SUGAR LAND, Texas, March 8, 2021 /PRNewswire/ -- Trecora
Resources ("Trecora" or the "Company") (NYSE: TREC), a leading
provider of specialty hydrocarbons and specialty waxes, today
announced financial results for the fourth quarter and full year
ended December 31, 2020.
Executive Commentary
"We fulfilled the commitments we pledged at the onset of 2020
despite the extraordinary challenges that unfolded during the year.
Completing the sale of our non-core AMAK investment strengthened
our balance sheet by allowing us to significantly reduce bank debt
to target levels while also maintaining significant liquidity for
growth opportunities. The successful launch and execution of our
growth portfolio program across the company delivered $4.5
million of Adjusted EBITDA contribution in the year," said
Pat Quarles, Trecora's President and
Chief Executive Officer.
"We are currently managing the industry-wide impact of the
recent freeze event in Texas and
the related utility failures. While the full impact on first
quarter remains uncertain, we believe we are well-positioned at the
start of 2021 to benefit from the strength of our end markets that
continue to recover, and from our growth portfolio that continues
to progress and evolve. This has given us the confidence to
initiate our $20 million share
repurchase program and further our commitment to deliver value to
our stockholders. This year, we intend to maintain our disciplined
and proactive approach to cost control and capital allocation while
we focus on investing in accretive growth projects and
opportunities," concluded Mr. Quarles.
Sami Ahmad, Trecora's Chief
Financial Officer stated, "While prime product sales for the year
were severely impacted by the pandemic, declining nearly 10% from
2019, fourth quarter prime product demand increased from weakened
levels in the second and third quarters as well as versus fourth
quarter 2019. The sales growth was driven by solid demand in the
polyethylene and expandable polystyrene markets.
"We ended the year with substantial liquidity and a strong
balance sheet. Cash at year end was approximately $55.7 million and our revolver remained undrawn.
We believe we are well positioned to navigate business
uncertainties as well as to drive growth to further enhance
stockholder value," concluded Mr. Ahmad.
Fourth Quarter 2020 Financial Results
Net loss in the fourth quarter of 2020 was
$0.1 million, or $(0.01) per diluted share[1], compared to net
loss of $19.7 million, or
$(0.80) per diluted share[2], in
the fourth quarter of 2019. Net loss from continuing
operations in the fourth quarter of 2020 was $0.1 million, or $(0.01) per diluted
share[3], compared to net loss from continuing
operations of $18.7 million, or $(0.76) per
diluted share[4], in the fourth quarter of 2019. Adjusted
EBITDA from continuing operations was $4.8 million for the fourth quarter of 2020,
compared with Adjusted EBITDA from continuing operations of
$6.4 million in the fourth quarter of
2019.
Total revenue in the fourth quarter of 2020 was $58.1 million compared to $61.7 million in the fourth quarter of 2019. This
5.8% year-over-year decline was due to lower sales prices resulting
from lower feedstock costs compared to fourth quarter 2019.
Gross profit in the fourth quarter of 2020 was
$6.0 million, or 10.3% of
total revenues, compared to $8.3
million, or 13.5% of total revenues in the fourth
quarter of 2019. Operating loss in the fourth quarter of
2020 was $0.4 million compared to operating
loss of $21.9 million for
the fourth quarter of 2019.
Specialty Petrochemicals
Specialty Petrochemicals net income was $4.8 million in the fourth quarter of 2020,
compared to net income of $8.5
million in the fourth quarter of 2019. Specialty
Petrochemicals volume in the fourth quarter of 2020 was 22.1
million gallons, compared to 17.9 million gallons in the third
quarter of 2020 and 20.3 million gallons in the fourth quarter of
2019. Sales revenues for our Specialty Petrochemicals
products decreased 6.9% year-over-year, due to lower sales prices
resulting from lower feedstock costs.
Prime product volume in the fourth quarter of 2020
was 17.6 million gallons, compared to 14.7
million gallons in the third quarter of 2020 and 16.3
million gallons in the fourth quarter of 2019. By-product sales
volume was 4.5 million gallons in the fourth quarter of 2020.
Adjusted EBITDA from continuing operations for Specialty
Petrochemicals in the fourth quarter of 2020 was $6.4 million compared to $8.0 million in the fourth quarter of
2019.
