Attached files
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| 8-K - REX AMERICAN RESOURCES Corp | c67714_8-k.htm |
Exhibit 99
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News Announcement |
For Immediate Release |
REX
AMERICAN RESOURCES’ THIRD QUARTER DILUTED EPS RISE
59% TO $0.70 FROM $0.44, REFLECTING IMPROVED RESULTS
FROM ETHANOL PRODUCTION INTERESTS
Dayton, Ohio, (November 30, 2011) — REX American Resources Corporation (NYSE: REX) today reported results for its fiscal 2011 third quarter (“Q3 ‘11”) and nine months ended October 31, 2011. REX management will host a conference call and webcast today at 11:00 a.m. ET:
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Conference Call: |
212/231-2917 |
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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 Q3 ‘11 was $6.5 million, or $0.70 per diluted share, compared with $4.3 million, or $0.44 per diluted share, in Q3 ‘10. Q3 ‘11 income from continuing operations net of tax attributable to REX shareholders was $6.0 million, or $0.65 per diluted share, compared with $3.7 million, or $0.38 per diluted share, in Q3 ‘10. REX recorded Q3 ‘11 income from discontinued operations of $0.5 million, or $0.05 per diluted share, compared with $0.6 million, or $0.06 per diluted share, in Q3 ‘10. Per share results in Q3 ‘11 and Q3 ‘10 are based on 9,239,000 and 9,682,000 diluted weighted average shares outstanding, respectively. Reflecting all share repurchases to date REX currently has approximately 8,322,000 common shares outstanding.
REX’s Q3 ‘11 results primarily reflect its alternative energy segment interests in six operating ethanol production facilities. The operations of One Earth Energy, LLC (“One Earth”) are consolidated and those of the other five operating plants are reported as equity in income of unconsolidated ethanol affiliates. REX’s Q3 ‘11 net sales and revenue rose 20.3% to $84.5 million, from $70.3 million in Q3 ‘10, primarily reflecting significant increases in ethanol and distillers grains pricing.
REX recognizes results from its ethanol interests on a quarterly calendar basis, and as a result, REX’s Q3 includes results from ethanol operations for the period July 1 through September 30.
Gross profit from REX’s consolidated operations rose 28.4% to $9.0 million in Q3 ‘11 from $7.0 million in Q3’ 10 primarily reflecting significant increases in REX’s realized distiller grains prices and the deconsolidation of the Levelland Hockley County Ethanol, LLC (“LHCE”) operations at year-end FY 2010. In Q3 ‘11, equity in income of unconsolidated ethanol affiliates increased 70.1% to $6.3 million from $3.7 million in Q3 ‘10 primarily due to the contribution of REX’s 48% interest in NuGen Energy, LLC (“NuGen”) which was purchased on July 1, 2010 and higher overall results from the Company’s unconsolidated ethanol production interests. Principally reflecting these items, REX’s Q3 ‘11 income from continuing operations before income taxes and discontinued operations increased 67.0% to $11.9 million from $7.1 million in Q3 ‘10.
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REX American Resources Q3 Results, 11/30/11 |
page 2 |
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§ |
On November 1, REX acquired an additional approximate 50% equity ownership interest in NuGen raising its equity ownership in the entity to approximately 98%. REX acquired its additional interest in NuGen and paid in full its remaining contingent consideration liability (related to the July 2010 purchase of its initial 48% ownership interest in NuGen) for a total of $12.7 million and made a $7.0 million capital contribution to NuGen to reduce long-term debt. REX will consolidate the plant’s results in its financial statements effective November 1, 2011. |
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In the twelve month period ended July 31, 2011 and the three month period ended October 31, 2011 NuGen generated pre-tax net income of $24.3 million and approximately $6.1 million, respectively. |
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The acquisition of a controlling interest in NuGen increases REX’s ownership of annual operating nameplate production capacity by approximately 30% from approximately 169 million gallons to approximately 219 million gallons. |
REX CEO, Stuart Rose, commented, “Our strong Q3 ‘11 operating results reflect improved results at One Earth Energy and at our unconsolidated ethanol plants as well as the elimination of the drag on results from the 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.
“Given our balance sheet strength, early in Q4 REX increased its ownership in the NuGen plant, a highly efficient facility with solid operational performance, a favorable location and an excellent management team. As such, we will consolidate NuGen’s results beginning in the current quarter and we are confident that the economic structure of this transaction will prove to be very favorable for our shareholders. In addition, we remain well positioned to pursue further ethanol, renewable resource or industrial project investment opportunities that offer attractive risk-adjusted returns and plan to continue to make opportunistic repurchases of our common stock.”
