Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | FUTUREFUEL CORP. | |
Entity Central Index Key | 0001337298 | |
Trading Symbol | ff | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 43,743,243 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and cash equivalents | $ 206,021 | $ 214,972 |
Accounts receivable, net of allowance for bad debts of $0 | 17,614 | 16,294 |
Accounts receivable – related parties | 124 | 1,844 |
Inventory | 53,329 | 39,296 |
Income tax receivable | 5,518 | 6,858 |
Prepaid expenses | 1,383 | 1,767 |
Prepaid expenses – related parties | 12 | 12 |
Marketable securities | 84,459 | 79,888 |
Deferred financing costs | 144 | 144 |
Other current assets | 930 | 1,255 |
Total current assets | 369,534 | 362,330 |
Property, plant and equipment, net | 102,849 | 103,575 |
Intangible assets | 1,408 | 1,408 |
Deferred financing costs | 36 | |
Other noncurrent assets | 5,864 | 3,806 |
Total noncurrent assets | 110,121 | 108,825 |
Total Assets | 479,655 | 471,155 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 23,483 | 19,981 |
Accounts payable – related parties | 1,070 | 1,689 |
Deferred revenue – short-term | 4,624 | 4,581 |
Dividends payable | 7,874 | 10,498 |
Accrued expenses and other current liabilities | 4,130 | 2,742 |
Total current liabilities | 41,181 | 39,491 |
Deferred revenue – long-term | 20,307 | 20,319 |
Other noncurrent liabilities | 5,723 | 4,241 |
Noncurrent deferred income tax liability | 17,665 | 18,026 |
Total noncurrent liabilities | 43,695 | 42,586 |
Total liabilities | 84,876 | 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 March 31, 2019 and December 31, 2018 | 4 | 4 |
Accumulated other comprehensive income | 182 | (20) |
Additional paid in capital | 282,145 | 282,145 |
Retained earnings | 112,448 | 106,949 |
Total stockholders’ equity | 394,779 | 389,078 |
Total Liabilities and Stockholders’ Equity | $ 479,655 | 471,155 |
Accounting Standards Update 2016-01 [Member] | Previously Reported [Member] | ||
Liabilities and Stockholders’ Equity | ||
Total stockholders’ equity | $ 389,078 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for bad debt | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 43,743,243 | 43,743,243 |
Common stock, shares outstanding (in shares) | 43,743,243 | 43,743,243 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 48,501 | $ 55,747 |
Gross profit | 3,262 | 37,507 |
Selling, general, and administrative expenses | ||
Compensation expense | 715 | 1,275 |
Other expense | 501 | 410 |
Related party expense | 129 | 73 |
Research and development expenses | 706 | 1,182 |
Total expenses | 2,051 | 2,940 |
Income from operations | 1,211 | 34,567 |
Interest and dividend income | 2,362 | 1,992 |
Interest expense | (43) | (43) |
Gain/(loss) on marketable securities | 2,927 | (4,369) |
Total other income/(expense) | 5,246 | (2,420) |
Income before income taxes | 6,457 | 32,147 |
Provision/(benefit) for income taxes | 958 | (3,679) |
Net income | $ 5,499 | $ 35,826 |
Earnings per common share | ||
Earnings per common share, basic (in dollars per share) | $ 0.13 | $ 0.82 |
Earnings per common share, diluted (in dollars per share) | $ 0.13 | $ 0.82 |
Weighted average shares outstanding | ||
Weighted average shares outstanding, basic (in shares) | 43,743,243 | 43,716,670 |
Weighted average shares outstanding, diluted (in shares) | 43,748,974 | 43,722,194 |
Comprehensive Income | ||
Net income | $ 5,499 | $ 35,826 |
Other comprehensive income/(loss) from unrealized net gain/(loss) on available-for-sale securities | 256 | (74) |
Income tax effect | (54) | 16 |
Total unrealized gain/(loss), net of tax | 202 | (58) |
Comprehensive income | 5,701 | 35,768 |
Non-related Parties [Member] | ||
Revenue | 47,422 | 54,943 |
Cost of goods sold | 40,065 | 12,139 |
Non-related Parties [Member] | Shipping and Handling [Member] | ||
Cost of goods sold | 1,325 | 1,319 |
Related Parties [Member] | ||
Revenue | 1,079 | 804 |
Cost of goods sold | 3,796 | 4,729 |
Related Parties [Member] | Shipping and Handling [Member] | ||
Cost of goods sold | $ 53 | $ 53 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 43,741,670 | ||||
Balance at Dec. 31, 2017 | $ 4 | $ 8,433 | $ 281,964 | $ 61,195 | $ 351,596 |
Other comprehensive gain (loss) | (58) | (58) | |||
Net income | 35,826 | 35,826 | |||
Balance (in shares) at Mar. 31, 2018 | 43,741,670 | ||||
Prior period adjustment: Change in accounting principles at Dec. 31, 2017 | (8,273) | 3,094 | (5,179) | ||
Balance, as adjusted (in shares) at Dec. 31, 2017 | 43,741,670 | ||||
Balance, as adjusted at Dec. 31, 2017 | $ 4 | 160 | 281,964 | 64,289 | 346,417 |
Stock based compensation | 107 | 107 | |||
Balance at Mar. 31, 2018 | $ 4 | 102 | 282,071 | 100,115 | 382,292 |
Balance (in shares) at Dec. 31, 2018 | 43,743,243 | ||||
Balance at Dec. 31, 2018 | $ 4 | (20) | 282,145 | 106,949 | 389,078 |
Other comprehensive gain (loss) | 202 | 202 | |||
Net income | 5,499 | 5,499 | |||
Balance (in shares) at Mar. 31, 2019 | 43,743,243 | ||||
Balance at Mar. 31, 2019 | $ 4 | $ 182 | $ 282,145 | $ 112,448 | $ 394,779 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 5,499 | $ 35,826 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 2,725 | 2,756 |
Amortization of deferred financing costs | 36 | 36 |
Benefit for deferred income taxes | (415) | (3,604) |
Change in fair value of equity securities | (3,008) | 6,030 |
