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UNITED STATES |
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SECURITIES AND EXCHANGE COMMISSION |
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WASHINGTON, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Date of Report (Date of earliest event reported): August 31, 2011 |
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REX AMERICAN RESOURCES CORPORATION |
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Delaware |
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001-09097 |
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31-1095548 |
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(State or other jurisdiction |
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(Commission File No.) |
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(IRS Employer Identification No.) |
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of incorporation) |
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2875 Needmore Road, Dayton, Ohio |
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45414 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (937) 276-3931
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.02. |
Results of Operations and Financial Condition |
On August 31, 2011, REX American Resources Corporation issued a press release announcing financial results for the three month period ended July 31, 2011. The press release is furnished as Exhibit 99 to this report.
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Item 9.01. |
Financial Statements and Exhibits |
(c) Exhibits. The following exhibits are furnished with this report:
99 Press Release dated August 31, 2011
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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REX AMERICAN RESOURCES CORPORATION |
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Date: August 31, 2011 |
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By: /s/DOUGLAS L. BRUGGEMAN |
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Name: |
Douglas L. Bruggeman |
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Title: |
Vice President - Finance, |
Exhibit 99
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News Announcement |
For Immediate Release |
REX AMERICAN RESOURCES’ EPS ROSE
108% TO $0.25
REFLECTING CONTRIBUTIONS FROM UNCONSOLIDATED
ETHANOL COMPANIES AND A SYNTHETIC FUEL GAIN
Dayton, Ohio, (August 31, 2011) — REX American Resources Corporation (NYSE: REX) today reported results for its fiscal 2011 second quarter (“Q2 ‘11”) and six months ended July 31, 2011 and will review the results in a conference call and webcast today at 11:00 a.m. ET.
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Conference Call: |
212/231-2926 |
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Webcast / Replay URL: |
www.rexamerican.com/Corp/Page4.aspx |
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The webcast will be available for replay for 30 days |
Net income attributable to REX shareholders in Q2 ‘11 was $2.3 million, or $0.25 per diluted share, compared with $1.2 million, or $0.12 per diluted share, in Q2 ‘10. Q2 ‘11 income from continuing operations net of tax attributable to REX shareholders was $1.9 million, or $0.20 per diluted share, compared with $0.7 million, or $0.07 per diluted share, in Q2 ‘10. REX recorded Q2 ‘11 income from discontinued operations of $0.4 million, or $0.05 per diluted share, as compared to $0.6 million, or $0.05 per diluted share, in Q2 ‘10. Per share results in Q2 ‘11 and Q2 ‘10 are based on 9,550,000 and 9,976,000 diluted weighted average shares outstanding, respectively.
REX’s Q2 ‘11 net sales and revenue rose 13.5% to $73.9 million from $65.1 million in Q2 ‘10, primarily reflecting significant increases in ethanol and distillers grains pricing. The pricing increases more than offset a 12% decrease in ethanol production at the Company’s 74%-owned One Earth Energy plant and the deconsolidation of REX’s Levelland Hockley County Ethanol (LHCE) operations at year-end FY 2010. The LHCE facility ceased production in early January 2011. At year-end FY 2010 REX reduced its equity interest in LHCE to 49% and wrote-off the investment. As a result, LHCE operations are not reflected in REX’s FY ‘11 financial statements, however they were consolidated in the financial statements for Q2 ‘10 and the first six months of 2010 and negatively impacted REX’s net income in those periods by approximately $0.7 million and approximately $0.8 million, respectively.
REX recognizes results from its ethanol interests on a quarterly calendar basis, and as a result, REX’s Q2 includes results from ethanol operations for the period April 1st through June 30th. REX’s Q2 ‘11 results primarily reflect its alternative energy segment interests in six operating ethanol production facilities. The operations of One Earth are consolidated and those of the other five operating plants are reported as equity in income of unconsolidated ethanol affiliates.
