
September 30,
|
||||||||
2014
|
2013
|
|||||||
Other Comprehensive Loss
|
||||||||
Cumulative loss
|
$ | (382 | ) | $ | (625 | ) | ||
Deferred tax benefit
|
134 | 219 | ||||||
Net cumulative loss
|
$ | (248 | ) | $ | (406 | ) | ||
Interest expense reclassified from other comprehensive loss
|
$ | 190 | $ | 231 |
September 30, 2014
|
December 31, 2013
|
|||||||
Fair value of interest rate swap - liability
|
$ | 381 | $ | 563 |
Expected volatility
|
84%
|
Expected dividends
|
None
|
Expected term (in years)
|
6.25
|
Risk free interest rate
|
1.95%
|
Number of Stock Options & Warrants
|
Weighted Average Exercise Price per Share
|
Weighted
Average
Remaining
Contractual
Life
|
||||||||||
Outstanding at January 1, 2014
|
1,326,360 | $ | 4.75 | |||||||||
Granted
|
500,000 | 12.26 | ||||||||||
Exercised
|
(145,820 | ) | 2.91 | |||||||||
Expired
|
-- | -- | ||||||||||
Cancelled
|
-- | -- | ||||||||||
Forfeited
|
(20,000 | ) | $ | 2.82 | ||||||||
Outstanding at September 30, 2014
|
1,660,540 | $ | 7.19 | 7.0 | ||||||||
Exercisable at September 30, 2014
|
576,401 | $ | 4.89 | 5.7 |
|
Results of Operations
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(Thousands of Dollars)
|
||||||||||||||||
Sales
|
$ | 16,957 | $ | 17,815 | $ | 47,655 | $ | 64,310 | ||||||||
Gross Profit
|
1,785 | 6,994 | 6,469 | 25,028 | ||||||||||||
General, administrative and other expenses
|
3,714 | 4,256 | 11,285 | 14,071 | ||||||||||||
Net Income (loss)
|
$ | (1,929 | ) | $ | 2,738 | $ | (4,816 | ) | $ | 10,957 |
|
Financial Position
|
September 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(Thousands of Dollars)
|
||||||||
Current assets
|
$ | 23,839 | $ | 32,923 | ||||
Noncurrent assets
|
264,318 | 264,997 | ||||||
Total assets
|
$ | 288,157 | $ | 297,920 | ||||
Current liabilities
|
$ | 18,353 | $ | 22,497 | ||||
Long term liabilities
|
75,023 | 75,826 | ||||||
Shareholders' equity
|
194,781 | 199,597 | ||||||
$ | 288,157 | $ | 297,920 |
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(Thousands of Dollars)
|
||||||||||||||||
Company’s share of income (loss) reported by AMAK
|
$ | (680 | ) | $ | 965 | $ | (1,698 | ) | $ | 3,991 | ||||||
Amortization of difference between Company’s investment in
AMAK and Company’s share of net assets of AMAK
|
337 | 337 | 1,011 | 1,010 | ||||||||||||
Gain from additional equity issuance by AMAK
|
- | - | - | 3,997 | ||||||||||||
Equity in income (loss) of AMAK
|
$ | (343 | ) | $ | 1,302 | $ | (687 | ) | $ | 8,998 |
September 30, 2014
|
December 31, 2013
|
September 30, 2013
|
||||||||||
Days sales outstanding in accounts receivable
|
35.0 | 34.1 | 32.7 | |||||||||
Days sales outstanding in inventory
|
15.1 | 18.6 | 21.1 | |||||||||
Days sales outstanding in accounts payable
|
16.0 | 11.4 | 9.2 | |||||||||
Days of working capital
|
34.2 | 41.4 | 44.6 |
2014
|
2013
|
|||||||
Net cash provided by (used in)
|
(thousands of dollars)
|
|||||||
Operating activities
|
$ | 18,345 | $ | 7,576 | ||||
Investing activities
|
(8,046 | ) | (11,002 | ) | ||||
Financing activities
|
(3,959 | ) | 994 | |||||
Increase (decrease) in cash and equivalents
|
$ | 6,340 | $ | (2,432 | ) | |||
Cash and cash equivalents
|
$ | 13,948 | $ | 7,076 |
·
|
Accounts payable and accrued liabilities increased approximately $6.1 million (due to an increase in the accrual for raw material and additional purchases relating to the D Train expansion) as compared to an increase of approximately $0.6 million in 2013 (due to increases in accruals for income taxes, freight and fuel gas partially offset by a decrease in the accrual for raw material purchases),
|
·
|
Notes receivable decreased $0.2 million (due to payments being received on the notes) as compared to an increase of $0.4 million in 2013(due to notes being issued to tolling customers),
|
·
|
Inventory decreased $0.1 million as compared to an increase of $3.3 million in 2013 (due to an increase in the amount of deferred sales at the end of the third quarter and an intentional buildup for hurricane season), and
|
·
|
Income tax receivable decreased approximately $0.6 million (due to the receivable being used for estimated taxes) as compared to a decrease of $1.2 million in 2013 (due to the receivable being used for the 2013 estimated tax payment).