Change in fair value of derivative instruments | (286) | (1,789) |
(Gain)/loss on the sale of investments | 80 | (1,661) |
Stock based compensation | 107 | |
Loss on disposal of fixed assets | 3 | 5 |
Noncash interest expense | 7 | 7 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,320) | (40,867) |
Accounts receivable – related parties | 1,720 | (2,077) |
Inventory | (13,926) | (15,764) |
Income tax receivable | 1,340 | 1,794 |
Prepaid expenses | 384 | 254 |
Accrued interest on marketable securities | 21 | 25 |
Other assets | 15 | (68) |
Accounts payable | 3,634 | 16,644 |
Accounts payable - related parties | (619) | 1,394 |
Accrued expenses and other current liabilities | 807 | 5,000 |
Deferred revenue | 31 | (208) |
Other noncurrent liabilities | (17) | |
Net cash (used in)/provided by operating activities | (3,289) | 3,840 |
Cash flows from investing activities | ||
Collateralization of derivative instruments | 590 | 901 |
Purchase of marketable securities | (9,096) | (5,844) |
Proceeds from the sale of marketable securities | 7,709 | 24,921 |
Proceeds from the sale of fixed assets | 5 | |
Capital expenditures | (2,246) | (428) |
Net cash (used in)/provided by investing activities | (3,038) | 19,550 |
Cash flows from financing activities | ||
Payment of dividends | (2,624) | (2,624) |
Net cash used in financing activities | (2,624) | (2,624) |
Net change in cash and cash equivalents | (8,951) | 20,766 |
Cash and cash equivalents at beginning of period | 214,972 | 114,627 |
Cash and cash equivalents at end of period | 206,021 | 135,393 |
Cash paid for interest | ||
Cash paid for income taxes | 3 | |
Noncash items incurred: | ||
Noncash capital expenditures | 210 | |
Noncash operating leases | $ 432 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 ) NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization FutureFuel Corp. (“FutureFuel”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 six two The chemicals segment manufactures a diversified portfolio of chemical products that are sold to third The biofuels segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the company’s biodiesel and, from time to time, with no Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s 2018 2018 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not |
Note 2 - Reinstatement of the B
Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 2 ) R EINSTATEMENT OF THE BIODIESEL BLENDERS’ TAX CREDIT AND SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a $1.00 0.1% December 31, 2016 not 2017 2018 February 9, 2018. 2018, $28,869 $13,559 $42,428 twelve December 31, 2017. As part of the law from which the BTC was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 first three March 31, 2018. Neither the BTC nor the Small Agri-biodiesel Producer Tax Credit have been passed into law for gallons blended and sold in 2018 2019. |
Note 3 - Inventory
Note 3 - Inventory | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3 ) INVENTORY The carrying values of inventory were as follows as of: March 31, 2019 December 31, 2018 At average cost (approximates current cost) Finished goods $ 33,684 $ 23,658 Work in process 1,567 2,100 Raw materials and supplies 26,813 23,909 62,064 49,667 LIFO reserve (8,735 ) (10,371 ) Total inventory $ 53,329 $ 39,296 Lower of Cost or Market ("LCM") adjustments are recorded as a decrease in inventory values and an increase in cost of goods sold. The inventory is relieved at the LCM adjusted cost basis when sold. There was $121 three March 31, 2019. three March 31, 2018, no |
Note 4 - Derivative Instruments
Note 4 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4 ) DERIVATIVE INSTRUMENTS FutureFuel is exposed to certain risks relating to its ongoing business operations. Commodity price risk is the primary risk managed by using derivative instruments. Regulated fixed price futures and option contracts are utilized to manage the price risk associated with future purchases of feedstock used in FutureFuel’s biodiesel production along with physical feedstock and finished product inventories attributed to this process. FutureFuel recognizes all derivative instruments as either assets or liabilities at fair value in its consolidated balance sheets. FutureFuel’s derivative instruments do not 815 20 25, Derivatives and Hedging None The fair value of FutureFuel’s derivative instruments is determined based on the closing prices of the derivative instruments on relevant commodity exchanges at the end of an accounting period. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold, and amounted to a loss of $1,476 $162 three March 31, 2019 2018, The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: March 31, 2019 December 31, 2018 Contract quantity Short Fair Value Contract quantity Short Fair Value Regulated options, included in other current assets - $ - 100 $ (484 ) Regulated fixed price future commitments, included in other current assets 66 $ (11 ) 96 $ 187 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $390 $980 March 31, 2019 December 31, 2018, |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 5 ) MARKETABLE SECURITIES At March 31, 2019 December 31, 2018, three March 31, 2019 2018, FutureFuel’s available for sale debt securities were comprised of the following at March 31, 2019 December 31, 2018: March 31, 2019 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 