Alon USA Energy, Inc.

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Financials

v3.7.0.1
Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 186,129 $ 136,302
Accounts and other receivables, net 129,369 134,744
Income tax receivable 0 32,984
Inventories 141,428 130,502
Prepaid expenses and other current assets 50,400 36,761
Total current assets 507,326 471,293
Equity method investments 33,022 33,431
Property, plant and equipment, net 1,351,536 1,366,895
Goodwill 62,885 62,885
Other assets, net 157,435 160,797
Total assets 2,112,204 2,095,301
Current liabilities:    
Accounts payable 386,905 328,561
Accrued liabilities 101,031 100,529
Current portion of long-term debt 16,414 16,414
Total current liabilities 504,350 445,504
Other non-current liabilities 160,788 188,833
Long-term debt 499,905 511,552
Deferred income tax liability 365,816 366,999
Total liabilities 1,530,859 1,512,888
Commitments and contingencies (Note 16)
Stockholders’ equity:    
Preferred stock, par value $0.01, 15,000,000 shares authorized; and no shares issued and outstanding at March 31, 2017 and December 31, 2016 0 0
Common stock, par value $0.01, 150,000,000 shares authorized; 71,761,117 and 71,578,093 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 718 716
Additional paid-in capital 531,142 530,625
Accumulated other comprehensive loss, net of tax (25,928) (26,111)
Retained earnings 12,478 15,878
Total stockholders’ equity 518,410 521,108
Non-controlling interest in subsidiaries 62,935 61,305
Total equity 581,345 582,413
Total liabilities and equity $ 2,112,204 $ 2,095,301
v3.7.0.1
Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net sales [1] $ 1,150,593 $ 849,973
Operating costs and expenses:    
Cost of sales 972,874 735,144
Direct operating expenses 64,242 68,617
Selling, general and administrative expenses 49,225 48,701
Depreciation and amortization 36,547 34,862
Total operating costs and expenses 1,122,888 887,324
Gain (loss) on disposition of assets 476 (2,088)
Operating income (loss) 28,181 (39,439)
Interest expense (15,117) (18,307)
Equity earnings (losses) of investees (133) 378
Other income (loss), net (89) 72
Income (loss) before income tax expense (benefit) 12,842 (57,296)
Income tax expense (benefit) 2,568 (21,236)
Net income (loss) 10,274 (36,060)
Net income (loss) attributable to non-controlling interest 2,947 (523)
Net income (loss) available to stockholders $ 7,327 $ (35,537)
Earnings (loss) per share, basic $ 0.10 $ (0.51)
Weighted average shares outstanding, basic (in thousands) 71,490 70,143
Earnings (loss) per share, diluted $ 0.10 $ (0.51)
Weighted average shares outstanding, diluted (in thousands) 71,577 70,143
Cash dividends per share $ 0.15 $ 0.15
[1] Includes excise taxes on sales by the retail segment of $20,725 and $19,525 for the three months ended March 31, 2017 and 2016, respectively.
v3.7.0.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 10,274 $ (36,060)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation and amortization 36,547 34,862
Stock compensation 901 2,120
Deferred income taxes (1,290) (18,511)
Equity (earnings) losses of investees, net of dividends 409 (378)
Amortization of debt issuance costs 787 880
Amortization of original issuance discount 1,783 1,634
(Gain) loss on disposition of assets (476) 2,088
Unrealized loss on commodity swaps 0 3,333
Changes in operating assets and liabilities:    
Accounts and other receivables, net 5,375 (30,748)
Income tax receivable 32,984 3,500
Inventories (10,926) 4,127
Prepaid expenses and other current assets (13,639) (2,980)
Other assets, net (3,318) (3,940)
Accounts payable 11,751 2,997
Accrued liabilities (405) 7,652
Other non-current liabilities 11,726 73
Net cash provided by (used in) operating activities 82,483 (29,351)
Cash flows from investing activities:    
Capital expenditures (13,067) (23,446)
Capital expenditures for turnarounds and catalysts (1,349) (16,610)
Proceeds from disposition of assets 1,177 975
Acquisition of California renewable fuels facility 0 (7,936)
Net cash used in investing activities (13,239) (47,017)
Cash flows from financing activities:    
Dividends paid to stockholders (10,727) (10,527)
Dividends paid to non-controlling interest (67) (133)
Distributions paid to non-controlling interest in the Partnership (1,267) (921)
Taxes paid due to the net settlement of stock compensation (368) 0
RINs financing transactions 7,115 51,313
Payments on long-term debt (14,103) (4,108)
Net cash provided by (used in) financing activities (19,417) 35,624
Net increase (decrease) in cash and cash equivalents 49,827 (40,744)
Cash and cash equivalents, beginning of period 136,302 234,127
Cash and cash equivalents, end of period 186,129 193,383
Supplemental cash flow information:    
Cash paid for interest, net of capitalized interest 13,355 16,514
Refunds received for income tax (35,469) (3,478)
Supplemental disclosure of non-cash activity:    
Capital expenditures included in accounts payable and accrued liabilities $ 907 $ 0