(State or other jurisdiction of | (I.R.S. Employer Identification No.) | ||||
incorporation or organization) |
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
March 31, 2022 (Unaudited) | December 31, 2021 | |||||||||||||
ASSETS | (thousands of dollars, except par value) | |||||||||||||
Current Assets | ||||||||||||||
Cash | $ | $ | ||||||||||||
Trade receivables, net | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Lease right-of-use assets, net | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued liabilities | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Current portion of lease liabilities | ||||||||||||||
Current portion of other liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, net of current portion | ||||||||||||||
Lease liabilities, net of current portion | ||||||||||||||
Other liabilities, net of current portion | ||||||||||||||
Deferred income taxes | ||||||||||||||
Total liabilities | ||||||||||||||
COMMITMENTS AND CONTINGENCIES (Note 11) | ||||||||||||||
EQUITY | ||||||||||||||
Common stock - authorized | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Treasury stock, at cost ( | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Total equity | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | $ |
THREE MONTHS ENDED MARCH 31, | |||||||||||
2022 | 2021 | ||||||||||
(thousands of dollars, except per share amounts) | |||||||||||
REVENUES | |||||||||||
Product sales | $ | $ | |||||||||
Processing fees | |||||||||||
OPERATING COSTS AND EXPENSES | |||||||||||
Cost of sales and processing (including depreciation and amortization of $ | |||||||||||
GROSS PROFIT | |||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | |||||||||||
General and administrative | |||||||||||
Depreciation | |||||||||||
OPERATING INCOME (LOSS) | ( | ||||||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest expense | ( | ( | |||||||||
Miscellaneous income, net | |||||||||||
( | ( | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | ( | ( | |||||||||
INCOME TAX (EXPENSE) BENEFIT | ( | ||||||||||
NET INCOME (LOSS) | $ | ( | $ | ( | |||||||
Basic Earnings (Loss) per Common Share | |||||||||||
Net loss (dollars) | $ | ( | $ | ( | |||||||
Basic weighted average number of common shares outstanding | |||||||||||
Diluted Earnings (Loss) per Common Share | |||||||||||
Net loss (dollars) | $ | ( | $ | ( | |||||||
Diluted weighted average number of common shares outstanding |
TRECORA RESOURCES STOCKHOLDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN | TREASURY | RETAINED | NON- CONTROLLING | TOTAL | |||||||||||||||||||||||||||||||||||||||||||||
SHARES | AMOUNT | CAPITAL | STOCK | EARNINGS | TOTAL | INTEREST | EQUITY | |||||||||||||||||||||||||||||||||||||||||||
(thousands) | (thousands of dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued to Directors | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issued to Employees | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued to Employees | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued to Directors | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Issued to Employees | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued to Employees | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | $ | $ | $ | $ | $ | $ |
THREE MONTHS ENDED MARCH 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
(thousands of dollars) | ||||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income (Loss) | $ | ( | $ | ( | ||||||||||
Adjustments to Reconcile Net Income (Loss) To Net Cash Provided by Operating Activities: | ||||||||||||||
Depreciation and Amortization | ||||||||||||||
Amortization of Intangible Assets | ||||||||||||||
Stock-based Compensation | ||||||||||||||
Deferred Income Taxes | ( | |||||||||||||
Amortization of Loan Fees | ||||||||||||||
Gain on Disposal of Assets | ( | |||||||||||||
Other Non-cash Items (Note 6) | ||||||||||||||
Changes in Operating Assets and Liabilities: | ||||||||||||||
(Increase) Decrease in Trade Receivables | ( | ( | ||||||||||||
(Increase) Decrease in Inventories | ||||||||||||||
(Increase) Decrease in Prepaid Expenses and Other Assets | ||||||||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | ||||||||||||||
Increase (Decrease) in Other Liabilities | ( | ( | ||||||||||||
Net Cash Provided by Operating Activities | ||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Additions to Property, Plant and Equipment | ( | ( | ||||||||||||
Proceeds from Sale of Property, Plant and Equipment | ||||||||||||||
Net Cash Used in Investing Activities | ( | ( | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Repurchase of Common Stock | ( | |||||||||||||
Net Cash Paid Related to Stock-Based Compensation | ( | ( | ||||||||||||
Repayments of Long-Term Debt | ( | ( | ||||||||||||
Net Cash Used in Financing Activities | ( | ( | ||||||||||||
NET INCREASE (DECREASE) INCREASE IN CASH | ( | |||||||||||||
CASH AT BEGINNING OF PERIOD | ||||||||||||||
CASH AT END OF PERIOD | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash payments for interest | $ | $ | ||||||||||||
Supplemental disclosure of non-cash items: | ||||||||||||||
Capital expansion amortized to depreciation expense | $ | $ | ||||||||||||
Foreign taxes paid | $ | $ | ||||||||||||
Trade receivables, net consisted of the following: | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(thousands of dollars) | ||||||||||||||
Trade receivables | $ | $ | ||||||||||||
Less allowance for doubtful accounts | ( | ( | ||||||||||||
Total trade receivables, net | $ | $ |
Inventories consisted of the following: | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(thousands of dollars) | ||||||||||||||
Raw material | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished products | ||||||||||||||
Total inventories | $ | $ |
Prepaid expenses and other assets consisted of the following: | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(thousands of dollars) | ||||||||||||||
Prepaid license | $ | $ | ||||||||||||
Prepaid insurance premiums | ||||||||||||||
Spare parts | ||||||||||||||
Other prepaid expenses and assets | ||||||||||||||
Total prepaid expenses and other assets | $ | $ |