|
·
|
Trade receivables increased approximately $5.6 million (due to the sales volume increase of 9.2% and average sales price increase of 6.2% over year end 2013) as compared to an increase of approximately $4.5 million in 2013 (due
|
·
|
Other liabilities remained steady in 2014 as compared to an increase of $2.3 million in 2013 (due to payments being received from tolling customers for modification or construction of tolling equipment).
|
|
Comparison of Three Months Ended September 30, 2014 and 2013
|
2014
|
2013
|
Change
|
%Change
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Petrochemical Product Sales
|
$ | 75,283 | $ | 59,354 | $ | 15,929 | 26.8 | % | ||||||||
Processing
|
1,634 | 1,516 | 118 | 7.8 | % | |||||||||||
Gross Revenue
|
$ | 76,917 | $ | 60,870 | $ | 16,047 | 26.4 | % | ||||||||
Volume of Sales (gallons)
|
||||||||||||||||
Petrochemical Products
|
21,574 | 16,936 | 4,638 | 27.4 | % | |||||||||||
Cost of Sales
|
$ | 63,873 | $ | 50,772 | $ | 13,101 | 25.8 | % | ||||||||
Total Operating Expense**
|
13,320 | 11,138 | 2,182 | 19.6 | % | |||||||||||
Natural Gas Expense**
|
1,429 | 1,173 | 256 | 21.8 | % | |||||||||||
Operating Labor Costs**
|
3,060 | 2,676 | 384 | 14.3 | % | |||||||||||
Transportation Cost**
|
6,206 | 4,993 | 1,213 | 24.3 | % | |||||||||||
General & Administrative Expense
|
4,086 | 3,411 | 675 | 19.8 | % | |||||||||||
Depreciation*
|
1,012 | 963 | 49 | 5.1 | % | |||||||||||
Equity in Earnings (Losses) of AMAK
|
(343 | ) | 1,302 | (1,645 | ) | (126.3 | %) | |||||||||
Capital Expenditures
|
4,455 | 2,014 | 2,441 | 121.2 | % |
|
*Includes $881 and $834 for 2014 and 2013, respectively, which is included in operating expense
|
|
** Included in cost of sales
|
|
Comparison of Nine Months Ended September 30, 2014 and 2013
|
2014
|
2013
|
Change
|
%Change
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Petrochemical Product Sales
|
$ | 210,517 | $ | 165,737 | $ | 44,780 | 27.0 | % | ||||||||
Processing
|
5,054 | 3,853 | 1,201 | 31.2 | % | |||||||||||
Gross Revenue
|
$ | 215,571 | $ | 169,590 | $ | 45,981 | 27.1 | % | ||||||||
Volume of sales (thousand gallons)
|
||||||||||||||||
Petrochemical products
|
61,144 | 47,368 | 13,776 | 29.1 | % | |||||||||||
Cost of Sales
|
$ | 182,112 | $ | 144,246 | $ | 37,866 | 26.3 | % | ||||||||
Total Operating Expense**
|
38,271 | 32,870 | 5,401 | 16.4 | % | |||||||||||
Natural Gas Expense**
|
4,829 | 3,950 | 879 | 22.3 | % | |||||||||||
Operating Labor Costs**
|
8,782 | 7,814 | 968 | 12.4 | % | |||||||||||
Transportation Costs**
|
16,852 | 13,950 | 2,902 | 20.8 | % | |||||||||||
General & Administrative Expense
|
12,430 | 10,368 | 2,062 | 19.9 | % | |||||||||||
Depreciation*
|
3,020 | 2,886 | 134 | 4.6 | % | |||||||||||
Equity in Earnings (Losses) of AMAK
|
(687 | ) | 5,001 | (5,688 | ) | (113.7 | %) | |||||||||
Gain on Equity Issuance AMAK
|
- | 3,997 | (3,997 | ) | (100.0 | %) | ||||||||||
Capital Expenditures
|
8,582 | 5,156 | 3,426 | 66.4 | % |
|
*Includes $2,614 and $2,497 for 2014 and 2013, respectively, which is included in operating expense
|
|
** Included in cost of sales
|
Actual
|
Budgeted
|
Variance
|
||||||||||
Ore tons processed
|
514,033 | 520,880 | (6,847 | ) | ||||||||
Concentrate to the port
|
||||||||||||
Copper
|
22,316 | 22,387 | (71 | ) | ||||||||
Zinc
|
24,380 | 25,135 | (755 | ) | ||||||||
46,696 | 47,522 | (826 | ) | |||||||||
Shipments
|
||||||||||||
