Jay Soled, Rutgers School of Business Professor and Rutgers Masters in Taxation Program Director joins the Yahoo Finance Live panel to discuss estate taxes and the impact of the Tax Cuts and Jobs Act of 2017 to estate taxes.
Jay Soled, Rutgers School of Business Professor and Rutgers Masters in Taxation Program Director joins the Yahoo Finance Live panel to discuss estate taxes and the impact of the Tax Cuts and Jobs Act of 2017 to estate taxes.
The Argentine government has agreed with opposition parties to postpone primary and mid-term elections due to take place from August for five weeks due to the COVID-19 pandemic, the Interior Ministry said in a statement on Friday. Argentina's ruling center-left "Frente de Todos" coalition is seeking to defend a majority in the Senate and its strong position in the lower house, where it is the largest bloc. "We were able to reach an agreement with the different (legislative) blocs to push back this year's elections, putting the health and lives of the people first," Interior Minister Enrique de Pedro said in a statement.
AHF Issues $100M Homeless Challenge to Mayor Garcetti, L.A. City Council in New L.A. Times Ad
The White House on Friday released its first batch of records disclosing visits by official guests, returning to a practice set by the Obama administration but ditched by Donald Trump. The White House disclosed 400 visits during President Joe Biden’s first 12 days in office. The White House typically sees hundreds of visitors each day, but the pandemic has slowed those visits dramatically, the records show.
Save big on Nintendo, Apple, Bose, XBox, Sony — even Purell!
Bhubaneswar (Odisha) [India], May 8 (ANI): The Odisha Government on Friday announced that all doctors belonging to various cadres, dental surgeons, PG doctors, post PG doctors, interns and final year students will be temporarily brought under state pool for deployment in COVID care centres.
Singapore, May 8 (PTI) In view of the resurgence of COVID-19 cases in several countries and emergence of new virus variants, the government is reducing entry approvals for work pass holders and their dependents entering Singapore in the coming weeks.
Gaetz faces a federal child sex trafficking investigation
Kendra Scott made this Nurses Week extra special..JPG Kendra Scott made Nurses Week extra special for the nurses at The Woman's Hospital of Texas on Friday, May 7, 2021. The jewelry and home accessories company provided over 400 gift items for the hardworking staff. Kendra Scott's video for Woman's nurses..JPG Designer Kendra Scott sent a video message to the nurses at The Woman's Hospital of Texas thanking them for their commitment to caring for patients during the pandemic. Houston, Texas, May 07, 2021 (GLOBE NEWSWIRE) -- Hundreds of nurses at The Woman's Hospital of Texas were surprised with a special event this morning in honor of National Nurses Week.World-renowned jewelry and home accessories designer Kendra Scott teamed up with The Woman’s Hospital of Texas for a “surprise and delight” event for the hospital’s nurses to inspire and lift the spirits of these incredible healthcare workers. Scott and her team chose The Woman’s Hospital of Texas, whose nursing staff is over 98% female, to recognize the tireless work they continue to do to safeguard moms and babies and provide compassionate care since the start of the COVID-19 pandemic. The event began with welcome messages from The Woman’s Hospital of Texas’ chief executive officer, Elizabeth Ortega, and chief nursing officer, Ann Russell.A video message from Kendra Scott herself was shown to the crowd of nurses thanking them for their heroic work over the past year. "This week as we take a moment to show gratitude for our nurses and healthcare workers, I am reminded of the tireless bravery and heroism they've shown throughout this past year,” said Scott, founder and executive chairwoman of Kendra Scott. “It is an honor to partner with The Woman’s Hospital of Texas to bring these healthcare heroes some well-deserved joy and celebration."The highlight of the morning was the balloon pop introduced by Robin LaLone, Kendra Scott philanthropic manager for Southeast Texas. Four hundred balloons were released from the ceiling, each filled with confetti and a gift. Boxes of jewelry, Signature Tumbler candles, and redemption cards for The Color Bar™ made up the 400 gifts.