Property, plant and equipment consisted of the following: | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(thousands of dollars) | ||||||||||||||
Platinum catalyst metal | $ | $ | ||||||||||||
Catalyst | ||||||||||||||
Land | ||||||||||||||
Plant, pipeline and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Total property, plant and equipment | $ | $ | ||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Total property, plant and equipment, net | $ | $ |
The components of lease expense were as follows: | |||||||||||||||||
($ in thousands) | Classification in the Condensed Consolidated Statements of Income | Three Months Ended March 31, | |||||||||||||||
2022 | 2021 | ||||||||||||||||
Operating lease cost (a) | Cost of sales, exclusive of depreciation and amortization | $ | $ | ||||||||||||||
Operating lease cost (a) | Selling, general and administrative | ||||||||||||||||
Total lease cost | $ | $ |
($ in thousands) | Classification on the Condensed Consolidated Balance Sheets | March 31, 2022 | December 31, 2021 | |||||||||||
Assets: | ||||||||||||||
Operating | Operating lease assets | $ | $ | |||||||||||
Total lease right-of-use assets, net | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||
Current: | ||||||||||||||
Operating | Current portion of operating lease liabilities | $ | $ | |||||||||||
Noncurrent: | ||||||||||||||
Operating | Operating lease liabilities | |||||||||||||
Total lease liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||
($ in thousands) | 2022 | 2021 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows used for operating leases | $ | $ | |||||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases | $ | $ | |||||||||
March 31, 2022 | March 31, 2021 | ||||||||||
Weighted-average remaining lease term (in years): | |||||||||||
Operating leases | |||||||||||
Weighted-average discount rate: | |||||||||||
Operating leases | % | % | |||||||||
As of March 31, 2022, maturities of lease liabilities were as follows: | |||||
($ in thousands) | Operating Leases | ||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Total lease payments | $ | ||||
Less: Interest | |||||
Total lease obligations | $ |
The following tables summarize the gross carrying amounts and accumulated amortization of intangible assets by major class: | ||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||
Gross | Accumulated Amortization | Net | ||||||||||||||||||
(thousands of dollars) | ||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||
Non-compete agreements | ( | |||||||||||||||||||
Licenses and permits | ( | |||||||||||||||||||
Developed technology | ( | |||||||||||||||||||
Total | $ | $ | ( | $ |
December 31, 2021 | ||||||||||||||||||||
Gross | Accumulated Amortization | Net | ||||||||||||||||||
(thousands of dollars) | ||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | ||||||||||||||||
Non-compete agreements | ( | |||||||||||||||||||
Licenses and permits | ( | |||||||||||||||||||
Developed technology | ( | |||||||||||||||||||
Total | $ | $ | ( | $ |
Total | Remainder of 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||
(thousands of dollars) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Licenses and permits | ||||||||||||||||||||||||||||||||||||||||||||||||||
Developed technology | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total future amortization expense | $ | $ | $ | $ | $ | $ | $ | $ |
Accrued liabilities consisted of the following: | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
(thousands of dollars) | ||||||||||||||
State taxes | $ | $ | ||||||||||||
Property taxes | ||||||||||||||
Payroll | ||||||||||||||
Royalties | ||||||||||||||
Incentive compensation | ||||||||||||||
Legal | ||||||||||||||
Professional expenses | ||||||||||||||
Other | ||||||||||||||
Total accrued liabilities | $ | $ |
Long-term debt and long-term obligations are summarized as follows: | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(thousands of dollars) | |||||||||||
Revolving Facility | $ | $ | |||||||||
Term Loan Facility | |||||||||||
Loan fees | ( | ( | |||||||||
Total long-term debt | |||||||||||
Less current portion including loan fees | |||||||||||
Total long-term debt, less current portion including loan fees | $ | $ |
Stock Option Awards | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life | Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding at January 1, 2022 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | |||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Outstanding at March 31, 2022 | $ | ||||||||||||||||||||||
Expected to vest | $ | ||||||||||||||||||||||
Exercisable at March 31, 2022 | $ |
A summary of the status of the Company's restricted stock units activity is as follows: | |||||||||||
Shares of Restricted Stock Units | Weighted Average Grant Date Price per Share | ||||||||||
Outstanding at January 1, 2022 | |||||||||||
Granted | |||||||||||
Forfeited | ( | ||||||||||
Vested | ( | ||||||||||
Outstanding at March 31, 2022 | |||||||||||
Expected to vest |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Specialty Petrochemicals | Specialty Waxes | Corporate | Consolidated | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Product sales | $ | $ | $ | $ | |||||||||||||||||||
Processing fees | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Operating income (loss) before depreciation and amortization | ( | ||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Income (loss) before taxes | ( | ( | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Capital expenditures |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Specialty Petrochemicals | Specialty Waxes | Corporate | Consolidated | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Product sales | $ | $ | $ | $ | |||||||||||||||||||
Processing fees | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Operating income (loss) before depreciation and amortization | ( | ( | ( | ||||||||||||||||||||
Operating income (loss) | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before taxes | ( | ( | ( | ( | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Capital expenditures |