Balance
Sheet and Share Repurchase Program
At October 31, 2011, REX had cash and
cash equivalents of $86.8 million, $67.0 million of which was at the parent and
$19.8 million of which was at One Earth, its consolidated ethanol production
facility. This compares with cash and cash equivalents of $91.0 million at
January 31, 2011, $72.6 million of which was at the parent and $18.4 million of
which was at its consolidated ethanol production facility. REX repurchased
1,057,696 common shares in Q3 ‘11 at an average price of $17.07.
To date in Q4 ‘11, REX repurchased an additional 55,788 common shares at an average price of $17.82. Reflecting all share repurchases to date, REX is authorized to repurchase up to an additional 162,455 shares of its common stock and currently has approximately 8,321,819 common shares outstanding.
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REX American Resources Q3 Results, 11/30/11 |
page 3 |
At October 31, 2011, REX had lease agreements, as landlord for all or parts of five former retail store locations. REX has 19 owned former retail stores that were vacant or had temporary seasonal leases at October 31, 2011, which it is marketing to lease or sell. In addition, one former distribution center is partially leased, partially occupied by the REX corporate office and partially vacant. The real estate segment revenue reflects rental income derived from these sites.
Segment Income Statement Data
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Three Months |
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Nine Months |
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($ in thousands) |
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Ended October 31 |
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Ended October 31, |
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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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$ |
84,144 |
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$ |
69,974 |
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$ |
238,557 |
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$ |
205,797 |
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Real estate |
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380 |
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282 |
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926 |
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729 |
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Total net sales and revenues |
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$ |
84,524 |
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$ |
70,256 |
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$ |
239,483 |
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$ |
206,526 |
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Segment gross profit (loss): |
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Alternative energy (1) |
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$ |
8,965 |
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$ |
7,155 |
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$ |
14,694 |
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$ |
20,951 |
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Real estate |
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(1 |
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(175 |
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(1,389 |
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(472 |
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Total gross profit |
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$ |
8,964 |
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$ |
6,980 |
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$ |
13,305 |
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$ |
20,479 |
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Segment profit (loss): |
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Alternative energy (1) |
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$ |
12,394 |
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$ |
7,929 |
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$ |
22,827 |
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$ |
18,599 |
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Real estate |
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(47 |
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(219 |
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(1,538 |
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(638 |
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Corporate expense |
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(511 |
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(605 |
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(1,700 |
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(2,099 |
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Interest expense |
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(25 |
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(73 |
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(87 |
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(205 |
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Income from synthetic fuel partnerships |
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— |
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— |
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2,883 |
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— |
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Interest income |
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74 |
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86 |
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289 |
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355 |
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Income from continuing operations before income taxes and noncontrolling interests |
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$ |
11,885 |
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$ |
7,118 |
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$ |
22,674 |
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$ |
16,012 |
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(1) |
The fiscal third quarter and nine months ended October 31, 2010 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, the fiscal third quarter and nine months ended October 31, 2011 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. |
-more-
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REX American Resources Q3 Results, 11/30/11 |
page 4 |
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($ in thousands) |
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October 31, 2011 |
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January 31, 2011 |
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Alternative energy |
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$ |
263,062 |
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$ |
257,202 |
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Real estate |
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18,564 |
