FutureFuel Releases 2019 Results
Reports Net Income of $88.2 Million or $2.02 per Diluted Share, and Adjusted EBITDA of $78.7 Million
CLAYTON, Mo., March 13, 2020 (GLOBE NEWSWIRE) — FutureFuel Corp. (NYSE: FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the fourth quarter and year ended December 31, 2019.
Fourth Quarter 2019 Financial Highlights (all comparisons are with the fourth quarter of 2018)
- Revenues were $20.2 million, down 69.2% from $65.5 million
- Adjusted EBITDA was $63.1 million, up 474.0% from $11.0 million
- Net income increased to $72.4 million, or $1.66 per diluted share, from $1.8 million, or $0.04 per diluted share.
2019 Financial Highlights (all comparisons are with the year ended December 31, 2018)
- Revenues were $205.2 million, down 29.5% from $291.0 million
- Adjusted EBITDA was $78.7 million, up 6.1% from $74.2 million
- Net income increased to $88.2 million, or $2.02 per diluted share, from $53.2 million, or $1.22 per diluted share.
“We are thankful for the government’s decision to retroactively reinstate the blenders’ tax credit for 2018 and 2019 and for its extension through December 31, 2022. This means that we can now plan with certainty for our biodiesel business for the next three years. The retroactive reinstatement of this credit increased biofuel segment gross profits $57,872 ($26,571 and $31,301 from gallons shipped in 2019 and 2018, respectively). The stability that this measure brings to our operation will allow us to further develop our chemical segment with greater confidence in the years ahead,” said Tom McKinlay, Chief Operating Officer for FutureFuel Corp.
“The 2019 fourth quarter revenue, adjusted EBITDA, and net income was impacted by the accounting treatment of the retroactive reinstatement of the blenders’ tax credit passed into law in December 2019 for product physically sold and blended during the twelve months ended December 31, 2019 and 2018. To better understand the current period financials with the prior period financials, see Note 2 of our consolidated financial statements that explains our accounting policy for the blenders’ tax credit; Note 3 that summarizes the gross profit impact by year; and Note 16 showing the income tax benefit,” said Rose Sparks, Chief Financial Officer of FutureFuel Corp.
2019 Regular Cash Dividends
FutureFuel declared normal quarterly dividends of $0.06 per share for 2020.
| Three months ended December 31: | ||||||||||||
| Dollar | % | |||||||||||
| 2019 | 2018(1) | Change | Change | |||||||||
| Revenues | $ | 20,177 | $ | 65,513 | $ | (45,336 | ) | (69.2 | %) | |||
| Income from operations | $ | 59,638 | $ | 12,803 | $ | 46,835 | 365.8 | % | ||||
| Net income | $ | 72,373 | $ | 1,836 | $ | 70,537 | 3841.9 | % | ||||
| Earnings per common share: | ||||||||||||
| Basic | $ | 1.65 | $ | 0.04 | $ | 1.61 | 4025.0 | % | ||||
| Diluted | $ | 1.65 | $ | 0.04 | $ | 1.61 | 4025.0 | % | ||||
| Capital expenditures (net of customer reimbursements) | $ | 797 | $ | 1,011 | $ | (214 | ) | (21.2 | %) | |||
| Adjusted EBITDA | $ | 63,064 | $ | 10,986 | $ | 52,078 | 474.0 | % | ||||
| Twelve months ended December 31: | ||||||||||||
| Dollar | % | |||||||||||
| 2019 | 2018(1) | Change | Change | |||||||||
| Revenues | $ | 205,226 | $ | 291,018 | $ | (85,792 | ) | (29.5 | %) | |||
| Income from operations | $ | 65,309 | $ | 63,439 | $ | 1,870 | 2.9 | % | ||||
| Net income | $ | 88,181 | $ | 53,158 | $ | 35,023 | 65.9 | % | ||||
| Earnings per common share: | ||||||||||||
| Basic | $ | 2.02 | $ | 1.22 | $ | 0.80 | 65.6 | % | ||||
| Diluted | $ | 2.02 | $ | 1.22 | $ | 0.80 | 65.6 | % | ||||
| Capital expenditures (net of customer reimbursements) | $ | 2,243 | $ | 2,208 | $ | 35 | 1.6 | % | ||||
| Adjusted EBITDA | $ | 78,697 | $ | 74,170 | $ | 4,527 | 6.1 | % | ||||
(1) PRIOR YEAR AMOUNTS HAVE BEEN RECLASSIFIED TO BE CONSISTENT WITH CURRENT YEAR CLASSIFICATIONS.