Dollar amounts in
thousands/rounding may apply
|
THREE MONTHS
ENDED
|
|
|
|
DECEMBER 31,
|
|
|
|
2020
|
2019
|
%
Change
|
Product
sales
|
$47,852
|
$51,393
|
(6.9%)
|
Processing
fees
|
1,249
|
1,450
|
(13.9%)
|
Gross
revenues
|
$49,101
|
$52,843
|
(7.1%)
|
Operating profit before depreciation and
amortization
|
6,436
|
7,011
|
(8.2%)
|
Operating
profit
|
3,730
|
5,419
|
(31.2%)
|
Net
profit before taxes
|
3,393
|
3,900
|
(13.0%)
|
Depreciation
and amortization
|
2,706
|
1,592
|
70.0%
|
Adjusted
EBITDA
|
6,442
|
8,020
|
(19.7%)
|
Capital
expenditures
|
2,267
|
1,953
|
16.1%
|
Specialty Waxes
Specialty Waxes net loss was $3.2 million in the fourth quarter of 2020,
compared to a net loss of $25.5
million in the fourth quarter of 2019. Specialty Waxes
generated revenues of approximately $9.0 million in the fourth quarter of
2020, a $0.5 million
increase from $8.5 million in the
third quarter of 2020, and a $0.1
million increase from the fourth quarter of
2019. Revenue included approximately $7.1 million of wax product sales in
the fourth quarter of 2020, 17.9% higher than the same quarter last
year. Wax sales volumes increased approximately 14.5%, or over
1.1 million pounds, from the fourth quarter of 2019.
Processing fees, which were approximately $2.0 million in the fourth quarter of 2020,
decreased 31.6%, or approximately $0.9 million, from the fourth quarter of
2019, due to reduced customer demand for custom processing services
driven by the COVID-19 pandemic. Adjusted EBITDA for Specialty
Waxes in the fourth quarter of 2020 was $(0.2) million
compared to $0.2 million in the
fourth quarter of 2019.
Dollar amounts in
thousands/rounding may apply
|
THREE
MONTHS
ENDED
|
|
|
|
DECEMBER
31,
|
|
|
|
2020
|
2019
|
%
Change
|
Product
sales
|
$7,063
|
$5,989
|
17.9%
|
Processing
fees
|
1,974
|
2,887
|
(31.6%)
|
Gross
revenues
|
$9,037
|
$8,876
|
1.8%
|
Operating loss before depreciation and
amortization
|
(247)
|
(23,990)
|
99.0%
|
Operating
loss
|
(1,676)
|
(25,287)
|
93.4%
|
Net
loss before taxes
|
(1,626)
|
(25,541)
|
93.6%
|
Depreciation
and amortization
|
1,429
|
1,298
|
10.1%
|
Adjusted
EBITDA
|
(169)
|
154
|
(209.7%)
|
Capital
expenditures
|
775
|
1,828
|
(57.6%)
|
|
|
|
|
|
|
|
2020 Full Year Financial Results
Net income for full year 2020 was $31.2
million, or $1.23 per diluted
share5, which includes the net gain from the sale of
AMAK of $26.2 million, compared to
net loss of $15.0 million, or
$(0.61) per diluted share , for full
year 2019. Net income from continuing operations for full year 2020
was $5.0 million, or $0.20 per diluted share , compared to net loss of
$12.9 million, or $(0.52) per diluted share , for full year 2019.
Adjusted EBITDA from continuing operations for full year 2020 was
$21.6 million, compared to Adjusted
EBITDA from continuing operations of $31.0
million for full year 2019.
Total revenue for full year 2020 was $208.6 million, compared to $259.0 million for the full year 2019, a decrease
of 19.4%. This decrease was primarily due to lower sales volumes
for prime products and by-products as a result of COVID-19 and its
general impact on the economy. A decrease in average selling prices
resulting from a decrease in feedstock costs also contributed to
the revenue decline.
Gross profit for full year 2020 was $28.7 million, or 13.7% of total revenues,
compared to $38.5 million, or 14.9%
of total revenues, for the full year 2019. Operating income for
full year 2020 was $2.9 million,
compared to operating loss of $10.9
million for the full year 2019.
Specialty Petrochemicals
Specialty Petrochemicals net income was $14.9 million in 2020, compared to net
income of $25.6 million in 2019.