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22,235 |
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Corporate |
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75,001 |
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96,285 |
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Total assets |
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$ |
356,627 |
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$ |
375,722 |
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Supplemental Data Related to REX’s Alternative Energy Interests
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REX American Resources Corporation |
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As of |
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October 31, 2011 |
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November 1, 2011 |
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Entity |
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Nameplate |
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REX’s |
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REX |
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REX’s |
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REX |
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One Earth Energy, LLC |
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100M |
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74% |
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74.0M |
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74% |
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74.0M |
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NuGen Energy, LLC |
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100M |
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48% |
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48.0M |
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98% |
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98.0M |
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Patriot Renewable Fuels, LLC |
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100M |
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23% |
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23.0M |
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23% |
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23.0M |
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Big River Resources, LLC |
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92M |
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10% |
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9.2M |
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10% |
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9.2M |
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Big River Resources, LLC |
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100M |
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10% |
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10.0M |
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10% |
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10.0M |
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Big River United Energy, LLC |
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100M |
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5% |
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5.0M |
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5% |
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5.0M |
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Total (2) |
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592M |
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n/a |
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169.2M |
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n/a |
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219.2M |
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(1) |
On November 1, through a wholly-owned subsidiary, REX acquired an additional approximate 50% equity ownership interest in NuGen raising its equity ownership in the entity to approximately 98%. As a result, REX will consolidate the plant’s results in its financial statements effective November 1, 2011. |
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(2) |
Table excludes nameplate production capacity and the effective nameplate capacity owned by REX related to the LHCE operations which ceased production in January 2011 and were written off at January 31, 2011. |
-more-
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REX American Resources Q3 Results, 11/30/11 |
page 5 |
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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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Nine 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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$ |
69,460 |
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83 |
% |
$ |
58,394 |
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83 |
% |
$ |
194,970 |
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82 |
% |
$ |
171,677 |
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83 |
% |
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Distillers grains |
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14,684 |
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17 |
% |
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11,522 |
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17 |
% |
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43,587 |
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18 |
% |
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33,768 |
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17 |
% |
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Other |
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— |
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0 |
% |
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58 |
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0 |
% |
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— |
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0 |
% |
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352 |
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0 |
% |
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Total Alternative Energy Sales |
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$ |
84,144 |
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100 |
% |
$ |
69,974 |
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100 |
% |
$ |
238,557 |
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100 |
% |
$ |
205,797 |
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100 |
% |
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Three Months |
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% |
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Nine 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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$ |
2.70 |
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$ |
1.71 |
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+57.9 |
% |
$ |
2.51 |
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$ |
1.67 |
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+50.3 |