March 31, 2022 | |||||||||||||||||||||||||||||
Specialty Petrochemicals | Specialty Waxes | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||||||||
Total assets | ( |
December 31, 2021 | |||||||||||||||||||||||||||||
Specialty Petrochemicals | Specialty Waxes | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||||||||
Total assets | ( |
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Loss | Shares | Per Share Amount | Loss | Shares | Per Share Amount | |||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||
Basic: | ||||||||||||||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
Diluted: | ||||||||||||||||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Specialty Petrochemicals | Specialty Waxes | Corporate | Consolidated | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income (loss) | $ | 1,765 | $ | 324 | $ | (2,465) | $ | (376) | |||||||||||||||
Interest expense | 283 | — | — | 283 | |||||||||||||||||||
Income tax expense (benefit) | 597 | — | (303) | 294 | |||||||||||||||||||
Depreciation and amortization | 206 | 22 | — | 228 | |||||||||||||||||||
Depreciation and amortization in cost of sales | 2,523 | 1,556 | — | 4,079 | |||||||||||||||||||
EBITDA | $ | 5,374 | $ | 1,902 | $ | (2,768) | $ | 4,508 | |||||||||||||||
Stock-based compensation | — | — | 524 | 524 | |||||||||||||||||||
Costs for professional services associated with M&A and strategic initiatives | — | — | 210 | 210 | |||||||||||||||||||
Other non-recurring costs* | 515 | — | — | 515 | |||||||||||||||||||
Adjusted EBITDA | $ | 5,889 | $ | 1,902 | $ | (2,034) | $ | 5,757 | |||||||||||||||
* Represents non-recurring charitable contribution as discussed in Note 6. | |||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
Specialty Petrochemicals | Specialty Waxes | Corporate | Consolidated | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income (loss) | $ | 205 | $ | (1,954) | $ | (2,655) | $ | (4,404) | |||||||||||||||
Interest (income) expense | 302 | — | — | 302 | |||||||||||||||||||
Income tax expense (benefit) | (486) | — | (515) | (1,001) | |||||||||||||||||||
Depreciation and amortization | 200 | 23 | 3 | 226 | |||||||||||||||||||
Depreciation and amortization in cost of sales | 2,602 | 1,452 | — | 4,054 | |||||||||||||||||||
EBITDA | $ | 2,823 | $ | (479) | $ | (3,167) | $ | (823) | |||||||||||||||
Stock-based compensation | — | — | 571 | 571 | |||||||||||||||||||
Gain on disposal of assets | (254) | — | — | (254) | |||||||||||||||||||
Costs for professional services associated with M&A and strategic initiatives | — | — | 370 | 370 | |||||||||||||||||||
Adjusted EBITDA | $ | 2,569 | $ | (479) | $ | (2,226) | $ | (136) |
March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||
Days sales outstanding in accounts receivable | 36.3 | 40.5 | 42.8 | ||||||||||||||
Days sales outstanding in inventory | 22.0 | 26.1 | 19.4 | ||||||||||||||
Days sales outstanding in accounts payable | 13.4 | 14.9 | 27.3 | ||||||||||||||
Days of working capital | 44.9 | 51.6 | 34.8 |
The change in cash is summarized as follows: | Three Months Ended March 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Net cash provided by (used in) | (thousands of dollars) | |||||||||||||
Operating activities | $ | 7,717 | $ | 3,831 | ||||||||||
Investing activities | (4,851) | (4,500) | ||||||||||||
Financing activities | (1,464) | (1,969) | ||||||||||||
Increase (decrease) in cash | $ | 1,402 | $ | (2,638) | ||||||||||
Cash | $ | 31,937 | $ | 53,026 |
Specialty Petrochemicals Segment | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | Change | % Change | |||||||||||||||||||||||
(thousands of dollars) | ||||||||||||||||||||||||||
Product Sales | $ | 69,090 | $ | 44,658 | $ | 24,432 | 54.7 | % | ||||||||||||||||||
Processing | 1,488 | 1,254 | 234 | 18.7 | % | |||||||||||||||||||||
Gross Revenue | $ | 70,578 | $ | 45,912 | $ | 24,666 | 53.7 | % | ||||||||||||||||||
Volume of Sales (gallons) | ||||||||||||||||||||||||||
Specialty Petrochemicals Products | 20,223 | 17,201 | 3,022 | 17.6 | % | |||||||||||||||||||||
Prime Product Sales | 16,556 | 14,675 | 1,881 | 12.8 | % | |||||||||||||||||||||
By-product Sales | 3,667 | 2,526 | 1,141 | 45.2 | % | |||||||||||||||||||||
Cost of Sales | $ | 64,363 | $ | 42,869 | 21,494 | 50.1 | % | |||||||||||||||||||
Gross Margin | 8.8 | % | 6.6 | % | 2.2 | % | ||||||||||||||||||||
Total Operating Expense* | 21,348 | 20,357 | 991 | 4.9 | % | |||||||||||||||||||||
Natural Gas Expense* | 2,009 | 2,976 | (967) | (32.5) | % | |||||||||||||||||||||
Operating Labor Costs* | 3,199 | 3,348 | (149) | (4.5) | % | |||||||||||||||||||||
Transportation Costs* | 6,280 | 4,606 | 1,674 | 36.3 | % | |||||||||||||||||||||
General & Administrative Expense | 3,355 | 3,074 | 281 | 9.1 | % | |||||||||||||||||||||
Depreciation and Amortization** | 2,729 | 2,802 | (73) | (2.6) | % | |||||||||||||||||||||
Adjusted EBITDA | 5,889 | 2,569 | 3,320 | 129.2 | % | |||||||||||||||||||||
Capital Expenditures | 4,129 | 3,567 | 562 | 15.8 | % |
Specialty Waxes Segment | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | Change | % Change | |||||||||||||||||||||||
(thousands of dollars) | ||||||||||||||||||||||||||
Product Sales | $ | 9,971 | $ | 6,907 | $ | 3,064 | 44.4 | % | ||||||||||||||||||
Processing | 2,665 | 1,766 | 899 | 50.9 | % | |||||||||||||||||||||
Gross Revenue | $ | 12,636 | $ | 8,673 | $ | 3,963 | 45.7 | % | ||||||||||||||||||
Volume of specialty wax sales (thousand pounds) | 10,328 | 8,826 | 1,502 | 17.0 | % | |||||||||||||||||||||
Cost of Sales | $ | 10,958 | $ | 9,321 | $ | 1,637 | 17.6 | % | ||||||||||||||||||
Gross Margin (Loss) | 13.3 | % | (7.5) | % | 20.8 | % | ||||||||||||||||||||
General & Administrative Expense | 1,324 | 1,235 | 89 | 7.2 | % | |||||||||||||||||||||
Depreciation and Amortization* | 1,578 | 1,476 | 102 | 6.9 | % | |||||||||||||||||||||
Adjusted EBITDA | $ | 324 | $ | (479) | 803 | (167.6) | % | |||||||||||||||||||
Capital Expenditures | $ | 722 | $ | 1,214 | $ | (492) | (40.5) | % |
Corporate Segment | Three Months Ended March 31, | |||||||||||||||||||||||||
2022 | 2021 | Change | % Change | |||||||||||||||||||||||
(thousands of dollars) | ||||||||||||||||||||||||||
