$FF
FutureFuel Corp.

2020 Q2 Form 10-Q Financial Statement

#000143774920017111 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $47.42M $70.86M
YoY Change -33.08% -19.78%
Cost Of Revenue $46.50M $67.60M
YoY Change -31.21% -7.67%
Gross Profit $911.0K $3.270M
YoY Change -72.14% -60.46%
Gross Profit Margin 1.92% 4.61%
Selling, General & Admin $1.300M $1.300M
YoY Change 0.0% -18.75%
% of Gross Profit 142.7% 39.76%
Research & Development $768.0K $788.0K
YoY Change -2.54% 0.51%
% of Gross Profit 84.3% 24.1%
Depreciation & Amortization $2.860M $2.740M
YoY Change 4.38% -0.36%
% of Gross Profit 313.94% 83.79%
Operating Expenses $2.050M $2.085M
YoY Change -1.68% -14.23%
Operating Profit -$1.139M $1.185M
YoY Change -196.12% -79.71%
Interest Expense $31.00K $44.00K
YoY Change -29.55% 2.33%
% of Operating Profit 3.71%
Other Income/Expense, Net $11.41M $3.419M
YoY Change 233.69% 54.43%
Pretax Income $10.27M $4.604M
YoY Change 123.07% -42.84%
Income Tax -$4.889M $917.0K
% Of Pretax Income -47.6% 19.92%
Net Earnings $15.16M $3.687M
YoY Change 311.15% -39.07%
Net Earnings / Revenue 31.97% 5.2%
Basic Earnings Per Share $0.35 $0.08
Diluted Earnings Per Share $0.35 $0.08
COMMON SHARES
Basic Shares Outstanding 43.74M 43.74M
Diluted Shares Outstanding 43.74M 43.74M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $249.9M $303.4M
YoY Change -17.63% 4.08%
Cash & Equivalents $187.8M $222.9M
Short-Term Investments $62.10M $80.60M
Other Short-Term Assets $4.228M $625.0K
YoY Change 576.48% -20.79%
Inventory $42.18M $36.12M
Prepaid Expenses $1.150M $1.055M
Receivables $29.22M $21.64M
Other Receivables $27.50M $5.500M
Total Short-Term Assets $354.5M $368.5M
YoY Change -3.82% 0.43%
LONG-TERM ASSETS
Property, Plant & Equipment $95.35M $102.4M
YoY Change -6.86% -2.59%
Goodwill
YoY Change
Intangibles $1.408M $1.408M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $5.622M $5.359M
YoY Change 4.91% 39.38%
Total Long-Term Assets $102.4M $109.1M
YoY Change -6.2% -1.19%
TOTAL ASSETS
Total Short-Term Assets $354.5M $368.5M
Total Long-Term Assets $102.4M $109.1M
Total Assets $456.8M $477.7M
YoY Change -4.36% 0.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.50M $20.71M
YoY Change 52.15% -40.35%
Accrued Expenses $6.982M $4.011M
YoY Change 74.07% -43.12%
Deferred Revenue $3.220M $21.03M
YoY Change -84.69% 15.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.64M $35.66M
YoY Change 36.37% -33.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.204M $5.649M
YoY Change -60.98% 400.35%
Total Long-Term Liabilities $38.27M $43.52M
YoY Change -12.08% 22.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.64M $35.66M
Total Long-Term Liabilities $38.27M $43.52M
Total Liabilities $86.90M $79.19M
YoY Change 9.74% -10.94%
SHAREHOLDERS EQUITY
Retained Earnings $87.59M $116.1M
YoY Change -24.58% 9.39%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $369.9M $398.5M
YoY Change
Total Liabilities & Shareholders Equity $456.8M $477.7M
YoY Change -4.36% 0.05%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $15.16M $3.687M
YoY Change 311.15% -39.07%
Depreciation, Depletion And Amortization $2.860M $2.740M
YoY Change 4.38% -0.36%
Cash From Operating Activities $80.17M $16.82M
YoY Change 376.63% -72.66%
INVESTING ACTIVITIES
Capital Expenditures -$1.150M -$2.410M
YoY Change -52.28% 259.7%
Acquisitions
YoY Change
Other Investing Activities -$5.440M $5.070M
YoY Change -207.3% -19.65%
Cash From Investing Activities -$6.590M $2.660M
YoY Change -347.74% -52.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -133.9M -2.630M
YoY Change 4989.73% 0.0%
NET CHANGE
Cash From Operating Activities 80.17M 16.82M
Cash From Investing Activities -6.590M 2.660M
Cash From Financing Activities -133.9M -2.630M
Net Change In Cash -60.28M 16.85M
YoY Change -457.74% -73.88%
FREE CASH FLOW
Cash From Operating Activities $80.17M $16.82M
Capital Expenditures -$1.150M -$2.410M
Free Cash Flow $81.32M $19.23M
YoY Change 322.88% -69.08%

