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Trecora Resources (TREC) announced a financial update for Q1 2021, detailing the impact of the severe winter freeze in Texas. The company's South Hampton facility was shut down for one week and Trecora Chemical for roughly two weeks, leading to increased utility and maintenance costs. The estimated loss in net income from ongoing operations is projected between $3.5 million and $4.5 million, tax-effected at 21%. While operations have resumed, some customers are still experiencing supply curtailments due to the freeze.
Trecora Resources (TREC) reported its Q4 2020 financial results, showing a net loss of $0.1 million, significantly improved from a $19.7 million loss in Q4 2019. Total revenue decreased by 5.8% year-over-year to $58.1 million, driven by lower sales prices amid COVID-19 impacts. Adjusted EBITDA from continuing operations for Q4 was $4.8 million, down from $6.4 million in Q4 2019. Despite challenges due to the Texas utility outages, Trecora maintains a strong liquidity position with $55.7 million in cash and an undrawn revolver, and has initiated a $20 million share repurchase program.
Trecora Resources (NYSE: TREC) announced its participation in the G. research 12th Annual Specialty Chemicals Virtual Conference on March 11, 2021, from 2:00 p.m. to 2:30 p.m. ET. CEO Pat Quarles and CFO Sami Ahmad will host a live webcast, available for 90 days post-event. Interested investors can schedule one-on-one meetings with management. Trecora specializes in manufacturing high purity hydrocarbons and specialty waxes, operating facilities in Texas. For more details, visit Trecora.com.
Trecora Resources (TREC) has authorized a $20 million share repurchase program effective by March 2023. This program aims to enhance shareholder value following the successful sale of a non-core asset in 2020, which allowed the company to reduce debt and increase liquidity. The timing and amount for repurchases will be based on market conditions and determined by management after the Q4 earnings report on March 8, 2021. As of December 31, 2020, Trecora held a cash balance of $55.7 million, with no debts on its revolver.
Trecora Resources (NYSE: TREC) will release its fourth quarter and full year 2020 financial results after market close on March 8, 2021. CEO Patrick D. Quarles and CFO Sami Ahmad will present the results during a conference call on March 9 at 10:00 a.m. Eastern Time. Interested parties can join via toll-free dial-in or web streaming. A replay of the call will be available shortly after the event until March 11, 2021. For more details, visit Trecora's website.
Trecora Resources (NYSE: TREC), a key player in specialty hydrocarbons and waxes, announced its participation in the 13th Annual LD Micro Main Event. This conference is scheduled for December 15, 2020, from 3:00 p.m. to 3:20 p.m. ET. Investors can tune in through a live webcast available at ve.mysequire.com. Trecora operates facilities in Texas focusing on high purity hydrocarbons and custom processing services, alongside a 35% stake in Al Masane Al Kobra Mining Co.
Trecora Resources (NYSE: TREC), a key player in specialty hydrocarbons and waxes, has announced its participation in the Citi 2020 Basic Materials Virtual Conference on December 1, 2020. CEO Pat Quarles and CFO Sami Ahmad will be available for one-on-one meetings throughout the event. Investors looking to schedule meetings can contact their Citi representatives. Trecora operates facilities in Texas that specialize in high purity hydrocarbons and custom processing services.
Trecora Resources (TREC) announced it received approximately $14.6 million from the IRS on November 16, 2020, as part of the CARES Act tax refunds. This amount includes interest and marks the first of two expected refunds related to net operating loss (NOL) carrybacks. The Company initially filed for $14.1 million in tax refunds on April 30, 2020, followed by a second claim of $2.4 million on June 30, 2020. These funds are expected to aid in mitigating the financial effects of the COVID-19 pandemic on Trecora's operations.
Trecora Resources (NYSE: TREC), a key player in specialty hydrocarbons and waxes, announced its participation in the Sidoti Virtual Microcap Conference on November 19, 2020, from 3:15 p.m. to 3:45 p.m. ET. CEO Pat Quarles and CFO Sami Ahmad will hold one-on-one meetings throughout the day. The event will feature a live webcast, with replays available for 90 days. Interested investors can access the webcast through Trecora's website. The company operates facilities in Texas focused on high purity hydrocarbons and specialty wax manufacturing.
Trecora Resources (NYSE: TREC) reported financial results for Q3 2020, achieving a net income of $22.4 million, or $0.88 per diluted share, significantly up from $0.6 million in Q3 2019. Key factors included a $31 million debt repayment from the AMAK sale and a cash balance of nearly $52 million. Specialty Petrochemicals sales volumes rose by 16% quarter-over-quarter, but were still down 13% year-over-year due to the impact of COVID-19 and weakened markets. Total revenue was $47.7 million, down 23.9% from $62.7 million in Q3 2019. Adjusted EBITDA improved to $7.1 million from $6.9 million in the prior year.