General & Administrative Expense | $ | 2,854 | $ | 3,023 | $ | (169) | (5.6) | % |
Exhibit Number | Description | ||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
32.2** | |||||
101.INS* | XBRL Instance Document (XBRL tags are embedded within the Inline XBRL document) | ||||
101.SCH* | XBRL Taxonomy Schema Document | ||||
101.CAL* | XBRL Taxonomy Calculation Linkbase Document | ||||
101.LAB* | XBRL Taxonomy Label Linkbase Document | ||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and included as Exhibit 101) |
TRECORA RESOURCES | ||||||||
Dated: May 5, 2022 | By: | /s/ Sami Ahmad | ||||||
Sami Ahmad | ||||||||
Principal Financial Officer and Duly Authorized Officer |
Dated: May 05, 2022 | /s/ Patrick Quarles | ||||
Patrick Quarles | |||||
President and Chief Executive Officer |
Dated: May 05, 2022 | /s/ Sami Ahmad | ||||
Sami Ahmad | |||||
Chief Financial Officer |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 40.0 | 40.0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares issued (in shares) | 25.1 | 25.0 |
Common stock, shares outstanding (in shares) | 23.7 | 23.6 |
Treasury stock (in shares) | 1.4 | 1.4 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
OPERATING COSTS AND EXPENSES | ||
Depreciation and amortization | $ 4,079 | $ 4,055 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
Total |
COMMON STOCK |
ADDITIONAL PAID-IN CAPITAL |
TREASURY STOCK |
RETAINED EARNINGS |
TOTAL |
NON-CONTROLLING INTEREST |
---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2020 | 24,833 | ||||||
Balance at Dec. 31, 2020 | $ 204,407 | $ 2,483 | $ 61,311 | $ 0 | $ 140,324 | $ 204,118 | $ 289 |
Restricted Stock Units | |||||||
Issued to Directors | 113 | 113 | 113 | ||||
Issued to Employees | 275 | 275 | 275 | ||||
Common Stock | |||||||
Issued to Employees (in shares) | 61 | ||||||
Issued to Employees | 0 | $ 7 | (7) | ||||
Net Loss | (4,404) | (4,404) | (4,404) | ||||
Balance (in shares) at Mar. 31, 2021 | 24,894 | ||||||
Balance at Mar. 31, 2021 | $ 200,391 | $ 2,490 | 61,692 | 0 | 135,920 | 200,102 | 289 |
Balance (in shares) at Dec. 31, 2021 | 23,600 | 24,990 | |||||
Balance at Dec. 31, 2021 | $ 199,973 | $ 2,499 | 63,260 | (11,486) | 145,700 | 199,973 | 0 |
Restricted Stock Units | |||||||
Issued to Directors | 133 | 133 | 133 | ||||
Issued to Employees | 22 | 22 | 22 | ||||
Common Stock | |||||||
Issued to Employees (in shares) | 85 | ||||||
Issued to Employees | 0 | $ 9 | (9) | 0 | |||
Net Loss | $ (376) | (376) | (376) | ||||
Balance (in shares) at Mar. 31, 2022 | 23,700 | 25,075 | |||||
Balance at Mar. 31, 2022 | $ 199,752 | $ 2,508 | $ 63,406 | $ (11,486) | $ 145,324 | $ 199,752 | $ 0 |
GENERAL |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | GENERAL Organization Trecora Resources (the “Company”) was incorporated in the State of Delaware in 1967. The Company's principal business activities are the manufacturing of various specialty petrochemical products, specialty waxes and providing custom processing services. The Company’s specialty petrochemicals operations are primarily conducted through its wholly-owned subsidiary, Texas Oil and Chemical Co. II, Inc. (“TOCCO”). TOCCO owns all of the capital stock of South Hampton Resources, Inc. (“SHR”) and Trecora Chemical, Inc. (“TC”). SHR owns all of the capital stock of Gulf State Pipe Line Company, Inc. (“GSPL”). SHR owns and operates a specialty petrochemicals product facility in Silsbee, Texas which manufactures high purity hydrocarbons used primarily in polyethylene, packaging, polypropylene, expandable polystyrene, poly-iso/urethane foams, Canadian tar sands, and in the catalyst support industry. TC owns and operates a facility located in Pasadena, Texas which manufactures specialty waxes and provides custom processing services. These specialty waxes are used in the production of coatings, hot melt adhesives and lubricants. GSPL owns and operates pipelines that connect the SHR facility to a natural gas line, to SHR’s truck and rail loading terminal and to a major petroleum pipeline owned by an unaffiliated third party. The Company previously owned a 55% ownership interest in an inactive mining corporation, Pioche Ely Valley Mines, Inc. (“PEVM”), which was previously presented as a non-controlling interest on the Company's financial statements. In November 2019, PEVM entered into a sales contract to sell all of its assets, which include 48 patented and 5 unpatented claims totaling approximately 1,500 acres. The sale was completed on November 1, 2021 and resulted in liquidation of substantially all of PEVM's remaining assets. Proceeds from the sale were used to repay outstanding indebtedness of PEVM owed to the Company. PEVM was legally dissolved on February 16, 2022. For convenience in this report, the terms “Company”, “our”, “us”, “we” or “TREC” may be used to refer to Trecora Resources and its subsidiaries. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with the financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 10, 2022, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed on April 29, 2022 (collectively, the “Annual Report on Form 10-K, as amended”). The unaudited condensed consolidated financial statements included in this document have been prepared on the same basis as the annual financial statements and in management's opinion reflect all adjustments, including normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the interim periods presented. We have made estimates and judgments affecting the amounts reported in this document. The actual results that we experience may differ materially from our estimates. In the opinion of management, the disclosures included in these financial statements are adequate to make the information presented not misleading. Operating results for the three months ended March 31, 2022 are not necessarily indicative of results for the year ending December 31, 2022. We currently operate in two segments, Specialty Petrochemicals and Specialty Waxes. All revenue originates from sources in the United States and all long-lived assets owned are located in the United States. Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.