104 $ (7 ) $ 1,525 Trust preferred 3,676 135 - 3,811 Total debt securities $ 5,104 $ 239 $ (7 ) $ 5,336 December 31, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 37 $ (65 ) $ 1,400 Trust preferred 3,147 21 (18 ) 3,150 Total debt securities $ 4,575 $ 58 $ (83 ) $ 4,550 The aggregate fair value of debt securities with unrealized losses totaled $254 March 31, 2019, $2,540 December 31, 2018. March 31, 2019, $254 12 December 31, 2018, $187 12 $7 $19, March 31, 2019 December 31, 2018. The adjusted cost basis and fair value of debt securities at March 31, 2019, March 31, 201 9 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 5,104 5,336 Total $ 5,104 $ 5,336 The following table shows the recognized change in equity securities sold and the change in unrealized fair value: Three months ended March 31, 2019 2018 Net gain/(losses) recognized on equity securities $ 2,927 $ (4,369 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period (81 ) 1,661 Unrealized gain/(losses) during the reporting period on equity securities held at the reporting date $ 3,008 $ (6,030 ) |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6 ) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at: March 31, 2019 December 31, 2018 Accrued employee liabilities $ 1,878 $ 1,253 Accrued property, franchise, motor fuel and other taxes 1,548 1,225 Lease liability 520 - Other 184 264 Total $ 4,130 $ 2,742 |
Note 7 - Borrowings
Note 7 - Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 ) BORROWINGS On April 16, 2015, $150,000 May 25, 2016, $15,000. five $165,000, $30,000 $15,000 The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time: Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of March 31, 2019. There were no March 31, 2019 December 31, 2018. |
Note 8 - Lease Commitments and
Note 8 - Lease Commitments and Short-term Contracts | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8 LEASE COMMITMENTS AND SHORT-TERM CONTRACTS The FASB established Topic 842, No. 2016 02, 12 The Company adopted the new lease standard January 1, 2019 12 not FutureFuel leases railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its Biofuels segment. The lease fees are fixed, with no no no two five 4 not January 1, 2019, $1,641 $370 $1,271, Three Months Ended March 31, 2019 2018 Operating lease expense $ 130 $ 135 Short-term lease expense $ 54 $ - Cash paid for operating leases included in cash from operating activities $ 130 $ 135 Right of use assets obtained in exchange for lease obligations $ 432 $ - Weighted average discount rate 4.4% per annum NA Supplemental balance sheet information related to leases as of March 31, 2019: Operating lease right-of-use assets: Other noncurrent assets $ 1,945 Total operating lease liabilities $ 1,945 Operating lease liabilities: Other current liabilities $ 520 Other noncurrent liabilities $ 1,425 Total operating lease liabilities $ 1,945 Maturities of lease liabilities as of March 31, 2019: 2019 $ 427 2020 594 2021 389 2022 370 2023 319 2024 32 Total $ 2,131 Less: imputed interest 186 Present value of lease payments $ 1,945 |
Note 9 - Provision for Income T
Note 9 - Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 ) PROVISION FOR INCOME TAXES The following table summarizes the provision for income taxes. Three Months Ended March 31, 2019 2018 Provision for income taxes $ 958 $ (3,679 ) Effective tax rate 14.8 % (11.4% ) The effective tax rate for the three March 31, 2019 not 2019 2017 three March 31, 2018). 2019 three 2019. Unrecognized tax benefits totaled $2,804 March 31, 2019 December 31, 2018. FutureFuel records interest and penalties, net, as a component of provision for income taxes. FutureFuel accrued balances of $665 $681 March 31, 2019 December 31, 2018, |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10 ) EARNINGS PER SHARE In the first three March 31, 2019, 2018, two No. 260, Earnings per Share two two no March 31, 2019 2018. Contingently issuable shares associated with outstanding service-based restricted stock units were not three March 31, 2018 not no three March 31, 2019. Basic and diluted earnings per common share were computed as follows: Three Months Ended March 31, 2019 2018 Numerator: Net income $ 5,499 $ 35,826 Less: distributed earnings allocated to non-vested stock - - Less: undistributed earnings allocated to non-vested restricted stock - (23 ) Numerator for basic earnings per share $ 5,499 $ 35,803 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock - 23 Less: undistributed earnings reallocated to non-vested restricted stock - (23 ) Numerator for diluted earnings per share $ 5,499 $ 35,803 Denominator: Weighted average shares outstanding – basic 43,743,243 43,716,670 Effect of dilutive securities: Stock options and other awards 5,731 5,524 Weighted average shares outstanding – diluted 43,748,974 43,722,194 Basic earnings per share $ 0.13 $ 0.82 Diluted earnings per share $ 0.13 $ 0.82 Certain options to purchase FutureFuel’s common stock were not three March 31, 2018 30,000 three March 31, 2018. three March 31, 2019, no |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11 ) SEGMENT INFORMATION FutureFuel has two Chemicals FutureFuel’s chemicals segment manufactures diversified chemical products that are sold externally to third two Biofuels FutureFuel’s biofuels segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuels revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no not not may Summary of long-lived assets and revenues by geographic area All of FutureFuel’s long-lived assets are located in the United States. Most of FutureFuel’s sales are transacted with control and title passing at the time of shipment from the Batesville Plant, although some sales are transacted with control and title passing at the delivery point. While many of FutureFuel’s chemicals are utilized to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after ownership has transferred from FutureFuel to the customer. FutureFuel is rarely the exporter of record, never the importer of record into foreign countries, and is not Three Months Ended March 31, 2019 2018 United States $ 47,976 $ 55,266 All Foreign Countries 525 481 Total $ 48,501 $ 55,747 Revenues from a single foreign country during the three March 31, 2019 2018 not 1% Summary of business by segment Three Months Ended March 31, 2019 2018 Revenue Custom chemicals $ 23,700 $ 23,420 Performance chemicals 3,652 5,661 Chemicals revenue 27,352 29,081 Biofuels revenue 21,149 26,666 Total Revenue $ 48,501 $ 55,747 Segment gross profit/(loss) Chemicals $ 7,309 $ 7,556 Biofuels (4,047 ) 29,951 Total gross profit 3,262 37,507 Corporate expenses (2,051 ) (2,940 ) Income before interest and taxes 1,211 34,567 Interest and other income 5,289 (2,377 ) Interest and other expense (43 ) (43 ) (Provision)/benefit for income taxes (958 ) 3,679 Net income $ 5,499 $ 35,826 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 2 ) FAIR VALUE MEASUREMENTS Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three 1 2 not 3 The following tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at March 31, 2019 December 31, 2018. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description March 31, 2019 Level 1 Level 2 Level 3 Derivative instruments $ (11 ) $ (11 ) $ - $ - Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 84,459 $ 84,459 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2018 Level 1 Level 2 Level 3 Derivative instruments $ (297 ) $ (297 ) $ - $ - Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 79,888 $ 79,888 $ - $ - |
Note 13 - Reclassifications Fro
Note 13 - Reclassifications From Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 3 ) RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME: The following tables summarize changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities in the three March 31, 2019 2018. Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities Three Months Ended March 31, 2019 and 2018 (net of tax) 2019 2018 Balance at January 1 $ (20 ) $ 160 Other comprehensive income/(loss) before reclassifications 202 (58 ) Amounts reclassified from accumulated other comprehensive income - - Net current-period other comprehensive income/(loss) 202 (58 ) Balance at March 31 $ 182 $ 102 There were no three March 31, 2019 2018. |
Note 14 - Legal Matters
Note 14 - Legal Matters | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 1 4 ) LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 5 ) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales of biodiesel, petrodiesel, blends, and other petroleum products to these related parties along with the associated expense from the purchase of natural gas, storage and terminalling services, and income tax and consulting services by FutureFuel from these related parties. |
Note 16 - Intangible Asset
Note 16 - Intangible Asset | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 6 ) INTANGIBLE ASSET In April 2015, $1,408. no $ 1,408 March 31, 2019 December 31, 2018. 350. |
Note 17 - Recently Issued Accou
Note 17 - Recently Issued Accounting Statements | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 1 7 ) RECENTLY ISSUED ACCOUNTING STATEMENTS The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the FASB: Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In August, 2018 2018 15, Intangibles – Goodwill and Other – Internal-Use Software 350 40 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract These amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350 40 Annual periods beginning after December 15, 2019 The Company plans to adopt the new guidance effective January 1, 2020. In June 2016, 2016 13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments. These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Annual periods beginning after December 15, 2019. December 15, 2018. The Company is currently considering the potential impact of this standard on financial reporting and internal controls related to the implementation of the standard as it relates to accounts receivable and debt securities and plans to adopt the new guidance on the effective date of January 1, 2020. |
Note 18 - Revenue Recognition
