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Trecora Resources Reports Third Quarter 2018 Results

Conference Call at 10:00 am ET Tomorrow, November 1, 2018

SUGAR LAND, Texas, October 31, 2018 – Trecora Resources (NYSE: TREC) a leading provider of high purity specialty hydrocarbons and waxes, today announced financial results for the third quarter ended September 30, 2018.

“Our results in the quarter reflect a recovery in SHR prime product sales volume from the second quarter, continued strong sales volume, revenue and margin trends in our wax business, and improved performance at AMAK where mill feed and recoveries continue to grow. However, elevated feedstock costs along with higher operating expenses pressured margins and operational disruptions impacted profitability in the quarter,” said Simon Upfill-Brown, President and CEO.

“With regards to the Advanced Reformer, we were pleased to see the unit was delivering the margin uplift as designed while production accelerated. Unfortunately, in late third quarter we experienced external power quality issues from our energy supplier resulting in a loss of catalyst activity which reduced the value of the refined byproduct. Plans are underway to change the catalyst in the fourth quarter and during this period there will be a 45-day shutdown of the Advanced Reformer with associated costs of approximately $4 million, but the Penhex units will continue to operate as normal. We expect the Advanced Reformer to resume full operation in the first quarter of 2019 and we continue to anticipate EBITDA contribution of $6 million in 2019 and $12 million to $14 million by 2022 from this unit as planned.
 
“Demand for our products remains strong, and as we shared last quarter, we have a solid plan to achieve operational excellence in all aspects of our manufacturing operations. While full implementation will take time, in the last couple of quarters, we are seeing significant progress leading to more predictable and reliable operational execution. We remain confident that the added capacity and capabilities derived from our multi-year capital building campaign, combined with our renewed focus on operational excellence, position us well to capitalize on the continued strength of the U. S. chemicals market and drive profitable growth,” concluded Upfill-Brown.

Third Quarter 2018 Financial Results
Total revenue in the third quarter was $73.4 million, compared with $61.5 million in the third quarter of 2017, an increase of 19.4%. The increase in reported revenue was driven by a 21.9% increase in the average sales price of petrochemical products, partially offset by a 3.5% decline in petrochemical sales volume, in each case, compared with the third quarter of 2017. The higher average sales price was offset by a 37% year-over-year increase in the average per-gallon cost of petrochemical feedstock, which is the basis for the formula pricing for the majority of the Company’s petrochemical product sales. Since formula pricing is based upon prior month feedstock averages, sales price increases tend to lag behind higher feedstock costs resulting in lower margins in the period.

Gross profit in the third quarter was $6.8 million, or 9.3% of total revenues, compared with $9.9 million, or 16.0% of total revenues, in the third quarter of 2017. Operating income for the third quarter was $0.3 million, compared with operating income of $4.0 million for the third quarter of 2017.

Net loss for the third quarter was $1.6 million, or ($0.06) per diluted share, compared with net income of $1.7 million, or $0.07 per diluted share, for the third quarter of 2017 and net income of $2.2 million, or $0.09 per diluted share, for the second quarter of 2018, which included an approximate $1.4 million benefit from the reversal of certain post-retirement obligations resulting from the resolution of a dispute with a former employee. Reported net loss in the third quarter of 2018 reflected equity in losses of AMAK of $1.1 million, or an estimated ($0.04) per diluted share on an after-tax basis. Net income in the third quarter of 2017 reflected an equity in losses for AMAK of $0.9 million, or an estimated impact of $(0.02) per diluted share on an after-tax basis. Net income margin for the third quarter was (2.2%) as compared to 2.8% for the third quarter of 2017.
 
Adjusted EBITDA in the quarter was $4.9 million, representing a 6.7% margin, compared with Adjusted EBITDA of $7.5 million, representing a 12.2% margin for the same period a year ago.