|
RECENT ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020–04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contracts, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU 2020-04 apply only to those transactions that reference the London Interbank Offer Rate or another reference rate expected to be discontinued due to reference rate reform. This guidance is effective from March 12, 2020 through December 31, 2022 and adoption is optional. We are currently evaluating the impact of ASU 2020-04 on our consolidated financial statements.
|
TRADE RECEIVABLES |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE RECEIVABLES | TRADE RECEIVABLES
Trade receivables serve as collateral for our amended and restated credit agreement. See Note 10.
|
INVENTORIES |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES
Inventory serves as collateral for our amended and restated credit agreement. See Note 10. Inventory included Specialty Petrochemicals products in transit valued at approximately $6.4 million and $4.9 million at March 31, 2022 and December 31, 2021, respectively.
|
PREPAID EXPENSES AND OTHER ASSETS |
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Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREPAID EXPENSES AND OTHER ASSETS | PREPAID EXPENSES AND OTHER ASSETS
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PROPERTY, PLANT AND EQUIPMENT |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment serve as collateral for our amended and restated credit agreement. See Note 10. In the first quarter of 2022, the Company donated approximately $0.5 million of land and other property, plant and equipment to a local municipal organization, which is included in other non-cash items on the condensed consolidated statement of cash flows. Labor capitalized for construction was approximately $0.1 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively. Construction in progress during the first three months of 2022 included pipeline upgrades and costs related to a scheduled plant turnaround late in the first quarter at our Specialty Petrochemicals facility. Construction in progress during the first three months of 2021 included costs for rebuild and restoration of a distillation tower.
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company leases certain rail cars, rail equipment, office space and office equipment. The Company determines if a contract is a lease at the inception of the arrangement. The Company reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has no finance leases.
(a) Short-term lease costs were approximately $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. The Company had no variable lease expense, as defined by ASC 842, during the periods.
Most of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company’s estimated incremental borrowing rate is based on information available at the inception of the lease.
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INTANGIBLE ASSETS, NET |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS, NET | INTANGIBLE ASSETS, NETIntangible assets were recorded in relation to the acquisition of TC on October 1, 2014.
Amortization expense for intangible assets included in cost of sales was approximately $0.5 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively. Based on identified intangible assets that are subject to amortization as of March 31, 2022, we expect future amortization expenses for each period to be as follows:
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ACCRUED LIABILITIES |
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Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED LIABILITIES | ACCRUED LIABILITIES
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LIABILITIES AND LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND LONG-TERM DEBT | LIABILITIES AND LONG-TERM DEBT Senior Secured Credit Facilities As of March 31, 2022, the Company had no outstanding borrowings under the senior secured revolving credit facility (the “Revolving Facility”) and approximately $40.9 million in borrowings outstanding under the senior secured term loan facility (the “Term Loan Facility”) (and, together with the Revolving Facility, the “Credit Facilities”), in each case, under the Company's amended and restated credit agreement (as amended, the “ARC Agreement”). In addition, the Company had approximately $75 million of availability under our Revolving Facility at March 31, 2022. TOCCO’s ability to make additional borrowings under the Revolving Facility at March 31, 2022 was limited by, and in the future may be limited by, the Company's obligation to maintain compliance with the covenants contained in the ARC Agreement (including maintenance of a maximum Consolidated Leverage Ratio and minimum Consolidated Fixed Charge Coverage Ratio (each as defined in the ARC Agreement)). For each fiscal quarter after December 31, 2019, TOCCO must maintain a maximum Consolidated Leverage Ratio of 3.50 to 1.00 (subject to temporary increase following certain acquisitions). TOCCO's Consolidated Leverage Ratio was 1.20 and 1.24 as of March 31, 2022 and December 31, 2021, respectively. Additionally, TOCCO must maintain a minimum Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter of 1.15 to 1.00. TOCCO's Consolidated Fixed Charge Coverage Ratio was 3.43 and 3.65 as of March 31, 2022 and December 31, 2021, respectively. The maturity date for the ARC Agreement is July 31, 2023. As of March 31, 2022, the year to date effective interest rate for the Credit Facilities was 1.89%. The ARC Agreement contains a number of customary affirmative and negative covenants and the Company was in compliance with those covenants as of March 31, 2022. For a summary of additional terms of the Credit Facilities, see NOTE 13, “LONG-TERM DEBT AND LONG-TERM OBLIGATIONS” to the consolidated financial statements set forth in the Annual Report on Form 10-K, as amended. Debt Issuance Costs Debt issuance costs of approximately $0.9 million were incurred in connection with the fourth amendment to the ARC Agreement in July 2018. Unamortized debt issuance costs of approximately $0.2 million and $0.3 million as of March 31, 2022 and December 31, 2021, respectively, have been netted against outstanding loan balances.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation The Company is periodically named in legal actions arising from normal business activities. We evaluate the merits of these actions and, if we determine that an unfavorable outcome is probable and can be reasonably estimated, we will establish the necessary reserves. We are not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations. We may become involved in material legal proceedings in the future. Supplier Agreements In accordance with our supplier agreements, on a recurring monthly basis, the Company commits to purchasing a determined volume of feedstock in anticipation of upcoming requirements. Feedstock purchases are invoiced and recorded when they are delivered. As of March 31, 2022 and December 31, 2021, the value of the remaining undelivered feedstock approximated $28.3 million and $19.7 million, respectively. From time to time, we may incur shortfall fees due to feedstock purchases being below the minimum amounts prescribed by our agreements with our suppliers. Shortfall fee expenses were approximately $0.2 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively. Environmental Remediation Amounts charged to expense for various activities related to environmental monitoring, compliance, and improvements were approximately $0.1 million and $0.3 million for the three months ended March 31, 2022 and 2021, respectively.
