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FutureFuel Releases Second Quarter 2022 Results

FutureFuel Corp.
FutureFuel Corp.

FutureFuel Second Quarter Net Loss of $3.1 Million

Reports Net Loss of $3.1 Million or $0.07 per Diluted Share, and Adjusted EBITDA of $18.7 Million

CLAYTON, Mo., Aug. 08, 2022 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the second quarter ended June 30, 2022.

Second quarter 2022 Financial Highlights (all comparisons are with the second quarter of 2021)

  • Revenues were $117.8 million, up 59% from $74.1 million

  • Adjusted EBITDA was $18.7 million, up from $4.7 million (see reconciliation table below)

  • Net loss was $3.1 million, or $0.07 per diluted share, down from net income of $3.5 million, or $0.08 per diluted share.

Six months 2022 Financial Highlights (all comparisons are with the first half of 2021)

  • Revenues were $160.1 million, up 38% from $115.6 million

  • Adjusted EBITDA was $20.8 million, up from ($3.2) million (see reconciliation table below)

  • Net loss was $15.5 million, or $0.35 per diluted share, down from net loss of $5.3 million, or $0.12 per diluted share.

“At the time of the release of our First Quarter 2022 results, we reported that our biodiesel business was dealt a blow when unprecedented volatility towards the expiry of the New York Mercantile Exchange May heating oil contract, caused FutureFuel to incur approximately $12 million of realized derivative losses during April. The impact of that event can clearly be seen in our results today. We have since amended our derivative strategy to help protect against this basis risk exposure and mitigate against the impacts of any recurrence of those market conditions. The outlook for our biodiesel segment now looks strong for the balance of the year.

We are increasingly encouraged by developments in our Chemicals segment. As well as various active projects to bring new products to our site, we have added the manufacturing capability to meet the requirements of the FDA Current Good Manufacturing Practice (CGMP) regulations. This will open up additional opportunities to our company, particularly in the field of pharmaceutical intermediates,” said Tom McKinlay, Chief Executive Officer for FutureFuel Corp.

2022 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 2022. 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

 

 

%

 

 

 

2022

 

 

2021

 

 

Change

 

 

Change

 

Revenue

 

$

117,796

 

 

$

74,118

 

 

$

43,678

 

 

 

59

%

Loss from operations

 

$

(1,515

)

 

$

(2,003

)

 

$

488

 

 

 

24

%

Net (loss) income

 

$

(3,104

)

 

$

3,481

 

 

$

(6,585

)

 

 

n/a

 

(Loss) earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.07

)

 

$

0.08

 

 

$

(0.15

)

 

 

n/a

 

Diluted

 

$

(0.07

)

 

$

0.08

 

 

$

(0.15

)

 

 

n/a

 

Adjusted EBITDA

 

$

18,709

 

 

$

4,668

 

 

$

14,041

 

 

 

301

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

Dollar

 

 

%

 

 

 

2022

 

 

2021

 

 

Change

 

 

Change

 

Revenue

 

$

160,057

 

 

$

115,634

 

 

$

44,423

 

 

 

38

%

Loss from operations

 

$

(11,122

)

 

$

(15,061

)

 

$

3,939

 

 

 

26

%

Net loss

 

$

(15,502

)

 

$

(5,292

)

 

$

(10,210

)

 

 

(193

%)

Loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.35

)

 

$

(0.12

)

 

$

(0.23

)

 

 

(192

%)

Diluted

 

$

(0.35

)

 

$

(0.12

)

 

$

(0.23

)

 

 

(192

%)

Adjusted EBITDA

 

$

20,807

 

 

$

(3,157

)

 

$

23,964

 

 

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial and Business Summary

Consolidated sales revenue in the three and six months ended June 30, 2022 increased $43,678 and $44,423 compared to the three and six months ended June 30, 2021. These increases resulted from increased sales price in the biofuels segment, and to a lesser extent, from increased prices in the chemicals segment.  The increase was partially reduced by lower sales volumes in biofuels for both the three-and six-month periods and from lower sales volumes in the chemical segment in the three-month period ending June 30, 2022.