South Hampton Resources (Specialty Petrochemical Segment)
Petrochemical volume in the third quarter was 21.6 million gallons, compared with 22.4 million gallons in the third quarter of 2017. Prime product volume in the third quarter of 2018 was 17.0 million gallons, compared with 16.7 million gallons in the third quarter of 2017. Byproduct volume, which is sold at significantly lower margins than prime products, increased 25.7% sequentially and declined 19.3% year-over-year, to 4.6 million gallons. Margins were compressed due to higher feedstock costs and higher operating expenses including higher costs for electricity, labor and product transportation costs. Some of the increase in costs were non-recurring expenses related to the start-up and performance optimization of the Advanced Reformer. Byproduct margins were higher compared to the third quarter of 2017 as a result of the Advanced Reformer. Net income margin for the third quarter was 3.4% as compared to 10.3% for the third quarter of 2017.

International volume represented 25.6% of total petrochemical volume during the quarter, up from 21.5% sequentially and 17.3% from the third quarter of 2017.

Dollar amounts in thousands/rounding may apply
THREE MONTHS ENDED
 
 
September 30,
 
 
2018

2017

% Change
Product sales

$61,675


$52,440

18
 %
Processing fees
2,056

1,519

35
 %
Gross revenues

$63,731


$53,959

18
 %
Operating profit before depreciation and amortization
6,167

9,318

(34
)%
Operating profit
3,516

7,734

(55
)%
Profit before taxes
2,561

7,149

(64
)%
Depreciation and amortization
2,651

1,584

67
 %
Adjusted EBITDA
6,186

9,358

(34
)%
Capital expenditures
2,562

9,426

(73
)%


Trecora Chemical (Specialty Wax Segment)
In the third quarter, TC generated revenues of $9.7 million, up 29.0% from $7.5 million in the third quarter of 2017. TC revenue included $6.9 million of product sales, up 24.1%, and $2.8 million of custom processing fees, up 42.9%, when compared with the third quarter of 2017. The increase resulted from strong wax sales driven by enhanced sales mix as well as greater sales volume in addition to higher custom processing revenues. Net income margin for the third quarter was (12.7%) as compared to (26.1%) for the third quarter of 2017.

Adjusted EBITDA in the third quarter was $0.4 million, compared with ($0.6) million in the third quarter of 2017.


Dollar amounts in thousands/rounding may apply
THREE MONTHS ENDED
 
 
SEPTEMBER 30,
 
 
2018

2017

% Change
Product sales

$6,938


$5,590

24
 %
Processing fees
2,799

1,959

43
 %
Gross revenues

$9,737


$7,549

29
 %
Operating profit before depreciation and amortization
415

(585)

171
 %
Operating loss
(936)

(1,794)

48
 %
Profit (loss) before taxes
(1,239)

(1,975)

37%
Depreciation and amortization
1,351

1,208

12
 %
Adjusted EBITDA
377

(597)

163
 %
Capital expenditures
1,094

1,991

(45
)%

Al Masane Al Kobra Mining Company (AMAK)
Trecora reported equity in losses of AMAK of approximately $1.1 million and an AMAK net loss of approximately $4.4 million during the third quarter of 2018.

AMAK generated net income before depreciation and amortization of $4.5 million compared to a net income before depreciation and amortization of $2.5 million in the third quarter of 2017 and net income before depreciation and amortization of $8.0 million in the second quarter of 2018. The sequential decline was primarily due to reduction in AMAK’s inventory value for copper and zinc concentrates.

Year-to-Date 2018 Results 
Total revenue for the nine months ended September 30, 2018 was $213.3 million, compared with revenue of $179.2 million in the first nine months of 2017.

Gross profit for the first nine months of 2018 was $25.1 million, compared with $31.6 million in the same period in 2017. Gross profit margin in the first nine months of 2018 was 11.8%, compared with 17.6% in the same period in 2017.

Net income for the first nine months of 2018 was $3.0 million, compared with $4.0 million in the same period of 2017. Diluted earnings per share was $0.12, compared with $0.16 in the same period of 2017. Net income in the first nine months of 2018 was negatively affected by equity in losses of AMAK of $0.7 million, or ($0.02) per diluted share on an after tax basis. In the first nine months of 2017, net income was negatively affected by equity in losses of AMAK of $5.2 million, or $(0.13) per diluted share on an after-tax basis. Net income margin for the first three quarters of 2018 was 1.4% as compared to 2.3% for the first three quarters of 2017.