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STOCKHOLDERS' EQUITY |
3 Months Ended |
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Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITYIn March 2021, the Company’s Board of Directors authorized the repurchase of up to $20 million in common stock by March 2023 (the “Share Repurchase Program”). The share repurchases will be executed from time to time on the open market, through privately negotiated transactions or through broker-negotiated purchases, in compliance with applicable securities law. The timing and amount of any shares of the Company’s stock that are repurchased under the Share Repurchase Program will be determined by the Company’s management based on its evaluation of market conditions and other factors, including the Company’s stock price, although the Share Repurchase Program may be suspended or discontinued at any time. The Company repurchased no shares during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the value of shares that may yet be purchased under the Share Repurchase Program is approximately $8.8 million. |
STOCK-BASED COMPENSATION |
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STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Stock Option Plan for Key Employees, as well as, the Non-Employee Director Stock Option Plan (hereinafter collectively referred to as the “Stock Option Plans”), were approved by the Company’s stockholders in July 2008. The Stock Option Plans allot for the issuance of up to 1,000,000 shares. The Trecora Resources Stock and Incentive Plan (the “Plan”) was approved by the Company’s stockholders in June 2012. As amended, the Plan allots for the issuance of up to 2.5 million shares in the form of stock options or restricted stock unit awards. The Company recognized stock-based compensation expense of approximately $0.5 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively. Stock Option Awards Awards granted under the provisions of the Stock Option Plans permit the purchase of our common stock at exercise prices equal to the closing price of Company common stock on the date the options were granted. The options have terms of 10 years and generally vest ratably over terms of 4 to 5 years. There were no awards issued during the three months ended March 31, 2022 or 2021, respectively. A summary of the status of the Company’s awards is as follows:
The aggregate intrinsic value of options was calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock. At March 31, 2022, options to purchase approximately 0.1 million shares of common stock were in-the-money. Since no awards were granted, the weighted average grant-date fair value per share of awards granted during the three months ended March 31, 2022 and 2021, respectively, was zero. The Company has no non-vested outstanding awards as of March 31, 2022. Restricted Stock Unit Awards Generally, restricted stock unit awards are granted annually to officers and directors of the Company under the provisions of the Plan. Restricted stock units are also granted ad hoc to attract or retain key personnel, and the terms and conditions under which these restricted stock units vest vary by award. The fair market value of restricted stock units granted is equal to the Company’s closing stock price on the date of grant. Restricted stock units granted to directors have a year vesting period, while restricted stock units granted to officers generally vest ratably over 3 years. Certain awards also include vesting provisions based on performance metrics measured over a 3 year period. Upon vesting, the restricted stock units are settled by issuing one share of the Company's common stock per unit.
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INCOME TAXES |
3 Months Ended |
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Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We file an income tax return in the U.S. federal jurisdiction and a margin tax return in Texas. Previously, the Texas Comptroller selected the R&D credit calculations related to the 2014 and 2015 calendar years for audit. The state of Texas suspended examination of the 2014 and 2015 calendar years in order to perform a comprehensive review of audit procedures to provide consistency. During the fourth quarter of 2019, we received notice that Texas had completed review of its procedures and initiated additional requests for information which has been submitted for their review. We do not expect any material changes related to the Texas audits. Our federal and Texas tax returns remain open for examination for the years 2017 through 2020. As of March 31, 2022 and December 31, 2021, respectively, we recognized no adjustments for uncertain tax positions or related interest and penalties. The effective tax rate varies from the federal statutory rate of 21%, primarily as a result of stock based compensation, state tax expense and other permanent items for the three months ended March 31, 2022 and 2021.
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SEGMENT INFORMATION |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION We operate through business segments according to the nature and economic characteristics of our products as well as the manner in which the information is used internally by our key decision maker, who is our Chief Executive Officer. Segment data may include rounding differences. Our Specialty Petrochemicals segment includes SHR and GSPL. Our Specialty Waxes segment is TC. We also separately identify our corporate overhead which includes administrative activities such as legal, accounting, consulting, investor relations, officer and director compensation, corporate insurance, and other administrative costs.
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NET INCOME (LOSS) PER COMMON SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) PER COMMON SHARE | NET INCOME (LOSS) PER COMMON SHAREThe following tables set forth the computation of basic and diluted net income (loss) per share for the three months ended March 31, 2022 and 2021, respectively.
At March 31, 2022 and 2021, approximately 0.6 million and 0.7 million shares of unvested restricted stock units, respectively, were not included in the computation of diluted earnings per share because such restricted stock units would be anti-dilutive. At March 31, 2022 and 2021, 0.5 million and 0.7 million shares of common stock, respectively, were issuable upon the exercise of outstanding stock options and were not included in the computation of diluted earnings per share because such options would be anti-dilutive.
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RECENT ACCOUNTING PRONOUNCEMENTS (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and, therefore, should be read in conjunction with the financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 10, 2022, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed on April 29, 2022 (collectively, the “Annual Report on Form 10-K, as amended”).