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)
Consolidated Financial Results Q4 2019 versus Q4 2018
Fourth quarter revenue decreased $45,336 primarily from the recognition of rebates owed to customers of $39,423 with the retroactive reinstatement of the 2019 and 2018 BTC in December 2019. Sales volumes declined given market conditions in the agrochemical and performance chemicals within our chemical segment.
Income from operations of $59,638 increased mostly from the $57,872 net benefit of the BTC reinstated for 2019 and 2018, in late December of 2019. See Note 3 of our consolidated financial statements for a detailed discussion.
Net income of $72,373 increased primarily from the benefit of the reinstatement of the BTC and the Small Producer’s Tax Credit for 2019 and 2018 recognized in the fourth quarter 2019 (see Note 16 of the 2019 consolidated financial statements for further details).
Consolidated Financial Results 2019 versus 2018
Consolidated sales revenue decreased $85,792 in 2019 compared to 2018. This decrease primarily resulted from lower sales volumes in both the biofuel and chemical segments and the recognition of customer rebates owed to customers with the retroactive reinstatement of the BTC for 2019 and 2018 in December of 2019.
Income from operations of $65,309 increased primarily from the reinstatement of the biodiesel BTC for 2018 and 2019 in 2019 as compared to the BTC for 2017 in 2018 (see Note 3 of the 2019 consolidated financial statements for further details) offset by decreased volumes in the chemical segment from the agrochemical and energy markets, and iii) the decreased sales volume in the biofuel segment.
FutureFuel reported net income of $88,181, or $2.02 per diluted share, for 2019, compared with net income of $53,158, or $1.22 per diluted share in 2018. Adjusted EBITDA for 2019 totaled $78,697, up from $74,170 in 2018. Adjusted EBITDA was impacted by the change in (gains) losses on marketable securities ($4,619) and $12,011, and the change in income tax (benefit) provision of ($8,386) and $7,019 in 2019 and 2018, respectively.
Capital Expenditures
Capital expenditures and intangibles were $6,971 in 2019, compared with $4,867 in 2018. FutureFuel was reimbursed for a portion of these expenditures by certain customers as summarized in the following table.
(Dollars in thousands)
| 2019 | 2018 | ||||||
| Cash paid for capital expenditures | $ | 6,971 | $ | 4,867 | |||
| Cash received from customers as reimbursement of capital expenditures* | $ | (4,728 | ) | $ | (2,659 | ) | |
| Cash paid for capital expenditures, net of customer reimbursements | $ | 2,243 | $ | 2,208 | |||
| *This receipt of cash was reported as an increase in deferred revenue in cash flows from operations. | |||||||
Cash and Cash Equivalents and Marketable Securities
Cash and cash equivalents and marketable securities totaled $316,951 as of December 31, 2019, compared with $294,860 as of December 31, 2018.