Note 18 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18 REVENUE RECOGNITION FutureFuel recognizes revenue in accordance with ASU 2014 09, Revenue from Contracts with Customers 606” 605” A select number of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by Topic 606 30 The majority of our revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Accordingly, FutureFuel recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery, however, for certain contracts, this occurs upon delivery of the material to a FutureFuel storage location, ready for customer pickup and separated from other FutureFuel inventory. Revenue is measured as the amount of consideration FutureFuel expects to receive in exchange for transferring products and is generally based upon a negotiated price. FutureFuel sells its products directly to customers generally under agreements with payment terms of 30 75 3 10 Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill and hold arrangements. The contract assets are recorded as accounts receivable on the consolidated balance sheet. Contract liabilities consist of advance payments related to material rights. These amounts were historically recorded as deferred revenue which primarily related to upfront capital payments. The contract liabilities are recorded as deferred revenue in the consolidated balance sheets and are reduced as FutureFuel transfers product to the customer under the renewal option approach. These contract assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The following table reflects the changes in FutureFuel’s contract assets and contract liabilities. Contract assets - short-term Three months ended March 31, 2019 2018 Beginning balance January 1 $ 798 $ 505 Additions 1,190 651 Reductions (798 ) (505 ) Ending balance March 31 $ 1,190 $ 651 Contract liabilities Three months ended March 31, 2019 2018 Beginning balance at January 1 $ 20,332 $ 21,013 Additions 1,438 - Revenue recognized (1,351 ) (1,520 ) Ending balance at March 31 $ 20,419 $ 19,493 Transaction price allocated to the remaining performance obligations : As of March 31, 2019, $20,419 one five 22% 12 78% one 5 We applied the practical expedient in ASC 606 10 50 14 one Disaggregation of revenue - contractual and non-contractual : Three months ended March 31, 2019 2018 Contract revenue from customers with > 1 year arrangements $ 15,418 $ 15,250 Contract revenue from customer with < 1 year arrangement 33,028 54,041 Revenue from non-contractual arrangements 55 55 BTC rebate - (13,599 ) Total revenue $ 48,501 $ 55,747 Timing of revenue : Three months ended March 31, 201 9 201 8 Bill and hold revenue $ 11,756 $ 7,521 Non-bill and hold revenue 36,745 48,226 Total revenue $ 48,501 $ 55,747 For both long term and short-term contracts, FutureFuel has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in net sales and shipping and handling costs incurred are recorded in cost of goods sold and distribution. FutureFuel has elected to exclude from net sales any taxes which it collects concurrent with revenue-producing activities. These accounting policy elections are consistent with the manner in which FutureFuel historically recorded shipping and handling fees and taxes. |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2019 December 31, 2018 At average cost (approximates current cost) Finished goods $ 33,684 $ 23,658 Work in process 1,567 2,100 Raw materials and supplies 26,813 23,909 62,064 49,667 LIFO reserve (8,735 ) (10,371 ) Total inventory $ 53,329 $ 39,296 |
Note 4 - Derivative Instrumen_2
Note 4 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | March 31, 2019 December 31, 2018 Contract quantity Short Fair Value Contract quantity Short Fair Value Regulated options, included in other current assets - $ - 100 $ (484 ) Regulated fixed price future commitments, included in other current assets 66 $ (11 ) 96 $ 187 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2019 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 104 $ (7 ) $ 1,525 Trust preferred 3,676 135 - 3,811 Total debt securities $ 5,104 $ 239 $ (7 ) $ 5,336 December 31, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 37 $ (65 ) $ 1,400 Trust preferred 3,147 21 (18 ) 3,150 Total debt securities $ 4,575 $ 58 $ (83 ) $ 4,550 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 201 9 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 5,104 5,336 Total $ 5,104 $ 5,336 |
Gain (Loss) on Securities [Table Text Block] | Three months ended March 31, 2019 2018 Net gain/(losses) recognized on equity securities $ 2,927 $ (4,369 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period (81 ) 1,661 Unrealized gain/(losses) during the reporting period on equity securities held at the reporting date $ 3,008 $ (6,030 ) |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2019 December 31, 2018 Accrued employee liabilities $ 1,878 $ 1,253 Accrued property, franchise, motor fuel and other taxes 1,548 1,225 Lease liability 520 - Other 184 264 Total $ 4,130 $ 2,742 |
Note 7 - Borrowings (Tables)
Note 7 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% |
Note 8 - Lease Commitments an_2
Note 8 - Lease Commitments and Short-term Contracts (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2019 2018 Operating lease expense $ 130 $ 135 Short-term lease expense $ 54 $ - Cash paid for operating leases included in cash from operating activities $ 130 $ 135 Right of use assets obtained in exchange for lease obligations $ 432 $ - Weighted average discount rate 4.4% per annum NA |
Supplemental Balance Sheet Disclosures, Leases [Table Text Block] | Operating lease right-of-use assets: Other noncurrent assets $ 1,945 Total operating lease liabilities $ 1,945 Operating lease liabilities: Other current liabilities $ 520 Other noncurrent liabilities $ 1,425 Total operating lease liabilities $ 1,945 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2019 $ 427 2020 594 2021 389 2022 370 2023 319 2024 32 Total $ 2,131 Less: imputed interest 186 Present value of lease payments $ 1,945 |
