Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001337298 | |
Entity Registrant Name | FUTUREFUEL CORP. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-52577 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3340900 | |
Entity Address, Address Line One | 8235 Forsyth Blvd., Suite 400 | |
Entity Address, City or Town | St Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63105 | |
City Area Code | 314 | |
Local Phone Number | 854-8352 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,763,243 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 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, at September 30, 2022 and December 31, 2021, respectively, and net of allowances for bad debt of $43 and $67 at September 30, 2022 and December 31, 2021, respectively | 23,719 | 29,316 |
Accounts receivable – related parties | 11 | 58 |
Inventory | 17,400 | 26,920 |
Income tax receivable | 2,001 | 9,760 |
Prepaid expenses | 877 | 3,588 |
Prepaid expenses – related parties | 12 | 4 |
Marketable securities | 38,753 | 47,190 |
Other current assets | 3,680 | 1,476 |
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 | 23,955 | 14,912 |
Accounts payable – related parties | 8,249 | 7,911 |
Deferred revenue – current | 7,694 | 6,151 |
Dividends payable | 2,626 | 0 |
Accrued expenses and other current liabilities | 6,106 | 6,081 |
Accrued expenses and other current liabilities – related parties | 0 | 1 |
Total current liabilities | 48,630 | 35,056 |
Deferred revenue – non-current | 11,084 | 16,755 |
Noncurrent deferred income tax liability | 1,569 | 1,870 |
Other noncurrent liabilities | 1,479 | 1,721 |
Total noncurrent liabilities | 14,132 | 20,346 |
Total liabilities | 62,762 | 55,402 |
Commitments and contingencies: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,763,243 and 43,763,243 issued and outstanding as of September 30, 2022 and December 31, 2021 | 4 | 4 |
Accumulated other comprehensive income | 5 | 178 |
Additional paid in capital | 282,489 | 282,443 |
Retained earnings (accumulated deficit) | (3,922) | 6,303 |
Total stockholders’ equity | 278,576 | 288,928 |
Total Liabilities and Stockholders’ Equity | $ 341,338 | $ 344,330 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for bad debt | $ 43 | $ 67 |
Accounts receivable, tax credit | 8,462 | 8,232 |
Accounts payable, Blenders' Tax Credit Rebates | $ 890 | $ 890 |
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) | 43,763,243 | 43,763,243 |
Common stock, shares outstanding (in shares) | 43,763,243 | 43,763,243 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 118,141 | $ 98,682 | $ 278,198 | $ 214,316 |
Gross profit (loss) | 19,985 | 8,192 | 13,807 | (2,587) |
Selling, general, and administrative expenses | ||||
Compensation expense | 979 | 571 | 2,336 | 1,622 |
Other expense | 995 | 529 | 2,844 | 1,851 |
Related party expense | 154 | 136 | 458 | 473 |
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) |
Interest and dividend income | 1,210 | 654 | 2,621 | 2,449 |
Interest expense | (32) | (32) | (97) | (96) |
Loss on marketable securities | (590) | (729) | (7,956) | (192) |
Other expense | (1) | (14) | (3) | (1,369) |
Other income (expense) | 587 | (121) | (5,435) | 792 |
Income (loss) before 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 (in dollars per share) | $ 0.36 | $ 0.21 | $ 0.01 | $ 0.09 |
Diluted (in dollars per share) | $ 0.36 | $ 0.21 | $ 0.01 | $ 0.09 |
Weighted average shares outstanding | ||||
Basic (in shares) | 43,763,243 | 43,763,243 | 43,763,243 | 43,753,646 |
Diluted (in shares) | 43,763,243 | 43,763,243 | 43,763,243 | 43,753,709 |
Net income | $ 15,780 | $ 9,202 | $ 278 | $ 3,910 |
Other comprehensive loss from unrealized net losses 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 |
Non-related Parties [Member] | ||||
Revenue | 118,108 | 98,490 | 277,822 | 213,461 |
Cost of goods sold | 96,459 | 85,895 | 257,476 | 197,033 |
Non-related Parties [Member] | Shipping and Handling [Member] | ||||
