FutureFuel Second Quarter Net Income of $15.2 Million
Reports Net Income of $15.2 Million or $0.35 per Diluted Share, and Adjusted EBITDA of $2.7 Million
CLAYTON, Mo., Aug. 07, 2020 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the second quarter and the six months ended June 30, 2020.
Second quarter 2020 Financial Highlights (all comparisons are with the second quarter of 2019)
| ● | Revenues were $47.4 million, down 33.1% from $70.9 million | |
| ● | Adjusted EBITDA was $2.7 million, down 24.5% from $3.5 million | |
| ● | Net income increased to $15.2 million, or $0.35 per diluted share, from $3.7 million, or $0.08 per diluted share. |
Six month 2020 Financial Highlights (all comparisons are with the first half of 2019)
| ● | Revenues were $100.5 million, down 15.8% from $119.4 million | |
| ● | Adjusted EBITDA was $12.8 million, up 43.7% from $8.9 million | |
| ● | Net income increased to $34.2 million, or $0.78 per diluted share, from $9.2 million, or $0.21 per diluted share. |
“Our manufacturing operation has continued to perform well against the backdrop of the global COVID-19 pandemic in both our Chemical and Biofuels segments. The certainty of the Blenders’ Tax Credit has allowed us to operate our Biodiesel operation at full capacity, albeit in a lower margin environment given low energy prices. Results from the Chemicals segment of our business are also reflective of the challenges facing domestic markets, specifically in the agrochemical and energy sectors related to foreign competition and overall lower demand,” said Tom McKinlay, Chief Operating Officer for FutureFuel Corp.
2020 Cash Dividends
FutureFuel paid a regular quarterly cash dividend in the amount of $0.06 per share on our common stock in the second quarter of 2020. In addition to the normal quarterly cash dividend of $0.06 per share paid in the first quarter of 2020, we also declared a special cash dividend of $3.00 per share paid in April. The remaining quarterly dividends of $0.06 per share are expected to be paid in September and December.
Financial Overview and Key Operating Metrics
Financial and operating metrics, which include non-GAAP financial measures, include dollars in thousands, except per share amounts:
FutureFuel Corp.
Certain Financial and Operating Metrics
(Unaudited)
| Three Months Ended June 30, | |||||||||||||||||
| Dollar | % | ||||||||||||||||
| 2020 | 2019 | Change | Change | ||||||||||||||
| Revenue | $ | 47,422 | $ | 70,864 | $ | (23,442 | ) | (33.1 | %) | ||||||||
| (Loss) income from operations | $ | (1,139 | ) | $ | 1,185 | $ | (2,324 | ) | (196.2 | %) | |||||||
| Net income | $ | 15,159 | $ | 3,687 | $ | 11,472 | 311.1 | % | |||||||||
| Earnings per common share: | |||||||||||||||||
| Basic | $ | 0.35 | $ | 0.08 | $ | 0.27 | 337.5 | % | |||||||||
| Diluted | $ | 0.35 | $ | 0.08 | $ | 0.27 | 337.5 | % | |||||||||
| Capital expenditures (net of customer reimbursements) | $ | 563 | $ | 451 | $ | 112 | 24.8 | % | |||||||||
| Adjusted EBITDA | $ | 2,652 | $ | 3,514 | $ | (862 | ) | (24.5 | %) | ||||||||
| Six Months Ended June 30, | |||||||||||||||||
| Dollar | % | ||||||||||||||||
| 2020 | 2019 | Change | Change | ||||||||||||||
| Revenue | $ | 100,504 | $ | 119,365 | $ | (18,861 | ) | (15.8 | %) | ||||||||
| Income from operations | $ | 12,840 | $ | 2,396 | $ | 10,444 | 435.9 | % | |||||||||
| Net income | $ | 34,202 | $ | 9,186 | $ | 25,016 | 272.3 | % | |||||||||
| Earnings per common share: | |||||||||||||||||
| Basic | $ | 0.78 | $ | 0.21 | $ | 0.57 | 271.4 | % | |||||||||
| Diluted | $ | 0.78 | $ | 0.21 | $ | 0.57 | 271.4 | % | |||||||||
| Capital expenditures (net of customer reimbursements) | $ | 1,133 | $ | 874 | $ | 259 | 29.6 | % | |||||||||
| Adjusted EBITDA | $ | 12,829 | $ | 8,929 | $ | 3,900 | 43.7 | % | |||||||||
Financial and Business Summary
