Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 08, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | FUTUREFUEL CORP. | |
Entity Central Index Key | 0001337298 | |
Trading Symbol | ff | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 43,743,243 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 248,102 | $ 243,331 |
Accounts receivable, inclusive of the blenders' tax credit of $108,599 and $97,295 at March 31, 2020 and December 31, 2019, respectively, and net of allowances for bad debt of $33 and $0 at March 31, 2020 and December 31, 2019, respectively | 128,055 | 110,264 |
Accounts receivable – related parties | 427 | 4,602 |
Inventory | 41,451 | 37,573 |
Income tax receivable | 21,649 | 8,062 |
Prepaid expenses | 1,761 | 1,932 |
Prepaid expenses – related parties | 12 | 12 |
Marketable securities | 59,644 | 73,620 |
Other current assets | 1,610 | 1,493 |
Total current assets | 502,711 | 480,889 |
Property, plant and equipment, net | 96,946 | 98,597 |
Intangible assets | 1,408 | 1,408 |
Other noncurrent assets | 5,813 | 5,611 |
Total noncurrent assets | 104,167 | 105,616 |
Total Assets | 606,878 | 586,505 |
Liabilities and Stockholders’ Equity | ||
Accounts payable, inclusive of the blenders' tax credit rebates due customers of $41,440 and $39,423 | 63,456 | 61,299 |
Accounts payable – related parties | 440 | 1,255 |
Deferred revenue – short-term | 4,093 | 5,237 |
Dividends payable | 139,104 | 10,498 |
Accrued expenses and other current liabilities | 6,602 | 4,410 |
Accrued expenses and other current liabilities – related parties | 64 | |
Total current liabilities | 213,695 | 82,763 |
Deferred revenue – long-term | 23,360 | 21,291 |
Noncurrent deferred income tax liability | 12,859 | 12,965 |
Other noncurrent liabilities | 2,329 | 2,388 |
Total noncurrent liabilities | 38,548 | 36,644 |
Total liabilities | 252,243 | 119,407 |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,743,243, issued and outstanding at March 31, 2020 and December 31, 2019 | 4 | 4 |
Accumulated other comprehensive (loss) income | (17) | 296 |
Additional paid in capital | 282,215 | 282,166 |
Retained earnings | 72,433 | 184,632 |
Total stockholders’ equity | 354,635 | 467,098 |
Total Liabilities and Stockholders’ Equity | $ 606,878 | $ 586,505 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Allowance for bad debt | $ 33,000 | $ 0 |
Accounts receivable, allowances for bad debt | 108,599,000 | 97,294,000 |
Accounts payable, Blenders' Tax Credit Rebates | $ 41,440,000 | $ 39,423,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 43,743,243 | 43,743,243 |
Common stock, shares outstanding (in shares) | 43,743,243 | 43,743,243 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 53,082 | $ 48,501 |
Gross profit | 16,399 | 3,262 |
Selling, general, and administrative expenses | ||
Compensation expense | 855 | 715 |
Other expense | 582 | 501 |
Related party expense | 148 | 129 |
Research and development expenses | 835 | 706 |
Total operating expenses | 2,420 | 2,051 |
Income from operations | 13,979 | 1,211 |
Interest and dividend income | 1,967 | 2,362 |
Interest expense | (56) | (43) |
(Loss) gain on marketable securities | (10,059) | 2,927 |
Other (expense) income | (8,148) | 5,246 |
Income before taxes | 5,831 | 6,457 |
Income tax (benefit) provision | 13,212 | (958) |
Net income | $ 19,043 | $ 5,499 |
Earnings per common share | ||
Earnings per common share, basic (in dollars per share) | $ 0.44 | $ 0.13 |
Earnings per common share, diluted (in dollars per share) | $ 0.44 | $ 0.13 |
Weighted average shares outstanding | ||
Weighted average shares outstanding, basic (in shares) | 43,743,243 | 43,743,243 |
Weighted average shares outstanding, diluted (in shares) | 43,743,243 | 43,748,974 |
Comprehensive income | ||
Net income | $ 19,043 | $ 5,499 |
Other comprehensive (loss) income from unrealized net (loss) gain on available-for-sale debt securities | (397) | 256 |
Income tax effect | 84 | (54) |
Total other comprehensive (loss) income, net of tax | (313) | 202 |
Comprehensive income | 18,730 | 5,701 |
Non-related Parties [Member] | ||
Revenue | 52,372 | 47,422 |
Cost of goods sold | 32,781 | 40,065 |
Non-related Parties [Member] | Shipping and Handling [Member] | ||
Cost of goods sold | 1,640 | 1,325 |
Related Parties [Member] | ||
Revenue | 710 | 1,079 |
Cost of goods sold | 2,215 | 3,796 |
Related Parties [Member] | Shipping and Handling [Member] | ||
