$FF
FutureFuel Corp.

2021 Q1 Form 10-Q Financial Statement

#000143774921011390 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $41.52M $53.08M
YoY Change -21.79% 9.45%
Cost Of Revenue $52.30M $36.70M
YoY Change 42.51% -18.81%
Gross Profit -$10.74M $16.40M
YoY Change -165.47% 402.73%
Gross Profit Margin -25.86% 30.89%
Selling, General & Admin $1.500M $1.600M
YoY Change -6.25% 23.08%
% of Gross Profit 9.76%
Research & Development $774.0K $835.0K
YoY Change -7.31% 18.27%
% of Gross Profit 5.09%
Depreciation & Amortization $2.608M $3.004M
YoY Change -13.18% 10.24%
% of Gross Profit 18.32%
Operating Expenses $2.322M $2.420M
YoY Change -4.05% 17.99%
Operating Profit -$13.06M $13.98M
YoY Change -193.41% 1054.34%
Interest Expense $32.00K $56.00K
YoY Change -42.86% 30.23%
% of Operating Profit 0.4%
Other Income/Expense, Net -$102.0K -$8.148M
YoY Change -98.75% -255.32%
Pretax Income -$13.16M $5.831M
YoY Change -325.69% -9.69%
Income Tax -$4.387M -$13.21M
% Of Pretax Income -226.58%
Net Earnings -$8.773M $19.04M
YoY Change -146.07% 246.3%
Net Earnings / Revenue -21.13% 35.87%
Basic Earnings Per Share -$0.20 $0.44
Diluted Earnings Per Share -$0.20 $0.44
COMMON SHARES
Basic Shares Outstanding 43.74M 43.74M
Diluted Shares Outstanding 43.74M 43.74M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.2M $307.7M
YoY Change -20.64% 5.92%
Cash & Equivalents $194.0M $248.1M
Short-Term Investments $50.20M $59.60M
Other Short-Term Assets $2.588M $1.610M
YoY Change 60.75% 73.12%
Inventory $45.28M $41.45M
Prepaid Expenses $3.216M $1.761M
Receivables $27.90M $128.1M
Other Receivables $16.80M $21.60M
Total Short-Term Assets $340.1M $502.7M
YoY Change -32.35% 36.04%
LONG-TERM ASSETS
Property, Plant & Equipment $89.20M $96.95M
YoY Change -7.99% -5.74%
Goodwill
YoY Change
Intangibles $1.408M $1.408M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $5.721M $5.813M
YoY Change -1.58% -0.87%
Total Long-Term Assets $96.33M $104.2M
YoY Change -7.52% -5.41%
TOTAL ASSETS
Total Short-Term Assets $340.1M $502.7M
Total Long-Term Assets $96.33M $104.2M
Total Assets $436.4M $606.9M
YoY Change -28.09% 26.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.84M $63.46M
YoY Change -73.46% 170.22%
Accrued Expenses $4.568M $6.602M
YoY Change -30.81% 59.85%
Deferred Revenue $4.739M $3.886M
YoY Change 21.95% -80.97%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.03M $213.7M
YoY Change -79.87% 418.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.109M $2.329M
YoY Change -9.45% -59.3%
Total Long-Term Liabilities $30.35M $38.55M
YoY Change -21.28% -11.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.03M $213.7M
Total Long-Term Liabilities $30.35M $38.55M
Total Liabilities $73.37M $252.2M
YoY Change -70.91% 197.19%
SHAREHOLDERS EQUITY
Retained Earnings $80.68M $72.43M
YoY Change 11.39% -35.59%
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 $363.1M $354.6M
YoY Change
Total Liabilities & Shareholders Equity $436.4M $606.9M
YoY Change -28.09% 26.52%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$8.773M $19.04M
YoY Change -146.07% 246.3%
Depreciation, Depletion And Amortization $2.608M $3.004M
YoY Change -13.18% 10.24%
Cash From Operating Activities -$14.35M $4.034M
YoY Change -455.65% -222.65%
INVESTING ACTIVITIES
Capital Expenditures $146.0K $1.608M
YoY Change -90.92% -28.41%
Acquisitions
YoY Change
Other Investing Activities $12.97M $5.450M
YoY Change 137.98% -789.87%
Cash From Investing Activities $12.83M $3.838M
YoY Change 234.24% -226.33%
FINANCING ACTIVITIES
Cash Dividend Paid $2.624M $2.624M
YoY Change 0.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.624M -$3.101M
YoY Change -15.38% 18.18%
NET CHANGE
Cash From Operating Activities -$14.35M $4.034M
Cash From Investing Activities $12.83M $3.838M
Cash From Financing Activities -$2.624M -$3.101M
Net Change In Cash -$4.143M $4.771M
YoY Change -186.84% -153.3%
FREE CASH FLOW
Cash From Operating Activities -$14.35M $4.034M
Capital Expenditures $146.0K $1.608M
Free Cash Flow -$14.49M $2.426M
YoY Change -697.4% -143.83%

Facts In Submission

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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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:0.8pt;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:0.8pt;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:0pt 15pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:justify;"><i>Organization</i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;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:c73199604">two</span> segments: chemicals and biofuels.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:justify;">The chemical 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 chemical segment are derived from the custom manufacturing of specialty chemicals for specific customers.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;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. Until <em style="font: inherit;"> April 2021, </em>FutureFuel Chemical was a shipper of refined petroleum products on common carrier pipelines and bought and sold petroleum products to maintain an active shipper status on these pipelines.  See Note <em style="font: inherit;">9.</em> Intangible Assets, and Note <em style="font: inherit;">17</em> Subsequent Event.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:justify;"><i>Basis</i> <i>of</i> <i>Presentation</i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;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;">2020</em> audited consolidated financial statements and should be read in conjunction with these financial statements.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;text-align:left;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:51pt;margin-right:15pt;margin-top:0pt;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>
CY2021Q1 us-gaap Area Of Land
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CY2020Q1 ff Btc Rebate
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-1765000 USD
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CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q1 us-gaap Gross Profit
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CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<table cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; margin-right: 0pt;"><tbody><tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="width: 27pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><em style="font: inherit;">15</em></b><b>)</b> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><b> RECENTLY ISSUED ACCOUNTING STA</b><b>NDARDS</b><b> </b></p> </td></tr> </tbody></table> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; text-align: left;"><i><b>Recently Issued Accounting Standards Adopted</b></i>  </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; 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 was adopted on a prospective basis and had an immaterial effect on the financials. </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; 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 7.2pt 0pt 34pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt 0pt 34pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"/>

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