Consolidated revenue in the three and six months ended June 30, 2020, decreased $23,442 and $18,861, compared to the three and six months ended June 30, 2019, respectively. The decrease in the three months ended June 30, 2020 primarily resulted from lower selling prices in the biofuel segment of $19,473 which was negatively impacted by supply demand imbalance and lower sales volume in the chemical segment of $6,032 from an agrochemical product we no longer make. The decrease in the six months ended June 30, 2020 primarily resulted from lower prices in the biofuel segment of $27,116 and lower sales volume in the chemical segment of $5,153. Partially offsetting this decrease in the six-month comparison period was higher sales volumes in the biofuels segment of $10,935 given the favorable market conditions with the reinstatement of the blenders' tax credit ("BTC").
Gross profit in the three months ended June 30, 2020 decreased $2,359 compared to the three months ended June 30, 2019. This decrease was driven by lower prices in the biofuels segment and lower volumes in both the chemicals and biofuels segments resulting from reduced demand from the weakened global fuel market and the impact of the COVID-19 pandemic as well as an agrochemical product we no longer make. Gross profit was also reduced by the change in the unrealized and realized activity in derivative instruments with a loss of $935 in the three months ended June 30, 2020 and a gain of $443 in the three months ended June 30, 2019.
Gross profit in the six months ended June 30, 2020 increased $10,778 compared to the six months ended June 30, 2019. This increase primarily resulted from: i) the BTC being in effect for the current period versus not being in effect in the prior six-month period; and ii) the change in the unrealized and realized activity in derivative instruments with a gain of $5,922 in the six months ended June 30, 2020 and a loss of $1,033 in the six months ended June 30, 2019. Also benefiting gross profit in both the three and six months ended June 30, 2020 and 2019 was the adjustment in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting. In the three months ended June 30, 2020 and 2019, this adjustment increased gross profit $1,575 and $287, respectively. In the six months ended June 30, 2020 and 2019, this adjustment increased gross profit $2,893 and $1,924, respectively.
Net Income
Net income for the three and six months ended June 30, 2020 increased $11,472 and $25,016, respectively, as compared to the same periods in 2019. This increase resulted primarily from biodiesel tax credits and incentives that were in effect in the three and six months ended June 30, 2020 that were not in effect for 2019 (see Note 2 to our consolidated financial statements) and tax benefits in effect in the first half of 2020 not in effect for the same period in 2019. In the three and six months ended June 30, 2020, income was also benefited by other income from the resolution of a prior year contractual matter. Partially offsetting this increase in the six-month period was the unrealized loss on equity securities.
Capital Expenditures
Capital expenditures were $2,759 in the first half of 2020, compared with $4,659 in the same period in 2019. FutureFuel was reimbursed for a portion of these expenditures by certain customers as summarized in the following table.
| Six Months Ended June 30, | ||||||||
| 2020 | 2019 | |||||||
| Cash paid for capital expenditures | $ | 2,759 | $ | 4,659 | ||||
| Cash received from customers as reimbursement of capital expenditures | $ | (1,626 | ) | $ | (3,785 | ) | ||
| Cash paid for capital expenditures, net of reimbursements | $ | 1,133 | $ | 874 | ||||
Cash and Cash Equivalents and Marketable Securities
Cash and cash equivalents and marketable securities totaled $249,918 as of June 30, 2020, compared with $316,951 as of December 31, 2019.