Copper
|
18,747 | 22,387 | (3,640 | ) | ||||||||
Zinc
|
22,383 | 25,135 | (2,752 | ) | ||||||||
41,130 | 47,522 | (6,392 | ) |
Payments due by period
|
||||||||||||||||||||
Total
|
Less than
1 year
|
1-3 years
|
3-5 years
|
More than 5 years
|
||||||||||||||||
Operating Lease Obligations
|
$ | 6,519 | $ | 1,909 | $ | 2,736 | $ | 870 | $ | 1,004 | ||||||||||
Long-Term Debt Obligations
|
9,189 | 1,400 | 2,800 | 4,989 | - | |||||||||||||||
Total
|
$ | 15,708 | $ | 3,309 | $ | 5,536 | $ | 5,859 | $ | 1,004 |
(a)
|
Evaluation of disclosure controls and procedures. Our chief executive officer and chief financial officer, with the participation of management, have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934) and determined that our disclosure controls and procedures were effective as of the end of the period covered by this report.
|
(b)
|
Changes in internal control. There was no change in our internal control over financial reporting that occurred during the quarter ended September 30, 2014, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
|
Exhibit
Number
|
Description
|
3(a)
|
- Certificate of Incorporation of the Company as amended through the Certificate of Amendment filed with the Delaware Secretary of State on May 22, 2014 (incorporated by reference to Exhibit 3(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 (file No. 001-33926))
|
3(b)
|
- Restated Bylaws of the Company dated August 1, 2014 (incorporated by reference to Exhibit 3(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 (file No. 001-33926))
|
10(a)*
|
- Retirement Awards Program dated January 15, 2008 between Arabian American Development Company and Hatem El Khalidi (incorporated by reference to Exhibit 10(h) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 (file No. 001-33926))
|
10(b)*
|
- Arabian American Development Company Stock and Incentive Plan adopted April 3, 2012 (incorporated by reference to Exhibit A to the Company’s Form DEF 14A filed April 25, 2012 (file No. 001-33926))
|
10(c)
|
- Articles of Association of Al Masane Al Kobra Mining Company, dated July 10, 2006 (incorporated by reference to Exhibit 10(m) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 (file No. 001-33926))
|
10(d)
|
- Bylaws of Al Masane Al Kobra Mining Company (incorporated by reference to Exhibit 10(n) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 (file No. 001-33926))
|
10(e)
|
- Letter Agreement dated August 5, 2009, between Arabian American Development Company and the other Al Masane Al Kobra Company shareholders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on August 27, 2009 (file No. 001-33926))
|
10(f)
|
- Limited Guarantee dated October 24, 2010, between Arabian American Development Company and the Saudi Industrial Development Fund (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on October 27, 2010 (file No. 001-33926))
|
10(g)
|
- Fourteenth Amendment to Credit Agreement dated July 10, 2014, between South Hampton Resources, Inc. and Bank of America, N.A. (incorporated by reference to Exhibit 99.1 to the Company’s Form 8-K filed on July 16, 2014 (file No. 001-33926))
|
10(h)
|
- Amended and Restated Credit Agreement dated October 1, 2014, between Texas Oil & Chemical Co. II, Inc. and certain subsidiaries and Bank of America, N.A. as administrative agent (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on October 3, 2014 (file No. 001-33926))