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 a laundry detergent additive, 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, 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)
(Audited)
| December 31, 2019 |
December 31, 2018 |
|||||
| Assets | ||||||
| Cash and cash equivalents | $ | 243,331 | $ | 214,972 | ||
| Accounts receivable, inclusive of the blenders’ tax credit of $97,295 and $0, and net of allowances for bad debt of $0 | 114,866 | 18,138 | ||||
| Inventory | 37,573 | 39,296 | ||||
| Marketable securities | 73,620 | 79,888 | ||||
| Other current assets | 11,499 | 10,036 | ||||
| Total current assets | 480,889 | 362,330 | ||||
| Property, plant and equipment, net | 98,597 | 103,575 | ||||
| Other assets | 7,019 | 5,250 | ||||
| Total noncurrent assets | 105,616 | 108,825 | ||||
| Total Assets | $ | 586,505 | $ | 471,155 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Accounts payable, inclusive of the blenders’ tax credit rebates due customers of $39,423 and $0 | $ | 62,554 | $ | 21,670 | ||
| Dividends payable | 10,498 | 10,498 | ||||
| Other current liabilities | 9,711 | 7,323 | ||||
| Total current liabilities | 82,763 | 39,491 | ||||
| Deferred revenue – long-term | 21,291 | 20,319 | ||||
| Other noncurrent liabilities | 15,353 | 22,267 | ||||
| Total noncurrent liabilities | 36,644 | 42,586 | ||||
| Total liabilities | 119,407 | 82,077 | ||||
| Commitments and contingencies: | ||||||
| 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 as of December 31, 2019 and 2018 | 4 | 4 | ||||
| Accumulated other comprehensive income | 296 | (20 | ) | |||
| Additional paid in capital | 282,166 | 282,145 | ||||
| Retained earnings | 184,632 | 106,949 | ||||
| Total Stockholders’ Equity | 467,098 | 389,078 | ||||
| Total Liabilities and Stockholders’ Equity | $ | 586,505 | $ | 471,155 | ||
FutureFuel Corp.
Condensed Consolidated Statements of Income and Comprehensive Income
(Dollars in thousands, except per share amounts)
(Unaudited)
| Three months ended December 31: | |||||||
| 2019 | 2018 | ||||||
| Revenue | $ | 20,177 | $ | 65,513 | |||
| Cost of goods sold and distribution | (41,968 | ) | 50,546 | ||||
| Gross profit | 62,145 | 14,967 | |||||
| Selling, general, and administrative expenses | 1,643 | 1,483 | |||||
| Research and development expenses | 864 | 681 | |||||
| 2,507 | 2,164 | ||||||
| Income from operations | 59,638 | 12,803 | |||||
| Other income (losses), net | 1,460 | (6,284 | ) | ||||
| Income before income taxes | 61,098 | 6,519 | |||||
| Income tax (benefit) provision | (11,275 | ) | 4,683 | ||||
| Net income | $ | 72,373 | $ | 1,836 | |||
| Earnings per common share | |||||||
| Basic | $ | 1.65 | $ | 0.04 | |||
| Diluted | $ | 1.65 | $ | 0.04 | |||
| Weighted average shares outstanding | |||||||
| Basic | 43,743,243 | 43,743,243 | |||||
| Diluted | 43,743,243 | 43,748,290 | |||||
| Comprehensive Income | |||||||
| Net income | $ | 72,373 | $ | 1,836 | |||
| Other comprehensive income (loss) from unrealized net gains (losses) on available-for-sale securities | 121 | (183 | ) | ||||
| Income tax effect | (25 | ) | 39 | ||||
| Total unrealized gains (losses), net of tax | 96 | (144 | ) | ||||
| Comprehensive income | $ | 72,469 | $ | 1,692 | |||
FutureFuel Corp.