% |
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Dried distillers grains - ton |
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$ |
203.13 |
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$ |
118.88 |
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+70.9 |
% |
$ |
193.47 |
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$ |
117.30 |
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+64.9 |
% |
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Wet distillers grains – ton |
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$ |
66.93 |
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$ |
36.53 |
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+83.2 |
% |
$ |
58.47 |
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$ |
33.63 |
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+73.9 |
% |
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Grain – bushel |
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$ |
7.05 |
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$ |
3.81 |
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+85.0 |
% |
$ |
6.89 |
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$ |
3.70 |
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+86.2 |
% |
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Natural gas – mmbtu |
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$ |
4.95 |
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$ |
4.81 |
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+2.9 |
% |
$ |
4.66 |
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$ |
5.00 |
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-6.8 |
% |
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About REX American Resources Corporation |
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REX American Resources has interests in six operating ethanol production facilities representing ownership of approximately 219 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 in is approximately 592 million gallons per year. Further information about REX is available at www.rexamerican.com. |
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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 |
-statement of operations follow-
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REX American Resources Q3 Results, 11/30/11 |
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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Nine 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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$ |
84,524 |
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$ |
70,256 |
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$ |
239,483 |
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$ |
206,526 |
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Cost of sales |
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75,560 |
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|
63,276 |
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|
226,178 |
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|
186,047 |
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Gross profit |
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8,964 |
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6,980 |
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13,305 |
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20,479 |
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Selling, general and administrative expenses |
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(2,334 |
) |
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(1,815 |
) |
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(6,590 |
) |
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(5,805 |
) |
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Interest income |
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92 |
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|
121 |
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|
362 |
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|
408 |
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Interest expense |
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(620 |
) |
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(1,367 |
) |
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(1,923 |
) |
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(4,109 |
) |
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Income from synthetic fuel investments |
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— |
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— |
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2,883 |
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— |
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Loss on early termination of debt |
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— |
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— |
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— |
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(48 |
) |
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Equity in income of unconsolidated ethanol affiliates |
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6,284 |
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3,694 |
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15,827 |
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7,625 |
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Losses on derivative financial instruments, net |
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(501 |
) |
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(495 |
) |
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(1,190 |
) |
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(2,538 |
) |
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Income from continuing operations before provision for income taxes and discontinued operations |
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11,885 |
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7,118 |
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22,674 |
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|
16,012 |
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Provision for income taxes |
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(4,039 |
) |
|
(2,591 |
) |
|
(8,158 |
) |
|
(5,717 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations including noncontrolling interests |
|
|
7,846 |
|
|
4,527 |
|
|
14,516 |
|
|
10,295 |
|
|
Income from discontinued operations, net of tax |
|
|
214 |
|
|
422 |
|
|
975 |
|
|
1,335 |
|
|
Gain on disposal of discontinued operations, net of tax |
|
|
267 |
|
|
152 |
|
|
425 |
|
|
170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
|
8,327 |
|
|
5,101 |
|
|
15,916 |
|
|
11,800 |
|
|
Net income attributable to noncontrolling interests |
|
|
(1,845 |
) |
|
(851 |
) |
|
(2,435 |
) |
|
(2,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to REX common shareholders |
|
$ |
6,482 |
|
$ |
4,250 |
|
$ |
13,481 |
|
$ |
9,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – basic |
|
|
9,205 |
|
|
9,541 |
|
|
9,385 |
|
|