Gross profit (loss) from REX’s consolidated operations declined to a loss of $0.3 million in Q2 ‘11 compared to gross profit of $5.0 million in Q2’ 10 primarily due to lower ethanol
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REX American Resources Q2 Results, 8/31/11 |
page 2 |
production and lower crush spreads partially offset by significant increases in REX’s realized distiller grains prices. The Q2 ‘11 gross loss also reflects a $1.2 million impairment charge related to a former distribution center, a portion of which is used as the Company’s headquarters.
During Q2 ‘11 REX received and recognized $2.9 million in income from a former investment in a synthetic fuel facility in Gillette, Wyoming. The plant was sold in fiscal 2006, and the payment represents REX’s remaining interest in “qualified production” at the plant through 2007. REX does not expect any additional income from the investment. In Q2 ‘11, equity in income of unconsolidated ethanol affiliates increased 247% to $3.8 million from $1.1 million in Q2 ‘10 primarily due to the contribution of REX’s 48% interest in NuGen Energy which was purchased in June 2010. Principally reflecting these items, REX’s Q2 ‘11 income from continuing operations before income taxes and non-controlling interests increased to $3.1 million compared to $1.2 million in Q2 ‘10.
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Balance Sheet and Share Repurchase Program |
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At July 31, 2011, REX had cash and cash equivalents of $96.4 million, $84.2 million of which was at the parent and $12.2 million of which was at its consolidated ethanol production facility. This compares with cash and cash equivalents of $91.0 million at January 31, 2011, $72.7 million of which was at the parent and $18.3 million of which was at its consolidated ethanol production facility. REX repurchased 162,999 common shares in Q2 ‘11 at an average price of $16.48. REX was authorized to repurchase up to 275,939 shares of its common stock as of July 31, 2011. |
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Real Estate Assets |
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During Q2 ‘11 REX divested two of its former retail stores, resulting in a small after tax gain. At July 31, 2011, REX had lease agreements, as landlord for all or parts of six former retail store locations. REX has 21 owned former retail stores that were vacant at July 31, 2011, which it is marketing to lease or sell. In addition, one former distribution center is partially leased, partially occupied by the REX corporate office and partially vacant. The real estate segment revenue reflects rental income derived from these sites. |
REX CEO, Stuart Rose, commented, “Despite commodity pricing and some operational challenges, REX ended the second quarter with increased cash at the parent after the repurchase of approximately $2.8 million in REX common stock. Reflecting a planned maintenance shutdown and the impact of unexpected power supply interruptions at our One Earth Energy plant, Q2 ethanol production at that plant declined 12% versus last year.
“We are pleased to have achieved Q2 ‘11 EPS that were more than 100% above the year ago quarter, reflecting a substantial improvement in performance from our unconsolidated ethanol plants, a final $2.9 million cash payment from a former synthetic fuel investment, and the absence of an operating drag from our LHCE plant. We believe our quarterly results reflect the benefit of our strategy to diversify our ethanol investment portfolio and focus on state-of-the-art plants located in corn-belt states.
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REX American Resources Q2 Results, 8/31/11 |
page 3 |
“Given our balance sheet strength, REX remains well positioned to pursue additional ethanol, renewable resource or industrial project investment opportunities that offer attractive risk-adjusted returns. We will also continue to pursue opportunistic repurchases of our common stock.”