Cost of goods sold | $ 47 | $ 53 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 43,743,243 | ||||||||||||||
Balance at Dec. 31, 2018 | $ 4 | $ (20) | $ 282,145 | $ 106,949 | $ 389,078 | ||||||||||
Other comprehensive loss | 202 | 202 | |||||||||||||
Net income | 5,499 | 5,499 | |||||||||||||
Balance (in shares) at Mar. 31, 2019 | 43,743,243 | ||||||||||||||
Balance at Mar. 31, 2019 | $ 4 | 182 | 282,145 | 112,448 | 394,779 | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 43,743,243 | 43,743,243 | |||||||||||||
Balance at Dec. 31, 2019 | $ (12) | $ (12) | $ 4 | $ 296 | $ 282,166 | $ 184,620 | $ 467,086 | $ 4 | 296 | 282,166 | 184,632 | 467,098 | |||
Cash dividends declared, $3.00 per share | (131,230) | (131,230) | |||||||||||||
Stock based compensation | 49 | 49 | |||||||||||||
Other comprehensive loss | (313) | (313) | |||||||||||||
Net income | 19,043 | 19,043 | |||||||||||||
Balance (in shares) at Mar. 31, 2020 | 43,743,243 | ||||||||||||||
Balance at Mar. 31, 2020 | $ 4 | $ (17) | $ 282,215 | $ 72,433 | $ 354,635 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Retained Earnings [Member] | |
Dividends declared, per share (in dollars per share) | $ 3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net income | $ 19,043,000 | $ 5,499,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation | 3,004,000 | 2,725,000 |
Amortization of deferred financing costs | 36,000 | 36,000 |
Benefit for deferred income taxes | (22,000) | (415,000) |
Change in fair value of equity securities | 9,570,000 | (3,008,000) |
Change in fair value of derivative instruments | (1,874,000) | (286,000) |
Loss on the sale of investments | 489,000 | 80,000 |
Stock based compensation | 49,000 | |
Loss on disposal of property and equipment | 2,000 | 3,000 |
Noncash interest expense | 19,000 | 7,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (17,803,000) | (1,320,000) |
Accounts receivable – related parties | 4,175,000 | 1,720,000 |
Inventory | (3,878,000) | (13,926,000) |
Income tax receivable | (13,587,000) | 1,340,000 |
Prepaid expenses | 171,000 | 384,000 |
Other assets | 120,000 | 36,000 |
Accounts payable | 2,360,000 | 3,634,000 |
Accounts payable - related parties | (815,000) | (619,000) |
Accrued expenses and other current liabilities | 2,192,000 | 807,000 |
Accrued expenses and other current liabilities – related parties | (64,000) | |
Deferred revenue | 925,000 | 31,000 |
Other noncurrent liabilities | (78,000) | (17,000) |
Net cash provided by (used in) operating activities | 4,034,000 | (3,289,000) |
Cash flows from investing activities | ||
Collateralization of derivative instruments | 1,876,000 | 590,000 |
Purchase of marketable securities | (964,000) | (9,096,000) |
Proceeds from the sale of marketable securities | 4,484,000 | 7,709,000 |
Proceeds from the sale of property and equipment | 50,000 | 5,000 |
Capital expenditures | (1,608,000) | (2,246,000) |
Net cash provided by (used in) investing activities | 3,838,000 | (3,038,000) |
Cash flows from financing activities | ||
Deferred financing costs | (477,000) | |
Payment of dividends | (2,624,000) | (2,624,000) |
Net cash used in financing activities | (3,101,000) | (2,624,000) |
Net change in cash and cash equivalents | 4,771,000 | (8,951,000) |
Cash and cash equivalents at beginning of period | 243,331,000 | 214,972,000 |
Cash and cash equivalents at end of period | 248,102,000 | 206,021,000 |
Cash paid for interest | 1,000 | |
Cash paid for income taxes | 453,000 | 3,000 |
Noncash investing and financing activities: | ||
Cash dividends declared, not paid | 131,230,000 | |
Noncash capital expenditures | 210,000 | |
Noncash operating leases | $ 432,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 ) NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization FutureFuel Corp. (“FutureFuel” or “the Company”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 six two The chemical segment manufactures a diversified portfolio of chemical products that are sold to third The biofuels segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the Company’s biodiesel and, from time to time, with no Basis of Presentation The unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s 2019 2019 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not |
Note 2 - Reinstatement of the B
Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 2 ) R EINSTATEMENT OF THE BIODIESEL BLENDERS’ TAX CREDIT AND SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a one 0.1% The Further Consolidated Appropriations Act of 2020 December 20, 2019, 2018 2019 December 31, 2022. 2019, 2019 2018 2019 2019 As the law from which the BTC mentioned above was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 2019 |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 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 Topic 606, 30 606. Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill-and-hold arrangements. The contract assets at March 31, 2020 December 31, 2019 one $2,307 $1,438 three March 31, 2020 2019, $1,327 $1,351 three March 31, 2020 2019, The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers. Contract Assets and Liability Balances March 31, 2020 December 31, 2019 Trade receivables, included in accounts receivable* $ 18,974 $ 11,902 Contract assets, included in accounts receivable $ 515 $ 1,067 Contract liabilities, included in deferred revenue - short-term $ 3,886 $ 5,030 Contract liabilities, included in deferred revenue - long-term $ 19,276 $ 17,151 * Exclusive of the BTC of $ 108,599 and $ 97,294 , respectively, and net of allowances for bad debt of $0 Transaction price allocated to the remaining performance obligations: At March 31, 2020, $23,162 one five 17% 12 83% one five 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 March 31, 2020 2019 Contract revenue from customers with > 1 year arrangements $ 15,603 $ 15,418 Contract revenue from customers with < 1 year arrangements 39,440 33,028 Revenue from non-contractual arrangements 56 55 BTC rebate (2,017 ) - Total revenue $ 53,082 $ 48,501 Timing of revenue : Three Months Ended March 31, 2020 2019 Bill-and-hold revenue $ 10,153 $ 11,756 Non-bill-and-hold revenue 42,929 36,745 Total revenue $ 53,082 $ 48,501 |
Note 4 - Inventory
Note 4 - Inventory | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 INVENTORY The carrying values of inventory were as follows as of: March 31, 2020 December 31, 2019 At average cost (approximates current cost) Finished goods $ 22,807 $ 22,564 Work in process 2,568 2,768 Raw materials and supplies 22,637 20,121 48,012 45,453 LIFO reserve (6,561 ) (7,880 ) Total inventory $ 41,451 $ 37,573 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
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 2020 2019. 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 $6,857 three March 31, 2020 $1,476 three March 31, 2019. The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: Asset (Liability) March 31, 2020 December 31, 2019 Contract Quantity Short Fair Value Contract Quantity Short Fair Value Regulated fixed price future commitments 128 $ 1,607 140 $ (267 ) The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of ( $785 $1,091 March 31, 2020 December 31, 2019, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 6 ) MARKETABLE SECURITIES At March 31, 2020 December 31, 2019, three March 31, 2020 2019 $9,570 $3,008, Available for sale s ecurities : FutureFuel has designated the debt securities as being available-for-sale. The following comprises the available-for-sale debt securities balances included within marketable securities in the consolidated balance sheets at the respective dates: March 31, 2020 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred stock $ 3,676 $ - $ (51 ) $ 3,625 Exchange-traded debt 1,428 30 - 1,458 Total debt securities $ 5,104 $ 30 $ (51 ) $ 5,083 December 31, 2019 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred stock $ 3,676 $ 250 $ - $ 3,926 Exchange-traded debt 1,428 128 (3 ) 1,553 Total debt securities $ 5,104 $ 378 $ (3 ) $ 5,479 The aggregate fair value of debt securities with unrealized losses totaled $3,625 March 31, 2020 $151 December 31, 2019. January 1, 2020 2016 13 2016 13 no no March 31, 2020, two October 30, 2040 December 15, 2066. not March 31, 2020. no There were no three March 31, 2020 2019. The adjusted cost basis and fair value of debt securities at March 31, 2020, March 3 1 , 20 20 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 5,104 5,083 Total $ 5,104 $ 5,083 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 December 31, 2019. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description March 31, 2020 Level 1 Level 2 Level 3 Derivative instruments $ 1,607 $ 1,607 $ - $ - Preferred stock and other equity instruments $ 54,561 $ 54,561 $ - $ - Trust preferred stock and exchange-traded debt instruments $ 5,083 $ 5,083 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2019 Level 1 Level 2 Level 3 Derivative instruments $ (267 ) $ (267 ) $ - $ - Preferred stock and other equity instruments $ 68,141 $ 68,141 $ - $ - Trust preferred stock and exchange-traded debt instruments $ 5,479 $ 5,479 $ - $ - |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8 ) INTANGIBLE ASSET S In April 2015, $1,408. no $1,408 March 31, 2020 December 31, 2019 350, Intangibles-Goodwill and Other |