9,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share from continuing operations attributable to REX common shareholders |
|
$ |
0.65 |
|
$ |
0.39 |
|
$ |
1.29 |
|
$ |
0.84 |
|
|
Basic income per share from discontinued operations attributable to REX common shareholders |
|
|
0.02 |
|
|
0.04 |
|
|
0.10 |
|
|
0.14 |
|
|
Basic income per share on disposal of discontinued operations attributable to REX common shareholders |
|
|
0.03 |
|
|
0.02 |
|
|
0.05 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share attributable to REX common shareholders |
|
$ |
0.70 |
|
$ |
0.45 |
|
$ |
1.44 |
|
$ |
0.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding – diluted |
|
|
9,239 |
|
|
9,682 |
|
|
9,453 |
|
|
9,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per share from continuing operations attributable to REX common shareholders |
|
$ |
0.65 |
|
$ |
0.38 |
|
$ |
1.28 |
|
$ |
0.83 |
|
|
Diluted income per share from discontinued operations attributable to REX common shareholders |
|
|
0.02 |
|
|
0.04 |
|
|
0.10 |
|
|
0.14 |
|
|
Diluted income per share on disposal of discontinued operations attributable to REX common shareholders |
|
|
0.03 |
|
|
0.02 |
|
|
0.05 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share attributable to REX common shareholders |
|
$ |
0.70 |
|
$ |
0.44 |
|
$ |
1.43 |
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to REX common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
|
$ |
6,001 |
|
$ |
3,676 |
|
$ |
12,081 |
|
$ |
8,167 |
|
|
Income from discontinued operations, net of tax |
|
|
481 |
|
|
574 |
|
|
1,400 |
|
|
1,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,482 |
|
$ |
4,250 |
|
$ |
13,481 |
|
$ |
9,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain amounts differ from those previously reported as a result of certain real estate assets being reclassified as discontinued operations. |
-balance sheet follows-
|
|
|
|
REX American Resources Q3 Results, 11/30/11 |
page 7 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
October 31, |
|
January 31, |
|
||
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
86,768 |
|
$ |
91,019 |
|
|
Accounts receivable, net |
|
|
7,301 |
|
|
9,619 |
|
|
Inventory |
|
|
10,085 |
|
|
7,819 |
|
|
Refundable income taxes |
|
|
1,250 |
|
|
8,503 |
|
|
Prepaid expenses and other |
|
|
2,266 |
|
|
3,055 |
|
|
Deferred taxes, net |
|
|
1,090 |
|
|
5,834 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
108,760 |
|
|
125,849 |
|
|
Property and equipment, net |
|
|
158,856 |
|
|
169,811 |
|
|
Other assets |
|
|
4,235 |
|
|
5,907 |
|
|
Deferred taxes, net |
|
|
2,421 |
|
|
5,206 |
|
|
Equity method investments |
|
|
80,755 |
|
|
67,349 |
|
|
Restricted investments and deposits |
|
|
1,600 |
|
|
1,600 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
356,627 |
|
$ |
375,722 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of long-term debt, alternative energy (1) |
|
$ |
10,741 |
|
$ |
9,672 |
|
|
Current portion of long-term debt, other |
|
|
342 |
|
|
342 |
|
|
Accounts payable, trade |
|
|
1,246 |
|
|
2,557 |
|
|
Deferred income |
|
|
2,252 |
|
|
3,982 |
|
|
Accrued real estate taxes |
|
|
2,132 |
|
|
2,393 |
|
|
Accrued payroll and related items |
|
|
1,637 |
|
|
829 |
|
|
Derivative financial instruments |
|
|
1,740 |
|
|
1,835 |
|
|
Other current liabilities |
|
|
4,415 |
|
|
2,957 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
24,505 |
|
|
24,567 |
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Long-term debt, alternative energy (1) |
|
|
60,955 |
|
|
69,049 |
|
|
Long-term debt, other |
|
|
789 |
|
|
1,924 |
|
|
Deferred income |
|
|
873 |
|
|
2,416 |
|
|
Derivative financial instruments |
|
|
3,045 |
|
|
3,688 |
|
|
Other |
|
|
2,826 |
|
|
4,114 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
68,488 |
|
|
81,191 |
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
REX shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
299 |
|
|
299 |
|
|
Paid-in capital |
|
|
142,379 |
|
|
142,293 |
|
|
Retained earnings |
|
|
309,534 |
|
|
296,053 |
|
|
Treasury stock |
|
|
(214,057 |
) |
|
(193,713 |
) |
|
|
|
|
|
|
|
|
|
|
Total REX shareholders’ equity |
|
|
238,155 |
|
|
244,932 |
|
|
Noncontrolling interests |
|
|
25,479 |
|
|
25,032 |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
263,634 |
|
|
269,964 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
356,627 |
|
$ |
375,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Long-term debt, alternative energy reflects non-recourse ethanol plant debt at REX’s consolidated ethanol production subsidiary. |
-statement of cash flows follow-
|
|
|
|
REX American Resources Q3 Results, 11/30/11 |
page 8 |
REX AMERICAN RESOURCES
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(in thousands) Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
||||
|
|
|
|
|
||||
|
|
|
2011 |
|
2010 |
|
||
|
|
|
|
|
|
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income including noncontrolling interests |
|
$ |
15,916 |
|
$ |
11,800 |
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
|
|
|
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
8,206 |
|
|
12,836 |
|
|
Impairment charges and other |
|
|
1,164 |
|
|
687 |
|
|
Income from equity method investments |
|
|
(15,827 |
) |
|
(7,625 |
) |
|
Income from synthetic fuel investments |
|
|
(2,883 |
) |
|
— |
|
|
Gain on disposal of real estate and property and equipment |
|
|
(634 |
) |
|
(461 |
) |
|
Dividends received from equity method investees |
|
|
2,316 |
|
|
1,057 |
|
|
Deferred income |
|
|
(3,273 |
) |
|
(6,285 |
) |
|
Derivative financial instruments |
|
|
(738 |
) |
|
699 |
|
|
Deferred income tax |
|
|
8,177 |
|
|
5,512 |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
2,318 |
|
|
(3,119 |
) |
|
Inventory |
|
|
(2,266 |
) |
|
(1,848 |
) |
|
Other assets |
|
|
9,486 |
|
|
5,711 |
|
|
Accounts payable, trade |
|
|
(1,475 |
) |
|
84 |
|
|
Other liabilities |
|
|
2,031 |
|
|
(799 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
22,518 |
|
|
18,249 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(720 |
) |
|
(3,799 |
) |
|
Proceeds from sale of synthetic fuel investment |
|
|
2,883 |
|
|
— |
|
|
Purchase of equity method investment |
|
|
— |
|
|
(9,216 |
) |
|
Principal payments received on investment in debt instruments |
|
|
— |
|
|
1,014 |
|
|
Proceeds from sale of real estate and property and equipment |
|
|
3,436 |
|
|
6,966 |
|
|
Proceeds from sale of restricted investments |
|
|
— |
|
|
500 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
5,599 |
|
|
(4,535 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Payments of long-term debt and capital lease obligations |
|
|
(8,160 |
) |
|
(21,321 |
) |
|
Repayments of contingent consideration |
|
|
(1,313 |
) |
|
— |
|
|
Stock options exercised |
|
|
317 |
|
|
1,438 |
|
|
Payments to noncontrolling interests holders |
|
|
(1,796 |
) |
|
— |
|
|
Other |
|
|
(192 |
) |
|
— |
|
|
Treasury stock acquired |
|
|
(21,224 |
) |
|
(6,666 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(32,368 |
) |
|
(26,549 |
) |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
|
(4,251 |
) |
|
(12,835 |
) |
|
Cash and cash equivalents, beginning of period |
|
|
91,019 |
|
|
100,398 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
86,768 |
|
$ |
87,563 |
|
|
|
|
|
|
|
|
|
|
# # #