About FutureFuel
FutureFuel is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuel products. In its chemicals business, FutureFuel manufactures specialty chemicals for specific customers (“custom chemicals”) as well as multi-customer specialty chemicals (“performance chemicals”). FutureFuel’s custom chemicals product portfolio includes proprietary herbicide and intermediates for major life sciences companies, and chlorinated polyolefin adhesion promoters and antioxidant precursors for a major chemical company. FutureFuel’s performance chemicals product portfolio includes polymer (nylon) modifiers and several small-volume specialty chemicals for diverse applications. FutureFuel’s biofuels segment primarily produces and sells biodiesel to its customers. Please visit www.futurefuelcorporation.com for more information.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements deal with FutureFuel’s current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as “believe,” “do not believe,” “plan,” “expect,” “intend,” “estimate,” “anticipate,” and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from time to time FutureFuel or its representatives have made or will make forward-looking statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that the company makes with United States Securities and Exchange Commission (the “SEC”), in press releases, or in oral statements made by or with the approval of one of FutureFuel’s authorized executive officers.
These forward-looking statements are subject to certain known and unknown risks and uncertainties, including, but not limited to the COVID-19 pandemic and the response thereto, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, those set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FutureFuel’s Form 10-K Annual Report for the year ended December 31, 2019 and in its future filings made with the SEC. An investor should not place undue reliance on any forward-looking statements contained in this document, which reflect FutureFuel management’s opinions only as of their respective dates. Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revisions to forward-looking statements. The risks and uncertainties described in this document and in current and future filings with the SEC are not the only ones faced by FutureFuel. New factors emerge from time to time, and it is not possible for the company to predict which will arise. There may be additional risks not presently known to the company or that the company currently believes are immaterial to its business. In addition, FutureFuel cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, FutureFuel’s business, operating results, liquidity, and financial condition could be materially affected in an adverse manner. An investor should consult any additional disclosures FutureFuel has made or will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K, and any amendments thereto. All subsequent written and oral forward-looking statements attributable to FutureFuel or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
Non-GAAP Financial Measures
In this press release, FutureFuel used adjusted EBITDA as a key operating metric to measure both performance and liquidity. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is not a substitute for operating income, net income, or cash flow from operating activities (each as determined in accordance with GAAP), as a measure of performance or liquidity. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP. FutureFuel defines adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization expenses, excluding, when applicable, non-cash share-based compensation expense, public offering expenses, acquisition-related transaction costs, purchase accounting adjustments, loss on disposal of property and equipment, gains or losses on derivative instruments, other non-operating income or expense. Information relating to adjusted EBITDA is provided so that investors have the same data that management employs in assessing the overall operation and liquidity of FutureFuel’s business. FutureFuel’s calculation of adjusted EBITDA may be different from similarly titled measures used by other companies; therefore, the results of its calculation are not necessarily comparable to the results of other companies.
Adjusted EBITDA allows FutureFuel’s chief operating decision makers to assess the performance and liquidity of FutureFuel’s business on a consolidated basis to assess the ability of its operating segments to produce operating cash flow to fund working capital needs, to fund capital expenditures, and to pay dividends. In particular, FutureFuel management believes that adjusted EBITDA permits a comparative assessment of FutureFuel’s operating performance and liquidity, relative to a performance and liquidity based on GAAP results, while isolating the effects of depreciation and amortization, which may vary among its operating segments without any correlation to their underlying operating performance, and of non-cash stock-based compensation expense, which is a non-cash expense that varies widely among similar companies, and gains and losses on derivative instruments, whose immediate recognition can cause net income to be volatile from quarter to quarter due to the timing of the valuation change in the derivative instruments relative to the sale of biofuel.
A table included in this earnings release reconciles adjusted EBITDA with net income, the most directly comparable GAAP performance financial measure, and a table reconciles adjusted EBITDA with cash flows from operations, the most directly comparable GAAP liquidity financial measure.
