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Alon Refining Krotz Springs, Inc. (ARKS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Alon Refining Krotz Springs, Inc.

CIK: 1479142 Ticker: ARKS
Exhibit 99.1
(ALON USA LOGO)
         
    NEWS RELEASE
 
       
 
  Contacts:   Claire A. Hart, Senior Vice President
 
      Alon USA Energy, Inc.
 
      972-367-3649
FOR IMMEDIATE RELEASE
       
 
      Investors: Jack Lascar/Sheila Stuewe
 
      DRG&E / 713-529-6600
 
      Media: Blake Lewis
 
      Lewis Public Relations
 
      214-635-3020
 
      Ruth Sheetrit
 
      SMG Public Relations
 
      011-972-547-555551
Alon USA Reports Fourth Quarter and Full Year 2009 Results
Declares Quarterly Cash Dividend
Company schedules conference call for March 3, 2010 at 10:00 A.M. Eastern
     DALLAS, TEXAS, March 2, 2010 — Alon USA Energy, Inc. (NYSE: ALJ) (“Alon”) today announced results for the quarter and year ended December 31, 2009. Alon had a net loss, excluding special items, of ($65.4) million, or ($1.39) per share, for the fourth quarter of 2009, compared to net income, excluding special items, of $65.1 million, or $1.39 per share, for the same period last year. On a GAAP basis, net loss for the fourth quarter of 2009 was ($90.6) million, or ($1.93) per share, compared to net income of $60.9 million, or $1.30 per share, for the same period last year.
     Alon reported a net loss, excluding special items, of ($82.7) million, or ($1.77) per share, for the year ended December 31, 2009, compared to net income, excluding special items, of $6.6 million, or $0.14 per share, for the same period last year. On a GAAP basis, net loss for the year ended December 31, 2009, was ($115.2) million, or ($2.46) per share, compared to net income of $82.9 million, or $1.77 per share, for the year ended December 31, 2008.
     Jeff Morris, Alon’s CEO, commented, “At the end of 2009, we converted preferred stock of our Krotz Springs subsidiary into Alon common stock at a conversion price of over $14.00 per common share. The conversion increased total stockholders’ equity by approximately $106 million and in effect created a gain of approximately $55 million that is not reflected in our financial statements with a non-cash expense of approximately $21 million that is included in our financial statements. Our availability under our credit facilities was approximately $150 million at year end. In addition, we were able to obtain, with the support of our majority shareholder, a $60 million credit facility for three years to be used in our operations. Also, we improved our liquidity by selling two thirds of our investment in Holly Energy Partners (“HEP”) for approximately $23 million in January 2010. At year end our tax receivable was approximately $65 million and, to date, we have received refunds of approximately $31 million. Even in this challenging environment we were able to maintain our net debt to total capitalization by reducing net debt during 2009 by approximately $189 million.
     “Alon Refining Krotz Springs successfully issued $216.5 million of senior secured notes in October 2009 and completed the exchange of substantially all these notes with publicly registered notes in February 2010. In connection with the issuance of the senior secured notes, we prepaid in full the outstanding obligations under the Krotz Springs term loan. As a result, we incurred a non-cash pre-tax charge of approximately $20 million for the write-off of unamortized costs on the Krotz Springs term loan in the fourth quarter of 2009.
     “In January 2010, we started up the alkylation unit at our Big Spring refinery that had been inactive for almost two years, negatively impacting our 2009 margins on average, by approximately $1.80 per barrel or pre-tax income of approximately $40 million. For our California refineries, we are pursuing the purchase of the Bakersfield refinery from Big West of California, LLC, a subsidiary of Flying J, Inc. as an alternative solution to convert our vacuum gas oil production into gasoline and distillate products. Our Krotz Springs refinery was

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The following information was filed by Alon Refining Krotz Springs, Inc. (ARKS) on Wednesday, March 3, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: ARKS
CIK: 1479142
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-025243
Submitted to the SEC: Tue Mar 16 2010 4:52:43 PM EST
Accepted by the SEC: Tue Mar 16 2010
Period: Thursday, December 31, 2009
Industry: Petroleum Refining

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