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Use of Estimates | The unaudited condensed consolidated financial statements included in this document have been prepared on the same basis as the annual financial statements and in management's opinion reflect all adjustments, including normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the interim periods presented. We have made estimates and judgments affecting the amounts reported in this document. The actual results that we experience may differ materially from our estimates. In the opinion of management, the disclosures included in these financial statements are adequate to make the information presented not misleading. |
Reclassifications | Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.
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Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020–04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contracts, hedging relationships, and other transactions impacted by reference rate reform. The provisions of ASU 2020-04 apply only to those transactions that reference the London Interbank Offer Rate or another reference rate expected to be discontinued due to reference rate reform. This guidance is effective from March 12, 2020 through December 31, 2022 and adoption is optional. We are currently evaluating the impact of ASU 2020-04 on our consolidated financial statements.
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TRADE RECEIVABLES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Receivables |
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INVENTORIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory |
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PREPAID EXPENSES AND OTHER ASSETS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid Expenses and Other Assets |
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Plant, Pipeline and Equipment |
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Cost |
(a) Short-term lease costs were approximately $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively.
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Schedule of Lease Assets and Liabilities |
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Operating Lease Maturities |
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INTANGIBLE ASSETS, NET (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Intangible Assets by Major Class |
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Estimated Amortization Expenses for Succeeding Five Fiscal Years | Based on identified intangible assets that are subject to amortization as of March 31, 2022, we expect future amortization expenses for each period to be as follows:
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ACCRUED LIABILITIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities |
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LIABILITIES AND LONG-TERM DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt |
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STOCK-BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Status of Stock Option Awards and Warrants | A summary of the status of the Company’s awards is as follows:
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Restricted Stock Units Activity |
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SEGMENT INFORMATION (Tables) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information | We also separately identify our corporate overhead which includes administrative activities such as legal, accounting, consulting, investor relations, officer and director compensation, corporate insurance, and other administrative costs.
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NET INCOME (LOSS) PER COMMON SHARE (Tables) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share | The following tables set forth the computation of basic and diluted net income (loss) per share for the three months ended March 31, 2022 and 2021, respectively.
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GENERAL (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
segment
|
Oct. 31, 2019
a
segment
patent
|
|
Noncontrolling Interest [Line Items] | ||
Number of unpatented claims sold | 5 | |
Area of real estate proper | a | 1,500 | |
Number of operating segments | 2 | |
Patents | ||
Noncontrolling Interest [Line Items] | ||
Number of patents | patent | 48 | |
PEVM | ||
Noncontrolling Interest [Line Items] | ||
Percentage of ownership | 55.00% |
TRADE RECEIVABLES (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Receivables [Abstract] | ||
Trade receivables | $ 33,872 | $ 33,111 |
Less allowance for doubtful accounts | (300) | (300) |
Total trade receivables, net | $ 33,572 | $ 32,811 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw material | $ 5,432 | $ 2,348 |
Work in process | 171 | 212 |
Finished products | 14,752 | 18,574 |
Total inventories | 20,355 | 21,134 |
Products in transit | $ 6,400 | $ 4,900 |
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid license | $ 250 | $ 500 |
Prepaid insurance premiums | 0 | 1,145 |
Spare parts | 2,561 | 2,114 |
Other prepaid expenses and assets | 585 | 554 |
Total prepaid expenses and other assets | $ 3,396 | $ 4,313 |
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 305,595 | $ 301,224 | |
Less accumulated depreciation | (119,566) | (115,703) | |
Total property, plant and equipment, net | 186,029 | 185,521 | |
Property, plant, and equipment, value of donated property | 500 | ||
Capitalized labor costs | 100 | $ 600 | |
Platinum catalyst metal | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 1,478 | 1,478 | |
Catalyst | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 4,325 | 4,325 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 5,400 | 5,428 | |
Plant, pipeline and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 286,491 | 282,780 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 7,901 | $ 7,213 |
LEASES - Components of Lease Expense (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Lessee, Lease, Description [Line Items] | ||
Total lease cost | $ 1,177,000 | $ 1,083,000 |
Short-term lease costs | 200,000 | 200,000 |
Variable lease costs | 0 | |
Cost of sales, exclusive of depreciation and amortization | ||
Lessee, Lease, Description [Line Items] | ||
Total operating lease cost | 1,164,000 | 1,049,000 |
Selling, general and administrative | ||
Lessee, Lease, Description [Line Items] | ||
Total operating lease cost | $ 13,000 | $ 34,000 |
LEASES - Balance Sheet Classifications (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Operating lease assets | $ 7,305 | $ 8,170 |
