$FF
FutureFuel Corp.

2021 Q4 Form 10-Q Financial Statement

#000143774921025948 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $107.1M $98.68M $74.12M
YoY Change 114.73% 82.28% 56.29%
Cost Of Revenue $80.95M $90.49M $74.16M
YoY Change 91.36% 89.71% 59.49%
Gross Profit $26.12M $8.192M -$43.00K
YoY Change 245.97% 27.09% -104.72%
Gross Profit Margin 24.4% 8.3% -0.06%
Selling, General & Admin $3.209M $1.236M $693.0K
YoY Change 146.85% -34.95% -46.69%
% of Gross Profit 12.28% 15.09%
Research & Development $1.098M $814.0K $798.0K
YoY Change 83.0% 2.91% 3.91%
% of Gross Profit 4.2% 9.94%
Depreciation & Amortization $2.565M $2.656M $2.621M
YoY Change -1.35% -1.26% -8.36%
% of Gross Profit 9.82% 32.42%
Operating Expenses $4.307M $2.050M $1.960M
YoY Change 126.68% -22.41% -4.39%
Operating Profit $21.82M $6.142M -$2.003M
YoY Change 286.07% 61.46% 75.86%
Interest Expense $757.0K $32.00K $32.00K
YoY Change -81.08% 0.0% 3.23%
% of Operating Profit 3.47% 0.52%
Other Income/Expense, Net $1.483M -$121.0K $1.015M
YoY Change -105.36% -91.1%
Pretax Income $24.06M $6.021M -$988.0K
YoY Change 150.59% -0.64% -109.62%
Income Tax $1.712M -$3.181M -$4.469M
% Of Pretax Income 7.12% -52.83%
Net Earnings $22.35M $9.202M $3.481M
YoY Change 308.35% 33.56% -77.04%
Net Earnings / Revenue 20.87% 9.32% 4.7%
Basic Earnings Per Share $0.51 $0.21 $0.08
Diluted Earnings Per Share $0.51 $0.21 $0.08
COMMON SHARES
Basic Shares Outstanding 43.76M 43.76M 43.75M
Diluted Shares Outstanding 43.76M 43.75M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.6M $162.0M $143.8M
YoY Change -29.67% -33.52% -42.44%
Cash & Equivalents $137.5M $116.8M $97.59M
Short-Term Investments $47.11M $45.16M $46.24M
Other Short-Term Assets $1.476M $1.732M $2.294M
YoY Change -15.27% 15.93% -45.74%
Inventory $26.92M $43.69M $53.51M
Prepaid Expenses $3.588M $838.0K $1.990M
Receivables $29.32M $26.47M $31.33M
Other Receivables $9.760M $9.773M $16.87M
Total Short-Term Assets $255.8M $244.6M $249.9M
YoY Change -25.33% -27.19% -29.51%
LONG-TERM ASSETS
Property, Plant & Equipment $82.90M $84.34M $86.85M
YoY Change -9.44% -9.89% -8.91%
Goodwill
YoY Change
Intangibles $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Investments
YoY Change
Other Assets $5.596M $5.803M $5.705M
YoY Change -2.63% -1.94% 1.48%
Total Long-Term Assets $88.50M $90.15M $92.56M
YoY Change -10.34% -10.68% -9.59%
TOTAL ASSETS
Total Short-Term Assets $255.8M $244.6M $249.9M
Total Long-Term Assets $88.50M $90.15M $92.56M
Total Assets $344.3M $334.7M $342.4M
YoY Change -21.97% -23.37% -25.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.91M $25.86M $35.58M
YoY Change 19.75% 172.86% 12.94%
Accrued Expenses $6.081M $4.824M $5.218M
YoY Change 19.78% -29.94% -25.26%
Deferred Revenue $5.944M $6.058M $5.183M
YoY Change 57.71% 78.7% 60.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.06M $48.20M $60.38M
YoY Change 6.27% 105.12% 24.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.721M $1.886M $2.049M
YoY Change -23.17% -19.68% -7.03%
Total Long-Term Liabilities $20.35M $19.93M $24.63M
YoY Change -44.16% -45.32% -35.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.06M $48.20M $60.38M
Total Long-Term Liabilities $20.35M $19.93M $24.63M
Total Liabilities $55.40M $68.14M $85.01M
YoY Change -20.19% 13.65% -2.18%
SHAREHOLDERS EQUITY
Retained Earnings $6.303M -$16.04M -$25.24M
YoY Change -92.95% -116.98% -128.82%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $288.9M $266.6M $257.4M
YoY Change
Total Liabilities & Shareholders Equity $344.3M $334.7M $342.4M
YoY Change -21.97% -23.37% -25.05%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $22.35M $9.202M $3.481M
YoY Change 308.35% 33.56% -77.04%
Depreciation, Depletion And Amortization $2.565M $2.656M $2.621M
YoY Change -1.35% -1.26% -8.36%
Cash From Operating Activities $24.26M $22.18M $12.00M
YoY Change 22.39% -391.02% -85.03%
INVESTING ACTIVITIES
Capital Expenditures -$791.0K -$177.0K -$338.0K
YoY Change 6.89% -81.56% -70.61%
Acquisitions
YoY Change
Other Investing Activities -$107.0K -$180.0K $3.766M
YoY Change -107.75% -105.07% -169.23%
Cash From Investing Activities -$898.0K -$357.0K $3.418M
YoY Change -242.54% -113.78% -151.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.625M -2.626M -111.8M
YoY Change 4.58% 0.23% -16.47%
NET CHANGE
Cash From Operating Activities 24.26M 22.18M 12.00M
Cash From Investing Activities -898.0K -357.0K 3.418M
Cash From Financing Activities -2.625M -2.626M -111.8M
Net Change In Cash 20.73M 19.19M -96.39M
YoY Change 15.57% -350.89% 59.9%
FREE CASH FLOW
Cash From Operating Activities $24.26M $22.18M $12.00M
Capital Expenditures -$791.0K -$177.0K -$338.0K
Free Cash Flow $25.05M $22.35M $12.34M
YoY Change 21.83% -435.63% -84.83%