Note 9 - Provision for Income_2
Note 9 - Provision for Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2019 2018 Provision for income taxes $ 958 $ (3,679 ) Effective tax rate 14.8 % (11.4% ) |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2019 2018 Numerator: Net income $ 5,499 $ 35,826 Less: distributed earnings allocated to non-vested stock - - Less: undistributed earnings allocated to non-vested restricted stock - (23 ) Numerator for basic earnings per share $ 5,499 $ 35,803 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock - 23 Less: undistributed earnings reallocated to non-vested restricted stock - (23 ) Numerator for diluted earnings per share $ 5,499 $ 35,803 Denominator: Weighted average shares outstanding – basic 43,743,243 43,716,670 Effect of dilutive securities: Stock options and other awards 5,731 5,524 Weighted average shares outstanding – diluted 43,748,974 43,722,194 Basic earnings per share $ 0.13 $ 0.82 Diluted earnings per share $ 0.13 $ 0.82 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2019 2018 United States $ 47,976 $ 55,266 All Foreign Countries 525 481 Total $ 48,501 $ 55,747 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2019 2018 Revenue Custom chemicals $ 23,700 $ 23,420 Performance chemicals 3,652 5,661 Chemicals revenue 27,352 29,081 Biofuels revenue 21,149 26,666 Total Revenue $ 48,501 $ 55,747 Segment gross profit/(loss) Chemicals $ 7,309 $ 7,556 Biofuels (4,047 ) 29,951 Total gross profit 3,262 37,507 Corporate expenses (2,051 ) (2,940 ) Income before interest and taxes 1,211 34,567 Interest and other income 5,289 (2,377 ) Interest and other expense (43 ) (43 ) (Provision)/benefit for income taxes (958 ) 3,679 Net income $ 5,499 $ 35,826 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description March 31, 2019 Level 1 Level 2 Level 3 Derivative instruments $ (11 ) $ (11 ) $ - $ - Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 84,459 $ 84,459 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2018 Level 1 Level 2 Level 3 Derivative instruments $ (297 ) $ (297 ) $ - $ - Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments $ 79,888 $ 79,888 $ - $ - |
Note 13 - Reclassifications F_2
Note 13 - Reclassifications From Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities Three Months Ended March 31, 2019 and 2018 (net of tax) 2019 2018 Balance at January 1 $ (20 ) $ 160 Other comprehensive income/(loss) before reclassifications 202 (58 ) Amounts reclassified from accumulated other comprehensive income - - Net current-period other comprehensive income/(loss) 202 (58 ) Balance at March 31 $ 182 $ 102 |
Note 18 - Revenue Recognition (
Note 18 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract assets - short-term Three months ended March 31, 2019 2018 Beginning balance January 1 $ 798 $ 505 Additions 1,190 651 Reductions (798 ) (505 ) Ending balance March 31 $ 1,190 $ 651 Contract liabilities Three months ended March 31, 2019 2018 Beginning balance at January 1 $ 20,332 $ 21,013 Additions 1,438 - Revenue recognized (1,351 ) (1,520 ) Ending balance at March 31 $ 20,419 $ 19,493 |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2019 2018 Contract revenue from customers with > 1 year arrangements $ 15,418 $ 15,250 Contract revenue from customer with < 1 year arrangement 33,028 54,041 Revenue from non-contractual arrangements 55 55 BTC rebate - (13,599 ) Total revenue $ 48,501 $ 55,747 Three months ended March 31, 201 9 201 8 Bill and hold revenue $ 11,756 $ 7,521 Non-bill and hold revenue 36,745 48,226 Total revenue $ 48,501 $ 55,747 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2019a | |
Area of Land | 2,200 |
Number of Operating Segments | 2 |
Note 2 - Reinstatement of the_2
Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit (Details Textual) $ in Thousands, gal in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017$ / galgal | |
Biodiesel Blenders Credit [Member] | ||
Benefit From Tax Credit, Pretax | $ 28,869 | |
Income Tax Credits and Adjustments | 42,428 | |
Biodiesel Blenders Credit [Member] | Owed to Customers [Member] | ||
Income Tax Credits and Adjustments | $ 13,559 | |
Small Agri Biodiesel Producers Credit [Member] | ||
Tax Credit Per Gallon Of Agri Biodiesel Sold | $ / gal | 0.1 | |
Number of Gallons Sold | gal | 15 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Inventory Write-down | $ 121 | $ 0 |
Note 3 - Inventory - Carrying V
Note 3 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 33,684 | $ 23,658 |
Work in process | 1,567 | 2,100 |
Raw materials and supplies | 26,813 | 23,909 |
Inventory, gross | 62,064 | 49,667 |
LIFO reserve | (8,735) | (10,371) |
Total inventory | $ 53,329 | $ 39,296 |
Note 4 - Derivative Instrumen_3
Note 4 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 1,476 | $ 162 | |
Restricted Cash and Cash Equivalents, Total | $ 390 | $ 980 |
Note 4 - Derivative Instrumen_4
Note 4 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Commodity Option [Member] | ||
Quantity (contracts) Short | 100 | |
Fair Value Liabilities | $ (484) | |
Future [Member] | ||
Quantity (contracts) Short | 66 | 96 |
Fair Value Liabilities | $ 187 | |