Current portion of operating lease liabilities | 3,085 | 3,227 |
Operating lease liabilities | 4,202 | 4,923 |
Total lease liabilities | $ 7,287 | $ 8,150 |
LEASES - Cash Flow Classifications (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Leases [Abstract] | ||
Operating cash flows used for operating leases | $ 948 | $ 903 |
Right-of-use assets obtained in exchange for lease obligations: | $ 0 | $ 19 |
LEASES - Terms and Discount Rates (Details) |
Mar. 31, 2022 |
Mar. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term, operating leases | 2 years 10 months 24 days | 3 years 6 months |
Weighted-average discount rate, operating leases | 4.50% | 4.50% |
LEASES - Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Leases | ||
2022 | $ 2,563 | |
2023 | 2,619 | |
2024 | 1,298 | |
2025 | 1,123 | |
2026 | 149 | |
Total lease payments | 7,752 | |
Less: Interest | 465 | |
Total lease obligations | $ 7,287 | $ 8,150 |
INTANGIBLE ASSETS, NET - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Gross | $ 24,548 | $ 24,548 | |
Accumulated Amortization | (13,947) | (13,492) | |
Total | 10,601 | 11,056 | |
Amortization of intangible assets | 456 | $ 461 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 16,852 | 16,852 | |
Accumulated Amortization | (8,426) | (8,145) | |
Total | 8,426 | 8,707 | |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 94 | 94 | |
Accumulated Amortization | (94) | (94) | |
Total | 0 | 0 | |
Licenses and permits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 1,471 | 1,471 | |
Accumulated Amortization | (829) | (808) | |
Total | 642 | 663 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 6,131 | 6,131 | |
Accumulated Amortization | (4,598) | (4,445) | |
Total | $ 1,533 | $ 1,686 |
INTANGIBLE ASSETS, NET - Expected Future Amortization Expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 10,601 | $ 11,056 |
Remainder of 2022 | 1,367 | |
2023 | 1,822 | |
2024 | 1,669 | |
2025 | 1,209 | |
2026 | 1,209 | |
2027 | 1,209 | |
Thereafter | 2,116 | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 8,426 | 8,707 |
Remainder of 2022 | 843 | |
2023 | 1,123 | |
2024 | 1,123 | |
2025 | 1,123 | |
2026 | 1,123 | |
2027 | 1,123 | |
Thereafter | 1,968 | |
Licenses and permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 642 | 663 |
Remainder of 2022 | 64 | |
2023 | 86 | |
2024 | 86 | |
2025 | 86 | |
2026 | 86 | |
2027 | 86 | |
Thereafter | 148 | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | 1,533 | $ 1,686 |
Remainder of 2022 | 460 | |
2023 | 613 | |
2024 | 460 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | $ 0 |
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Property taxes | $ 760 | $ 0 |
Payroll | 1,179 | 1,406 |
Royalties | 454 | 294 |
Incentive compensation | 3,168 | 3,508 |
Legal | 165 | 0 |
Professional expenses | 0 | 287 |
Other | 1,109 | 186 |
Total accrued liabilities | 7,123 | 5,873 |
State taxes | ||
Derivative [Line Items] | ||
Taxes payable | $ 288 | $ 192 |
LIABILITIES AND LONG-TERM DEBT - Additional Information (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Line of Credit Facility [Line Items] | ||
Debt issuance costs | $ 242,000 | $ 287,000 |
ARC Agreement | ||
Line of Credit Facility [Line Items] | ||
Debt issuance costs | $ 900,000 | |
ARC Agreement | TOCCO | ||
Line of Credit Facility [Line Items] | ||
Consolidated leverage ratio, minimum required | 3.50 | |
Consolidated leverage ratio | 1.20 | 1.24 |
Consolidated fixed charge coverage ratio, minimum required | 1.15 | |
Consolidated fixed charge coverage ratio | 3.43 | 3.65 |
Revolving Facility | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 0 | $ 0 |
Revolving Facility | ARC Agreement | ||
Line of Credit Facility [Line Items] | ||
Available remaining borrowing capacity | $ 75,000,000 | |
Effective interest rate (percentage) | 1.89% | |
Term Loan | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 40,900,000 |
LIABILITIES AND LONG-TERM DEBT - Schedule of Carrying Amounts of and Issuance Costs of Debt (Details) - USD ($) |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Line of Credit Facility [Line Items] | ||
Loan fees | $ (242,000) | $ (287,000) |
Total long-term debt | 40,852,000 | 41,901,000 |
Less current portion including loan fees | 4,194,000 | 4,194,000 |
Total long-term debt, less current portion including loan fees | 36,658,000 | 37,707,000 |
Term Loan Facility | ||
Line of Credit Facility [Line Items] | ||
Total debt, gross | 41,094,000 | 42,188,000 |
Revolving Facility | ||
Line of Credit Facility [Line Items] | ||
Total debt, gross | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Undelivered feedstock | $ 28.3 | $ 19.7 | |
Shortfall fee expenses | 0.2 | $ 0.4 | |
Expenses for environmental monitoring, compliance, and improvements | $ 0.1 | $ 0.3 |
STOCKHOLDERS' EQUITY (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Equity [Abstract] | ||
Authorized amount | $ 20,000,000 | |
Stock repurchased during period, shares (in shares) | 0 | 0 |
Stock Repurchases | $ 8,800,000 |
STOCK-BASED COMPENSATION - Restricted Stock Unit Activity (Details) - Restricted Stock Unit Awards |
3 Months Ended |
---|---|
Mar. 31, 2022
$ / shares
shares
| |
Shares of Restricted Stock Units | |
Outstanding at beginning of period (in shares) | 586,444 |
Granted (in shares) | 194,266 |
Forfeited (in shares) | (37,058) |
Vested (in shares) | (126,823) |
Outstanding at end of period (in shares) | 616,829 |
Expected to vest (in shares) | 616,829 |
Weighted Average Grant Date Price per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 7.32 |
Granted (in dollars per share) | $ / shares | 8.78 |
Forfeited (in dollars per share) | $ / shares | 9.23 |
Vested (in dollars per share) | $ / shares | 8.79 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 7.57 |
NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Basic: | ||
Net loss | $ (376) | $ (4,404) |
Basic weighted average number of common shares outstanding (in shares) | 23,600 | 24,861 |
Net loss (in dollars per share) | $ (0.02) | $ (0.18) |
Diluted: | ||
Net loss | $ (376) | $ (4,404) |
Diluted weighted average number of common shares outstanding (in shares) | 23,600 | 24,861 |
Net loss (in dollars per share) | $ (0.02) | $ (0.18) |
Restricted Stock Unit Awards | ||
Diluted: | ||
Potential common stock shares issuable upon exercise of options (in shares) | 600 | 700 |
Stock Options | ||
Diluted: | ||
Potential common stock shares issuable upon exercise of options (in shares) | 500 | 700 |
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