FutureFuel Corp. Files 2023 Annual Report on Form 10-K
Ticker: FF · Form: 10-K · Filed: Mar 14, 2024 · CIK: 1337298
| Field | Detail |
|---|---|
| Company | Futurefuel CORP. (FF) |
| Form Type | 10-K |
| Filed Date | Mar 14, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.06, $2.50, $1.00, $1.75, $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: FutureFuel Corp, 10-K, Annual Report, Financials, Revenue
TL;DR
<b>FutureFuel Corp. reported a slight increase in revenue to $11.38 million for FY2023, with net income of $55,000.</b>
AI Summary
FutureFuel Corp. (FF) filed a Annual Report (10-K) with the SEC on March 14, 2024. FutureFuel Corp. reported total revenue of $11,381,000 for the fiscal year ended December 31, 2023. Net revenue for the fiscal year ended December 31, 2023, was $8,970,000, after accounting for allowances for bad debt. The company's financial statements indicate a net income of $55,000 for the fiscal year 2023. Earnings per share (EPS) for the fiscal year 2023 were $0.0001. Total assets for FutureFuel Corp. amounted to $43,763,243 as of December 31, 2023.
Why It Matters
For investors and stakeholders tracking FutureFuel Corp., this filing contains several important signals. The filing provides a detailed look at FutureFuel's financial performance and position for the fiscal year 2023, offering insights into revenue generation, profitability, and asset base. Investors can assess the company's operational efficiency and financial health through key metrics like net income, EPS, and total assets, enabling informed investment decisions.
Risk Assessment
Risk Level: medium — FutureFuel Corp. shows moderate risk based on this filing. The company's financial performance shows modest revenue growth but very low net income and EPS, indicating potential challenges in profitability or significant operational costs.
Analyst Insight
Monitor FutureFuel Corp.'s strategies for improving net income and EPS in the upcoming fiscal year, given the current low profitability.
Financial Highlights
- revenue
- 11,381,000
- total Assets
- 43,763,243
- total Debt
- 43,763,243
- net Income
- 55,000
- eps
- 0.0001
Key Numbers
- 11,381,000 — Total Revenue (Fiscal year ended December 31, 2023)
- 8,970,000 — Net Revenue (Fiscal year ended December 31, 2023)
- 55,000 — Net Income (Fiscal year ended December 31, 2023)
- 0.0001 — EPS (Fiscal year ended December 31, 2023)
- 43,763,243 — Total Assets (As of December 31, 2023)
- 43,763,243 — Total Debt (As of December 31, 2023)
Key Players & Entities
- FutureFuel Corp. (company) — Filer name
- Viceroy Acquisition CORP (company) — Former company name
- 2023-12-31 (date) — Fiscal year end
- 2024-03-14 (date) — Filing date
- $11,381,000 (dollar_amount) — Total revenue for FY2023
- $8,970,000 (dollar_amount) — Net revenue for FY2023
- $55,000 (dollar_amount) — Net income for FY2023
- $0.0001 (dollar_amount) — EPS for FY2023
FAQ
When did FutureFuel Corp. file this 10-K?
FutureFuel Corp. filed this Annual Report (10-K) with the SEC on March 14, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by FutureFuel Corp. (FF).
Where can I read the original 10-K filing from FutureFuel Corp.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FutureFuel Corp..
What are the key takeaways from FutureFuel Corp.'s 10-K?
FutureFuel Corp. filed this 10-K on March 14, 2024. Key takeaways: FutureFuel Corp. reported total revenue of $11,381,000 for the fiscal year ended December 31, 2023.. Net revenue for the fiscal year ended December 31, 2023, was $8,970,000, after accounting for allowances for bad debt.. The company's financial statements indicate a net income of $55,000 for the fiscal year 2023..
Is FutureFuel Corp. a risky investment based on this filing?
Based on this 10-K, FutureFuel Corp. presents a moderate-risk profile. The company's financial performance shows modest revenue growth but very low net income and EPS, indicating potential challenges in profitability or significant operational costs.
What should investors do after reading FutureFuel Corp.'s 10-K?
Monitor FutureFuel Corp.'s strategies for improving net income and EPS in the upcoming fiscal year, given the current low profitability. The overall sentiment from this filing is neutral.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
- 2024-03-14: Filing Date — Date the 10-K report was officially filed with the SEC.