FutureFuel Corp.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
| (Unaudited) | ||||||||
| June 30, 2020 | December 31, 2019 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 187,823 | $ | 243,331 | ||||
| Accounts receivable, inclusive of the blenders' tax credit of $16,307 and $97,295 at June 30, 2020 and December 31, 2019, respectively, and net of allowances for bad debt of $53 and $0 at June 30, 2020 and December 31, 2019, respectively | 29,535 | 114,866 | ||||||
| Inventory | 42,183 | 37,573 | ||||||
| Marketable securities | 62,095 | 73,620 | ||||||
| Other current assets | 32,832 | 11,499 | ||||||
| Total current assets | 354,468 | 480,889 | ||||||
| Property, plant and equipment, net | 95,348 | 98,597 | ||||||
| Other assets | 7,030 | 7,019 | ||||||
| Total noncurrent assets | 102,378 | 105,616 | ||||||
| Total Assets | $ | 456,846 | $ | 586,505 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Accounts payable, inclusive of the blenders' tax credit rebates due customers of $6,802 and $39,423 | $ | 32,978 | $ | 62,554 | ||||
| Dividends payable | 5,249 | 10,498 | ||||||
| Other current liabilities | 10,409 | 9,711 | ||||||
| Total current liabilities | 48,636 | 82,763 | ||||||
| Deferred revenue – long-term | 22,442 | 21,291 | ||||||
| Other noncurrent liabilities | 15,824 | 15,353 | ||||||
| Total noncurrent liabilities | 38,266 | 36,644 | ||||||
| Total liabilities | 86,902 | 119,407 | ||||||
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | - | - | ||||||
| Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,743,243, issued and outstanding at June 30, 2020 and December 31, 2019 | 4 | 4 | ||||||
| Accumulated other comprehensive income | 133 | 296 | ||||||
| Additional paid in capital | 282,215 | 282,166 | ||||||
| Retained earnings | 87,592 | 184,632 | ||||||
| Total Stockholders’ Equity | 369,944 | 467,098 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 456,846 | $ | 586,505 | ||||
FutureFuel Corp.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Dollars in thousands, except per share amounts)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue | $ | 47,422 | $ | 70,864 | $ | 100,504 | $ | 119,365 | ||||||||
| Cost of goods sold and distribution | 46,511 | 67,594 | 83,194 | 112,833 | ||||||||||||
| Gross profit | 911 | 3,270 | 17,310 | 6,532 | ||||||||||||
| Selling, general, and administrative expenses | 1,282 | 1,297 | 2,867 | 2,642 | ||||||||||||
| Research and development expenses | 768 | 788 | 1,603 | 1,494 | ||||||||||||
| 2,050 | 2,085 | 4,470 | 4,136 | |||||||||||||
| (Loss) income from operations | (1,139 | ) | 1,185 | 12,840 | 2,396 | |||||||||||
| Other income and expense, net | 11,409 | 3,419 | 3,261 | 8,665 | ||||||||||||
| Income before income taxes | 10,270 | 4,604 | 16,101 | 11,061 | ||||||||||||
| Income tax (benefit) provision | (4,889 | ) | 917 | (18,101 | ) | 1,875 | ||||||||||
| Net income | $ | 15,159 | $ | 3,687 | $ | 34,202 | $ | 9,186 | ||||||||
| Earnings per common share | ||||||||||||||||
| Basic | $ | 0.35 | $ | 0.08 | $ | 0.78 | $ | 0.21 | ||||||||
| Diluted | $ | 0.35 | $ | 0.08 | $ | 0.78 | $ | 0.21 | ||||||||
| Weighted average shares outstanding | ||||||||||||||||
| Basic | 43,743,243 | 43,743,243 | 43,743,243 | 43,743,243 | ||||||||||||
| Diluted | 43,743,740 | 43,743,243 | 43,743,491 | 43,746,109 | ||||||||||||
| Comprehensive Income | ||||||||||||||||
| Net income | $ | 15,159 | $ | 3,687 | $ | 34,202 | $ | 9,186 | ||||||||
| Other comprehensive (loss) income from unrealized net | ||||||||||||||||
| (losses) gains on available-for-sale debt securities | 190 | 22 | (207 | ) | 278 | |||||||||||
| Income tax effect | (40 | ) | (5 | ) | 44 | (59 | ) | |||||||||
| Total other comprehensive (loss) income, net of tax | 150 | 17 | (163 | ) | 219 | |||||||||||
| Comprehensive income | $ | 15,309 | $ | 3,704 | $ | 34,039 | $ | 9,405 | ||||||||
FutureFuel Corp.