“We are so proud of the Woman-first care our nurses and colleagues have provided for our patients and each other during such turbulent times the past year,” said Ortega. “Our nurses care for moms, babies, and all women like no one else, and are steadfast in their dedication to improving each human life. I am extremely grateful for the generosity of Kendra Scott and her team, and honored they created such an exceptionally wonderful event for our hardworking nurses to help us celebrate Nurses Week.”Please click here to download high resolution photos from the event. ### About The Woman’s Hospital of TexasSince 1976, The Woman’s Hospital of Texas has been the state’s premier facility dedicated to the health and well-being of women, newborns and children. As a Level IV Maternal Designated facility, with an Advanced Level IV NICU, the hospital offers expertise and outstanding care in breast health, imaging, gynecology, obstetrics, high-risk pregnancy, neonatology, minimally-invasive surgery and pediatric care. For more information, visit WomansHospital.com. The Woman’s Hospital of Texas is an HCA Houston Healthcare facility, part of the HCA Healthcare Gulf Coast Division.About Kendra Scott, LLC Kendra Scott is a leading fashion accessories brand inspired by the personal experiences, travel, and sense of community of its founder and designer, Kendra Scott. With over 2,000 employees, Kendra Scott has over 100 standalone stores across the US and is sold in premiere retailers including Neiman Marcus, Nordstrom, and 600 specialty boutiques worldwide and boasts a thriving web business. Kendra Scott is best known for its kaleidoscope of fashion jewelry accessories as well as the customizable Color Bar™ experience, and in recent years has expanded into the categories of fine jewelry, sterling silver, home décor, and beauty. As the brand continues to grow, the company remains true to its founding philosophy of "Family, Fashion, Philanthropy" and since 2010, the company has given back over $40 million to local, national, and international causes. Attachments Kendra Scott made this Nurses Week extra special..JPG Kendra Scott's video for Woman's nurses..JPG CONTACT: Laura Littlejohn The Woman's Hospital of Texas 936-242-9525 Laura.Littlejohn@hcahealthcare.com
Islamabad [Pakistan], May 8 (ANI): Defying the government's orders amid a third COVID-19 wave, the All Pakistan Traders Association on Friday announced that it would all commercial activities starting tomorrow until chand raat - the day before Eid-ul-Fitr.
Villara Energy Systems announced the launch of its state-of-the-art home battery the VillaGrid which gives homeowners control over their energy usage.
Joking that he was a “marked man in Congress ... but a Florida man," Gaetz called former President Donald Trump “the undisputed leader of the Republican Party." Gaetz held up himself and Greene as challengers to the establishment and successors to Trump's populism.
Washington, May 8 (PTI) The US government is making all the efforts to help India in this hour of crisis, a senior State Department official has said.
Barcelona, Juventus and Real Madrid face Uefa sanctions after refusing to approve “reintegration measures”
‘Labour voters have come home after Brexit election of 2019’, Welsh Tory leader claims
Bnehgaluru (Karnataka) [India], May 8 (ANI): Karnataka Chief Minister BS Yediyurappa on Friday said that aerospace major Boeing India has come forward to set up a hospital with 200 oxygen beds in Bengaluru.
The SNP is gaining momentum and has just over 30 seats left to win a fourth term in government, but it is still too early to call whether the party will enter Scottish Parliament with a majority or rely on support from allies such as the Scottish Greens. Nicola Sturgeon said earlier the prospect “hangs in the balance”, admitting it was always going to be a “very, very long shot” for her party to achieve a majority at Holyrood after early results suggested swings to Labour and the Conservatives in key Scottish seats. Scotland’s first minister did however say she was “extremely happy and extremely confident” that her party was on course for a victory after some major successes including gaining East Lothian from Scottish Labour, and Ayr and Edinburgh Central from the Conservatives respectively.
Paris [France], May 8 (ANI): France will impose a mandatory 10-day quarantine restriction on travellers from Pakistan and six other countries in wake of rising COVID-19 infections, announced the country's Interior Ministry on Friday.
A 17yearold boy police believe was a spectator at a junior basketball game was stabbed and later died in hospital from his injuries.
