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SUGAR LAND, Texas, Aug. 4,2020 /PRNewswire/ --Trecora Resources ("Trecora" or the "Company") (NYSE: TREC), a leading provider of specialty hydrocarbons and specialty waxes, today announced financial results for the second quarter ended June 30, 2020. "Trecora's second quarter results demonstrate the resiliency of our business and our executional focus, despite the market impacts from COVID-19. Our cash flow from continuing operations of $16.5 million was a $12.1 million improvement from first quarter this year. We ended the second quarter with $78.2 million of debt excluding Paycheck Protection Program loans, $29.9 million of cash and no borrowings on our revolver. Our Company's debt is at its lowest since the third quarter of 2016," said Pat Quarles, Trecora's President and Chief Executive Officer. "Net loss from continuing operations in the second quarter was $1.9 million while Adjusted EBITDA from continuing operations was $4.2 million. Demand for our Specialty Petrochemicals declined in April and May but rebounded in June while margins for these products expanded significantly as our feedstock costs declined throughout the quarter. Our Specialty Waxes business results were weaker than expected due to both exposure to certain durable good end-uses and the impact from falling custom processing revenues in this segment. While our visibility looking forward remains poor, we see demand in Specialty Petrochemicals continuing to improve into the third quarter, while still below pre-pandemic levels. "Our growth initiative launched in 2020 remains on track to achieve approximately $4 million of annualized incremental EBITDA value creation. With additional inbound projects continuing to develop, we believe the expanding pipeline of projects offer further opportunities for profit improvements ahead. "Finally, we recently completed the sale of a 975,000 share portion of Trecora's overall ownership in AMAK. We believe we will complete the sale of our remaining AMAK shares by the end of the third quarter. Coupled with the anticipated receipt of Federal income tax refunds allowed under the CARES Act, we expect our bank debt, net of cash, to be negative. With our strong balance sheet we can betternavigate the current market environment as well as prudently consider growth opportunities and drive shareholder value," concluded Mr. Quarles. Sami Ahmad, Trecora's Chief Financial Officer stated, "We have taken a number of measures in the first half of 2020 to strengthen our balance sheet and provide for sufficient liquidity as we progress through this downturn. We fully repaid our revolver balance of $23 million and paid down another $1 million on our Term Loan during the second quarter of 2020. As a result, our bank debt balance as of June 30 was $78.2 million compared to $102.3 million at March 31. We maintained keen attention to costs with a focus on safe and reliable operation of our plants as well as preserving the continuity of our workforce. Cash on the balance sheet stood at approximately $29.9 million at the end of second quarter. Finally, in addition to proceeds from the AMAK share sale we expect to receive approximately $16.5 million in tax refunds in the second half of the year." Second Quarter 2020FinancialResults Netloss from continuing operations in thesecond quarterof 2020 was $1.9million, or $0.07per diluted share[1], compared toa netincomefrom continuing operations of$2.4million, or$0.10per dilutedshare[2], in thesecond quarter of 2019. Adjusted EBITDA from continuing operations was $4.2 million for the second quarter of 2020, compared with Adjusted EBITDA from continuing operations of $9.3 million in the second quarter of 2019. Adjusted EBITDA from continuing operations declined due to lower sales volumes for prime products and by-products in our Specialty Petrochemicals segment, as well as lower Specialty Waxes sales revenue, both of which were impacted by COVID-19. Total revenue in thesecond quarter of 2020 was$40.7 million compared to $69.4 million in thesecond quarter of 2019. This 41.4% year-over-year decrease was primarily due to lower sales volumes for prime products and by-products which was impacted by COVID-19. Also, gross revenue was reduced by lower selling prices resulting from the sharp decline in feedstock costs relative to the same period a year ago. Gross profitin thesecond quarter of 2020 was $6.2million, or15.2% of totalrevenues,compared to$10.6 million, or15.2%of