Condensed Consolidated Statements of Income and Comprehensive Income
(Dollars in thousands, except per share amounts)
(Audited)
| Twelve months ended December 31: | |||||||
| 2019 | 2018 | ||||||
| Revenue | $ | 205,226 | $ | 291,018 | |||
| Cost of goods sold and distribution | 131,087 | 217,620 | |||||
| Gross profit | 74,139 | 73,398 | |||||
| Selling, general, and administrative expenses | 5,639 | 6,435 | |||||
| Research and development expenses | 3,191 | 3,524 | |||||
| 8,830 | 9,959 | ||||||
| Income from operations | 65,309 | 63,439 | |||||
| Other income (losses), net | 14,486 | (3,262 | ) | ||||
| Income before income taxes | 79,795 | 60,177 | |||||
| Income tax (benefit) provision | (8,386 | ) | 7,019 | ||||
| Net income | $ | 88,181 | $ | 53,158 | |||
| Earnings per common share | |||||||
| Basic | $ | 2.02 | $ | 1.22 | |||
| Diluted | $ | 2.02 | $ | 1.22 | |||
| Weighted average shares outstanding | |||||||
| Basic | 43,743,243 | 43,725,333 | |||||
| Diluted | 43,744,676 | 43,731,192 | |||||
| Comprehensive Income | |||||||
| Net income | $ | 88,181 | $ | 53,158 | |||
| Other comprehensive income (loss) from unrealized net gains (losses) on available-for-sale securities | 400 | (229 | ) | ||||
| Income tax effect | (84 | ) | 49 | ||||
| Total unrealized gains (losses), net of tax | 316 | (180 | ) | ||||
| Comprehensive income | $ | 88,497 | $ | 52,978 | |||
FutureFuel Corp.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2019 and 2018
(Dollars in thousands)
(Audited)
| 2019 | 2018 | ||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 88,181 | $ | 53,158 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 12,087 | 11,227 | |||||
| Amortization of deferred financing costs | 144 | 144 | |||||
| Benefit for deferred income taxes | (5,145 | ) | (1,253 | ) | |||
| Change in fair value of equity securities | (6,281 | ) | 13,238 | ||||
| Change in fair value of derivative instruments | (30 | ) | (2,130 | ) | |||
| Loss (gain) on the sale of investments | 1,662 | (1,227 | ) | ||||
| Stock based compensation | 21 | 357 | |||||
| (Gain) loss on disposal of property and equipment | (11 | ) | 41 | ||||
| Noncash interest expense | 29 | 28 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (93,970 | ) | 5,679 | ||||
| Accounts receivable – related parties | (2,758 | ) | (1,679 | ) | |||
| Inventory | 1,723 | 4,458 | |||||
| Income tax receivable | (1,204 | ) | 79 | ||||
| Prepaid expenses | (165 | ) | (107 | ) | |||
| Accrued interest on marketable securities | (33 | ) | (25 | ) | |||
| Other assets | 239 | (317 | ) | ||||
| Accounts payable | 41,453 | 1,243 | |||||
| Accounts payable – related parties | (434 | ) | 506 | ||||
| Accrued expenses and other current liabilities | 1,087 | 274 | |||||
| Accrued expenses and other current liabilities – related parties | 64 | – | |||||
| Deferred revenue | 1,628 | (1,258 | ) | ||||
| Other noncurrent liabilities | (3,649 | ) | 3,177 | ||||
| Net cash provided by operating activities | 34,638 | 85,613 | |||||
| Cash flows from investing activities | |||||||
| Collateralization of derivative instruments | (111 | ) | 1,680 | ||||
| Purchase of marketable securities | (20,131 | ) | (19,664 | ) | |||
| Proceeds from the sale of marketable securities | 31,419 | 48,235 | |||||
| Proceeds from the sale of property and equipment | 13 | 22 | |||||
| Capital expenditures | (6,971 | ) | (4,867 | ) | |||
| Net cash provided by investing activities | 4,219 | 25,406 | |||||
| Cash flows from financing activities | |||||||
| Minimum tax withholding on stock options exercised and awards vested | – | (176 | ) | ||||
| Payment of dividends | (10,498 | ) | (10,498 | ) | |||
| Net cash used in financing activities | (10,498 | ) | (10,674 | ) | |||
| Net change in cash and cash equivalents | 28,359 | 100,345 | |||||
| Cash and cash equivalents at beginning of period | 214,972 | 114,627 | |||||
| Cash and cash equivalents at end of period | $ | 243,331 | $ | 214,972 | |||
| Cash paid for interest | $ | – | $ | – | |||
| Cash paid for income taxes | $ | 2,372 | $ | 9,182 | |||
| Noncash investing and financing activities: | |||||||
| Noncash capital expenditures | $ | 207 | $ | 420 | |||
| Noncash operating leases | $ | 432 | $ | – | |||
| Noncash items incurred for dividends | $ | 10,498 | $ | 10,498 | |||
FutureFuel Corp.