Fair Value Liabilities | $ (11) |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 254 | $ 2,540 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 254 | 187 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 7 | $ 19 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Adjusted Cost | $ 5,104 | $ 4,575 |
Unrealized Gains | 239 | 58 |
Unrealized Losses | (7) | (83) |
Fair Value | 5,336 | 4,550 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 1,428 | 1,428 |
Unrealized Gains | 104 | 37 |
Unrealized Losses | (7) | (65) |
Fair Value | 1,525 | 1,400 |
Trust Preferred Securities [Member] | ||
Adjusted Cost | 3,676 | 3,147 |
Unrealized Gains | 135 | 21 |
Unrealized Losses | (18) | |
Fair Value | $ 3,811 | $ 3,150 |
Note 5 - Marketable Securitie_4
Note 5 - Marketable Securities - Adjusted Cost Basis and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, adjusted cost | ||
Due in one year or less, fair value | ||
Due after one year through five years, adjusted cost | ||
Due after one year through five years, fair value | ||
Due after five years through ten years, adjusted cost | ||
Due after five years through ten years, fair value | ||
Due after ten years, adjusted cost | 5,104 | |
Due after ten years, fair value | 5,336 | |
Total, adjusted cost | 5,104 | $ 4,575 |
Total, fair value | $ 5,336 | $ 4,550 |
Note 5 - Marketable Securitie_5
Note 5 - Marketable Securities - Change in Equity sold and Change in Unrealized Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net gain/(losses) recognized on equity securities | $ 2,927 | $ (4,369) |
Less: net gains/(losses) recognized during the period on equity securities sold during the period | (81) | 1,661 |
Unrealized gain/(losses) during the reporting period on equity securities held at the reporting date | $ 3,008 | $ (6,030) |
Note 6 - Accrued Expenses and_3
Note 6 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued employee liabilities | $ 1,878 | $ 1,253 |
Accrued property, franchise, motor fuel and other taxes | 1,548 | 1,225 |
Lease liability | 520 | |
Other | 184 | 264 |
Total | $ 4,130 | $ 2,742 |
Note 7 - Borrowings (Details Te
Note 7 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | May 25, 2016 | Mar. 31, 2019 | Dec. 31, 2018 | May 25, 2015 | Apr. 16, 2015 |
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Regions Bank and PNC Bank N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | $ 150,000 | |||
Line of Credit, Additional Borrowing Capacity | $ 15,000 | ||||
Line of Credit Facility, Expiration Period | 5 years | ||||
Line of Credit Facility Sublimit for Letters of Credit | $ 30,000 | ||||
Line of Credit Facility Swingline Loans | $ 15,000 |
Note 7 - Borrowings - Leverage
Note 7 - Borrowings - Leverage Ratio (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Leverage Ratio1 [Member] | |
Commitment fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio1 [Member] | Minimum [Member] | |
Leverage ratio | |
Leverage Ratio1 [Member] | Maximum [Member] | |
Leverage ratio | |
Leverage Ratio 2 [Member] | |
Commitment fee | 0.20% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 2 [Member] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | |
Commitment fee | 0.25% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 3 [Member] | Minimum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | |
Commitment fee | 0.30% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 4 [Member] | Minimum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Leverage ratio | 2.5 |
Leverage Ratio 5 [Member] | |
Commitment fee | 0.35% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.25% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Leverage ratio | 2.5 |
Note 8 - Lease Commitments an_3
Note 8 - Lease Commitments and Short-term Contracts (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years | ||
Operating Lease, Right-of-Use Asset | $ 1,945 | ||
Operating Lease, Liability, Current | 520 | ||
Operating Lease, Liability, Noncurrent | $ 1,425 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 1,641 | ||
Operating Lease, Liability, Current | 370 | ||
Operating Lease, Liability, Noncurrent | $ 1,271 |
Note 8 - Lease Commitments an_4
Note 8 - Lease Commitments and Short-term Contracts - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating lease expense | $ 130 | $ 135 |
Short-term lease expense | 54 | |
Cash paid for operating leases included in cash from operating activities | 130 | 135 |
Noncash operating leases | $ 432 | |
Weighted average discount rate | 4.40% |
Note 8 - Lease Commitments an_5
Note 8 - Lease Commitments and Short-term Contracts - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other noncurrent assets | $ 1,945 | |
Total operating lease liabilities | 1,945 | |
Operating Lease, Liability, Current | 520 | |
Operating Lease, Liability, Noncurrent | 1,425 | |
Total operating lease liabilities | $ 1,945 |
Note 8 - Lease Commitments an_6
Note 8 - Lease Commitments and Short-term Contracts - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 | $ 427 |
2020 | 594 |
2021 | 389 |
2022 | 370 |
2023 | 319 |
2024 | 32 |
Total | 2,131 |
Less: imputed interest | 186 |
Present value of lease payments | $ 1,945 |
Note 9 - Provision for Income_3
Note 9 - Provision for Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Unrecognized Tax Benefits, Ending Balance | $ 2,804 | $ 2,804 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 665 | $ 681 |
Note 9 - Provision for Income_4