Adjusted EBITDA for the first nine months of 2018 was $18.3 million, compared with $23.2 million in the same period in 2017. Adjusted EBITDA margin in the first nine months of 2018 was 8.6%, compared with 13.0% in the same period of 2017.

South Hampton Resources (Specialty Petrochemical Segment)
Petrochemical volume in the first nine months was 64.6 million gallons, compared with 60.5 million gallons in the first nine months of 2017. Prime product volume in the first nine months of 2018 was 50.7 million gallons, compared with 46.9 million gallons in the first nine months of 2017. Byproduct volume, which is sold at lower margins, was up 1.5% year-over-year to 13.9 million gallons.

Average selling prices increased and offset higher feedstock cost which were up 37% from the third quarter of 2017. Byproduct selling prices were significantly higher; much of our prime product sales are contracted with pricing formulas tied to prior month Natural Gas Liquid (NGL) prices which is our primary feedstock. We have also increased prices for non-formula prime products. 

Net income margin for the first nine months of 2018 was 5.5% as compared to 9.2% for the first nine months of 2017.

International volume represented 24.1% of total petrochemical volume during the first nine months of 2018.

Dollar amount in thousands – rounding may apply
NINE MONTHS ENDED
 
 
 
September 30,
 
 
 
2018

2017

% Change
Product sales
$
178,094

$
147,339

21
%
Processing fees
5,769

5,078

14
%
Net revenues
183,863

152,417

21
%
Operating profit before depreciation and amortization
20,655

26,294

(21
)%
Operating profit
14,635

21,610

(32
)%
Profit before taxes
12,474

19,750

(37
)%
Depreciation and amortization
6,020

4,684

29
%
Adjusted EBITDA
20,701

26,307

(21
)%
Capital expenditures
16,374

27,203

(40
)%

Trecora Chemical (Specialty Wax Segment)
In the first three quarters of 2018, TC generated revenues of $29.6 million, up 10.7% from $26.7 million for the first three quarters of 2017. Net income margin for the first three quarters of 2018 was (9.9%) as compared to (9.5%) for the first three quarters of 2017.

Dollar amount in thousands – rounding may apply
NINE MONTHS ENDED
 
 
SEPTEMBER 30,
 
 
2018

2017

% Change
Product sales
$
20,755

$
18,606

12
 %
Processing fees
8,863

8,142

9
 %
Net revenues
29,618

26,748

11
 %
Operating profit before depreciation and amortization
1,969

970

103
 %
Operating profit (loss)
(2,051)

(2,263)

9
 %
Profit (loss) before taxes
(2,926)

(2,534)

(15
)%
Depreciation and amortization
4,020

3,233

24
 %
Adjusted EBITDA
1,896

931

104
 %
Capital expenditures
2,716

12,047

(77
)%

Earnings Call
Tomorrow's conference call and presentation slides will be simulcast live on the Internet, and can be accessed on the investor relations section of the Company's website at http://www.trecora.com or at https://edge.media-server.com/m6/p/5qq387tc. A replay of the call will also be available through the same link.
 
To participate via telephone, callers should dial in five to ten minutes prior to the 10:00 am Eastern start time; domestic callers (U.S. and Canada) should call 1-866-417-5724
or 1-409-217-8234 if calling internationally, using the conference ID 8555719. To listen to the playback, please call 1-855-859-2056 if calling within the United States or 1-404-537-3406 if calling internationally. Use pin number 8555719 for the replay.

Use of Non-GAAP Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release contains the non-GAAP measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Net Income. We define EBITDA as net income plus interest expense including derivative gains and losses, income taxes, depreciation and amortization.  We define Adjusted EBITDA as EBITDA plus share-based compensation, plus or minus equity in AMAK's earnings and losses or gains from equity issuances and plus or minus gains or losses on acquisitions.  We define Adjusted Net Income as net income plus or minus tax effected equity in AMAK's earnings and losses and plus or minus tax effected gains or losses on acquisitions.  These measures are not measures of financial performance or liquidity under U.S. GAAP and should be considered in addition to, not as a substitute for, net income (loss), nor as an indicator of cash flows reported in accordance with U.S. GAAP. These measures are used as supplemental financial measures by management and external users of our financial statements such as investors, banks, research analysts and others.  We believe that these non-GAAP measures are useful as they exclude transactions not related to our core cash operating activities.