Facts In Submission

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.75pt;margin-top:0pt;text-align:left;"><b><em style="font: inherit;">1</em></b> <b>)</b></p> </td> <td> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.75pt;margin-top:0pt;text-align:left;"><b>NATURE OF OPERATIONS AND BASIS OF PRESENTATION</b></p> </td> </tr> </tbody> </table> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;"><i>Organization</i></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;">FutureFuel Corp. (“FutureFuel” or “the Company”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 acres of land <em style="font: inherit;">six</em> miles southeast of Batesville in north central Arkansas fronting the White River (the “Batesville Plant”). FutureFuel Chemical manufactures diversified chemical products, biobased products composed of biofuels, and biobased specialty chemical products. FutureFuel Chemical’s operations are reported in <span style="-sec-ix-hidden:c63893329">two</span> segments: chemicals and biofuels.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;">The chemicals segment manufactures a diversified portfolio of chemical products that are sold to <em style="font: inherit;">third</em> party customers. The majority of the revenues from the chemicals segment are derived from the custom manufacturing of specialty chemicals for specific customers.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;">The biofuels segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the Company’s biodiesel and, from time to time, with <em style="font: inherit;">no</em> biodiesel added. FutureFuel Chemical is a shipper of refined petroleum products on common carrier pipelines and buys and sells petroleum products to maintain an active shipper status on these pipelines.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;"><i>Basis</i> <i>of</i> <i>Presentation</i></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;">The unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s <em style="font: inherit;">2019</em> audited consolidated financial statements and should be read in conjunction with the <em style="font: inherit;">2019</em> audited consolidated financial statements of FutureFuel. </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: justify;">In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form <em style="font: inherit;">10</em>-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited consolidated financial statements do <em style="font: inherit;">not</em> include all the information and footnotes required by GAAP for complete financial statements, and do include amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of FutureFuel and its direct and indirect wholly owned subsidiaries; namely, FutureFuel Chemical Company; FFC Grain, L.L.C.; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C. Intercompany transactions and balances have been eliminated in consolidation.</p>
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0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
248
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2866
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43743740
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43743243
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43743491
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43746109
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47422000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
70864000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
100504000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
119365000 USD
CY2020Q2 us-gaap Gross Profit
GrossProfit
911000 USD
CY2019Q2 us-gaap Gross Profit
GrossProfit
3270000 USD
us-gaap Gross Profit
GrossProfit
17310000 USD
us-gaap Gross Profit
GrossProfit
6532000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.00
CY2020Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
131230 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: Times New Roman; font-size: 10pt;"><tbody><tr style="vertical-align: top; font-family: Times New Roman; font-size: 10pt;"><td style="width: 27pt; font-family: Times New Roman; font-size: 10pt;"> <p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b><em style="font: inherit;">16</em> )</b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b>RECENTLY ISSUED ACCOUNTING STANDARDS </b></p> </td></tr> </tbody></table> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0.75pt 0pt 0pt; text-align: left;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"><i><b>Recently Adopted Accounting Standards  </b></i></p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;">In the <em style="font: inherit;">first</em> quarter of <em style="font: inherit;">2020,</em> the Company adopted ASU <em style="font: inherit;">2016</em>-<em style="font: inherit;">13,</em> "Financial Instruments - Credit Losses (Topic <em style="font: inherit;">326</em>): Measurement of Credit Losses on Financial Instruments" and the associated ASUs (collectively “Topic <em style="font: inherit;">326”</em>) on a modified retrospective approach. The amendments replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company recorded a $12 reduction to opening retained earnings and an allowance for bad debt of $12 on our consolidated financial statements.</p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"><i><b>Recently Issued Accounting Standards <em style="font: inherit;">Not</em> Adopted  </b></i></p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;">In <em style="font: inherit;"> December 2019, </em>the FASB issued ASU <em style="font: inherit;">2019</em>-<em style="font: inherit;">12,</em> "Income Taxes (Topic <em style="font: inherit;">740</em>): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic <em style="font: inherit;">740,</em> "Income Taxes" and improve consistent application by clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after <em style="font: inherit;"> December 15, 2020. </em>Early adoption is permitted, with the amendments to be applied on a retrospective, modified retrospective or prospective basis, depending on the specific amendment. The Company is currently evaluating the impact of adopting this guidance. </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27pt;margin-right:0pt;margin-top:0pt;text-align:center;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:138pt;margin-right:137.25pt;margin-top:0pt;text-align:center;"/> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"><i><b>Other</b></i></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 54pt; text-align: left;">ASU <em style="font: inherit;">2020</em>-<em style="font: inherit;">04,</em> <i>Reference Rate Reform </i>(Topic <em style="font: inherit;">848</em>):<i> Facilitation of the Effects of Reference Rate Reform on Financial Reporting</i>.  Effective <em style="font: inherit;"> March 12, 2020, </em>the guidance in the update is in response to concerns about structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR). Regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This guidance will ease the accounting burden associated with transitioning away from reference rates that are expected to be discontinued within our credit facility as described in Note <em style="font: inherit;">10.</em></p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p>

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