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FutureFuel Releases Third Quarter 2022 Results

FutureFuel Corp.
FutureFuel Corp.

FutureFuel Third Quarter Net Income of $15.8 Million

Reports Net Income of $15.8 Million or $0.36 per Diluted Share, and Adjusted EBITDA of $14.8 Million

CLAYTON, Mo., Nov. 09, 2022 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the third quarter ended September 30, 2022.

Third quarter 2022 Financial Highlights (all comparisons are with the third quarter of 2021)

  • Revenues were $118.1 million, up 20% from $98.7 million

  • Adjusted EBITDA was $14.8 million, up from $11.1 million (see reconciliation table below)

  • Net income was $15.8 million, or $0.36 per diluted share, up 71% from net income of $9.2 million, or $0.21 per diluted share.

Nine months 2022 Financial Highlights (all comparisons are with the first nine months of 2021)

  • Revenues were $278.2 million, up 30% from $214.3 million

  • Adjusted EBITDA was $35.6 million, up from $8.0 million (see reconciliation table below)

  • Net income was $0.3 million, or $0.01 per diluted share, down from net income of $3.9 million, or $0.09 per diluted share.

“These results reflect a solid performance in all areas of our business this quarter.  Biodiesel production has operated at full capacity and we have captured margin, even with continued volatility in the energy markets.

“Our Chemical segment is gaining momentum. Revenues and contribution have increased, both year on year and from the previous quarter. We are encouraged, not only by our current results, but by the opportunities we have identified for further growth,” 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 third quarter of 2022. The remaining quarterly dividend of $0.06 per share is expected to be paid in 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 September 30,

 

 

 

 

 

 

 

 

 

 

 

Dollar

 

 

%

 

 

 

2022

 

 

2021

 

 

Change

 

 

Change

 

Revenue

 

$

118,141

 

 

$

98,682

 

 

$

19,459

 

 

 

20

%

Income from operations

 

$

16,890

 

 

$

6,142

 

 

$

10,748

 

 

 

175

%

Net income

 

$

15,780

 

 

$

9,202

 

 

$

6,578

 

 

 

71

%

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.36

 

 

$

0.21

 

 

$

0.15

 

 

 

71

%

Diluted

 

$

0.36

 

 

$

0.21

 

 

$

0.15

 

 

 

71

%

Adjusted EBITDA

 

$

14,806

 

 

$

11,144

 

 

$

3,662

 

 

 

33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

Dollar

 

 

%

 

 

 

2022

 

 

2021

 

 

Change

 

 

Change

 

Revenue

 

$

278,198

 

 

$

214,316

 

 

$

63,882

 

 

 

30

%

Income (loss) from operations

 

$

5,768

 

 

$

(8,919

)

 

$

14,687

 

 

 

n/a

 

Net income

 

$

278

 

 

$

3,910

 

 

$

(3,632

)

 

 

(93

%)

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

0.09

 

 

$

(0.08

)

 

 

(89

%)

Diluted

 

$

0.01

 

 

$

0.09

 

 

$

(0.08

)

 

 

(89

%)

Adjusted EBITDA

 

$

35,613

 

 

$

7,987

 

 

$

27,626

 

 

 

346

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial and Business Summary

Consolidated sales revenue in the three and nine months ended September 30, 2022 increased $19,459 and $63,882 compared to the three and nine months ended September 30, 2021. These increases resulted from higher sales prices in the biofuels segment, and to a lesser extent, from increased prices and sales volume in the chemicals segment.  The increases were partially reduced by lower sales volumes in biofuels for both the three-and nine-month periods ending September 30, 2022.

Income from operations in the three months ended September 30, 2022 increased $10,748 compared to the three months ended September 30, 2021. This improvement primarily resulted from increased margins from the biofuels segment and to a lesser extent, improved sales volume in the chemical segment.

Income (loss) from operations in the nine months ended September 30, 2022 improved $14,687 compared to the nine months ended September 30, 2021. This improvement primarily resulted from increased margins from biofuels, increased margins from the chemical segment due to product mix and higher sales volumes, and the prior year period included 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 $21.9 million in the current nine-month period as compared to $10.4 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 since amended our derivative execution strategy to help mitigate reoccurrence.

Capital Expenditures

Capital expenditures were $3,692 in the first nine months of 2022, compared with $665 in the same period in 2021.

Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents and marketable securities totaled $210,021 as of September 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)

 

 

 

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

171,268

 

 

$

137,521

 

Accounts receivable, inclusive of the blenders' tax credit of $8,462 and $8,232 and net of allowances for bad debt of $43 and $67, respectively

 

 

23,730

 

 

 

29,374

 

Inventory

 

 

17,400

 

 

 

26,920

 

Marketable securities

 

 

38,753

 

 

 

47,190

 

Other current assets

 

 

6,570

 

 

 

14,828

 

Total current assets

 

 

257,721

 

 

 

255,833

 

Property, plant and equipment, net

 

 

78,405

 

 

 

82,901

 

Other assets

 

 

5,212

 

 

 

5,596

 

Total noncurrent assets

 

 

83,617

 

 

 

88,497

 

Total Assets

 

$

341,338

 

 

$

344,330

 

Liabilities and Stockholders Equity

 

 

 

 

 

 

 

 

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

 

$

32,204

 

 

$

22,823

 

Dividends payable

 

 

2,626

 

 

 

-

 

Other current liabilities

 

 

13,800

 

 

 

12,233

 

Total current liabilities

 

 

48,630

 

 

 

35,056

 

Deferred revenue – long-term

 

 

11,084

 

 

 

16,755

 

Other noncurrent liabilities

 

 

3,048

 

 

 

3,591

 

Total noncurrent liabilities

 

 

14,132

 

 

 

20,346

 

Total liabilities

 

 

62,762

 

 

 

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 September 30, 2022 and December 31, 2021

 

 

4

 

 

 

4

 

Accumulated other comprehensive income

 

 

5

 

 

 

178

 

Additional paid in capital

 

 

282,489

 

 

 

282,443

 

Accumulated deficit (retained earnings)

 

 

(3,922

)

 

 

6,303

 

Total Stockholders Equity

 

 

278,576

 

 

 

288,928

 

Total Liabilities and Stockholders Equity

 

$

341,338

 

 

$

344,330

 

 

 

 

 

 

 

 

 

 

FutureFuel Corp.
Condensed Consolidated Statements of Operations
and Comprehensive Income
(Dollars in thousands, except per share amounts)
(Unaudited)

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

118,141

 

 

$

98,682

 

 

$

278,198

 

 

$

214,316

 

Cost of goods sold and distribution

 

 

98,156

 

 

 

90,490

 

 

 

264,391

 

 

 

216,903

 

Gross profit (loss)

 

 

19,985

 

 

 

8,192

 

 

 

13,807

 

 

 

(2,587

)

Selling, general, and administrative expenses

 

 

2,128

 

 

 

1,236

 

 

 

5,638

 

 

 

3,946

 

Research and development expenses

 

 

967

 

 

 

814

 

 

 

2,401

 

 

 

2,386

 

Total operating expenses

 

 

3,095

 

 

 

2,050

 

 

 

8,039

 

 

 

6,332

 

Income (loss) from operations

 

 

16,890

 

 

 

6,142

 

 

 

5,768

 

 

 

(8,919

)

Other income (expense), net

 

 

587

 

 

 

(121

)

 

 

(5,435

)

 

 

792

 

Income (loss) before income taxes

 

 

17,477

 

 

 

6,021

 

 

 

333

 

 

 

(8,127

)

Income tax provision (benefit)

 

 

1,697

 

 

 

(3,181

)

 

 

55

 

 

 

(12,037

)

Net income

 

$

15,780

 

 

$

9,202

 

 

$

278

 

 

$

3,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.36

 

 

$

0.21

 

 

$

0.01

 

 

$

0.09

 

Diluted

 

$

0.36

 

 

$

0.21

 

 

$

0.01

 

 

$

0.09

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

43,763,243

 

 

 

43,763,243

 

 

 

43,763,243

 

 

 

43,753,646

 

Diluted

 

 

43,763,243

 

 

 

43,763,243

 

 

 

43,763,243

 

 

 

43,753,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,780

 

 

$

9,202

 

 

$

278

 

 

$

3,910

 

Other comprehensive loss from unrealized net loss on available-for-sale debt securities

 

 

(71

)

 

 

(67

)

 

 

(219

)

 

 

(67

)

Income tax effect

 

 

15

 

 

 

14

 

 

 

46

 

 

 

14

 

Total other comprehensive loss, net of tax

 

 

(56

)

 

 

(53

)

 

 

(173

)

 

 

(53

)

Comprehensive income

 

$

15,724

 

 

$

9,149

 

 

$

105

 

 

$

3,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

278

 

 

$

3,910

 

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

 

 

 

 

 

 

 

 

Depreciation

 

 

7,850

 

 

 

7,887

 

Amortization of deferred financing costs

 

 

72

 

 

 

72

 

Benefit for deferred income taxes

 

 

(255

)

 

 

(12,190

)

Change in fair value of equity securities

 

 

7,940

 

 

 

1,027

 

Change in fair value of derivative instruments

 

 

(3,053

)

 

 

2,147

 

Loss (gain) on the sale of investments

 

 

15

 

 

 

(835

)

Stock based compensation

 

 

46

 

 

 

-

 

Loss on disposal of property and equipment

 

 

60

 

 

 

11

 

Impairment of intangible asset

 

 

-

 

 

 

1,315

 

Noncash interest expense

 

 

-

 

 

 

24

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

5,597

 

 

 

(5,086

)

Accounts receivable – related parties

 

 

47

 

 

 

1,344

 

Inventory

 

 

9,523

 

 

 

(9,085

)

Income tax receivable

 

 

7,759

 

 

 

7,895

 

Prepaid expenses

 

 

2,711

 

 

 