Note 9 - Accrued Expenses and O
Note 9 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 9 ) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at: March 31, 2020 December 31, 2019 Accrued employee liabilities $ 3,404 $ 2,534 Accrued property, franchise, motor fuel and other taxes 2,477 1,226 Lease liability, current 484 537 Other 237 113 Total $ 6,602 $ 4,410 |
Note 10 - Borrowings
Note 10 - Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 0 ) BORROWINGS On March 30, 2020, April 16, 2015 ( five $100,000, $30,000 $15,000 March 30, 2025. $65,000, 0.25%, 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 March 31, 2020 December 31, 2019. |
Note 11 - Income Tax Provision
Note 11 - Income Tax Provision | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 1 ) INCOME TAX PROVISION The following table summarizes the income tax provision. Three Months Ended March 31, 2020 2019 Income tax (benefit) provision $ (13,212 ) $ 958 Effective tax rate (226.6 %) 14.8 % The effective tax rate for the three March 31, 2020 2020, 2018 2019 December 20, 2019 December 31, 2022. March 27, 2020, 748 December 31, 2017 January 1, 2021 5 three March 31, 2020 2019 The effective tax rate for the three March 31, 2019 not first 2019. 2018 There were no March 31, 2020 December 31, 2019. FutureFuel recorded interest and penalties, net, as a component of income tax provision and had accrued balances of ( $3 $557 March 31, 2020 December 31, 2019, |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 2 ) EARNINGS PER SHARE In the three March 31, 2020 2019, Basic and diluted earnings per common share were computed as follows: Three Months Ended March 31, 2020 2019 Numerator: Net income $ 19,043 $ 5,499 Denominator: Weighted average shares outstanding – basic 43,743,243 43,743,243 Effect of dilutive securities: Stock options and other awards 0 5,731 Weighted average shares outstanding – diluted 43,743,243 43,748,974 Basic earnings per share $ 0.44 $ 0.13 Diluted earnings per share $ 0.44 $ 0.13 No none three March 31, 2020 2019. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 1 3 ) 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. |
Note 14 - Segment Information
Note 14 - Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 4 ) SEGMENT INFORMATION FutureFuel has two Chemicals FutureFuel’s chemical segment manufactures diversified chemical products that are sold externally to third two Biofuels FutureFuel’s biofuels segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuels revenues also include the sale of biodiesel blends with petrodiesel; petrodiesel with no not not may Summary of business by segment Three Months Ended March 31, 2020 2019 Revenue Custom chemicals $ 23,760 $ 23,700 Performance chemicals 3,933 3,652 Chemicals revenue 27,693 27,352 Biofuels revenue 25,389 21,149 Total Revenue $ 53,082 $ 48,501 Segment gross profit (loss) Chemicals $ 8,014 $ 7,309 Biofuels 8,385 (4,047 ) Total gross profit $ 16,399 $ 3,262 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 - Special Cash Dividend
Note 15 - Special Cash Dividend | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15 SPECIAL CASH DIVIDEND On March 23, 2020, $3.00 $131,230 April 17, 2020 |
Note 16 - Recently Issued Accou
Note 16 - Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 16 ) RECENTLY ISSUED ACCOUNTING STA NDARDS Recently Adopted Accounting Standards In the first 2020, 2016 13, 326 326” $12 $12 Recently Issued Accounting Standards Not In December 2019, 2019 12, 740 740, December 15, 2020. Other ASU 2020 04, Reference Rate Reform 848 Facilitation of the Effects of Reference Rate Reform on Financial Reporting March 12, 2020, 10. . |
Note 17 - Legal Matters