Segment Income Statement Data
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($ in thousands) |
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Three Months |
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Six Months |
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2011 |
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2010 |
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2011 |
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2010 |
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Net sales and revenue: |
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Alternative energy (1) |
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$ |
73,531 |
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$ |
64,801 |
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$ |
154,413 |
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$ |
135,823 |
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Real estate |
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320 |
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286 |
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652 |
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536 |
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Total net sales and revenues |
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$ |
73,851 |
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$ |
65,087 |
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$ |
155,065 |
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$ |
136,359 |
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Segment gross profit (loss): |
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Alternative energy (1) |
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$ |
952 |
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$ |
5,333 |
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$ |
5,730 |
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$ |
13,795 |
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Real estate |
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(1,238 |
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(299 |
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(1,325 |
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(373 |
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Total gross (loss) profit |
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$ |
(286 |
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$ |
5,034 |
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$ |
4,405 |
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$ |
13,422 |
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Three Months |
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Six Months |
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2011 |
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2010 |
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2011 |
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2010 |
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Segment profit (loss): |
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Alternative energy (1) |
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$ |
2,061 |
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$ |
2,223 |
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$ |
10,459 |
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$ |
10,705 |
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Real estate |
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(1,295 |
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(343 |
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(1,440 |
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(488 |
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Corporate expense |
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(608 |
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(746 |
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(1,232 |
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(1,450 |
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Interest expense |
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(34 |
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(47 |
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(76 |
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(149 |
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Income from synthetic fuel partnerships |
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2,883 |
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— |
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2,883 |
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— |
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Interest income |
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73 |
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79 |
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215 |
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207 |
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Income from continuing operations before income taxes and noncontrolling interests |
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$ |
3,080 |
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$ |
1,166 |
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$ |
10,809 |
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$ |
8,825 |
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(1) |
Q2 and the six months ended 7/31/10 include results attributable to non-controlling interests (which REX does not own) for Levelland Hockley (44%) and One Earth (26%). Reflecting REX’s write-down and deconsolidation of its LHCE ownership effective January 31, 2011, Q2 ‘11 and the six months ended 7/31/11 include results attributable to One Earth’s non-controlling interest of 26%. |
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Certain amounts differ from those previously reported as a result of certain sold real estate assets being reclassified as discontinued operations. |
Segment Assets:
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($ in thousands) |
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July 31, 2011 |
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Jan. 31, 2011 |
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Alternative energy |
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$ |
253,346 |
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$ |
257,202 |
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Real estate |