Forward-Looking Statements
Statements in this press release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon our belief, as well as, assumptions made by and information currently available to us. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Trecora Resources' filings with the Securities and Exchange Commission, including Trecora Resources' Annual Report on Form 10-K for the year ended December 31, 2017, and the Company's subsequent Quarterly Reports on Form 10-Q. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release.

About Trecora Resources (TREC)
TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high purity hydrocarbons and other petrochemical manufacturing. TREC also owns and operates a leading manufacturer of specialty polyethylene waxes and provider of custom processing services located in the heart of the Petrochemical complex in Pasadena, Texas. In addition, the Company is the original developer and a 33.4% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company.

Investor Relations Contact:
Jean Marie Young
The Piacente Group, Inc.
212-481-2050

TRECORA RESOURCES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
 
September 30,
2018
(Unaudited)
 
December 31,
2017
ASSETS
 
(thousands of dollars)
  Current Assets
 
 
 
 
Cash
 
$
1,292
 
 
$
3,028

 
Trade receivables, net
 
29,787
 
 
25,779
 
 
Insurance receivable
 
391
 
 
 
 
Inventories
 
17,828
 
 
18,450
 
 
Prepaid expenses and other assets
 
5,466
 
 
4,424
 
 
Taxes receivable
 
1,554
 
 
5,584
 
 
Total current assets
 
56,318
 
 
57,265
 
 
 
 
 
 
 
  Plant, pipeline and equipment, net
 
192,311
 
 
181,742
 
 
 
 
 
 
 
Goodwill
 
21,798
 
 
21,798
 
 
Intangible assets, net
 
19,412
 
 
20,808
 
 
Investment in AMAK
 
44,322
 
 
45,125
 
 
Mineral properties in the United States
 
588
 
 
588
 
 
 
 
 
 
 
TOTAL ASSETS
 
$
334,749
 
 
$
327,326

 
LIABILITIES
 
 
 
 
Current Liabilities
 
 
 
 
Accounts payable
 
$
13,311
 
 
$
18,347

 
Accrued liabilities
 
6,018
 
 
3,961
 
 
Current portion of post-retirement benefit
 
24
 
 
305
 
 
Current portion of long-term debt
 
4,194
 
 
8,061
 
 
Current portion of other liabilities
 
835
 
 
870
 
 
Total current liabilities
 
24,382
 
 
31,544
 
 
 
 
 
 
 
  Long-term debt, net of current portion
 
101,337
 
 
91,021
 
 
  Post-retirement benefit, net of current portion
 
361
 
 
897
 
 
  Other liabilities, net of current portion
 
1,170
 
 
1,611
 
 
Deferred income taxes
 
18,218
 
 
17,242
 
 
Total liabilities
 
145,468
 
 
142,315
 
 
 
 
 
 
 
EQUITY
 
 
 
 
  Common stock‑authorized 40 million shares of $0.10 par value; issued 24.5 million in 2018 and 2017 and outstanding 24.3 million shares in 2018 and 2017
 
2,451
 
 
2,451
 
 
Additional paid-in capital
 
57,147
 
 
56,012
 
 
Common stock in treasury, at cost
 
(19
)
 
(196
 
)
Retained earnings
 
129,413
 
 
126,455
 
 
Total Trecora Resources Stockholders' Equity
 
188,992
 
 
184,722
 
 
Noncontrolling Interest
 
289
 
 
289
 
 
Total equity
 
189,281
 
 
185,011
 
 
 
 
 
 
 
TOTAL LIABILITIES AND EQUITY
 
$
334,749
 
 
$
327,326

 