Note 17 - Legal Matters | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 17 ) LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18 ) SUBSEQUENT EVENTS On January 30, 2020, 2019 19” March 11, 2020, 19 19 19 no 19 On March 27, 2020, $ 8,180 April 10, 2020. May 5, 2020. In the absence of any government support to mitigate the adverse impact of COVID- 19 |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Assets and Liability Balances March 31, 2020 December 31, 2019 Trade receivables, included in accounts receivable* $ 18,974 $ 11,902 Contract assets, included in accounts receivable $ 515 $ 1,067 Contract liabilities, included in deferred revenue - short-term $ 3,886 $ 5,030 Contract liabilities, included in deferred revenue - long-term $ 19,276 $ 17,151 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 2019 Contract revenue from customers with > 1 year arrangements $ 15,603 $ 15,418 Contract revenue from customers with < 1 year arrangements 39,440 33,028 Revenue from non-contractual arrangements 56 55 BTC rebate (2,017 ) - Total revenue $ 53,082 $ 48,501 Three Months Ended March 31, 2020 2019 Bill-and-hold revenue $ 10,153 $ 11,756 Non-bill-and-hold revenue 42,929 36,745 Total revenue $ 53,082 $ 48,501 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2020 December 31, 2019 At average cost (approximates current cost) Finished goods $ 22,807 $ 22,564 Work in process 2,568 2,768 Raw materials and supplies 22,637 20,121 48,012 45,453 LIFO reserve (6,561 ) (7,880 ) Total inventory $ 41,451 $ 37,573 |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset (Liability) March 31, 2020 December 31, 2019 Contract Quantity Short Fair Value Contract Quantity Short Fair Value Regulated fixed price future commitments 128 $ 1,607 140 $ (267 ) |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2020 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred stock $ 3,676 $ - $ (51 ) $ 3,625 Exchange-traded debt 1,428 30 - 1,458 Total debt securities $ 5,104 $ 30 $ (51 ) $ 5,083 December 31, 2019 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred stock $ 3,676 $ 250 $ - $ 3,926 Exchange-traded debt 1,428 128 (3 ) 1,553 Total debt securities $ 5,104 $ 378 $ (3 ) $ 5,479 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 3 1 , 20 20 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 5,104 5,083 Total $ 5,104 $ 5,083 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description March 31, 2020 Level 1 Level 2 Level 3 Derivative instruments $ 1,607 $ 1,607 $ - $ - Preferred stock and other equity instruments $ 54,561 $ 54,561 $ - $ - Trust preferred stock and exchange-traded debt instruments $ 5,083 $ 5,083 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2019 Level 1 Level 2 Level 3 Derivative instruments $ (267 ) $ (267 ) $ - $ - Preferred stock and other equity instruments $ 68,141 $ 68,141 $ - $ - Trust preferred stock and exchange-traded debt instruments $ 5,479 $ 5,479 $ - $ - |
Note 9 - Accrued Expenses and_2
Note 9 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 Accrued employee liabilities $ 3,404 $ 2,534 Accrued property, franchise, motor fuel and other taxes 2,477 1,226 Lease liability, current 484 537 Other 237 113 Total $ 6,602 $ 4,410 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 11 - Income Tax Provision
Note 11 - Income Tax Provision (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2020 2019 Income tax (benefit) provision $ (13,212 ) $ 958 Effective tax rate (226.6 %) 14.8 % |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Numerator: Net income $ 19,043 $ 5,499 Denominator: Weighted average shares outstanding – basic 43,743,243 43,743,243 Effect of dilutive securities: Stock options and other awards 0 5,731 Weighted average shares outstanding – diluted 43,743,243 43,748,974 Basic earnings per share $ 0.44 $ 0.13 Diluted earnings per share $ 0.44 $ 0.13 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 2019 Revenue Custom chemicals $ 23,760 $ 23,700 Performance chemicals 3,933 3,652 Chemicals revenue 27,693 27,352 Biofuels revenue 25,389 21,149 Total Revenue $ 53,082 $ 48,501 Segment gross profit (loss) Chemicals $ 8,014 $ 7,309 Biofuels 8,385 (4,047 ) Total gross profit $ 16,399 $ 3,262 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2020a | |
Area of Land (Acre) | 2,200 |
Number of Operating Segments | 2 |
Note 3 - Revenue Recognition 1
Note 3 - Revenue Recognition 1 (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Increase (Decrease) in Contract with Customer, Liability | $ 925,000 | $ 31,000 | |
Contract with Customer, Liability, Revenue Recognized | 1,327,000 | 1,351,000 | |
Accounts Receivable, Blenders' Tax Credit | 108,599,000 | $ 97,294,000 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | ||
Chemicals [Member] | |||