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20,191 |
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22,235 |
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Corporate |
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96,615 |
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96,285 |
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Total assets |
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$ |
370,152 |
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$ |
375,722 |
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- more -
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REX American Resources Q2 Results, 8/31/11 |
page 4 |
Supplemental Data Related to REX’s Alternative Energy Interests
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REX American Resources Corporation |
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Ethanol Ownership Interests as of July 31, 2011 |
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Entity |
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Nameplate |
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REX’s |
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REX Effective |
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One Earth Energy, LLC |
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100M |
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74 |
% |
74.0M |
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NuGen Energy, LLC |
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100M |
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48 |
% |
48.0M |
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Patriot Renewable Fuels, LLC |
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100M |
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23 |
% |
23.0M |
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Big River Resources, LLC |
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92M |
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10 |
% |
9.2M |
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Big River Resources, LLC |
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100M |
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10 |
% |
10.0M |
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Big River United Energy, LLC |
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100M |
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5 |
% |
5.0M |
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Levelland Hockley County Ethanol,
LLC |
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40M |
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49 |
% |
19.6M |
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Total (1) |
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592M |
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n/a |
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169.2 |
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(1) |
Total excludes nameplate production capacity and the effective nameplate capacity owned by REX related to the LHCE operations which ceased production in January 2011. |
The following tables summarize select data related to REX’s consolidated alternative energy interests:
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($ in thousands) |
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Three Months |
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Six Months |
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2011 |
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2010 |
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2011 |
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2010 |
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Alternative Energy Segment Sales: |
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Ethanol |
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$ |
59,452 |
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81 |
% |
$ |
53,754 |
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83 |
% |
$ |
125,510 |
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81 |
% |
$ |
113,283 |
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83 |
% |
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Distillers grains |
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13,832 |
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19 |
% |
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10,957 |
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17 |
% |
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28,360 |
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19 |
% |
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22,246 |
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17 |
% |
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Other |
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247 |
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0 |
% |
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90 |
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0 |
% |
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543 |
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0 |
% |
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294 |
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0 |
% |
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Total Alternative Energy Sales |
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$ |
73,531 |
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100 |
% |
$ |
64,801 |
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100 |
% |
$ |
154,413 |
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100 |
% |
$ |
135,823 |
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100 |
% |
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Three Months |
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% |
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Six Months |
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% |
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Average Price/Cost |
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2011 |
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2010 |
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2011 |
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2010 |
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Ethanol – gallon |
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$ |
2.52 |
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$ |