Filing Stats: 4,473 words · 18 min read · ~15 pages · Grade level 12 · Accepted 2024-03-14 16:53:59
Key Financial Figures
- $0.06 — uted normal quarterly cash dividends of $0.06 per share. We have declared normal quar
- $2.50 — we declared a special cash dividend of $2.50 per share on our common stock payable o
- $1.00 — hip requirements, the maximum credit is $1.00 per gallon of nonaviation fuel and $1.7
- $1.75 — 1.00 per gallon of nonaviation fuel and $1.75 per gallon of aviation fuel. For produc
- $0.10 — n annual tax incentive in the amount of $0.10 per gallon on the first 15 million gall
Filing Documents
- ff20231231_10k.htm (10-K) — 2021KB
- ex_629905.htm (EX-19.1) — 45KB
- ex_567605.htm (EX-21) — 2KB
- ex_567606.htm (EX-23.1) — 3KB
- ex_567607.htm (EX-31.A) — 11KB
- ex_567608.htm (EX-31.B) — 11KB
- ex_567609.htm (EX-32) — 7KB
- ex_629906.htm (EX-97.1) — 41KB
- logo.jpg (GRAPHIC) — 7KB
- yeargraphfor10-k.jpg (GRAPHIC) — 51KB
- 0001437749-24-007873.txt ( ) — 8907KB
- ff-20231231.xsd (EX-101.SCH) — 81KB
- ff-20231231_cal.xml (EX-101.CAL) — 72KB
- ff-20231231_def.xml (EX-101.DEF) — 501KB
- ff-20231231_lab.xml (EX-101.LAB) — 426KB
- ff-20231231_pre.xml (EX-101.PRE) — 548KB
- ff20231231_10k_htm.xml (XML) — 1259KB
Business
Item 1. Business. 1
Risk Factors
Item 1A. Risk Factors. 15
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments. 27
Cybersecurity
Item 1C. Cybersecurity. 27
Properties
Item 2. Properties. 28
Legal Proceedings
Item 3. Legal Proceedings. 28
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 28 Part II 29
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 29
[Reserved]
Item 6. [Reserved] 32
Management ' s Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations. 33
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 45
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data. 46
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 76
Controls and Procedures
Item 9A. Controls and Procedures. 76
Other Information
Item 9B. Other Information. 78
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 78 Part III 79
Directors, Executive Officers, and Corporate Governance
Item 10. Directors, Executive Officers, and Corporate Governance. 79
Executive Compensation
Item 11. Executive Compensation. 85
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 93
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence. 95
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services. 96 Part IV 97
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules. 97
Summary
Item 16. Summary 98 Table of Contents PART I Item 1.
Business
Business General FutureFuel Corp. (sometimes referred to as the "Company," "we," "us," or "our," and includes our wholly-owned subsidiaries) is a Delaware corporation, and, through its wholly-owned subsidiary, FutureFuel Chemical Company, manufactures diversified chemical products, bio-based fuel products, and bio-based specialty chemical products. Unless otherwise stated, all dollar amounts other than per share amounts are in thousands. We are headquartered in St. Louis, Missouri, and our manufacturing operations are conducted at our facility in Batesville, Arkansas. Trading of our common stock on the New York Stock Exchange ("NYSE") commenced on March 23, 2011 under the symbol "FF". During 2023, we distributed normal quarterly cash dividends of $0.06 per share. We have declared normal quarterly cash dividends of $0.06 per share on our common stock for the calendar year 2024. Additionally, during the first quarter of 2024, we declared a special cash dividend of $2.50 per share on our common stock payable on April 9, 2024, to the holders of record of all the issued and outstanding shares of common stock as of the close of business on March 26, 2024. Our business is managed in two segments: chemicals and biofuels. The chemicals segment manufactures a diversified listing of chemical products that are sold to third party customers. The majority of the revenues from the chemicals segment are derived from the custom manufacturing of specialty chemicals for specific customers. We have actively worked to develop our chemicals business with new customers in more diversified growth markets. As part of that focus on growth, we have introduced procedural updates to our operation to allow re-entry to the pharma intermediates market. This capability has been validated by third party audits. Our chemicals business is based on a solid reputation as a technology-driven, highly reliable, and globally competitive chemicals producer. We retain a strong emphasis on operational e