Specialty Petrochemicals volume in 2020 was 75.1 million
gallons, compared to 84.8 million gallons in 2019. Prime product
volume in 2020 was 61.7 million gallons, compared to 68.1
million gallons in 2019. Adjusted EBITDA for Specialty
Petrochemicals for full year 2020 decreased 32.6% to $26.4 million, compared to $39.2 million for full year 2019.
Dollar amounts in
thousands/rounding may apply
|
YEAR ENDED
|
|
|
|
DECEMBER
31,
|
|
|
|
2020
|
2019
|
%
Change
|
Product
sales
|
$167,054
|
$218,742
|
(23.6%)
|
Processing
fees
|
5,296
|
5,568
|
(4.9%)
|
Gross
revenues
|
$172,350
|
$224,310
|
(23.2%)
|
Operating profit before depreciation and
amortization
|
26,438
|
38,860
|
(32.0%)
|
Operating
profit
|
15,827
|
28,304
|
(44.1%)
|
Net
profit before taxes
|
13,294
|
23,993
|
(44.6%)
|
Depreciation
and amortization
|
10,611
|
10,556
|
0.5%
|
Adjusted
EBITDA
|
26,399
|
39,154
|
(32.6%)
|
Capital
expenditures
|
11,334
|
6,955
|
63.0%
|
Specialty Waxes
Specialty Waxes net loss of $3.6
million in 2020 compared to a net loss of $31.2 million in 2019. Specialty Waxes had
revenues of $36.3 million in 2020, a
4.7% increase from the same period of 2019. Revenues included
$25.3 million of wax product sales
and $11.0 million of processing
revenues. Wax sales volumes in 2020 increased approximately 5.9%
from the same period 2019. While product revenues and volumes
increased in 2020 compared to 2019, customer demand for our
specialty wax products was negatively impacted due to the COVID-19
pandemic. Average wax sales price remained relatively flat in 2020
compared to 2019. In 2019, planned maintenance turnaround at our
Pasadena facility, along with
outages at multiple wax feed suppliers, constrained specialty wax
production and thereby sales volumes. In 2020, feed supply
increased. Adjusted EBITDA for Specialty Waxes in 2020 was
$2.0 million, compared to
$(0.2) million for the same period in
2019.
Dollar amounts in
thousands/rounding may apply
|
YEAR
ENDED
|
|
|
|
DECEMBER
31,
|
|
|
|
2020
|
2019
|
%
Change
|
Product
sales
|
$25,321
|
$24,571
|
3.1%
|
Processing
fees
|
10,955
|
10,078
|
8.7%
|
Gross
revenues
|
$36,276
|
$34,648
|
4.7%
|
Operating profit (loss) before depreciation and
amortization
|
1,762
|
(24,333))
|
107.2%
|
Operating
loss
|
(3,760)
|
(29,925)
|
87.4%
|
Net
loss before taxes
|
(3,606)
|
(31,164)
|
88.4%
|
Depreciation
and amortization
|
5,522
|
5,593
|
(1.3%)
|
Adjusted
EBITDA
|
1,961
|
(207)
|
1,047.8%
|
Capital
expenditures
|
2,017
|
3,124
|
(35.4%)
|
Utility Outages and Outlook
"Widespread utilities failures in Texas created after a cold front brought
record low temperatures, snow and rolling blackouts across the
state, caused disruptions for our suppliers, our customers and at
our own facilities. Our South Hampton facility resumed operations
on February 23rd while our TC
facility began resuming operations on March
4th. Within the first quarter, the company is expecting the
loss of sales volumes as well as repair costs to ancillary
equipment. However, we expect continued growth as the economy
recovers from the impacts of the pandemic along with pent-up demand
from the first quarter weather outages to result in improved demand
as we head into the second quarter," stated Mr. Quarles.
Earnings Call
Tomorrow's conference call, on March 9,
2021 at 10:00 am Eastern Time,
will be simulcast live on the Internet, and can be accessed on the
investor relations section of the Company's website at
http://www.trecora.com/ or at
https://edge.media-server.com/mmc/p/r9ttn5kj. A replay of the call
will also be available through the same link.