Loss from operations in the three months ended June 30, 2022 improved $488 compared to the three months ended June 30, 2021. This improvement primarily resulted from increased margins from the biofuels segment.  Mostly offsetting this increase was the change in the activity in derivative instruments with a loss of $17.5 million in the current three-month period, as compared to $5.4 million in the same period of 2021. We experienced unprecedented volatility in the heating oil futures market which resulted in losses that were not fully recoverable on fuel sold. We have amended our derivative execution strategy to help mitigate reoccurrence.

Loss from operations in the six months ended June 30, 2022 improved $3,939 compared to the six months ended June 30, 2021. This improvement primarily resulted from increased margins from biofuels and the prior year period exorbitantly high natural gas prices experienced in the February 2021 Winter Storm Uri.  Mostly offsetting this increase was the change in the activity in derivative instruments with a loss of $26.6 million in the current six-month period as compared to $8.0 million in the same period of 2021.

Capital Expenditures

Capital expenditures were $1,895 in the first six months of 2022, compared with $488 in the same period in 2021.

Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents and marketable securities totaled $168,580 as of June 30, 2022, compared with $184,711 as of December 31, 2021.

About FutureFuel

FutureFuel is a leading manufacturer of diversified chemical products and biofuels. FutureFuel's chemicals segment manufactures specialty chemicals for specific customers (“custom chemicals”) as well as multi-customer specialty chemicals (“performance chemicals”). FutureFuel’s custom manufacturing product portfolio includes proprietary agrochemicals, adhesion promoters, a biocide intermediate, and an antioxidant precursor. FutureFuel’s performance chemicals products include a portfolio of proprietary nylon and polyester polymer modifiers and several small-volume specialty chemicals and solvents 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, 2021 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, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

129,154

 

 

$

137,521

 

Accounts receivable, inclusive of the blenders' tax credit of $13,084 and $8,232 and net of allowances for bad debt of $87 and $67, respectively

 

 

37,566

 

 

 

29,374

 

Inventory

 

 

31,584

 

 

 

26,920

 

Marketable securities

 

 

39,426

 

 

 

47,190

 

Other current assets

 

 

15,113

 

 

 

14,828

 

Total current assets

 

 

252,843

 

 

 

255,833

 

Property, plant and equipment, net

 

 

79,145

 

 

 

82,901

 

Other assets

 

 

5,398

 

 

 

5,596

 

Total noncurrent assets

 

 

84,543

 

 

 

88,497

 

Total Assets

 

$

337,386

 

 

$

344,330

 

Liabilities and Stockholders Equity

 

 

 

 

 

 

 

 

Accounts payable, inclusive of the blenders' tax credit rebates due customers of $890 and $890, respectively

 

$

42,051

 

 

$

22,823

 

Dividends payable

 

 

5,252

 

 

 

-

 

Other current liabilities

 

 

13,513

 

 

 

12,233

 

Total current liabilities

 

 

60,816

 

 

 

35,056

 

Deferred revenue – long-term

 

 

12,046

 

 

 

16,755

 

Other noncurrent liabilities

 

 

1,718

 

 

 

3,591

 

Total noncurrent liabilities

 

 

13,764

 

 

 

20,346

 

Total liabilities

 

 

74,580

 

 

 

55,402

 

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, 43,763,243, issued and outstanding at June 30, 2022 and December 31, 2021

 

 

4

 

 

 

4

 

Accumulated other comprehensive income

 

 

61

 

 

 

178

 

Additional paid in capital

 

 

282,443

 

 

 

282,443

 

Retained earnings (accumulated deficit)

 

 

(19,702

)

 

 

6,303

 

Total Stockholders Equity

 

 

262,806

 

 

 

288,928

 

Total Liabilities and Stockholders Equity

 

$

337,386

 

 

$

344,330

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

117,796

 

 

$

74,118

 

 

$

160,057

 

 

$

115,634

 

Cost of goods sold and distribution

 

 

116,819

 

 

 

74,161

 

 

 

166,235

 

 

 

126.413

 

Gross profit (loss)

 

 

977

 

 

 

(43

)

 

 

(6,178

)

 

 

(10,779

)

Selling, general, and administrative expenses

 

 

1,737

 

 

 

1,162

 

 

 

3,510

 

 

 

2,710

 

Research and development expenses

 