TRECORA RESOURCES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
 
THREE MONTHS ENDED
SEPTEMBER 30,
 
NINE MONTHS ENDED
SEPTEMBER 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(thousands of dollars)
 
(thousands of dollars)
REVENUES
 
 
 
 
 
 
 
 
Petrochemical and Product Sales
 
$
68,613

 
 
$
58,030

 
 
$
198,881

 
 
$
165,945

 
Processing Fees
 
4,803
 
 
 
3,478
 
 
 
14,382
 
 
 
13,220
 
 
 
 
73,416
 
 
 
61,508
 
 
 
213,263
 
 
 
179,165
 
 
 
 
 
 
 
 
 
 
 
OPERATING COSTS AND EXPENSES
 
 
 
 
 
 
 
 
Cost of Sales and Processing
 
 
 
 
 
 
 
 
(including depreciation and amortization of $3,813, $2,565, $9,480, and $7,311, respectively)
 
66,574
 
 
 
51,638
 
 
 
188,139
 
 
 
147,570
 
 
 
 
 
 
 
 
 
 
 
    GROSS PROFIT
 
6,842
 
 
 
9,870
 
 
 
25,124
 
 
 
31,595
 
 
 
 
 
 
 
 
 
 
 
GENERAL AND ADMINISTRATIVE EXPENSES
 
 
 
 
 
 
 
 
General and Administrative
 
6,327
 
 
 
5,660
 
 
 
17,216
 
 
 
17,621
 
 
Depreciation
 
205
 
 
 
245
 
 
 
592
 
 
 
655
 
 
 
 
6,532
 
 
 
5,905
 
 
 
17,808
 
 
 
18,276
 
 
 
 
 
 
 
 
 
 
 
OPERATING INCOME
 
310
 
 
 
3,965
 
 
 
7,316
 
 
 
13,319
 
 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
Interest Income
 
5
 
 
 
 
 
 
26
 
 
 
 
 
Interest Expense
 
(924
 
)
 
(795
 
)
 
(2,617
 
)
 
(2,109
 
)
Loss on Extinguishment of Debt
 
(315
 
)
 
 
 
 
(315
 
)
 
 
 
Equity in Losses of AMAK
 
(1,130
 
)
 
(897
 
)
 
(672
 
)
 
(5,161
 
)
Miscellaneous Income (Expense)
 
(28
 
)
 
22
 
 
 
(67
 
)
 
(42
 
)
 
 
(2,392
 
)
 
(1,670
 
)
 
(3,645
 
)
 
(7,312
 
)
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
 
(2,082
 
)
 
2,295
 
 
 
3,671
 
 
 
6,007
 
 
 
 
 
 
 
 
 
 
 
INCOME TAX EXPENSE (BENEFIT)
 
(473
 
)
 
577
 
 
 
713
 
 
 
1,970
 
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
 
(1,609
 
)
 
1,718
 
 
 
2,958
 
 
 
4,037
 
 
 
 
 
 
 
 
 
 
 
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO TRECORA RESOURCES
 
$
(1,609

)
 
$
1,718

 
 
$
2,958

 
 
$
4,037

 
 
 
 
 
 
 
 
 
 
Basic Earnings per Common Share
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Trecora Resources (dollars)
 
$
(0.07

)
 
$
0.07

 
 
$
0.12

 
 
$
0.17

 
 
 
 
 
 
 
 
 
 
Basic Weighted Average Number of Common Shares Outstanding
 
24,483
 
 
 
24,304
 
 
 
24,397
 
 
 
24,267
 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings per Common Share
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Trecora Resources (dollars)
 
$
(0.06

)
 
$
0.07

 
 
$
0.12

 
 
$
0.16

 
 
 
 
 
 
 
 
 
 
Diluted Weighted Average Number of Common Shares Outstanding
 
25,175
 
 
 
25,157
 
 
 
25,138
 
 
 
25,082
 
 


TRECORA RESOURCES AND SUBSIDIARIES
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES(1) 

Adjusted EBITDA Margin
(thousands of dollars; rounding may apply)