Cost of goods sold | 788 | 1,666 | 2,696 | 4,908 |
Related Parties [Member] | ||||
Revenue | 33 | 192 | 376 | 855 |
Cost of goods sold | 873 | 2,889 | 4,089 | 14,826 |
Related Parties [Member] | Shipping and Handling [Member] | ||||
Cost of goods sold | $ 36 | $ 40 | $ 130 | $ 136 |
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 | $ 4 | $ 208 | $ 282,215 | $ 89,456 | $ 371,883 |
Balance (in shares) at Dec. 31, 2020 | 43,743,243 | ||||
Balance at Dec. 31, 2020 | $ 4 | 208 | 282,215 | 89,456 | 371,883 |
Other comprehensive income (loss) | 0 | (60) | 0 | 0 | (60) |
Net income | $ 0 | 0 | 0 | (8,773) | (8,773) |
Balance (in shares) at Mar. 31, 2021 | 43,743,243 | ||||
Balance at Mar. 31, 2021 | $ 4 | 148 | 282,215 | 80,683 | 363,050 |
Balance (in shares) at Dec. 31, 2020 | 43,743,243 | ||||
Balance at Dec. 31, 2020 | $ 4 | 208 | 282,215 | 89,456 | 371,883 |
Net income | 3,910 | ||||
Balance (in shares) at Sep. 30, 2021 | 43,763,243 | ||||
Balance at Sep. 30, 2021 | $ 4 | 155 | 282,446 | (16,042) | 266,563 |
Balance | $ 4 | 148 | 282,215 | 80,683 | 363,050 |
Balance (in shares) at Mar. 31, 2021 | 43,743,243 | ||||
Balance at Mar. 31, 2021 | $ 4 | 148 | 282,215 | 80,683 | 363,050 |
Cash dividends declared | 0 | 0 | 0 | (109,408) | (109,408) |
Other comprehensive income (loss) | 0 | 60 | 0 | 0 | 60 |
Net income | $ 0 | 0 | 0 | 3,481 | 3,481 |
Proceeds for the issuance of stock (in shares) | 20,000 | ||||
Proceeds for the issuance of stock | $ 0 | 0 | 231 | 0 | 231 |
Balance (in shares) at Jun. 30, 2021 | 43,763,243 | ||||
Balance at Jun. 30, 2021 | $ 4 | 208 | 282,446 | (25,244) | 257,414 |
Balance | 4 | 208 | 282,446 | (25,244) | 257,414 |
Other comprehensive income (loss) | 0 | (53) | (53) | ||
Net income | $ 0 | 9,202 | 9,202 | ||
Balance (in shares) at Sep. 30, 2021 | 43,763,243 | ||||
Balance at Sep. 30, 2021 | $ 4 | 155 | 282,446 | (16,042) | 266,563 |
Balance | 4 | 155 | 282,446 | (16,042) | 266,563 |
Balance | $ 4 | 178 | 282,443 | 6,303 | 288,928 |
Balance (in shares) at Dec. 31, 2021 | 43,763,243 | ||||
Balance at Dec. 31, 2021 | $ 4 | 178 | 282,443 | 6,303 | 288,928 |
Cash dividends declared | 0 | 0 | 0 | (10,503) | (10,503) |
Other comprehensive income (loss) | 0 | (49) | 0 | 0 | (49) |
Net income | $ 0 | 0 | 0 | (12,398) | (12,398) |
Balance (in shares) at Mar. 31, 2022 | 43,763,243 | ||||
Balance at Mar. 31, 2022 | $ 4 | 129 | 282,443 | (16,598) | 265,978 |
Balance (in shares) at Dec. 31, 2021 | 43,763,243 | ||||
Balance at Dec. 31, 2021 | $ 4 | 178 | 282,443 | 6,303 | 288,928 |
Net income | 278 | ||||
Balance (in shares) at Sep. 30, 2022 | 43,763,243 | ||||
Balance at Sep. 30, 2022 | $ 4 | 5 | 282,489 | (3,922) | 278,576 |
Balance | $ 4 | 129 | 282,443 | (16,598) | 265,978 |
Balance (in shares) at Mar. 31, 2022 | 43,763,243 | ||||
Balance at Mar. 31, 2022 | $ 4 | 129 | 282,443 | (16,598) | 265,978 |
Other comprehensive income (loss) | 0 | (68) | 0 | 0 | (68) |
Net income | $ 0 | 0 | 0 | (3,104) | (3,104) |
Balance (in shares) at Jun. 30, 2022 | 43,763,243 | ||||
Balance at Jun. 30, 2022 | $ 4 | 61 | 282,443 | (19,702) | 262,806 |
Balance | 4 | 61 | 282,443 | (19,702) | 262,806 |
Other comprehensive income (loss) | (56) | (56) | |||
Net income | 15,780 | 15,780 | |||
Stock based compensation | 46 | 46 | |||
Balance (in shares) at Sep. 30, 2022 | 43,763,243 | ||||
Balance at Sep. 30, 2022 | $ 4 | 5 | 282,489 | (3,922) | 278,576 |
Balance | $ 4 | $ 5 | $ 282,489 | $ (3,922) | $ 278,576 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | |
Dividends declared, per share (in dollars per share) | $ 0.24 | $ 2.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 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 from 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 |
(Gain) loss on the sale of investments | 15 | (835) |
Stock based compensation | 46 | 0 |
Loss on disposal of property and equipment | 60 | 11 |
Impairment of intangible asset | 0 | 1,315 |