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2020 and 2019
(Dollars in thousands)
(Unaudited)
| Six Months Ended June 30, | ||||||||
| 2020 | 2019 | |||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 34,202 | $ | 9,186 | ||||
| Adjustments to reconcile net income to net cash from operating activities: | ||||||||
| Depreciation | 5,862 | 5,602 | ||||||
| Amortization of deferred financing costs | 60 | 72 | ||||||
| Benefit for deferred income taxes | 699 | (445 | ) | |||||
| Change in fair value of equity securities | 7,405 | (4,891 | ) | |||||
| Change in fair value of derivative instruments | 198 | (297 | ) | |||||
| Loss on the sale of investments | 1,080 | 1,138 | ||||||
| Stock based compensation | 49 | - | ||||||
| Loss on disposal of property and equipment | 2 | 11 | ||||||
| Noncash interest expense | 27 | 14 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 81,029 | (5,347 | ) | |||||
| Accounts receivable – related parties | 4,290 | 1,814 | ||||||
| Inventory | (4,610 | ) | 3,180 | |||||
| Income tax receivable | (19,380 | ) | 1,336 | |||||
| Prepaid expenses | 782 | 712 | ||||||
| Prepaid expenses – related parties | - | 12 | ||||||
| Other assets | 350 | 539 | ||||||
| Accounts payable | (29,702 | ) | 958 | |||||
| Accounts payable – related parties | 220 | (1,248 | ) | |||||
| Accrued expenses and other current liabilities | 2,572 | 688 | ||||||
| Accrued expenses and other current liabilities – related parties | (64 | ) | - | |||||
| Deferred revenue | (659 | ) | 591 | |||||
| Other noncurrent liabilities | (211 | ) | (98 | ) | ||||
| Net cash provided by operating activities | 84,201 | 13,527 | ||||||
| Cash flows from investing activities | ||||||||
| Collateralization of derivative instruments | (2,877 | ) | 908 | |||||
| Purchase of marketable securities | (2,359 | ) | (14,323 | ) | ||||
| Proceeds from the sale of marketable securities | 5,192 | 17,682 | ||||||
| Proceeds from the sale of property and equipment | 50 | 13 | ||||||
| Capital expenditures | (2,759 | ) | (4,659 | ) | ||||
| Net cash used in investing activities | (2,753 | ) | (379 | ) | ||||
| Cash flows from financing activities | ||||||||
| Loan proceeds | 8,180 | - | ||||||
| Payment on loan | (8,180 | ) | - | |||||
| Deferred financing costs | (477 | ) | - | |||||
| Payment of dividends | (136,479 | ) | (5,249 | ) | ||||
| Net cash used in financing activities | (136,956 | ) | (5,249 | ) | ||||
| Net change in cash and cash equivalents | (55,508 | ) | 7,899 | |||||
| Cash and cash equivalents at beginning of period | 243,331 | 214,972 | ||||||
| Cash and cash equivalents at end of period | $ | 187,823 | $ | 222,871 | ||||
| Cash paid for interest | $ | 1 | $ | - | ||||
| Cash paid for income taxes | $ | 639 | $ | 898 | ||||
| Noncash investing and financing activities: | ||||||||
| Noncash capital expenditures | $ | 94 | $ | 108 | ||||
| Noncash operating leases | $ | - | $ | 432 | ||||
FutureFuel Corp.