Increase (Decrease) in Contract with Customer, Liability | $ 2,307,000 | $ 1,438,000 |
Note 3 - Revenue Recognition 2
Note 3 - Revenue Recognition 2 (Details Textual) | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 23,162 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 17.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Percentage | 83.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Trade receivables, included in accounts receivable* | [1] | $ 18,974 | $ 11,902 |
Contract assets, included in accounts receivable | 515 | 1,067 | |
Contract liabilities, included in deferred revenue - short-term | 3,886 | 5,030 | |
Contract liabilities, included in deferred revenue - long-term | $ 19,276 | $ 17,151 | |
[1] | Exclusive of the BTC of $108,599 and $97,294, respectively, and net of allowances for bad debt of $0 as of the dates noted. |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 53,082 | $ 48,501 |
Revenue from non-contractual arrangements | 56 | 55 |
BTC rebate | (2,017) | |
Bill and Hold Revenue [Member] | ||
Revenue | 10,153 | 11,756 |
Non-bill and Hold Revenue [Member] | ||
Revenue | 42,929 | 36,745 |
Long-term Contract Revenue [Member] | ||
Revenue | 15,603 | 15,418 |
Short-term Contract Revenue [Member] | ||
Revenue | $ 39,440 | $ 33,028 |
Note 4 - Inventory - Carrying V
Note 4 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finished goods | $ 22,807 | $ 22,564 |
Work in process | 2,568 | 2,768 |
Raw materials and supplies | 22,637 | 20,121 |
Inventory, gross | 48,012 | 45,453 |
LIFO reserve | (6,561) | (7,880) |
Total inventory | $ 41,451 | $ 37,573 |
Note 5 - Derivative Instrumen_3
Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 6,857 | $ (1,476) | |
Restricted Cash and Cash Equivalents, Total | $ 785 | $ 1,091 |
Note 5 - Derivative Instrumen_4
Note 5 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Future [Member] $ in Thousands | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Contract quantity short | 128 | 140 |
Fair value Liabilities | $ 1,607 | $ 267 |
Fair value Liabilities | $ (1,607) | $ (267) |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (9,570) | $ 3,008 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | 3,625 | $ 151 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | 0 | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | $ 0 | $ 0 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Marketable Securities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Adjusted Cost | $ 5,104,000 | $ 5,104,000 |
Unrealized Gains | 30,000 | 378,000 |
Unrealized Losses | (51,000) | (3,000) |
Fair Value | 5,083,000 | 5,479,000 |
Trust Preferred Securities [Member] | ||
Adjusted Cost | 3,676,000 | 3,676,000 |
Unrealized Gains | 250,000 | |
Unrealized Losses | (51,000) | |
Fair Value | 3,625,000 | 3,926 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 1,428,000 | 1,428,000 |
Unrealized Gains | 30,000 | 128,000 |
Unrealized Losses | (3,000) | |
Fair Value | $ 1,458,000 | $ 1,553,000 |
Note 6 - Marketable Securitie_4
Note 6 - Marketable Securities - Adjusted Cost Basis and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Due in one year or less, adjusted cost | ||
Due in one year or less, fair value | ||
Due after one year through five years, adjusted cost | ||
Due after one year through five years, fair value | ||
Due after five years through ten years, adjusted cost | ||
Due after five years through ten years, fair value | ||
Due after ten years, adjusted cost | 5,104,000 | |
Due after ten years, fair value | 5,083,000 | |
Total, adjusted cost | 5,104,000 | $ 5,104,000 |
Total, fair value | $ 5,083,000 | $ 5,479,000 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Trust preferred stock and exchange-traded debt instruments | $ 5,083,000 | $ 5,479,000 |
Fair Value, Recurring [Member] | ||
Derivative instruments | 1,607,000 | (267,000) |
Preferred stock and other equity instruments | 54,561,000 | 68,141,000 |
Trust preferred stock and exchange-traded debt instruments | 5,083,000 | 5,479,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | 1,607,000 | (267,000) |
Preferred stock and other equity instruments | 54,561,000 | 68,141,000 |
Trust preferred stock and exchange-traded debt instruments | 5,083,000 | 5,479,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Preferred stock and other equity instruments | ||
Trust preferred stock and exchange-traded debt instruments | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Preferred stock and other equity instruments | ||