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:0.8pt;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 two 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. FutureFuel Chemical is also a shipper of petroleum-based products on a common carrier pipeline and buys and sells petroleum products to maintain an active shipper status on this pipeline.  In <em style="font: inherit;"> April 2021, </em>FutureFuel sold a portion of its historical line space. See Note <em style="font: inherit;">8</em> for additional information.</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 those 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;">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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ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
1500000 USD
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
72000 USD
CY2015Q2 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1408000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1408000 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2632000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2609000 USD
CY2021Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1141000 USD
CY2020Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1730000 USD
CY2021Q3 ff Accrued Directors Fees
AccruedDirectorsFees
208000 USD
CY2020Q4 ff Accrued Directors Fees
AccruedDirectorsFees
0 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
204000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
247000 USD
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4824000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5077000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3181000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-830000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-12037000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18931000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.528 pure
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.137 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.481 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.854 pure
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
9202000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
6890000 USD
us-gaap Net Income Loss
NetIncomeLoss
3910000 USD
us-gaap Net Income Loss
NetIncomeLoss
41092000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43763243
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43743243
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43753646
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43743243
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2096
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
63
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
864
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43763243
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43745339
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43753709
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43744107
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.94
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 pure
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
98682000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54138000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
214316000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
154642000 USD
CY2021Q3 us-gaap Gross Profit
GrossProfit
8192000 USD
CY2020Q3 us-gaap Gross Profit
GrossProfit
6446000 USD
us-gaap Gross Profit
GrossProfit
-2587000 USD
us-gaap Gross Profit
GrossProfit
23756000 USD
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.50
CY2021Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
109408000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.00
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
131230000 USD

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