3,129

 

Prepaid expenses – related parties

 

 

(8

)

 

 

(12

)

Other assets

 

 

296

 

 

 

522

 

Accounts payable

 

 

9,257

 

 

 

13,379

 

Accounts payable – related parties

 

 

338

 

 

 

7,645

 

Accrued expenses and other current liabilities

 

 

25

 

 

 

(387

)

Accrued expenses and other current liabilities – related parties

 

 

(1

)

 

 

-

 

Deferred revenue

 

 

(4,128

)

 

 

(1,652

)

Other noncurrent liabilities

 

 

(242

)

 

 

(513

)

Net cash used in operating activities

 

 

44,127

 

 

 

19,827

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Collateralization of derivative instruments

 

 

865

 

 

 

(2,518

)

Purchase of marketable securities

 

 

-

 

 

 

(21,671

)

Proceeds from the sale of marketable securities

 

 

263

 

 

 

40,652

 

Proceeds from the sale of property and equipment

 

 

61

 

 

 

-

 

Proceeds from the sale of intangible asset

 

 

-

 

 

 

93

 

Capital expenditures

 

 

(3,692

)

 

 

(665

)

Net cash (used in) provided by investing activities

 

 

(2,053

)

 

 

15,891

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from the issuance of stock

 

 

-

 

 

 

231

 

Payment of dividends

 

 

(7,877

)

 

 

(117,284

)

Net cash used in financing activities

 

 

(7,877

)

 

 

(117,053

)

Net change in cash and cash equivalents

 

 

(33,747

)

 

 

(81,335

)

Cash and cash equivalents at beginning of period

 

 

137,521

 

 

 

198,122

 

Cash and cash equivalents at end of period

 

$

171,268

 

 

$

116,787

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

-

 

 

$

43

 

Cash paid for income taxes

 

$

72

 

 

$

83

 

Noncash investing and financing activities:

 

 

 

 

 

 

 

 

Noncash capital expenditures

 

$

214

 

 

$

32

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

15,780

 

 

$

9,202

 

 

$

278

 

 

$

3,910

 

Depreciation

 

 

2,574

 

 

 

2,656

 

 

 

7,850

 

 

 

7,877

 

Non-cash stock-based compensation

 

 

46

 

 

 

-

 

 

 

46

 

 

 

-

 

Interest and dividend income

 

 

(1,210

)

 

 

(654

)

 

 

(2,621

)

 

 

(2,449

)

Non-cash interest expense and amortization of deferred financing costs

 

 

7

 

 

 

33

 

 

 

72

 

 

 

96

 

Losses on disposal of property and equipment

 

 

10

 

 

 

11

 

 

 

60

 

 

 

11

 

(Gains) losses on derivative instruments

 

 

(4,688

)

 

 

2,348

 

 

 

21,917

 

 

 

10,377

 

Loss on marketable securities

 

 

590

 

 

 

729

 

 

 

7,956

 

 

 

192

 

Income tax provision (benefit)

 

 

1,697

 

 

 

(3,181

)

 

 

55

 

 

 

(12,037

)

Adjusted EBITDA

 

$

14,806

 

 

$

11,144

 

 

$

35,613

 

 

$

7,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA to Net Cash Used in Operating Activities

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Net cash used in operating activities

 

$

44,127

 

 

$

19,827

 

Benefit for deferred income taxes

 

 

255

 

 

 

8,882

 

Interest and dividend income

 

 

(2,621

)

 

 

(2,449

)

Income tax provision (benefit)

 

 

55

 

 

 

(12,037

)

Loss on derivative instruments

 

 

21,917

 

 

 

10,377

 

Change in fair value of derivative instruments

 

 

3,053

 

 

 

(2,147

)

Change in operating assets and liabilities, net

 

 

(31,174

)

 

 

(16,459

)

Impairment of intangible asset

 

 

-

 

 

 

(1,315

)

Other

 

 

1

 

 

 

-

 

Adjusted EBITDA

 

$

35,613

 

 

$

7,987

 

 

 

 

 

 

 

 

 

 

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

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Custom chemicals

 

$

16,047

 

 

$

12,720

 

 

$

44,028

 

 

$

35,655

 

Performance chemicals

 

 

5,459

 

 

 

3,971

 

 

 

17,233

 

 

 

12,693

 

Chemicals revenue

 

$

21,506

 

 

$

16,691

 

 

$

61,261

 

 

$

48,348

 

Biofuels revenue

 

 

96,635

 

 

 

81,991

 

 

 

216,937

 

 

 

165,968

 

Total Revenue

 

$

118,141

 

 

$

98,682

 

 

$

278,198

 

 

$

214,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment gross profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

8,362

 

 

$

5,105

 

 

$

17,976

 

 

$

8,089

 

Biofuels

 

 

11,623

 

 

 

3,087

 

 

 

(4,169

)

 

 

(10,676

)

Total gross profit (loss)

 

 

19,985

 

 

 

8,192

 

 

 

13,807

 

 

 

(2,857

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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