Noncash interest expense | 0 | 24 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,597 | (5,086) |
Accounts receivable – related parties | 47 | 1,344 |
Inventory | 9,523 | (9,805) |
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) | 0 |
Deferred revenue | (4,128) | (1,652) |
Other noncurrent liabilities | (242) | (513) |
Net cash provided by operating activities | 44,127 | 19,827 |
Cash flows from investing activities | ||
Collateralization of derivative instruments | 865 | (2,518) |
Purchase of marketable securities | 0 | (21,671) |
Proceeds from the sale of marketable securities | 263 | 40,652 |
Proceeds from the sale of property and equipment | 61 | 0 |
Proceeds from the sale of intangible asset | 0 | 93 |
Capital expenditures | (3,692) | (665) |
Net cash (used in) from investing activities | (2,503) | 15,891 |
Cash flows from financing activities | ||
Proceeds from the issuance of stock | 0 | 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 | 0 | 43 |
Cash paid for income taxes | 72 | 83 |
Noncash investing and financing activities: | ||
Noncash capital expenditures | 214 | 32 |
Noncash operating leases | $ 0 | $ 269 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 ) SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel Corp. ("FutureFuel" or "the Company") in accordance and consistent with the accounting policies stated in the Company’s 2021 10 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 Recent Accounting Standards No none |
Note 2 - Government Tax Credits
Note 2 - Government Tax Credits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 2 ) GOVERNMENT TAX CREDITS BIODIESEL BLENDERS TAX CREDIT AND SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a one 0.1% December 31, 2022. August 16, 2022, 2022 December 31, 2024. Within the law of the BTC, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 CARES ACT EMPLOYEE RETENTION TAX CREDIT The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), was enacted on March 27, 2020, January 1, 2021 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 1-year arrangements $ 9,762 $ 6,232 $ 26,052 $ 17,109 Contract revenue from customers with < 1-year arrangements 108,324 92,395 251,980 197,041 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 118,141 $ 98,682 $ 278,198 $ 214,316 Timing of revenue : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Bill-and-hold revenue $ 9,713 $ 9,185 $ 26,960 $ 24,612 Non-bill-and-hold revenue 108,428 89,497 251,238 189,704 Total revenue $ 118,141 $ 98,682 $ 278,198 $ 214,316 As of September 30, 2022, $3,762 not September 30, 2021 not" id="sjs-B4">3 REVENUE RECOGNITION FutureFuel recognizes revenue when performance obligations of the customer contract are satisfied. FutureFuel sells to customers through master sales agreements or standalone purchase orders. The majority of FutureFuel's terms of sale have a single performance obligation to transfer products. Accordingly, FutureFuel recognizes revenue when control has been transferred to the customer, generally at the time of shipment or delivery of products. 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 2 10 Certain of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by ASU 2014 09, Revenue from Contracts with Customers 606" 30 606. Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill-and-hold arrangements which the company invoices upon shipping. The contract assets at September 30, 2022 December 31, 2021 one three nine September 30, 2022 2021, three nine September 30, 2022 2021, The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers. Contract Assets and Liability Balances September 30, 2022 December 31, 2021 Trade receivables, included in accounts receivable* $ 14,223 $ 20,780 Contract assets, included in accounts receivable $ 1,045 $ 362 Contract liabilities, included in deferred revenue - short-term $ 6,971 $ 5,944 Contract liabilities, included in deferred revenue - long-term $ 7,554 $ 13,059 * Exclusive of the BTC of $8,462 and $8,232 , respectively, and net of allowances for bad debt of $43 and $67, respectively, as of the dates noted. Transaction price allocated to the remaining performance obligations: At September 30, 2022, two four The Company applies the practical expedient in ASC 606 10 50 14 one The following tables provide revenue from customers disaggregated by the type of arrangement and by the timing of the recognized revenue. Disaggregation of revenue - contractual and non-contractual : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Contract revenue from customers with > 1-year arrangements $ 9,762 $ 6,232 $ 26,052 $ 17,109 Contract revenue from customers with < 1-year arrangements 108,324 92,395 251,980 197,041 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 118,141 $ 98,682 $ 278,198 $ 214,316 Timing of revenue : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Bill-and-hold revenue $ 9,713 $ 9,185 $ 26,960 $ 24,612 Non-bill-and-hold revenue 108,428 89,497 251,238 189,704 Total revenue $ 118,141 $ 98,682 $ 278,198 $ 214,316 As of September 30, 2022, $3,762 not September 30, 2021 not |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 INVENTORY The carrying values of inventory were as follows as of: September December 31, 2021 At average cost (approximates current cost) Finished goods $ 10,624 $ 12,132 Work in process 1,097 462 Raw materials and supplies 20,161 30,117 31,882 42,711 LIFO reserve (14,482 ) (15,791 ) Total inventory $ 17,400 $ 26,920 For the nine September 30, 2022, nine September 30, 2022. nine September 30, 2021. |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 ) DERIVATIVE INSTRUMENTS The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may 815 20 25, no 2022 2021. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of operations as a component of cost of goods sold and amounted to a gain of $4,688 and a loss of $21,917 for the three nine September 30, 2022, three nine September 30, 2021, The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: Asset (Liability) September December 31, 2021 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 229 $ 2,567 142 $ (485 ) The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $817 and $1,684 at September 30, 2022 December 31, 2021, The estimated fair market value of the underlying physical commodity (feedstock and finished biodiesel inventory and undelivered feedstock commitments) was $0.7 September 30, 2022. not nine September 30, 2022. |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 6 ) MARKETABLE SECURITIES At September 30, 2022 December 31, 2021, The Company has designated the trust preferred securities as being available-for-sale. Accordingly, these securities were recorded at fair value of $3,683 and $3,902 at September 30, 2022 December 31, 2021, In accordance with ASC 321, three September 30, 2022 2021, nine September 30, 2022 2021, The aggregate fair value of debt securities with unrealized losses totaled $1,675 at September 30, 2022 December 31, 2021. The Company determined an allowance for credit losses for these debt securities was not September 30, 2022. no There were no sales of debt securities in the nine September 30, 2022 2021. The debt securities held at September 30, 2022, ten |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7 ) 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 September 30, 2022 December 31, 2021. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description September 30, 2022 Level 1 Level 2 Level 3 Derivative instruments $ 2,567 $ 2,567 $ - $ - Preferred stock and other equity instruments $ 35,070 $ 35,070 $ - $ - Trust preferred stock $ 3,683 $ 3,683 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2021 Level 1 Level 2 Level 3 Derivative instruments $ (485 ) $ (485 ) $ - $ - Preferred stock and other equity instruments $ 43,288 $ 43,288 $ - $ - Trust preferred stock $ 3,902 $ 3,902 $ - $ - |
Note 8 - Accrued Expenses and O