To participate via telephone, callers should dial in at least
ten to fifteen minutes prior to the 10:00 am
Eastern Time start; domestic callers (U.S. and Canada) should call +1-866-417-5724 or
+1-409-217-8234 if calling internationally, using the conference ID
2259714. To listen to the playback, please call 1-855-859-2056 if
calling within the United States
or 1-404-537-3406 if calling internationally. Use pin number
2259714 for the replay.
Use of Non-GAAP Measures
This press release includes the use of non-GAAP financial
measures of EBITDA from continuing operations and Adjusted EBITDA
from continuing operations and provide reconciliations from our
most directly comparable GAAP financial measure to those measures.
We believe these financial measures provide users of our financial
statements with supplemental information that may be useful in
evaluating our operating performance. We also believe that such
non-GAAP measures, when read in conjunction with our operating
results presented under GAAP, can be used to better assess our
performance from period to period and relative to performance of
other companies in our industry, without regard to financing
methods, historical cost basis or capital structure. These measures
are not measures of financial performance or liquidity under GAAP
and should be considered in addition to, and not as a substitute
for, analysis of our results under GAAP.
We define EBITDA from continuing operations as net income (loss)
from continuing operations plus interest expense, income tax
expense (benefit), depreciation and amortization. We define
Adjusted EBITDA from continuing operations as EBITDA from
continuing operations plus share based compensation, plus
restructuring and severance expenses, plus impairment losses and
plus or minus gains or losses on disposal of assets. These non-GAAP
measures have been reconciled to the nearest GAAP measure for
historical periods in the tables below entitled "Reconciliation of
Selected GAAP Measures to Non-GAAP Measures. However, the Company
is unable to reconcile its expectations regarding Adjusted EBITDA
growth in 2021 to the most directly comparable GAAP measures
without unreasonable efforts because the Company is currently
unable to predict with a reasonable degree of certainty the type
and extent of certain items that would be expected to impact GAAP
measures for these periods but would not impact the non-GAAP
measures.
Forward-Looking Statements
Some of the statements and information contained in this
earnings press release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements regarding the Company's financial position,
business strategy and plans and objectives of the Company's
management for future operations and other statements that are not
historical facts, are forward-looking statements. Forward-looking
statements are often characterized by the use of words such as
"outlook," "may," "will," "can," "shall," "should," "could,"
"expects," "plans," "anticipates," "contemplates," "proposes,"
"believes," "estimates," "predicts," "projects," "potential,"
"continue," "intend," or the negative of such terms and other
comparable terminology, or by discussions of strategy, plans or
intentions.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions, and other important factors that could
cause the actual results, performance or our achievements, or
industry results, to differ materially from historical results, any
future results, or performance or achievements expressed or implied
by such forward-looking statements. Such risks, uncertainties and
factors include, but are not limited to the impacts of the COVID-19
pandemic on our business, financial results and financial condition
and that of our customers, suppliers, and other counterparties;
general economic and financial conditions domestically and
internationally; insufficient cash flows from operating activities;
our ability to attract and retain key employees; feedstock, product
and mineral prices; feedstock availability and our ability to
access third party transportation; competition; industry cycles;
natural disasters or other severe weather events, health epidemics
and pandemics (including the COVID-19 pandemic) and terrorist
attacks; our ability to consummate extraordinary transactions,
including acquisitions and dispositions, and realize the financial
and strategic goals of such transactions; technological
developments and our ability to maintain, expand and upgrade our
facilities; regulatory changes; environmental matters; lawsuits;
outstanding debt and other financial and legal obligations
(including having to return the amounts borrowed under the Paycheck
Protection Program or failing to qualify for forgiveness of such
loans, in whole or in part); difficulties in obtaining additional
financing on favorable conditions, or at all; local business risks
in foreign countries, including civil unrest and military or
political conflict, local regulatory and legal environments and
foreign currency fluctuations; and other risks detailed in our
latest Annual Report on Form 10-K, including but not limited to,
"Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's
Discussion and Analysis of Financial Condition and Results of
Operations" therein, and in our other filings with the SEC. Many of
these risks and uncertainties are currently amplified by and will
continue to be amplified by, or in the future may be amplified by,
the COVID-19 pandemic and other natural disasters such as severe
weather events.