1.56 |
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+61.5 |
% |
$ |
2.42 |
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$ |
1.64 |
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+47.6 |
% |
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Dried distillers grains - ton |
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$ |
192.81 |
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$ |
113.47 |
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+69.9 |
% |
$ |
189.01 |
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$ |
116.50 |
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+62.2 |
% |
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Wet distillers grains – ton |
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$ |
59.10 |
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$ |
33.26 |
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+77.7 |
% |
$ |
53.74 |
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$ |
32.31 |
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+66.3 |
% |
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Grain – bushel |
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$ |
6.57 |
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$ |
3.62 |
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+81.5 |
% |
$ |
6.85 |
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$ |
3.67 |
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+86.6 |
% |
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Natural gas – mmbtu |
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$ |
4.37 |
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$ |
4.47 |
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-2.2 |
% |
$ |
4.38 |
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$ |
5.04 |
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-13.1 |
% |
- more -
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REX American Resources Q2 Results, 8/31/11 |
page 5 |
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About REX American Resources Corporation |
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REX American Resources has interests in seven ethanol production facilities representing ownership of approximately 169.2 million gallons per year of annual operating nameplate capacity. The total annual operating nameplate capacity of ethanol production facilities in which REX has ownership interests is approximately 592 million gallons per year. Further information about REX is available at www.rexamerican.com |
This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, sorghum, dried distillers grains, ethanol, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, the effects of terrorism or acts of war, changes in real estate market conditions and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except as required by law.
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For further information contact: |
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Douglas Bruggeman |
Joseph Jaffoni/David Collins |
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Chief Financial Officer |
Jaffoni & Collins Incorporated |
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937/276-3931 |
212/835-8500 |
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rex@jcir.com |
- Statements of Operations follow-
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REX American Resources Q2 Results, 8/31/11 |
page 6 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(in thousands, except per share amounts)
Unaudited
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Three Months Ended |
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Six Months Ended |
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2011 |
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2010 |
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2011 |
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2010 |
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Net sales and revenue |
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$ |
73,851 |
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$ |
65,087 |
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$ |
155,065 |
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$ |
136,359 |
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Cost of sales |
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|
74,137 |
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|
60,053 |
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|
150,660 |
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|
122,937 |
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|
|
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Gross (loss) profit |
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|
(286 |
) |
|
5,034 |
|
|
4,405 |
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|
13,422 |
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Selling, general and administrative expenses |
|
|
(1,976 |
) |
|
(1,859 |
) |
|
(4,288 |
) |
|
(3,962 |
) |
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Interest income |
|
|
101 |
|
|
124 |
|
|
271 |
|
|
238 |
|
|
Interest expense |
|
|
(646 |
) |
|
(1,338 |
) |
|
(1,316 |
) |
|
(2,710 |
) |
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Income from synthetic fuel investments |
|
|
2,883 |
|
|
— |
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|
2,883 |
|
|
— |
|
|
Loss on early termination of debt |
|
|
— |
|
|
— |
|
|
— |
|
|
(48 |
) |
|
Equity in income of unconsolidated ethanol affiliates |
|
|
3,761 |
|
|
1,083 |
|
|
9,543 |
|
|
3,930 |
|
|
Losses on derivative financial instruments, net |
|
|
(757 |
) |
|
(1,878 |
) |
|
(689 |
) |
|
(2,045 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before provision for income taxes and discontinued operations |
|
|
3,080 |
|
|
1,166 |
|
|
10,809 |
|
|
8,825 |
|
|
Provision for income taxes |
|
|
(1,471 |
) |
|
(622 |
) |
|
(4,188 |
) |
|
(3,181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations including noncontrolling interests |
|
|
1,609 |
|
|
544 |
|
|
6,621 |
|
|
5,644 |
|
|
Income from discontinued operations, net of tax |
|
|
384 |
|
|
530 |
|
|
794 |
|
|
1,035 |
|
|
Gain on disposal of discontinued operations, net of tax |
|
|
40 |
|
|
20 |
|
|
174 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
|
2,033 |
|
|
1,094 |
|
|
7,589 |
|
|
6,699 |
|
|
Net loss (income) attributable to noncontrolling interests |
|
|
314 |
|
|
140 |
|
|
(590 |
