2013 Q1 Form 10-Q Financial Statement

#000153450413000006 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q1
Revenue $4.798B $4.950B $4.716B
YoY Change 1.73% 3.64%
Cost Of Revenue $4.443B $4.420B $4.663B
YoY Change -4.72% -6.11%
Gross Profit $354.7M $530.1M $52.70M
YoY Change 573.06% 676.13%
Gross Profit Margin 7.39% 10.71% 1.12%
Selling, General & Admin $30.10M $42.40M $13.80M
YoY Change 118.12% 188.44%
% of Gross Profit 8.49% 8.0% 26.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$43.00M $24.80M $21.80M
YoY Change -297.25% 37.02%
% of Gross Profit -12.12% 4.68% 41.37%
Operating Expenses $206.0M $268.2M $188.1M
YoY Change 9.5% 14.66%
Operating Profit $100.1M $284.9M -$164.1M
YoY Change -161.01% -272.04%
Interest Expense -$15.00M $3.600M -$35.20M
YoY Change -57.39% -119.05%
% of Operating Profit -14.98% 1.26%
Other Income/Expense, Net
YoY Change
Pretax Income $77.16M $265.5M -$202.5M
YoY Change -138.1% -243.9%
Income Tax $7.444M $1.300M $0.00
% Of Pretax Income 9.65% 0.49%
Net Earnings $11.41M $1.956M -$202.5M
YoY Change -105.63% -101.06%
Net Earnings / Revenue 0.24% 0.04% -4.29%
Basic Earnings Per Share $0.48
Diluted Earnings Per Share $0.48 $0.08
COMMON SHARES
Basic Shares Outstanding 23.59M shares
Diluted Shares Outstanding 97.42M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $404.0M
YoY Change
Cash & Equivalents $404.1M $285.9M $6.255M
Short-Term Investments
Other Short-Term Assets $35.00M
YoY Change
Inventory $1.451B $1.497B
Prepaid Expenses
Receivables $663.0M
Other Receivables $0.00
Total Short-Term Assets $2.552B $2.308B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.658B $1.636B
YoY Change
Goodwill
YoY Change
Intangibles $997.0K $1.085M
YoY Change
Long-Term Investments
YoY Change
Other Assets $191.6M $197.3M
YoY Change
Total Long-Term Assets $1.957B $1.946B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.552B $2.308B
Total Long-Term Assets $1.957B $1.946B
Total Assets $4.509B $4.254B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $476.2M $360.1M
YoY Change
Accrued Expenses $1.139B $1.031B
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $1.829B $1.603B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $711.5M $710.0M
YoY Change
Other Long-Term Liabilities $32.60M $38.10M
YoY Change
Total Long-Term Liabilities $744.2M $748.1M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.829B $1.603B
Total Long-Term Liabilities $744.2M $748.1M
Total Liabilities $2.748B $2.530B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $6.278M $1.956M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $424.5M $419.8M
YoY Change
Total Liabilities & Shareholders Equity $4.509B $4.254B
YoY Change

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $11.41M $1.956M -$202.5M
YoY Change -105.63% -101.06%
Depreciation, Depletion And Amortization -$43.00M $24.80M $21.80M
YoY Change -297.25% 37.02%
Cash From Operating Activities $211.1M -$268.7M
YoY Change -178.55%
INVESTING ACTIVITIES
Capital Expenditures $56.15M $23.40M
YoY Change 140.01%
Acquisitions
YoY Change
Other Investing Activities -$3.400M $3.200M
YoY Change -206.25%
Cash From Investing Activities -$59.15M -$39.12M
YoY Change 51.22%
FINANCING ACTIVITIES
Cash Dividend Paid $7.084M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $651.0M
YoY Change -100.0%
Cash From Financing Activities -$33.71M $263.9M
YoY Change -112.77%
NET CHANGE
Cash From Operating Activities $211.1M -$268.7M
Cash From Investing Activities -$59.15M -$39.12M
Cash From Financing Activities -$33.71M $263.9M
Net Change In Cash $118.2M -$43.91M
YoY Change -369.19%
FREE CASH FLOW
Cash From Operating Activities $211.1M -$268.7M
Capital Expenditures $56.15M $23.40M
Free Cash Flow $154.9M -$292.1M
YoY Change -153.04%