There may be other factors of which we are currently unaware or
deem immaterial that may cause our actual results to differ
materially from the forward-looking statements. In addition, to the
extent any inconsistency or conflict exists between the information
included in this earnings release and the information included in
our prior releases, reports and other filings with the SEC, the
information contained in this earnings release updates and
supersedes such information.
Forward-looking statements are based on current plans,
estimates, assumptions and projections, and, therefore, you should
not place undue reliance on them. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation
to update them in light of new information or future events.
About Trecora Resources (TREC)
TREC owns and operates
a specialty petrochemicals facility specializing in high purity
hydrocarbons and other petrochemical manufacturing and a specialty
wax facility, both located in Texas, and provides custom processing services
at both facilities.
Investor Relations Contact:
Jason Finkelstein
The Piacente Group, Inc.
212-481-2050
trecora@tpg-ir.com
TRECORA RESOURCES
AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
ASSETS
|
|
(thousands of
dollars, except par value)
|
Current
Assets
|
|
|
|
|
Cash
|
|
$
55,664
|
|
$
6,145
|
Trade receivables,
net
|
|
25,301
|
|
26,320
|
Inventories
|
|
12,945
|
|
13,624
|
Investment in AMAK
(held-for-sale)
|
|
-
|
|
32,872
|
Prepaid expenses and
other assets
|
|
9,198
|
|
4,947
|
Taxes
receivable
|
|
2,788
|
|
182
|
Total current
assets
|
|
105,896
|
|
84,090
|
|
|
|
|
|
Plant,
pipeline and equipment,net
|
|
187,104
|
|
188,919
|
|
|
|
|
|
Operating lease
assets, net
|
|
10,528
|
|
13,512
|
Intangible assets,
net
|
|
12,893
|
|
14,736
|
Mineral
properties
|
|
412
|
|
562
|
|
|
|
|
|
TOTAL
ASSETS
|
|
316,833
|
|
301,819
|
LIABILITIES
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
|
14,447
|
|
14,603
|
Accrued
liabilities
|
|
6,857
|
|
5,742
|
Current portion of
long-term debt
|
|
4,194
|
|
4,194
|
Current portion of
lease liabilities
|
|
3,195
|
|
3,174
|
Current portion of
other liabilities
|
|
891
|
|
922
|
Total current
liabilities
|
|
29,584
|
|
28,635
|
|
|
|
|
|
CARES Act, PPP
Loans
|
|
6,123
|
|
-
|
Long-term
debt, net of current portion
|
|
41,901
|
|
79,095
|
Post-retirement benefit, net of current
portion
|
|
320
|
|
338
|
Lease
liablities, net of current portion
|
|
7,333
|
|
10,338
|
Other
liabilities, net of current portion
|
|
648
|
|
595
|
Deferred income
taxes
|
|
26,517
|
|
11,375
|
Total
liabilities
|
|
112,426
|
|
130,376
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Common
stock‑authorized 40 million shares of $0.10 par value; issued
24.8 million and 24.6 million in 2020 and 2019, respectively,
and outstanding 24.8 million and 24.5 million in 2020 and
2019, respectively
|
|
2,483
|
|
2,475
|
Additional paid-in
capital
|
|
61,311
|
|
59,530
|
Retained
earnings
|
|
140,324
|
|
109,149
|
Total Trecora
Resources Stockholders' Equity
|
|
204,118
|
|
171,154
|
Noncontrolling
Interest
|
|
289
|
|
289
|
Total
equity
|
|
204,407
|
|
171,443
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
316,833
|
|
301,819
|