Reconciliation of Non-GAAP Financial Measure to Financial Measure
(Dollars in thousands)
(Audited)
Reconciliation of Adjusted EBITDA to Net Income
| Three months ended December 31: | Twelve months ended December 31: | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Net income | $ | 72,373 | $ | 1,836 | $ | 88,181 | $ | 53,158 | |||||||
| Depreciation | 2,995 | 2,725 | 12,087 | 11,227 | |||||||||||
| Non-cash stock-based compensation | – | 36 | 21 | 357 | |||||||||||
| Interest and dividend income | (2,220 | ) | (2,495 | ) | (10,050 | ) | (9,183 | ) | |||||||
| Non-cash interest expense and amortization of deferred financing costs | 43 | 43 | 173 | 173 | |||||||||||
| (Gain) loss on disposal of property and equipment | – | – | (11 | ) | 41 | ||||||||||
| Loss (gain) on derivative instruments | 590 | (4,580 | ) | 1,301 | (633 | ) | |||||||||
| Loss (gain) on marketable securities | 558 | 8,738 | (4,619 | ) | 12,011 | ||||||||||
| Income tax (benefit) provision | (11,275 | ) | 4,683 | (8,386 | ) | 7,019 | |||||||||
| Adjusted EBITDA | $ | 63,064 | $ | 10,986 | $ | 78,697 | $ | 74,170 | |||||||
Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities
| Twelve months ended December 31: | |||||||
| 2019 | 2018 | ||||||
| Net cash provided by operating activities | $ | 34,638 | $ | 85,613 | |||
| Benefit for deferred income taxes | 5,145 | 1,253 | |||||
| Interest and dividend income | (10,050 | ) | (9,183 | ) | |||
| Income tax (benefit) provision | (8,386 | ) | 7,019 | ||||
| Loss (gain) on derivative instruments | 1,301 | (633 | ) | ||||
| Change in fair value of derivative instruments | 30 | 2,130 | |||||
| Changes in operating assets and liabilities, net | 56,017 | (12,030 | ) | ||||
| Other | 2 | 1 | |||||
| Adjusted EBITDA | $ | 78,697 | $ | 74,170 | |||
FutureFuel Corp.
Condensed Consolidated Segment Income
(Dollars in thousands)
(Audited)
| Three months ended December 31: | Twelve months ended December 31: | |||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Revenue | ||||||||||||
| Custom chemicals | $ | 20,027 | $ | 23,281 | $ | 90,962 | $ | 97,746 | ||||
| Performance chemicals | 2,943 | 5,217 | 13,865 | 19,382 | ||||||||
| Chemicals revenue | $ | 22,970 | $ | 28,498 | $ | 104,827 | $ | 117,128 | ||||
| Biofuels revenue | (2,793 | ) | 37,015 | 100,399 | 173,890 | |||||||
| Total Revenue | $ | 20,177 | $ | 65,513 | $ | 205,226 | $ | 291,018 | ||||
| Segment gross profit | ||||||||||||
| Chemicals | $ | 6,946 | $ | 9,516 | $ | 29,923 | $ | 33,986 | ||||
| Biofuels | 55,199 | 5,451 | 44,216 | 39,412 | ||||||||
| Total gross profit | $ | 62,145 | $ | 14,967 | $ | 74,139 | $ | 73,398 | ||||
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