Note 9 - Provision for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Provision/(benefit) for income taxes | $ 958 | $ (3,679) |
Effective tax rate | 14.80% | (11.40%) |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 30,000 |
Restricted Stock [Member] | ||
Shares, Outstanding, Ending Balance | 0 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 5,499 | $ 35,826 |
Less: distributed earnings allocated to non-vested stock | ||
Less: undistributed earnings allocated to non-vested restricted stock | (23) | |
Numerator for basic earnings per share | 5,499 | 35,803 |
Effect of dilutive securities: | ||
Add: undistributed earnings allocated to non-vested restricted stock | 23 | |
Less: undistributed earnings reallocated to non-vested restricted stock | (23) | |
Numerator for diluted earnings per share | $ 5,499 | $ 35,803 |
Weighted average shares outstanding – basic (in shares) | 43,743,243 | 43,716,670 |
Stock options and other awards (in shares) | 5,731 | 5,524 |
Weighted average shares outstanding – diluted (in shares) | 43,748,974 | 43,722,194 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.82 |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.82 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 2 |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Note 11 - Segment Information -
Note 11 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 48,501 | $ 55,747 |
UNITED STATES | Product [Member] | ||
Revenues | 47,976 | 55,266 |
All Foreign Countries [Member] | Product [Member] | ||
Revenues | $ 525 | $ 481 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 48,501 | $ 55,747 |
Segment gross profit/(loss) | ||
Gross profit | 3,262 | 37,507 |
Income before interest and taxes | 1,211 | 34,567 |
Interest and other income | 5,289 | (2,377) |
Interest and other expense | (43) | (43) |
(Provision)/benefit for income taxes | (958) | 3,679 |
Net income | 5,499 | 35,826 |
Operating Segments [Member] | Chemicals [Member] | ||
Revenues | 27,352 | 29,081 |
Segment gross profit/(loss) | ||
Gross profit | 7,309 | 7,556 |
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||
Revenues | 23,700 | 23,420 |
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||
Revenues | 3,652 | 5,661 |
Operating Segments [Member] | Biofuels [Member] | ||
Revenues | 21,149 | 26,666 |
Segment gross profit/(loss) | ||
Gross profit | (4,047) | 29,951 |
Corporate, Non-Segment [Member] | ||
Segment gross profit/(loss) | ||
Corporate expenses | $ (2,051) | $ (2,940) |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative instruments | $ (11) | $ (297) |
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments | 84,459 | 79,888 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | (11) | (297) |
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments | 84,459 | 79,888 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred, exchange traded debt instruments, and other equity instruments |
Note 13 - Reclassifications F_3
Note 13 - Reclassifications From Accumulated Other Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 0 | $ 0 |
Note 13 - Reclassifications F_4
Note 13 - Reclassifications From Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 389,078 | $ 351,596 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current-period other comprehensive income/(loss) | 202 | (58) |
Balance | 394,779 | 382,292 |
Accounting Standards Update 2016-01 [Member] | Previously Reported [Member] | ||
Balance | 389,078 | |
AOCI Attributable to Parent [Member] | ||
Balance | (20) | 8,433 |
Other comprehensive income/(loss) before reclassifications | 202 | (58) |
Amounts reclassified from accumulated other comprehensive income | ||
Net current-period other comprehensive income/(loss) | 202 | (58) |
Balance | $ 182 | 102 |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | Previously Reported [Member] | ||
Balance | $ 160 |
Note 16 - Intangible Asset (Det
Note 16 - Intangible Asset (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2015 | Mar. 31, 2019 | Dec. 31, 2018 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 1,408 | $ 1,408 |
Note 18 - Revenue Recognition 1
Note 18 - Revenue Recognition 1 (Details Textual) $ in Thousands | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 20,419 |
Note 18 - Revenue Recognition 2
Note 18 - Revenue Recognition 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Mar. 31, 2019 |
Revenue, Remaining Performance Obligation, Percentage | 78.00% |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Note 18 - Revenue Recognition -
Note 18 - Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Beginning balance | $ 798 | $ 505 |
Contract assets, additions | 1,190 | 651 |
Reductions | (798) | (505) |
Ending balance | 1,190 | 651 |
Beginning balance | 20,332 | 21,013 |
Contract liabilities, additions | 1,438 | |
Revenue recognized | (1,351) | (1,520) |
Ending balance | $ 20,419 | $ 19,493 |
Note 18 - Revenue Recognition_2
Note 18 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 48,501,000 | $ 55,747,000 |
Revenue from non-contractual arrangements | 55,000 | 55,000 |
BTC rebate | (13,599,000) | |
Bill and Hold Revenue [Member] | ||
Revenue | 11,756,000 | 7,521,000 |
Non-bill and Hold Revenue [Member] | ||
Revenue | 36,745,000 | 48,226,000 |
Long-term Contract Revenue [Member] | ||
Revenue | 15,418,000 | 15,250,000 |
Short-term Contract Revenue [Member] | ||
Revenue | $ 33,028 | $ 54,041 |