TRECORA RESOURCES
AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
THREE MONTHS
ENDED
DECEMBER 31,
|
|
TWELVE MONTHS
ENDED
DECEMBER 31,
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(thousands of
dollars, except per share amounts)
|
Revenues
|
|
|
|
|
|
|
|
|
Product
sales
|
|
$
54,915
|
|
$
57,381
|
|
$
192,375
|
|
$
243,314
|
Processing
fees
|
|
3,223
|
|
4,337
|
|
16,251
|
|
15,645
|
|
|
58,138
|
|
61,718
|
|
208,626
|
|
258,959
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
|
Cost of sales
and processing (including depreciation and amortization of
$3,927,
$3,750, $15,300 and $15,361, respectively)
|
|
52,162
|
|
53,408
|
|
179,948
|
|
220,444
|
Gross
Profit
|
|
5,976
|
|
8,310
|
|
28,678
|
|
38,515
|
|
|
|
|
|
|
|
|
|
General and
Administrative Expenses
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
6,163
|
|
5,854
|
|
24,892
|
|
24,386
|
Impairment of
goodwill and certain intangibles
|
|
-
|
|
24,152
|
|
-
|
|
24,152
|
Depreciation
|
|
211
|
|
211
|
|
848
|
|
840
|
|
|
6,374
|
|
30,217
|
|
25,740
|
|
49,378
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(398)
|
|
(21,907)
|
|
2,938
|
|
(10,863)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(332)
|
|
(1,028)
|
|
(2,491)
|
|
(5,139)
|
Loss on disposal of
assets
|
|
(30)
|
|
(651)
|
|
(39)
|
|
(680)
|
Miscellaneous income
(expense), net
|
|
602
|
|
(98)
|
|
595
|
|
232
|
|
|
240
|
|
(1,777)
|
|
(1,935)
|
|
(5,587)
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
(158)
|
|
(23,684)
|
|
1,003
|
|
(16,450)
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
21
|
|
4,978
|
|
3,963
|
|
3,566
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
(137)
|
|
(18,706)
|
|
4,966
|
|
(12,884)
|
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations, net of tax
|
|
30
|
|
(970)
|
|
26,209
|
|
(2,090)
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(107)
|
|
(19,676)
|
|
31,175
|
|
(14,974)
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations (dollars)
|
|
$
(0.01)
|
|
$
(0.76)
|
|
$
0.20
|
|
$
(0.52)
|
Net income (loss)
from discontinued operations, net of tax (dollars)
|
|
$
-
|
|
$
(0.04)
|
|
$
1.06
|
|
$
(0.08)
|
Net income (loss)
(dollars)
|
|
$
(0.01)
|
|
$
(0.80)
|
|
$
1.26
|
|
$
(0.61)
|
|
|
|
|
|
|
|
|
|
Basic weighted
average number of common shares outstanding
|
|
24,823
|
|
24,728
|
|
24,802
|
|
24,698
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations (dollars)
|
|
$
(0.01)
|
|
$
(0.76)
|
|
$
0.20
|
|
$
(0.52)
|
Net income (loss)
from discontinued operations, net of tax (dollars)
|
|
$
-
|
|
$
(0.04)
|
|
$
1.03
|
|
$
(0.08)
|
Net income (loss)
(dollars)
|
|
$
(0.01)
|
|
$
(0.80)
|
|
$
1.23
|
|
$
(0.61)
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average number of common shares outstanding
|
|
24,823
|
|
24,728
|
|
25,356
|
|
24,698
|
|
|
|
|
|
|
|
|
|
TRECORA RESOURCES
AND SUBSIDIARIES
|
|
RECONCILIATION OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES
|
|
EBITDA from
continuing operations and Adjusted EBITDA from continuing
operations
|
|
(thousands of
dollars; rounding may apply)
|
|
|
|
THREE MONTHS
ENDED
|
|
THREE MONTHS
ENDED
|
|
12/31/2020
|
|
12/31/2019
|
|
SPEC.
PETRO
|
SPEC. WAX
|
CORP
|
TREC
|
|
SPEC.