 

755

 

 

 

798

 

 

 

1,434

 

 

 

1,572

 

Total operating expenses

 

 

2,492

 

 

 

1,960

 

 

 

4,944

 

 

 

4,282

 

Loss from operations

 

 

(1,515

)

 

 

(2,003

)

 

 

(11,122

)

 

 

(15,061

)

Other (expense) income, net

 

 

(2,527

)

 

 

1,015

 

 

 

(6,022

)

 

 

913

 

Loss before income taxes

 

 

(4,042

)

 

 

(988

)

 

 

(17,144

)

 

 

(14,148

)

Income tax benefit

 

 

(938

)

 

 

(4,469

)

 

 

(1,642

)

 

 

(8,856

)

Net (loss) income

 

$

(3,104

)

 

$

3,481

 

 

$

(15,502

)

 

$

(5,292

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.07

)

 

$

0.08

 

 

$

(0.35

)

 

$

(0.12

)

Diluted

 

$

(0.07

)

 

$

0.08

 

 

$

(0.35

)

 

$

(0.12

)

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

43,763,243

 

 

 

43,754,232

 

 

 

43,763,243

 

 

 

43,748,768

 

Diluted

 

 

43,763,243

 

 

 

43,754,422

 

 

 

43,763,243

 

 

 

43,748,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(3,104

)

 

$

3,481

 

 

$

(15,502

)

 

$

(5,292

)

Other comprehensive (loss) income from unrealized net (loss) gain on available-for-sale debt securities

 

 

(86

)

 

 

60

 

 

 

(148

)

 

 

-

 

Income tax effect

 

 

18

 

 

 

(16

)

 

 

31

 

 

 

-

 

Total other comprehensive (loss) income, net of tax

 

 

(68

)

 

 

44

 

 

 

(117

)

 

 

-

 

Comprehensive (loss) income

 

$

(3,172

)

 

$

3,525

 

 

$

(15,619

)

 

$

(5,292

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FutureFuel Corp.
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(15,502

)

 

$

(5,292

)

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

5,276

 

 

 

5,231

 

Amortization of deferred financing costs

 

 

48

 

 

 

47

 

Benefit for deferred income taxes

 

 

(1,672

)

 

 

(8,881

)

Change in fair value of equity securities

 

 

7,339

 

 

 

222

 

Change in fair value of derivative instruments

 

 

(2,388

)

 

 

1,136

 

(Gain) loss on the sale of investments

 

 

27

 

 

 

(758

)

Loss on disposal of property and equipment

 

 

50

 

 

 

-

 

Impairment of intangible asset

 

 

-

 

 

 

1,315

 

Noncash interest expense

 

 

17

 

 

 

16

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(8,172

)

 

 

(9,946

)

Accounts receivable – related parties

 

 

(20

)

 

 

1,405

 

Inventory

 

 

(4,664

)

 

 

(19,625

)

Income tax receivable

 

 

(20

)

 

 

801

 

Prepaid expenses

 

 

1,773

 

 

 

1,977

 

Prepaid expenses – related parties

 

 

(8

)

 

 

(12

)

Other assets

 

 

125

 

 

 

635

 

Accounts payable

 

 

19,171

 

 

 

23,074

 

Accounts payable – related parties

 

 

326

 

 

 

7,959

 

Accrued expenses and other current liabilities

 

 

(659

)

 

 

7

 

Accrued expenses and other current liabilities – related parties

 

 

(1

)

 

 

-

 

Deferred revenue

 

 

(2,769

)

 

 

(1,318

)

Other noncurrent liabilities

 

 

(187

)

 

 

(342

)

Net cash used in operating activities

 

 

(1,910

)

 

 

(2,349

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

Collateralization of derivative instruments

 

 

383

 

 

 

(2,060

)

Purchase of marketable securities

 

 

-

 

 

 

(19,170

)

Proceeds from the sale of marketable securities

 

 

250

 

 

 

37,873

 

Proceeds from the sale of property and equipment

 

 

56

 

 

 

-

 

Proceeds from the sale of intangible asset

 

 

-

 

 

 

93

 

Capital expenditures

 

 

(1,895

)

 

 

(488

)

Net cash (used in) provided by investing activities

 