Note 8 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at: September December 31, 2021 Accrued employee liabilities $ 4,263 $ 3,347 Accrued property, franchise, motor fuel and other taxes 849 1,912 Lease liability, current 400 644 Other 594 178 Total $ 6,106 $ 6,081 |
Note 9 - Borrowings
Note 9 - Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9 ) BORROWINGS On March 30, 2020, April 16, 2015 ( five $100,000, March 30, 2025. 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 1.00% 0.00% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.25% 0.25% 0.15% ≥ 1.50:1.0 And < 2.00:1.0 1.50% 0.50% 0.20% ≥ 2.00:1.0 And < 2.50:1.0 1.75% 0.75% 0.20% ≥ 2.50:1.0 2.00% 1.00% 0.25% The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a consolidated minimum interest coverage ratio. There were no September 30, 2022 December 31, 2021. |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 ) INCOME TAX PROVISION The following table summarizes the income tax provision. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income tax expense (benefit) $ 1,697 $ (3,181 ) $ 55 $ (12,037 ) Effective tax rate 9.7 % (52.8 %) 16.5 % (148.1 %) The Company’s effective tax rate for the nine September 30, 2022 The Company evaluates its deferred tax assets quarterly and records a valuation allowance to reduce these assets to the amount that is more likely than not first 2022, not not. second first In the three nine September 30, 2021, three nine September 30, 2021 |
Note 11 - Earnings Per Share
Note 11 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11 ) EARNINGS PER SHARE In the three nine September 30, 2022 2021, Basic and diluted (losses) earnings per common share were computed as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 15,780 $ 9,202 $ 278 $ 3,910 Denominator: Weighted average shares outstanding – basic 43,763,243 43,763,243 43,763,243 43,753,646 Effect of dilutive securities: Stock options and other awards - - - 63 Weighted average shares outstanding – diluted 43,763,243 43,763,243 43,763,243 43,753,709 Basic earnings per share $ 0.36 $ 0.21 $ 0.01 $ 0.09 Diluted earnings per share $ 0.36 $ 0.21 $ 0.01 $ 0.09 In the three nine September 30, 2022, three nine September 30, 2021, |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12 ) 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 by FutureFuel from these related parties. During 2021, 14, not |
Note 13 - Segment Information
Note 13 - Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13 ) SEGMENT INFORMATION FutureFuel has two reportable segments organized along similar product groups – chemicals and biofuels. Chemicals FutureFuel’s chemical segment manufactures diversified chemical products that are sold externally to third 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 FutureFuel employs derivative instruments to manage biofuel commodity trading risk. See Note 5 September 30, 2022. Summary of business by segment 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 $ (2,587 ) Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not |
Note 15 - Legal Matters
Note 15 - Legal Matters | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 14 ) 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 As a result of the ext 2021. February 2021 The natural gas expense was a component of Cost of goods sold-related parties in the Consolidated Statements of Operations and Comprehensive Income in the nine September 30, 2021. 