Facts In Submission

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CY2013Q1 us-gaap Payment Of Financing And Stock Issuance Costs
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CY2012Q1 us-gaap Payments Of Dividends
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CY2013Q1 us-gaap Payments Of Dividends
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CY2013Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2012Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
56152000 USD
CY2012Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
2443000 USD
CY2013Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
4182000 USD
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0.001
CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2013Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2012Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
250000 USD
CY2013Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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CY2013Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
255000000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Productive Assets
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0 USD
CY2012Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2013Q1 us-gaap Profit Loss
ProfitLoss
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CY2012Q1 us-gaap Profit Loss
ProfitLoss
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CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2012Q1 us-gaap Refining And Marketing Revenue
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CY2013Q1 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
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CY2012Q1 us-gaap Repayments Of Long Term Debt
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651044000 USD
CY2013Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12116000 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12114000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6278000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1956000 USD
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
PBF ENERGY INC.
CY2012Q1 us-gaap Sale Leaseback Transaction Net Proceeds
SaleLeasebackTransactionNetProceeds
9452000 USD
CY2013Q1 us-gaap Sale Leaseback Transaction Net Proceeds
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0 USD
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CY2012Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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40776000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1020000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
507000 USD
CY2013Q1 us-gaap Shares Outstanding
SharesOutstanding
96585966 shares
CY2012Q4 us-gaap Shares Outstanding
SharesOutstanding
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1723545000 USD
CY2012Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1275000 USD
CY2013Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
1275000 USD
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97415576 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23589687 shares
CY2012Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
4391000 USD
CY2013Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2013Q1 pbf Acrrued Tansportation Costs
AcrruedTansportationCosts
25369000 USD
CY2012Q4 pbf Acrrued Tansportation Costs
AcrruedTansportationCosts
20338000 USD
CY2012Q4 pbf Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
21358000 USD
CY2013Q1 pbf Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
21358000 USD
CY2012Q1 pbf Conversion Of Loan To Grant
ConversionOfLoanToGrant
0 USD
CY2013Q1 pbf Conversion Of Loan To Grant
ConversionOfLoanToGrant
4000000 USD
CY2012Q1 pbf Cost Of Sales Excluding Depreciation
CostOfSalesExcludingDepreciation
4660193000 USD
CY2013Q1 pbf Cost Of Sales Excluding Depreciation
CostOfSalesExcludingDepreciation
4435101000 USD
CY2013Q1 pbf Deferred Restructuring Charges
DeferredRestructuringCharges
74844000 USD
CY2012Q4 pbf Deferred Restructuring Charges
DeferredRestructuringCharges
78128000 USD
CY2013Q1 pbf Distibution To Stockholders As Percent Of Tax Benefit Received From Increases In Tax Basis
DistibutionToStockholdersAsPercentOfTaxBenefitReceivedFromIncreasesInTaxBasis
0.85
CY2013Q1 pbf Dividends And Distributions
DividendsAndDistributions
-32976000 USD
CY2012Q4 pbf Economic Development Authority Loan
EconomicDevelopmentAuthorityLoan
20000000 USD
CY2013Q1 pbf Economic Development Authority Loan
EconomicDevelopmentAuthorityLoan
16000000 USD
CY2010Q2 pbf Economic Development Authority Loan
EconomicDevelopmentAuthorityLoan
20000000 USD
CY2013Q1 pbf Economic Development Authority Loan Direct Labor Minimum
EconomicDevelopmentAuthorityLoanDirectLaborMinimum
PT600000H
CY2013Q1 pbf Economic Development Authority Loan Loan Conversion To Grant Annual Amount
EconomicDevelopmentAuthorityLoanLoanConversionToGrantAnnualAmount
4000000 USD
CY2013Q1 pbf Economic Development Authority Loan Loan Conversion To Grant Term
EconomicDevelopmentAuthorityLoanLoanConversionToGrantTerm
P5Y