Trust preferred stock and exchange-traded debt instruments |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2015 | Mar. 31, 2020 | Dec. 31, 2019 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 1,408 | $ 1,408 |
Note 9 - Accrued Expenses and_3
Note 9 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accrued employee liabilities | $ 3,404 | $ 2,534 |
Accrued property, franchise, motor fuel and other taxes | 2,477 | 1,226 |
Other | 237 | 113 |
Total | 6,602 | 4,410 |
Other Current Liabilities [Member] | ||
Lease liability, current | $ 484 | $ 537 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - Regions Bank and PNC Bank N.A. [Member] - Revolving Credit Facility [Member] - USD ($) | Mar. 30, 2020 | May 25, 2016 | Mar. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility, Expiration Period (Year) | 5 years | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 | |||
Line of Credit Facility Sublimit for Letters of Credit | 30,000,000 | |||
Line of Credit Facility Swingline Loans | $ 15,000,000 | |||
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 10 - Borrowings - Leverage
Note 10 - Borrowings - Leverage Ratio (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Leverage Ratio1 [Member] | |
Commitment Fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.00% |
Leverage Ratio1 [Member] | Minimum [Member] | |
Leverage ratio | |
Leverage Ratio1 [Member] | Maximum [Member] | |
Leverage ratio | |
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] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Leverage ratio | 1.5 |
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] | Minimum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Leverage ratio | 2 |
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] | Minimum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Leverage ratio | 2.5 |
Leverage Ratio 5 [Member] | |
Commitment Fee | 0.25% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Leverage ratio | |
Leverage Ratio 5 [Member] | Maximum [Member] | |
Leverage ratio |
Note 11 - Income Tax Provisio_2
Note 11 - Income Tax Provision (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ (3) | $ (557) |
Note 11 - Income Tax Provisio_3
Note 11 - Income Tax Provision - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income tax (benefit) provision | $ (13,212) | $ 958 |
Effective tax rate | (226.60%) | 14.80% |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 19,043 | $ 5,499 |
Weighted average shares outstanding – basic (in shares) | 43,743,243 | 43,743,243 |
Stock options and other awards (in shares) | 0 | 5,731 |
Weighted average shares outstanding – diluted (in shares) | 43,743,243 | 43,748,974 |
Basic earnings per share (in dollars per share) | $ 0.44 | $ 0.13 |
Diluted earnings per share (in dollars per share) | $ 0.44 | $ 0.13 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 2 |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Note 14 - Segment Information -
Note 14 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 53,082 | $ 48,501 |
Gross profit | 16,399 | 3,262 |
Operating Segments [Member] | Chemicals [Member] | ||
Revenues | 27,693 | 27,352 |
Gross profit | 8,014 | 7,309 |
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||
Revenues | 23,760 | 23,700 |
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||
Revenues | 3,933 | 3,652 |
Operating Segments [Member] | Biofuels [Member] | ||
Revenues | 25,389 | 21,149 |
Gross profit | $ 8,385 | $ (4,047) |
Note 15 - Special Cash Divide_2
Note 15 - Special Cash Dividend (Details Textual) - USD ($) | Mar. 23, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 3 | ||
Dividends Payable | $ 131,230 | $ 131,230,000 | |
Dividends Payable, Date to be Paid | Apr. 17, 2020 |
Note 16 - Recently Issued Acc_2
Note 16 - Recently Issued Accounting Standards (Details Textual) - USD ($) | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 72,433,000 | $ 184,632,000 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | ||
Accounting Standards Update 2016-13 [Member] | |||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ (12,000) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (12,000) |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Thousands | Apr. 10, 2020USD ($) |
Proceeds From Paycheck Protection Program Under CARES Act | $ 8,180 |
Repayment of Paycheck Protection Program Under CARES Act | $ 8,180 |