12, not |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Assets and Liability Balances September 30, 2022 December 31, 2021 Trade receivables, included in accounts receivable* $ 14,223 $ 20,780 Contract assets, included in accounts receivable $ 1,045 $ 362 Contract liabilities, included in deferred revenue - short-term $ 6,971 $ 5,944 Contract liabilities, included in deferred revenue - long-term $ 7,554 $ 13,059 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Contract revenue from customers with > 1-year arrangements $ 9,762 $ 6,232 $ 26,052 $ 17,109 Contract revenue from customers with < 1-year arrangements 108,324 92,395 251,980 197,041 Revenue from non-contractual arrangements 55 55 166 166 Total revenue $ 118,141 $ 98,682 $ 278,198 $ 214,316 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Bill-and-hold revenue $ 9,713 $ 9,185 $ 26,960 $ 24,612 Non-bill-and-hold revenue 108,428 89,497 251,238 189,704 Total revenue $ 118,141 $ 98,682 $ 278,198 $ 214,316 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September December 31, 2021 At average cost (approximates current cost) Finished goods $ 10,624 $ 12,132 Work in process 1,097 462 Raw materials and supplies 20,161 30,117 31,882 42,711 LIFO reserve (14,482 ) (15,791 ) Total inventory $ 17,400 $ 26,920 |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset (Liability) September December 31, 2021 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 229 $ 2,567 142 $ (485 ) |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 Level 1 Level 2 Level 3 Derivative instruments $ 2,567 $ 2,567 $ - $ - Preferred stock and other equity instruments $ 35,070 $ 35,070 $ - $ - Trust preferred stock $ 3,683 $ 3,683 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2021 Level 1 Level 2 Level 3 Derivative instruments $ (485 ) $ (485 ) $ - $ - Preferred stock and other equity instruments $ 43,288 $ 43,288 $ - $ - Trust preferred stock $ 3,902 $ 3,902 $ - $ - |
Note 8 - Accrued Expenses and_2
Note 8 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September December 31, 2021 Accrued employee liabilities $ 4,263 $ 3,347 Accrued property, franchise, motor fuel and other taxes 849 1,912 Lease liability, current 400 644 Other 594 178 Total $ 6,106 $ 6,081 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 1.00% 0.00% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.25% 0.25% 0.15% ≥ 1.50:1.0 And < 2.00:1.0 1.50% 0.50% 0.20% ≥ 2.00:1.0 And < 2.50:1.0 1.75% 0.75% 0.20% ≥ 2.50:1.0 2.00% 1.00% 0.25% |
Note 10 - Income Tax Provision
Note 10 - Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income tax expense (benefit) $ 1,697 $ (3,181 ) $ 55 $ (12,037 ) Effective tax rate 9.7 % (52.8 %) 16.5 % (148.1 %) |
Note 11 - Earnings Per Share (T
Note 11 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 15,780 $ 9,202 $ 278 $ 3,910 Denominator: Weighted average shares outstanding – basic 43,763,243 43,763,243 43,763,243 43,753,646 Effect of dilutive securities: Stock options and other awards - - - 63 Weighted average shares outstanding – diluted 43,763,243 43,763,243 43,763,243 43,753,709 Basic earnings per share $ 0.36 $ 0.21 $ 0.01 $ 0.09 Diluted earnings per share $ 0.36 $ 0.21 $ 0.01 $ 0.09 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 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 $ (2,587 ) |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Increase (Decrease) in Contract with Customer, Liability | $ (4,128) | $ (1,652) | |||
Contract with Customer, Liability, Revenue Recognized | $ 2,037 | $ 456 | 5,211 | 2,192 | |
Accounts Receivable, Blenders' Tax Credit | 8,462 | 8,462 | $ 8,232 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 43 | 43 | $ 67 | ||
Bill and Hold Inventory [Member] | Bill and Hold Inventory Invoiced, but not Shipped [Member] | |||||
Contract with Customer, Liability, Total | 3,762 | 3,052 | 3,762 | 3,052 | |
Chemicals [Member] | |||||
Increase (Decrease) in Contract with Customer, Liability | $ 733 | $ 178 | $ 733 | $ 707 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) $ in Thousands | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 14,525 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 12 months |
Revenue, Remaining Performance Obligation, Percentage | 48% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 4 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 36 months |
Revenue, Remaining Performance Obligation, Percentage | 52% |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Trade receivables, included in accounts receivable* | [1] | $ 14,223 | $ 20,780 |