PETRO
|
SPEC. WAX
|
CORP
|
TREC
|
NET INCOME
(LOSS)
|
$
4,758
|
$
(3,221)
|
$
(1,653)
|
$
(116)
|
|
$
8,490
|
$ (25,541)
|
$(2,659)
|
$(19,710)
|
Income (Loss) from
discontinued operations, net of tax
|
-
|
-
|
30
|
30
|
|
-
|
-
|
(970)
|
(970)
|
Income (Loss) from
continuing operations *
|
$
4,758
|
$
(3,221)
|
$
(1,683)
|
$
(146)
|
|
$
8,490
|
$
(25,541)
|
$ (1,689)
|
$ (18,740)
|
Interest
|
331
|
-
|
1
|
332
|
|
928
|
100
|
-
|
1,028
|
Income tax expense
(benefit)
|
(1,354)
|
1,595
|
(262)
|
(21)
|
|
(4,589)
|
-
|
(389)
|
(4,978)
|
Depreciation and
amortization
|
185
|
23
|
2
|
210
|
|
179
|
24
|
6
|
209
|
Depreciation and
amortization in cost of sales
|
2,521
|
1,406
|
-
|
3,927
|
|
2,478
|
1,274
|
-
|
3,752
|
EBITDA from
continuing operations *
|
6,441
|
(197)
|
(1,942)
|
4,302
|
|
7,486
|
(24,143)
|
(2,072)
|
(18,729)
|
Share based
compensation
|
-
|
-
|
490
|
490
|
|
-
|
-
|
346
|
346
|
Loss on disposal of
assets
|
2
|
28
|
-
|
30
|
|
535
|
145
|
-
|
680
|
Impairment of
goodwill and certain intangibles
|
-
|
-
|
-
|
-
|
|
-
|
24,152
|
-
|
24,152
|
Adjusted EBITDA from
continuing operations *
|
$
6,443
|
$
(169)
|
$
(1,452)
|
$
4,822
|
|
$
8,021
|
$
154
|
$ (1,726)
|
$
6,449
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
49,101
|
9,037
|
-
|
58,138
|
|
52,843
|
8,875
|
-
|
61,718
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS
ENDED
|
|
TWELVE MONTHS
ENDED
|
|
12/31/2020
|
|
12/31/2019
|
|
SPEC.
PETRO
|
SPEC. WAX
|
CORP
|
TREC
|
|
SPEC.
PETRO
|
SPEC. WAX
|
CORP
|
TREC
|
NET INCOME
(LOSS)
|
$
14,908
|
$
(3,606)
|
$
19,873
|
$
31,175
|
|
$
25,576
|
$
(31,164)
|
$ (9,386)
|
$ (14,974)
|
Gain (Loss) from
discontinued operations, net of tax
|
-
|
-
|
26,209
|
26,209
|
|
-
|
-
|
(2,090)
|
(2,090)
|
Income (Loss) from
continuing operations *
|
$
14,908
|
$
(3,606)
|
$
(6,336)
|
$
4,966
|
|
$
25,576
|
$
(31,164)
|
$ (7,296)
|
$ (12,884)
|
Interest
|
2,489
|
-
|
2
|
2,491
|
|
4,071
|
1,067
|
1
|
5,139
|
Income tax
benefit
|
(1,603)
|
-
|
(2,360)
|
(3,963)
|
|
(1,583)
|
-
|
(1,983)
|
(3,566)
|
Depreciation and
amortization
|
739
|
94
|
15
|
848
|
|
691
|
96
|
51
|
838
|
Depreciation and
amortization in cost of sales
|
9,872
|
5,428
|
-
|
15,300
|
|
9,865
|
5,497
|
1
|
15,363
|
EBITDA from
continuing operations *
|
26,405
|
1,916
|
(8,679)
|
19,642
|
|
38,620
|
(24,504)
|
(9,226)
|
4,890
|
Share based
compensation
|
-
|
-
|
1,912
|
1,912
|
|
-
|
-
|
1,319
|
1,319
|
(Gain) Loss on
disposal of assets
|
(6)
|
45
|
-
|
39
|
|
535
|
145
|
-
|
680
|
Impairment of
goodwill and certain intangibles
|
-
|
-
|
-
|
-
|
|
-
|
24,152
|
-
|
24,152
|
Adjusted EBITDA from
continuing operations *
|
$
26,399
|
$
1,961
|
$
(6,767)
|
$
21,593
|
|
$
39,155
|
$
(207)
|
$ (7,907)
|
$
31,041
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
172,350
|
36,276
|
-
|
208,626
|
|
224,311
|
34,648
|
-
|
258,959
|
|
|
|
|
|
|
|
|
|
|
* Discontinued
Operations only applicable within the Corporate segment
|
|
|
|
|
|
|
|
1 Based on 24.8 million shares outstanding
2 Based on 24.7 million shares outstanding
3 Based on 24.8 million shares outstanding
4 Based on 24.7 million shares outstanding
5 Based on 25.4 million shares outstanding
6 Based on 24.7 million shares outstanding
7 Based on 25.4 million shares outstanding
8 Based on 24.7 million shares outstanding
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content:http://www.prnewswire.com/news-releases/trecora-resources-announces-fourth-quarter-and-full-year-2020-results-301242670.html
SOURCE Trecora Resources