 

(1,206

)

 

 

16,248

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from the issuance of stock

 

 

-

 

 

 

231

 

Payment of dividends

 

 

(5,251

)

 

 

(114,658

)

Net cash used in financing activities

 

 

(5,251

)

 

 

(114,427

)

Net change in cash and cash equivalents

 

 

(8,367

)

 

 

(100,528

)

Cash and cash equivalents at beginning of period

 

 

137,521

 

 

 

198,122

 

Cash and cash equivalents at end of period

 

$

129,154

 

 

$

97,594

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

-

 

 

$

43

 

Cash paid for income taxes

 

$

276

 

 

$

79

 

Noncash investing and financing activities:

 

 

 

 

 

 

 

 

Noncash capital expenditures

 

$

95

 

 

$

51

 

Noncash operating leases

 

$

-

 

 

$

269

 

 

 

 

 

 

 

 

 

 

FutureFuel Corp.
Reconciliation of Non-GAAP Financial Measure to Financial Measure
(Dollars in thousands)
(Unaudited)

Reconciliation of Adjusted EBITDA to Net Income

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net (loss) income

 

$

(3,104

)

 

$

3,481

 

 

$

(15,502

)

 

$

(5,292

)

Depreciation

 

 

2,706

 

 

 

2,623

 

 

 

5,276

 

 

 

5,231

 

Non-cash stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Interest and dividend income

 

 

(747

)

 

 

(790

)

 

 

(1,411

)

 

 

(1,795

)

Non-cash interest expense and amortization of deferred financing costs

 

 

33

 

 

 

31

 

 

 

65

 

 

 

63

 

Losses on disposal of property and equipment

 

 

44

 

 

 

-

 

 

 

50

 

 

 

-

 

Losses on derivative instruments

 

 

17,476

 

 

 

5,404

 

 

 

26,605

 

 

 

8,029

 

Loss (gain) on marketable securities

 

 

3,239

 

 

 

(1,612

)

 

 

7,366

 

 

 

(537

)

Other income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Income tax benefit

 

 

(938

)

 

 

(4,469

)

 

 

(1,642

)

 

 

(8,856

)

Adjusted EBITDA

 

$

18,709

 

 

$

4,668

 

 

$

20,807

 

 

$

(3,157

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Cash Used in Operating Activities

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Net cash used in operating activities

 

$

(1,910

)

 

$

(2,349

)

Benefit for deferred income taxes

 

 

1,672

 

 

 

8,881

 

Interest and dividend income

 

 

(1,411

)

 

 

(1,795

)

Income tax benefit

 

 

(1,642

)

 

 

(8,856

)

Loss on derivative instruments

 

 

26,605

 

 

 

8,029

 

Change in fair value of derivative instruments

 

 

2,388

 

 

 

(1,136

)

Change in operating assets and liabilities, net

 

 

(4,895

)

 

 

(4,615

)

Impairment of intangible asset

 

 

-

 

 

 

(1,315

)

Other

 

 

-

 

 

 

(1

)

Adjusted EBITDA

 

$

20,807

 

 

$

(3,157

)

 

 

 

 

 

 

 

 

 

FutureFuel Corp.
Condensed Consolidated Segment Income
(Dollars in thousands)
(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Custom chemicals

 

$

12,266

 

 

$

12,260

 

 

$

27,981

 

 

$

22,935

 

Performance chemicals

 

 

5,928

 

 

 

3,287

 

 

 

11,774

 

 

 

8,722

 

Chemicals revenue

 

$

18,194

 

 

$

15,547

 

 

$

39,755

 

 

$

31,657

 

Biofuels revenue

 

 

99,602

 

 

 

58,571

 

 

 

120,302

 

 

 

83,977

 

Total Revenue

 

$

117,796

 

 

$

74,118

 

 

$

160,057

 

 

$

115,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment gross profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

4,196

 

 

$

4,285

 

 

$

9,614

 

 

$

2,984

 

Biofuels

 

 

(3,219

)

 

 

(4,328

)

 

 

(15,792

)

 

 

(13,763

)

Total gross profit (loss)

 

 

977

 

 

 

(43

)

 

 

(6,178

)

 

 

(10,779

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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