|
10(i)
|
- Stock Purchase Agreement dated September 19, 2014, between Trecora Resources, Texas Oil & Chemical Co. II, Inc., SSI Chusei, Inc. and Schumann/Steier Holdings, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed on September 25, 2014 (file No. 001-33926))
|
Exhibit
Number
|
Description
|
31.1
|
- Certification of Chief Executive Officer pursuant to Rule 13A-14(A) of the Securities Exchange Act of 1934
|
31.2
|
- Certification of Chief Financial Officer pursuant to Rule 13A-14(A) of the Securities Exchange Act of 1934
|
32.1
|
- Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
- Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
- XBRL Instance Document
|
101.SCH
|
- XBRL Taxonomy Schema Document
|
101.CAL
|
- XBRL Taxonomy Calculation Linkbase Document
|
101.LAB
|
- XBRL Taxonomy Label Linkbase Document
|
101.PRE
|
- XBRL Taxonomy Extension Presentation Linkbase Document
|
101.DEF
|
- XBRL Taxonomy Extension Definition Linkbase Document
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Trecora Resources;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the consolidated financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's independent registered public accounting firm and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Trecora Resources;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the consolidated financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting.
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's independent registered public accounting firm and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
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LIABILITIES AND LONG-TERM DEBT (Details) (USD $)
|
0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2014
|
Dec. 31, 2013
|
Oct. 01, 2014
Domestic Bank [Member]
Revolving Loan [Member]
|
Jul. 10, 2014
Domestic Bank [Member]
Revolving Loan [Member]
bbl
|
Sep. 30, 2014
Domestic Bank [Member]
Revolving Loan [Member]
|
Dec. 31, 2013
Domestic Bank [Member]
Revolving Loan [Member]
|
May 25, 2006
Domestic Bank [Member]
Revolving Loan [Member]
|
Sep. 30, 2014
Term loan [Member]
|
Dec. 31, 2013
Term loan [Member]
|
Nov. 30, 2008
Term loan [Member]
|
Sep. 30, 2007
Term loan [Member]
|
|
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 14,000,000 | $ 10,000,000 | |||||||||
Maturity date | Oct. 31, 2018 | ||||||||||
Short-term amount outstanding | 1,400,000 | 1,400,000 | 1,400,000 | 1,400,000 | |||||||
Long-term amount outstanding | 7,789,000 | 11,839,000 | 3,500,000 | 6,500,000 | 4,300,000 | 5,400,000 | |||||
Interest rate on loan (in hundredths) | 2.25% | 2.25% | |||||||||
Principal payments | 350,000 | ||||||||||
Derivative amount of hedged item | 10,000,000 | ||||||||||
Maximum borrowing capacity | 25,000,000 | 18,000,000 | 12,000,000 | ||||||||
Expiration date | Jun. 30, 2018 | ||||||||||
Credit agreement sub limit available to support hedging program | 3,000,000 | ||||||||||
Interest rate (in hundredths) | 2.25% | 2.25% | |||||||||
Quarterly commitment fee on the unused portion of loan (in hundredths) | 0.25% | ||||||||||
Available remaining borrowing capacity | $ 14,500,000 | ||||||||||
Current capacity per day (in barrels) | 6,700 | ||||||||||
Increase of capacity per day (in barrels) | 11,000 | ||||||||||
Commercial style amortization period | 15 years |
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