Contract assets, included in accounts receivable | 1,045 | 362 | |
Contract liabilities, included in deferred revenue - short-term | 6,971 | 5,944 | |
Contract liabilities, included in deferred revenue - long-term | $ 7,554 | $ 13,059 | |
[1]Exclusive of the BTC of $5,550 and $8,232, respectively, and net of allowances for bad debt of $55 and $67, respectively, as of the dates noted. |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer | $ 118,141 | $ 98,682 | $ 278,198 | $ 214,316 |
Revenue from non-contractual arrangements | 55 | 55 | 166 | 166 |
Bill and Hold Revenue [Member] | ||||
Revenue from Contract with Customer | 9,713 | 9,185 | 26,960 | 24,612 |
Non-bill and Hold Revenue [Member] | ||||
Revenue from Contract with Customer | 108,428 | 89,497 | 251,238 | 189,704 |
Short-Term Contract with Customer [Member] | ||||
Revenue from Contract with Customer | 9,762 | 6,232 | 26,052 | 17,109 |
Long-Term Contract with Customer [Member] | ||||
Revenue from Contract with Customer | $ 108,324 | $ 92,395 | $ 251,980 | $ 197,041 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Effect of LIFO Inventory Liquidation on Income | $ 11,049 | $ 0 |
Biofuels [Member] | ||
Effect of LIFO Inventory Liquidation on Income | 1,771 | |
Related to the Exit of the Pipeline Business [Member] | ||
LIFO Liquidation of Inventory | 2,124 | |
Related to Reduced Biodiesel Feedstock and Finished Product Inventory [Member] | ||
LIFO Liquidation of Inventory | $ 8,925 |
Note 4 - Inventory - Carrying V
Note 4 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finished goods | $ 10,624 | $ 12,132 |
Work in process | 1,097 | 462 |
Raw materials and supplies | 20,161 | 30,117 |
Inventory, gross | 31,882 | 42,711 |
LIFO reserve | (14,482) | (15,791) |
Total inventory | $ 17,400 | $ 26,920 |
Note 5 - Derivative Instrumen_3
Note 5 - Derivative Instruments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (4,688,000) | $ (2,348,000) | $ (21,917,000) | $ (10,377,000) | |
Estimate of Fair Value Measurement [Member] | Commodity Contract [Member] | |||||
Inventory Position Estimated Market Value | 700 | 700 | |||
Other Current Assets [Member] | |||||
Margin Deposit Assets | $ 817,000 | $ 817,000 | $ 1,684,000 |
Note 5 - Derivative Instrumen_4
Note 5 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Future [Member] Pure in Thousands, $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) | 229 | 142 |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) | $ 2,567 | $ (485) |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Marketable Securities, Total | $ 38,753 | $ 38,753 | $ 47,109 | |||
Debt Securities, Available-for-Sale, Total | 3,683 | 3,683 | 3,902 | |||
Debt Securities, Available-for-Sale, Unrealized Gain (Loss), Total | 7 | 226 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (602) | $ (805) | (7,940) | $ (1,027) | ||
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total | (1,675) | $ 0 | ||||
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale, Total | $ 0 | $ 0 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trust preferred stock | $ 3,683 | $ 3,902 |
Fair Value, Recurring [Member] | ||
Derivative instruments | 2,567 | (485) |
Preferred stock and other equity instruments | 35,070 | 43,288 |
Trust preferred stock | 3,683 | 3,902 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | 2,567 | (485) |
Preferred stock and other equity instruments | 35,070 | 43,288 |
Trust preferred stock | 3,683 | 3,902 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | 0 | 0 |
Preferred stock and other equity instruments | 0 | 0 |
Trust preferred stock | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | 0 | 0 |
Preferred stock and other equity instruments | 0 | 0 |
Trust preferred stock | $ 0 | $ 0 |
Note 8 - Accrued Expenses and_3
Note 8 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued employee liabilities | $ 4,263 | $ 3,347 |
Accrued property, franchise, motor fuel and other taxes | 849 | 1,912 |