) |
|
(1,277 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to REX common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,347 |
|
$ |
1,234 |
|
$ |
6,999 |
|
$ |
5,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
|
$ |
1,923 |
|
$ |
684 |
|
$ |
6,031 |
|
$ |
4,367 |
|
|
Income from discontinued operations, net of tax |
|
|
424 |
|
|
550 |
|
|
968 |
|
|
1,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS attributable to REX common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share |
|
$ |
0.25 |
|
$ |
0.12 |
|
$ |
0.73 |
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share from continuing operations |
|
$ |
0.20 |
|
$ |
0.07 |
|
$ |
0.63 |
|
$ |
0.44 |
|
|
Diluted income per share from discontinued operations |
|
|
0.04 |
|
|
0.05 |
|
|
0.08 |
|
|
0.10 |
|
|
Diluted income per share on disposal of discontinued operations |
|
|
0.01 |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – diluted |
|
|
9,550 |
|
|
9,976 |
|
|
9,557 |
|
|
10,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – basic |
|
|
9,513 |
|
|
9,790 |
|
|
9,473 |
|
|
9,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain amounts differ from those previously reported as a result of certain real estate assets being reclassified as discontinued operations.
- Balance Sheets follow -
|
|
|
|
REX American Resources Q2 Results, 8/31/11 |
page 7 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
July 31, |
|
January 31, |
|
||
|
|
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
96,435 |
|
$ |
91,019 |
|
|
Accounts receivable, net |
|
|
7,881 |
|
|
9,619 |
|
|
Inventory |
|
|
10,370 |
|
|
7,819 |
|
|
Refundable income taxes |
|
|
— |
|
|
8,503 |
|
|
Prepaid expenses and other |
|
|
2,881 |
|
|
3,055 |
|
|
Deferred taxes, net |
|
|
3,623 |
|
|
5,834 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
121,190 |
|
|
125,849 |
|
|
Property and equipment, net |
|
|
163,106 |
|
|
169,811 |
|
|
Other assets |
|
|
4,544 |
|
|
5,907 |
|
|
Deferred taxes, net |
|
|
5,206 |
|
|
5,206 |
|
|
Equity method investments |
|
|
74,506 |
|
|
67,349 |
|
|
Restricted investments and deposits |
|
|
1,600 |
|
|
1,600 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
370,152 |
|
$ |
375,722 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of long-term debt, alternative energy (1) |
|
$ |
10,643 |
|
$ |
9,672 |
|
|
Current portion of long-term debt, other |
|
|
342 |
|
|
342 |
|
|
Accounts payable, trade |
|
|
1,345 |
|
|
2,557 |
|
|
Deferred income |
|
|
2,723 |
|
|
3,982 |
|
|
Accrued real estate taxes |
|
|
1,792 |
|
|
2,393 |
|
|
Derivative financial instruments |
|
|
1,720 |
|
|
1,835 |
|
|
Other current liabilities |
|
|
5,995 |
|
|
3,786 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
24,560 |
|
|
24,567 |
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Long-term debt, alternative energy (1) |
|
|
63,679 |
|
|
69,049 |
|
|
Long-term debt, other |
|
|
1,187 |
|
|
1,924 |
|
|
Deferred income |
|
|
1,308 |
|
|
2,416 |
|
|
Derivative financial instruments |
|
|
3,195 |
|
|
3,688 |
|
|
Other |
|
|
2,859 |
|
|
4,114 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
72,228 |
|
|
81,191 |
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
REX shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
299 |
|
|
299 |
|
|
Paid-in capital |
|
|
142,379 |
|
|
142,293 |
|
|
Retained earnings |
|
|
303,052 |
|
|
296,053 |
|
|
Treasury stock |
|
|
(196,000 |
) |
|
(193,713 |
) |
|
|
|
|
|
|
|
|
|
|
Total REX shareholders’ equity |
|
|
249,730 |
|
|
244,932 |
|
|
Noncontrolling interests |
|
|
23,634 |
|
|
25,032 |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
273,364 |
|
|
269,964 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
370,152 |
|
$ |
375,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Long-term debt, alternative energy reflects non-recourse ethanol plant debt at REX’s consolidated ethanol production subsidiary. |
- Statements of Cash Flows follow -
|
|
|
|
REX American Resources Q2 Results, 8/31/11 |
page 8 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
||||
|
|
|
|
|
||||
|
|
|
2011 |
|
2010 |
|
||
|
|
|
|
|
|
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
7,589 |
|
$ |
6,699 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,519 |
|
|
7,646 |
|
|
Impairment charges and other |
|
|
1,153 |
|
|
510 |
|
|
Income from equity method investments |
|
|
(9,543 |
) |
|
(3,930 |
) |
|
Income from synthetic fuel investments |
|
|
(2,883 |
) |
|
— |
|
|
(Gain) loss on disposal of real estate and property and equipment |
|
|
(271 |
) |
|
28 |
|
|
Dividends received from equity method investees |
|
|
2,316 |
|
|
802 |
|
|
Deferred income |
|
|
(2,367 |
) |
|
(4,422 |
) |
|
Derivative financial instruments |
|
|
(608 |
) |
|
335 |
|
|
Deferred income tax |
|
|
2,859 |
|
|
1,375 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,738 |
|
|
231 |
|
|
Inventory |
|
|
(2,551 |
) |
|
2,326 |
|
|
Other assets |
|
|
9,890 |
|
|
7,412 |
|
|
Accounts payable, trade |
|
|
(1,652 |
) |
|
(869 |
) |
|
Other liabilities |
|
|
1,665 |
|
|
(2,154 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
12,854 |
|
|
15,989 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(637 |
) |
|
(918 |
) |
|
Proceeds from sale of synthetic fuel investment |
|
|
2,883 |
|
|
— |
|
|
Purchase of equity method investment |
|
|
— |
|
|
(9,216 |
) |
|
Principal payments received on investment in debt instruments |
|
|
— |
|
|
933 |
|
|
Proceeds from sale of real estate and property and equipment |
|
|
1,603 |
|
|
1,540 |
|
|
Restricted investments |
|
|
— |
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
3,849 |
|
|
(7,161 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Payments of long-term debt and capital lease obligations |
|
|
(5,136 |
) |
|
(17,737 |
) |
|
Repayments of contingent consideration |
|
|
(1,313 |
) |
|
— |
|
|
Stock options exercised |
|
|
312 |
|
|
1,438 |
|
|
Payments to noncontrolling interests holders |
|
|
(1,796 |
) |
|
— |
|
|
Other |
|
|
(192 |
) |
|
— |
|
|
Treasury stock acquired |
|
|
(3,162 |
) |
|
(3,311 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(11,287 |
) |
|
(19,610 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
5,416 |
|
|
(10,782 |
) |
|
Cash and cash equivalents, beginning of period |
|
|
91,019 |
|
|
100,398 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
96,435 |
|
$ |
89,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash activities - Accrued capital expenditures |
|
$ |
440 |
|
$ |
102 |
|
|
|
|
|
|
|
|
|
|
# # #