FutureFuel First Quarter Net Loss of $8.8 Million Reports Net Loss of $8.8 Million or ($0.20) per Diluted Share, and Adjusted EBITDA of ($7.8) Million CLAYTON, Mo., May 07, 2021 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the first quarter ended March 31, 2021. First quarter 2021 Financial Highlights (all comparisons are with the first quarter of 2020) Revenues were $41.5 million, down 22% from $53.1 millionAdjusted EBITDA was ($7.8) million, down (177%) from $10.2 millionNet losses were $8.8 million, or ($0.20) per diluted share, from net income of $19.0 million, or $0.44 per diluted share. “The story of our first quarter is dominated by one week in February when Winter Storm Uri brought severe disruption to the operation of our Batesville, AR manufacturing site. Natural Gas prices soared to 14,000% of their normal values and production was curtailed in an effort to reduce Natural Gas consumption to its absolute minimum. Shutting down in such freezing conditions meant that the subsequent start-up was more problematic and took longer than we would typically anticipate. This loss of production reduced our revenue by approximately $3 million and increased energy costs of $7.8 million led to a net loss for the quarter. Nevertheless, we are encouraged by the underlying margins on biodiesel, absent the impact of extreme energy costs. We are beginning to see improved opportunity in our chemicals segment with a strong sense that the worst effects of the COVID-19 pandemic in the USA may be behind us.” said Tom McKinlay, Chief Operating Officer for FutureFuel Corp. 2021 Cash Dividends In the first three months of 2021, FutureFuel paid a regular quarterly cash dividend in the amount of $0.06 per share on our common stock. The remaining quarterly dividends of $0.06 per share will be paid in June, September, and December. Financial Overview and Key Operating Metrics Financial and operating metrics, which include non-GAAP financial measures, include dollars in thousands, except per share amounts: FutureFuel Corp.Certain Financial and Operating Metrics (Unaudited) Three Months Ended March 31, Dollar % 2021 2020 Change ChangeRevenue$41,516 $53,082 $(11,566) (22%)(Loss) income from operations$(13,058) $13,979 $(27,037) (193%)Net (loss) income$(8,773) $19,043 $(27,816) (146%)(Loss) earnings per common share: Basic$(0.20) $0.44 $(0.64) (145%)Diluted$(0.20) $0.44 $(0.64) (145%)Adjusted EBITDA$(7,825) $10,177 $(18,002) (177%) Financial and Business Summary Consolidated sales revenue in the three months ended March 31, 2021 decreased $11,566 compared to the three months ended March 31, 2020. This decrease primarily resulted from decreased sales volumes in the chemical and biofuels segment that were partially offset by increased prices of biodiesel as compared to the prior year three-month period. Sales volumes were down in both segments from the continued effects of COVID-19 and from reduced inventory production from the natural gas usage curtailment imposed during the Winter Storm Uri of approximately $3 million. Income from operations in the three months ended March 31, 2021 decreased $27,037 compared to the three months ended March 31, 2020. This decrease primarily resulted from: i) exorbitant natural gas prices in February 2021 during Winter Storm Uri, which at times rose to almost 14,000% of historical averages and resulted in the natural gas supplier issuing an invoice of approximately $8 million for February 2021, ii) the change in the unrealized and realized activity in derivative instruments with a loss of $2,625 as compared to a gain of $6,857 in the three months ended March 31, 2020, and iii) the adjustment in the carrying value of our inventory as determined utilizing the LIFO method of inventory accounting. This adjustment decreased gross profit $3,913 in the current period as compared to a benefit of $1,319 in the same period of the prior year. Capital Expenditures Capital expenditures were $146 in the first three months of 2021, compared with $1,608 in the same period in 2020. Cash and Cash Equivalents and Marketable Securities Cash and cash equivalents and marketable securities totaled $244,152 as of March 31, 2021, compared with $262,526 as of December 31, 2020. About FutureFuel FutureFuel is a leading manufacturer of diversified chemical products, specialty chemical products, and biofuel products. In its chemicals business, FutureFuel manufactures specialty chemicals for specific customers (“custom chemicals”) as well as multi-customer specialty chemicals (“performance chemicals”). FutureFuel’s custom chemicals product portfolio includes chlorinated polyolefin adhesion promoters and antioxidant precursors for a major chemical company. FutureFuel’s performance chemicals product portfolio includes polymer (nylon) modifiers and several small-volume specialty chemicals for diverse applications. FutureFuel’s biofuels segment primarily produces and sells biodiesel to its customers. Please visit www.futurefuelcorporation.com for more information. Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements deal with FutureFuel’s current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as “believe,” “do not believe,” “plan,” “expect,” “intend,” “estimate,” “anticipate,” and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from time to time FutureFuel or its representatives have made or will make forward-looking statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that the company makes with United States Securities and Exchange Commission (the “SEC”), in press releases, or in oral statements made by or with the approval of one of FutureFuel’s authorized executive officers. These forward-looking statements are subject to certain known and unknown risks and uncertainties, including, but not limited to the COVID-19 pandemic and the response thereto, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, those set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FutureFuel’s Form 10-K Annual Report for the year ended December 31, 2020 and in its future filings made with the SEC. An investor should not place undue reliance on any forward-looking statements contained in this document, which reflect FutureFuel management’s opinions only as of their respective dates. Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revisions to forward-looking statements. The risks and uncertainties described in this document and in current and future filings with the SEC are not the only ones faced by FutureFuel. New factors emerge from time to time, and it is not possible for the company to predict which will arise. There may be additional risks not presently known to the company or that the company currently believes are immaterial to its business. In addition, FutureFuel cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, FutureFuel’s business, operating results, liquidity, and financial condition could be materially affected in an adverse manner. An investor should consult any additional disclosures FutureFuel has made or will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K, and any amendments thereto. All subsequent written and oral forward-looking statements attributable to FutureFuel or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this document. Non-GAAP Financial Measures In this press release, FutureFuel used adjusted EBITDA as a key operating metric to measure both performance and liquidity. Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA is not a substitute for operating income, net income, or cash flow from operating activities (each as determined in accordance with GAAP), as a measure of performance or liquidity. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP. FutureFuel defines adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization expenses, excluding, when applicable, non-cash share-based compensation expense, public offering expenses, acquisition-related transaction costs, purchase accounting adjustments, loss on disposal of property and equipment, gains or losses on derivative instruments, other non-operating income or expense. Information relating to adjusted EBITDA is provided so that investors have the same data that management employs in assessing the overall operation and liquidity of FutureFuel’s business. FutureFuel’s calculation of adjusted EBITDA may be different from similarly titled measures used by other companies; therefore, the results of its calculation are not necessarily comparable to the results of other companies. Adjusted EBITDA allows FutureFuel’s chief operating decision makers to assess the performance and liquidity of FutureFuel’s business on a consolidated basis to assess the ability of its operating segments to produce operating cash flow to fund working capital needs, to fund capital expenditures, and to pay dividends. In particular, FutureFuel management believes that adjusted EBITDA permits a comparative assessment of FutureFuel’s operating performance and liquidity, relative to a performance and liquidity based on GAAP results, while isolating the effects of depreciation and amortization, which may vary among its operating segments without any correlation to their underlying operating performance, and of non-cash stock-based compensation expense, which is a non-cash expense that varies widely among similar companies, and gains and losses on derivative instruments, whose immediate recognition can cause net income to be volatile from quarter to quarter due to the timing of the valuation change in the derivative instruments relative to the sale of biofuel. A table included in this earnings release reconciles adjusted EBITDA with net income, the most directly comparable GAAP performance financial measure, and a table reconciles adjusted EBITDA with cash flows from operations, the most directly comparable GAAP liquidity financial measure. FutureFuel Corp.Condensed Consolidated Balance Sheets(Dollars in thousands) (Unaudited) March 31, 2021 December 31, 2020Assets Cash and cash equivalents $193,979 $198,122 Accounts receivable, inclusive of the blenders' tax credit of $11,276 and $8,300 and net of allowances for bad debt of $112 and $63, respectively 27,953 22,813 Inventory 45,278 33,889 Marketable securities 50,173 64,404 Other current assets 22,710 23,377 Total current assets 340,093 342,605 Property, plant and equipment, net 89,200 91,544 Other assets 7,129 7,155 Total noncurrent assets 96,329 98,699 Total Assets $436,422 $441,304 Liabilities and Stockholders’ Equity Accounts payable, inclusive of the blenders' tax credit rebates due customers of $890 and $1,116 $25,639 $13,437 Dividends payable 7,874 10,498 Other current liabilities 9,514 9,053 Total current liabilities 43,027 32,988 Deferred revenue – long-term 20,322 21,861 Other noncurrent liabilities 10,023 14,572 Total noncurrent liabilities 30,345 36,433 Total liabilities 73,372 69,421 Commitments and contingencies Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding - - Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,743,243, issued and outstanding at March 31, 2021 and December 31, 2020 4 4 Accumulated other comprehensive income 148 208 Additional paid in capital 282,215 282,215 Retained earnings 80,683 89,456 Total Stockholders’ Equity 363,050 371,883 Total Liabilities and Stockholders’ Equity $436,422 $441,304 FutureFuel Corp.Condensed Consolidated Statements of Operations and Comprehensive Income(Dollars in thousands, except per share amounts)(Unaudited) Three Months Ended March 31, 2021 2020 Revenue$41,516 $53,082 Cost of goods sold and distribution 52,252 36,683 Gross (loss) profit (10,736) 16,399 Selling, general, and administrative expenses 1,548 1,585 Research and development expenses 774 835 2,322 2,420 (Loss) income from operations (13,058) 13,979 Other expense, net (102) (8,148)(Loss) income before income taxes (13,160) 5,831 Income tax benefit (4,387) (13,212)Net (loss) income$(8,773) $19,043 (Loss) earnings per common share Basic$(0.14) $0.44 Diluted$(0.14) $0.44 Weighted average shares outstanding Basic 43,743,243 43,743,243 Diluted 43,743,243 43,743,243 Comprehensive (Loss) income Net (loss) income$(8,773) $19,043 Other comprehensive loss from unrealized net loss on available-for-sale debt securities (60) (397)Income tax effect 16 84 Total other comprehensive loss, net of tax (44) (313)Comprehensive (loss) income$(8,817) $18,730 FutureFuel Corp.Consolidated Statements of Cash FlowsFor the Three Months Ended March 31, 2021 and 2020(Dollars in thousands)(Unaudited) Three Months Ended March 31, 2021 2020 Cash flows from operating activities Net (loss) income$(8,773) $19,043 Adjustments to reconcile net income to net cash from operating activities: Depreciation 2,608 3,004 Amortization of deferred financing costs 24 36 Benefit for deferred income taxes (4,402) (22)Change in fair value of equity securities 1,765 9,570 Change in fair value of derivative instruments (695) (1,874)(Gain) loss on the sale of investments (690) 489 Stock based compensation - 49 Loss on disposal of property and equipment - 2 Noncash interest expense 8 19 Changes in operating assets and liabilities: Accounts receivable (6,515) (17,803)Accounts receivable – related parties 1,375 4,175 Inventory (11,389) (3,878)Income tax receivable 774 (13,587)Prepaid expenses 751 171 Prepaid expenses – related party (12) - Other assets (43) 120 Accounts payable 4,270 2,360 Accounts payable – related parties 7,814 (815)Accrued expenses and other current liabilities (509) 2,192 Accrued expenses and other current liabilities – related parties - (64)Deferred revenue (569) 925 Other noncurrent liabilities (139) (78)Net cash (used in) provided by operating activities (14,347) 4,034 Cash flows from investing activities Collateralization of derivative instruments (106) 1,876 Purchase of marketable securities (15,601) (964)Proceeds from the sale of marketable securities 28,681 4,484 Proceeds from the sale of property and equipment - 50 Capital expenditures (146) (1,608)Net cash provided by investing activities 12,848 3,838 Cash flows from financing activities Deferred financing costs - (477)Payment of dividends (2,624) (2,624)Net cash used in financing activities (2,624) (3,101)Net change in cash and cash equivalents (4,143) 4,771 Cash and cash equivalents at beginning of period 198,122 243,331 Cash and cash equivalents at end of period$193,979 $248,102 Cash paid for interest$43 $1 Cash paid for income taxes$52 $453 Noncash investing and financing activities: Cash dividends declared, not paid$- $131,230 Noncash capital expenditures$118 $- FutureFuel Corp.Reconciliation of Non-GAAP Financial Measure to Financial Measure(Dollars in thousands)(Unaudited) Reconciliation of Adjusted EBITDA to Net Income Three Months Ended March 31, 2021 2020 Net (loss) income$(8,773) $19,043 Depreciation 2,608 3,004 Non-cash stock-based compensation - 49 Interest and dividend income (1,005) (1,967)Non-cash interest expense and amortization of deferred financing costs 32 56 Losses on disposal of property and equipment - 2 Loss (gain) on derivative instruments 2,625 (6,857)Loss on marketable securities 1,075 10,059 Income tax benefit (4,387) (13,212)Adjusted EBITDA$(7,825) $10,177 Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities Three Months Ended March 31, 2021 2020 Net cash (used in) provided by operating activities$(14,347) $4,034 Benefit for deferred income taxes 4,402 22 Interest and dividend income (1,005) (1,967)Income tax benefit (4,387) (13,212)Loss (gain) on derivative instruments 2,625 (6,857)Change in fair value of derivative instruments 695 1,874 Change in operating assets and liabilities, net 4,192 26,282 Other - 1 Adjusted EBITDA$(7,825) $10,177 FutureFuel Corp.Condensed Consolidated Segment Income(Dollars in thousands)(Unaudited) Three Months Ended March 31, 2021 2020 Revenue Custom chemicals$10,675 $23,760 Performance chemicals 5,435 3,933 Chemicals revenue$16,110 $27,693 Biofuels revenue 25,406 25,389 Total Revenue$41,516 $53,082 Segment gross profit (loss) Chemicals$(1,301) $8,014 Biofuels (9,435) 8,385 Total gross (loss) profit$(10,736) $16,399 Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value. COMPANY CONTACTFutureFuel Corp.Tom McKinlay(314)854-8352www.futurefuelcorporation.com
Gaza [Palestine], May 8 (ANI/Sputnik): The number of Palestinians injured in clashes with the Israeli forces in East Jerusalem has risen to 205, the Red Crescent said on Saturday.