Other | 594 | 178 |
Total | 6,106 | 6,081 |
Other Current Liabilities [Member] | ||
Lease liability, current | $ 400 | $ 644 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - Regions Bank and PNC Bank N.A. [Member] - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Mar. 30, 2020 | Sep. 30, 2022 | Dec. 31, 2021 |
Line of Credit Facility, Expiration Period (Year) | 5 years | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||
Line of Credit Facility Sublimit for Letters of Credit | 30,000 | ||
Line of Credit Facility Swingline Loans | 15,000 | ||
Line of Credit Facility, Increase (Decrease) in Maximum Borrowing Amount | $ 65,000 | ||
Debt Instrument, Increase (Decrease) in Stated Interest Rate | (0.25%) | ||
Long-term Line of Credit, Total | $ 0 | $ 0 |
Note 9 - Borrowings - Leverage
Note 9 - Borrowings - Leverage Ratio (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Leverage Ratio1 [Member] | |
Commitment Fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0% |
Leverage Ratio1 [Member] | Maximum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | |
Commitment Fee | 0.15% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Leverage ratio | 1.50 |
Leverage Ratio 2 [Member] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 3 [Member] | |
Commitment Fee | 0.20% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 3 [Member] | Minimum [Member] | |
Leverage ratio | 1.50 |
Leverage Ratio 4 [Member] | |
Commitment Fee | 0.20% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Leverage ratio | 2.50 |
Leverage Ratio 4 [Member] | Minimum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 5 [Member] | |
Commitment Fee | 0.25% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Leverage ratio | 2.50 |
Note 10 - Income Tax Provisio_2
Note 10 - Income Tax Provision - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income tax provision (benefit) | $ 1,697 | $ (3,181) | $ 55 | $ (12,037) |
Effective tax rate | 9.70% | (52.80%) | 16.50% | (148.10%) |
Note 11 - Earnings Per Share (D
Note 11 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 44,000 | 24,000 | 30,667 | 30,603 |
Note 11 - Earnings Per Share -
Note 11 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 15,780 | $ (3,104) | $ (12,398) | $ 9,202 | $ 3,481 | $ (8,773) | $ 278 | $ 3,910 |
Weighted average shares outstanding – basic (in shares) | 43,763,243 | 43,763,243 | 43,763,243 | 43,753,646 | ||||
Stock options and other awards (in shares) | 0 | 0 | 0 | 63 | ||||
Weighted average shares outstanding – diluted (in shares) | 43,763,243 | 43,763,243 | 43,763,243 | 43,753,709 | ||||
Basic earnings per share (in dollars per share) | $ 0.36 | $ 0.21 | $ 0.01 | $ 0.09 | ||||
Diluted earnings per share (in dollars per share) | $ 0.36 | $ 0.21 | $ 0.01 | $ 0.09 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Number of Reportable Segments | 2 |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Note 13 - Segment Information -
Note 13 - Segment Information - Summary of Business by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer | $ 118,141,000 | $ 98,682,000 | $ 278,198,000 | $ 214,316,000 |
Total gross (loss) profit | 19,985,000 | 8,192,000 | 13,807,000 | (2,587,000) |
Operating Segments [Member] | Chemicals [Member] | ||||
Revenue from Contract with Customer | 21,506,000 | 16,691,000 | 61,261,000 | 48,348 |
Total gross (loss) profit | 8,362,000 | 5,105,000 | 17,976,000 | 8,089,000 |
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||||
Revenue from Contract with Customer | 16,047,000 | 12,720,000 | 44,028,000 | 35,655,000 |
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||||
Revenue from Contract with Customer | 5,459,000 | 3,971,000 | 17,233,000 | 12,693,000 |
Operating Segments [Member] | Biofuels [Member] | ||||
Revenue from Contract with Customer | 96,635,000 | 81,991,000 | 216,937,000 | 165,968,000 |
Total gross (loss) profit | $ 11,623,000 | $ 3,087,000 | $ (4,169,000) | $ (10,676,000) |