CY2013Q1 pbf Economic Development Loan Capital Expenditures Minimum
EconomicDevelopmentLoanCapitalExpendituresMinimum
125000000 USD
CY2013Q1 pbf Energy Related Inventory Refined Products And Blendstocks
EnergyRelatedInventoryRefinedProductsAndBlendstocks
766655000 USD
CY2012Q4 pbf Energy Related Inventory Refined Products And Blendstocks
EnergyRelatedInventoryRefinedProductsAndBlendstocks
823410000 USD
CY2013Q1 pbf Income Tax Expense Benefit Attributable To Noncontrolling Interest
IncomeTaxExpenseBenefitAttributableToNoncontrollingInterest
23025000 USD
CY2012Q1 pbf Inventory Non Cash Change In Inventory Purchase Obligations
InventoryNonCashChangeInInventoryPurchaseObligations
-19690000 USD
CY2013Q1 pbf Inventory Non Cash Change In Inventory Purchase Obligations
InventoryNonCashChangeInInventoryPurchaseObligations
-8153000 USD
CY2012Q4 pbf Inventory Related Accruals
InventoryRelatedAccruals
287929000 USD
CY2013Q1 pbf Inventory Related Accruals
InventoryRelatedAccruals
421882000 USD
CY2013Q1 pbf Inventory Supply And Offtake Arrangements
InventorySupplyAndOfftakeArrangements
503900000 USD
CY2012Q4 pbf Inventory Supply And Offtake Arrangements
InventorySupplyAndOfftakeArrangements
536594000 USD
CY2013Q1 pbf Long Term Debt Current Maturities Fair Value
LongTermDebtCurrentMaturitiesFairValue
0 USD
CY2012Q4 pbf Long Term Debt Current Maturities Fair Value
LongTermDebtCurrentMaturitiesFairValue
0 USD
CY2012Q4 pbf Long Term Debt Excluding Current Maturities Fair Value
LongTermDebtExcludingCurrentMaturitiesFairValue
744405000 USD
CY2013Q1 pbf Long Term Debt Excluding Current Maturities Fair Value
LongTermDebtExcludingCurrentMaturitiesFairValue
748748000 USD
CY2012Q4 pbf Oil And Gas Property Indefinite Lived Tangible Asset
OilAndGasPropertyIndefiniteLivedTangibleAsset
8042000 USD
CY2013Q1 pbf Oil And Gas Property Indefinite Lived Tangible Asset
OilAndGasPropertyIndefiniteLivedTangibleAsset
8735000 USD
CY2013Q1 pbf Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAociPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-108000 USD
CY2012Q1 pbf Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAociPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
17000 USD
CY2012Q4 pbf Ownership Percentage Of Equity Held
OwnershipPercentageOfEquityHeld
1
CY2013Q1 pbf Ownership Percentage Of Equity Held
OwnershipPercentageOfEquityHeld
1
CY2013Q1 pbf Payable To Related Parties Tax Receivable Agreement Current
PayableToRelatedPartiesTaxReceivableAgreementCurrent
1007000 USD
CY2012Q4 pbf Payable To Related Parties Tax Receivable Agreement Current
PayableToRelatedPartiesTaxReceivableAgreementCurrent
1007000 USD
CY2013Q1 pbf Payable To Related Parties Tax Receivable Agreement Noncurrent
PayableToRelatedPartiesTaxReceivableAgreementNoncurrent
159004000 USD
CY2012Q4 pbf Payable To Related Parties Tax Receivable Agreement Noncurrent
PayableToRelatedPartiesTaxReceivableAgreementNoncurrent
159004000 USD
CY2012Q1 pbf Payments For Deferred Turnaround Costs
PaymentsForDeferredTurnaroundCosts
14041000 USD
CY2013Q1 pbf Payments For Deferred Turnaround Costs
PaymentsForDeferredTurnaroundCosts
2166000 USD
CY2013Q1 pbf Renewable Energy Credit Obligations
RenewableEnergyCreditObligations
23646000 USD
CY2012Q4 pbf Renewable Energy Credit Obligations
RenewableEnergyCreditObligations
0 USD
CY2013Q1 pbf Sale Leasback Transaction Asset Portion Of Transaction
SaleLeasbackTransactionAssetPortionOfTransaction
64071000 USD
CY2012Q4 pbf Sale Leasback Transaction Asset Portion Of Transaction
SaleLeasbackTransactionAssetPortionOfTransaction
66377000 USD
CY2013Q1 pbf Sale Leaseback Transaction Change In Fair Value
SaleLeasebackTransactionChangeInFairValue
1339000 USD
CY2012Q1 pbf Sale Leaseback Transaction Change In Fair Value
SaleLeasebackTransactionChangeInFairValue
6348000 USD
CY2013Q1 pbf Sale Leaseback Transaction Non Cash Adjustment For Change In Fair Value
SaleLeasebackTransactionNonCashAdjustmentForChangeInFairValue
-1339000 USD
CY2012Q1 pbf Sale Leaseback Transaction Non Cash Adjustment For Change In Fair Value
SaleLeasebackTransactionNonCashAdjustmentForChangeInFairValue
-6348000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001534504
CY2013Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer

Files In Submission

Name View Source Status
0001534504-13-000006-index-headers.html Edgar Link pending
0001534504-13-000006-index.html Edgar Link pending
0001534504-13-000006.txt Edgar Link pending
0001534504-13-000006-xbrl.zip Edgar Link pending
exhibit311.htm Edgar Link pending
exhibit312.htm Edgar Link pending
exhibit313.htm Edgar Link pending
exhibit314.htm Edgar Link pending
exhibit321.htm Edgar Link pending
exhibit322.htm Edgar Link pending
exhibit323.htm Edgar Link pending
exhibit324.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
pbf-20130331.xml Edgar Link completed
pbf-20130331.xsd Edgar Link pending
pbf-20130331_cal.xml Edgar Link unprocessable
pbf-20130331_def.xml Edgar Link unprocessable
pbf-20130331_lab.xml Edgar Link unprocessable
pbf-20130331_pre.xml Edgar Link unprocessable
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