 
THREE MONTHS ENDED 9/30/18
 
THREE MONTHS ENDED 9/30/17
 
TC
SHR
CORP
TREC
 
TC
SHR
CORP
TREC
NET INCOME (LOSS)
$(1,239)

$2,504

$(2,874)
$(1,609)
 
$(1,974)

$5,537

$(1,845)

$1,718

Interest
265

659

-
924

 
168

625

2
795

Taxes
-

372

(845)
(473)

 
-

1,612

(1,035)
577

Depreciation and amortization
24

165

16
205

 
22

207

17
246

Depreciation and amortization in cost of sales
1,327

2,486

-
3,813

 
1,187

1,377

-
2,564

EBITDA
377

6,186

(3,703)
2,860

 
(597)

9,358

(2,861)
5,900

Share based compensation
-

-

630
630

 
-

-

716
716

Loss on extinguishment of debt
-

-

315
315

 
-

-

-
-

Equity in losses of AMAK
-

-

1,130
1,130

 
-

-

897
897

Adjusted EBITDA

$377


$6,186

$(1,628)

$4,935

 
$(597)

$9,358

$(1,248)

$7,513

 
 
 
 
 
 
 
 
 
 
Revenue
9,737

63,731

(52)
73,416

 
7,550

53,958

-
61,508

Adjusted EBITDA Margin
3.9
%
9.7
%
 
6.7
%
 
-7.9
 %
17.3
%
 
12.2
%
(adjusted EBITDA/revenue)
 
 
 
 
 
 
 
 
 

 
NINE MONTHS ENDED 9/30/18
 
NINE MONTHS ENDED 9/30/17
 
TC
SHR
CORP
TREC
 
TC
SHR
CORP
TREC
NET INCOME (LOSS)
$(2,926)

$10,402

$(4,518)

$2,958

 
$(2,533)
$13,996
$(7,426)
$4,037
Interest
802

1,892

(77)
2,617

 
231

1,873

5
2,109

Taxes
-

2,387

(1,674)
713

 
-

5,754

(3,784)
1,970

Depreciation and amortization
68

492

32
592

 
64

542

49
655

Depreciation and amortization in cost of sales
3,952

5,528

-
9,480

 
3,169

4,142

-
7,311

EBITDA
1,896

20,701

(6,237)
16,360

 
931

26,307

(11,156)
16,082

Share based compensation
-

-

1,002
1,002

 
-

-

2,005
2,005

Loss on extinguishment of debt
-

-

315
315

 
-

-

-
-

Equity in losses of AMAK
-

-

672
672

 
-

-

5,161
5,161

Adjusted EBITDA

$1,896


$20,701

$(4,248)

$18,349

 

$931


$26,307

$(3,990)

$23,248

 
 
 
 
 
 
 
 
 
 
Revenue
29,618

183,863

(218)
213,263

 
26,749

152,416

-
179,165

Adjusted EBITDA Margin
6.4
%
11.3
%
 
8.6
%
 
3.5
%
17.3
%
 
13.0
%
(adjusted EBITDA/revenue)
 
 
 
 
 
 
 
 
 



Adjusted Net Income and Estimated EPS Impact
(thousands of dollars, except per share amounts; rounding may apply)

 
Three months ended
 September 30,
 
Nine months ended
 September 30,
 
2018

2017

 
2018

2017

Net Income (Loss)
$
(1,609
)
$
1,718

 
$
2,958

$
4,037

 
 
 
 
 
 
Equity in losses of AMAK
$
1,130

$
897

 
$
672

$
5,161

Taxes at statutory rate of 21% and 35%, respectively
(237)

(314)

 
(141)

(1,806)

Tax effected equity in losses
893

583

 
531

3,355

Adjusted Net Income (Loss)
$
(716
)
$
2,301

 
$
3,489

$
7,392

Diluted weighted average number of shares
25,175

25,157

 
25,138

25,082

Estimated effect on diluted EPS
(-tax effected equity in AMAK/diluted weighted average number of shares)

($0.040
)

($0.020
)
 

($0.020
)

($0.130
)



(1)This press release includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.


###


The following information was filed by Trecora Resources (TREC) on Thursday, November 1, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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