Reconciliation of Non-GAAP Financial Measure to Financial Measure
(Dollars in thousands)
(Unaudited)
Reconciliation of Net Income to Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2019* | 2020 | 2019* | |||||||||||||
| Net income | $ | 15,159 | $ | 3,687 | $ | 34,202 | $ | 9,186 | ||||||||
| Depreciation | 2,858 | 2,877 | 5,862 | 5,602 | ||||||||||||
| Non-cash stock-based compensation | - | - | 49 | - | ||||||||||||
| Interest and dividend income | (1,519 | ) | (2,750 | ) | (3,486 | ) | (5,112 | ) | ||||||||
| Non-cash interest expense and amortization of deferred financing costs | 31 | 44 | 87 | 87 | ||||||||||||
| Losses on disposal of property and equipment | - | 8 | 2 | 11 | ||||||||||||
| (Gain) loss on derivative instruments | 935 | (443 | ) | (5,922 | ) | 1,033 | ||||||||||
| Loss (gain) on marketable securities | (1,573 | ) | (826 | ) | 8,486 | (3,753 | ) | |||||||||
| Other income | (8,350 | ) | - | (8,350 | ) | - | ||||||||||
| Income tax (benefit) provision | (4,889 | ) | 917 | (18,101 | ) | 1,875 | ||||||||||
| Adjusted EBITDA | $ | 2,652 | $ | 3,514 | $ | 12,829 | $ | 8,929 | ||||||||
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
| Six Months Ended June 30, | ||||||||
| 2020 | 2019* | |||||||
| Net cash provided by operating activities | $ | 84,201 | $ | 13,527 | ||||
| Benefit for deferred income taxes | (699 | ) | 445 | |||||
| Interest and dividend income | (3,486 | ) | (5,112 | ) | ||||
| Income tax (benefit) provision | (18,101 | ) | 1,875 | |||||
| (Gain) loss on derivative instruments | (5,922 | ) | 1,033 | |||||
| Change in fair value of derivative instruments | (198 | ) | 297 | |||||
| Change in operating assets and liabilities, net | (34,617 | ) | (3,137 | ) | ||||
| Other income | (8,350 | ) | - | |||||
| Other | 1 | 1 | ||||||
| Adjusted EBITDA | $ | 12,829 | $ | 8,929 | ||||
*Prior year amounts have been restated for comparison
FutureFuel Corp.
Condensed Consolidated Segment Income
(Dollars in thousands)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue | ||||||||||||||||
| Custom chemicals | $ | 18,041 | $ | 21,965 | $ | 41,801 | $ | 45,665 | ||||||||
| Performance chemicals | 4,797 | 3,894 | 8,730 | 7,546 | ||||||||||||
| Chemicals revenue | $ | 22,838 | $ | 25,859 | $ | 50,531 | $ | 53,211 | ||||||||
| Biofuels revenue | 24,584 | 45,005 | 49,973 | 66,154 | ||||||||||||
| Total Revenue | $ | 47,422 | $ | 70,864 | $ | 100,504 | $ | 119,365 | ||||||||
| Segment gross profit (loss) | ||||||||||||||||
| Chemicals | $ | 7,577 | $ | 7,181 | $ | 15,591 | $ | 14,490 | ||||||||
| Biofuels | (6,666 | ) | (3,911 | ) | 1,719 | (7,958 | ) | |||||||||
| Total gross profit | 911 | 3,270 | 17,310 | 6,532 | ||||||||||||
Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value.
COMPANY CONTACT
FutureFuel Corp.
Tom McKinlay
(314)854-8352
www.futurefuelcorporation.com