total revenues,in thesecond quarter of 2019. Operatingloss in thesecond quarter of 2020 was$0.3millioncompared to operating incomeof $4.3 million for thesecond quarter of 2019. SpecialtyPetrochemicals Specialty Petrochemicals net income from continuing operations was $1.4million in the second quarter of 2020, compared to net incomeof $4.7million in the second quarter of 2019. Specialty Petrochemicals volume in thesecond quarter of 2020 was15.3million gallons, compared to19.7 million gallons in the firstquarterof 2020 and21.4million gallons in the second quarter of 2019.Sales volume of our Specialty Petrochemicals products decreased 28.5% year-over-year, due to lower demand from polyethylene end-use markets as well as lower sales to Canadian oil sands customers. Prime product volume in thesecond quarter of 2020 was13.1milliongallons, compared to16.2 million gallons in the firstquarterof 2020 and17.7million gallons in the second quarter of 2019. By-product sales volume was 2.3million gallons in the second quarter of 2020. Adjusted EBITDA from continuing operations for Specialty Petrochemicals in the second quarter of 2020 was $5.0million compared to $10.4million in the second quarter of 2019. Dollar amounts in thousands/rounding may apply THREE MONTHS ENDED JUNE 30, 2020 2019 % Change Product sales $31,236 $58,584 (47%) Processing fees 1,159 1,527 (24%) Gross revenues $32,395 $60,111 (46%) Operatingprofit beforedepreciation and amortization 4,974 10,028 (50%) Operating profit 2,354 7,104 (67%) Net profitbefore taxes 1,648 6,375 (74%) Depreciation and amortization 2,621 2,925 (10%) Adjusted EBITDAfrom continuing operations 4,998 10,353 (52%) Capital expenditures 5,382 1,461 268% Specialty Waxes Specialty Waxes net loss from continuing operations was $0.3million in the second quarter of 2020, compared to a net loss from continuing operationsof $1.0million in the second quarter of 2019. Specialty Waxes generated revenues of approximately $8.3millionin the second quarter of 2020,a $2.1million decrease from $10.4 million in the firstquarterof 2020, anda $1.0million decreasefrom the second quarter of 2019.Revenue included $5.5millionof wax product sales in the second quarter of 2020. Wax sales volumes decreased approximately 16.0% or nearly 1.6 million pounds from the second quarter of 2019. Lower sales volumes, in the second quarter of 2020, reflect the impact on our customers from COVID-19. Many of our customers, especially in the automotive, furniture and construction end-markets, had significant decline in sales demand due to the pandemic. There were no material disruptions to feed supply during the second quarter of 2020. Processing revenues, which were $2.8 million in the second quarter of 2020, increased 11.7%, or approximately $0.3 million, from the second quarter of 2019. Adjusted EBITDA from continuing operations for Specialty Waxes in the second quarter of 2020 was $0.9million compared to $0.7 million in the second quarter of 2019. Dollar amounts in thousands/rounding may apply THREE MONTHS ENDED JUNE 30, 2020 2019 % Change Product sales $5,471 $6,745 (19%) Processing fees 2,808 2,516 12% Gross revenues $8,279 $9,261 (11%) Operatingprofit beforedepreciation and amortization 854 766 11% Operating loss (485) (633) 23% Net lossbefore taxes (445) (1,013) 56% Depreciation and amortization 1,338 1,399 (4%) Adjusted EBITDAfrom continuing operations 892 734 22% Capital expenditures 285 426 (33%) First Half 2020 Financial Results Net income from continuing operations in the first half of 2020 was $4.0 million, or $0.16 per diluted share[3], compared to net income of $4.3 million, or $0.17 per diluted share[4], for the same period in 2019. Adjusted EBITDA from continuing operations in the first half of 2020 was $9.7 million, compared to Adjusted EBITDA from continuing operations of $17.7 million for the same period in 2019. Total revenue in the first half of 2020 was $102.7 million, compared to $134.5 million for the same period in 2019, a decrease of 23.6%. This decrease was primarily due to lower sales volumes for prime products and byproducts as a result of COVID-19 and its general impact on the economy. A decrease in average selling prices resulting from a sharp decrease in feedstock costs also contributed to the revenue decline. Gross profit in the first half of 2020 was $14.2 million, or 13.9% of total revenues, compared to $20.6 million, or 15.3% of total revenues, for the same period in 2019. Operating income in the first half of 2020 was $0.9 million, compared to operating income of $8.1 million for the same period in 2019. SpecialtyPetrochemicals Specialty Petrochemicals net income was $6.0 million in the first half of 2020, compared to net income of $10.8 million for the same period in 2019. Specialty Petrochemicals volume in the first half of 2020 was 35.1 million gallons, compared to 43.9 million gallons for the same period in 2019. Prime product volume in the first half of 2020 was 29.3 million gallons, compared to 35.4 million gallons in the same period 2019. Adjusted EBITDA from continuing operations for Specialty Petrochemicals in the first half of 2020 decreased 47% to $11.5 million, compared to $21.8 million for the same period in 2019. Dollar amounts in thousands/rounding may apply SIX MONTHS ENDED JUNE 30, 2020 2019 % Change Product sales $81,622 $114,074 (28%) Processing fees 2,403 2,910 (17%) Gross revenues $84,025 $116,984 (28%) Operatingprofit beforedepreciation and amortization 11,464 21,435 (47%) Operating profit 6,226 15,437 (60%) Net profitbefore taxes 4,590 13,510 (66%) Depreciation and amortization 5,238 5,999 (13%) Adjusted EBITDAfrom continuing operations 11,471 21,758 (47%) Capital expenditures 6,983 2,839 146% Specialty Waxes Specialty Waxes net income of $0.9 million in the first half of 2020 compared to a net loss of $3.6 million for the same period in 2019. Specialty Waxes had revenues of $18.7 million in the first half of 2020, a 6.7% increase from the same period of 2019. Revenues included $12.3 million of wax product sales and $6.4 million of processing revenues. Wax sales volumes in the first half of 2020 increased approximately 3.9% from the same period 2019. In the first half of 2019 planned maintenance turnaround at our Pasadena facility, along with outages at multiple wax feed suppliers, constrained specialty wax production and thereby sales volumes. There were no material disruptions to feed supply during the first half of 2020. Adjusted EBITDA from continuing operations for Specialty Waxes in the first half of 2020 was $2.0 million, compared to $(0.2) million for the same period in 2019. Dollar amounts in thousands/rounding may apply SIX MONTHS ENDED JUNE 30, 2020 2019 % Change Product sales $12,268 $12,748 (4)% Processing fees 6,448 4,794 34% Gross revenues $18,716 $17,542 7% Operatingprofit (loss) beforedepreciation and amortization 1,920 (83) 2,413% Operating loss (747) (2,830) 74% Net lossbefore taxes (687) (3,552) 81% Depreciation and amortization 2,666 2,747 (3%) Adjusted EBITDAfrom continuing operations 1,996 (154) 1,396% Capital expenditures 601 935 (36%) 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/mmc/p/zucq82i6. A replay of the call will also be available through the same link. To participate via telephone, callers should dial in at least ten to fifteen 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 6689633. 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 6689633 for the replay. Use of Non-GAAP Measures This press release includes the use of both U.S. generally accepted accounting principles ("GAAP") and non-GAAP financial measures. The Company believes certain financial measures, such as EBITDA from continuing operations and Adjusted EBITDA from continuing operations, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. The Company believes that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. These measures are not measures of financial performance or liquidity under GAAP and should be considered in addition to, and not as a substitute for, analysis of our results under GAAP. We define EBITDA from continuing operations as net income (loss) from continuing operations plus interest expense (benefit), income taxes, depreciation and amortization. We define Adjusted EBITDA from continuing operations as EBITDA from continuing operations plus sharebased compensation, plus restructuring and severance expenses, plus or minus equity in AMAK's earnings and losses, plus impairment losses and plus or minus gains or losses on disposal of assets. These non-GAAP measures have been reconciled to the nearest GAAP measure in the tables below entitled Reconciliation of Selected GAAP Measures to Non-GAAP Measures. Forward-Looking Statements Some of the statements and information contained in this earnings press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding the Company's financial position, business strategy and plans and objectives of the Company's management for future operations and other statements that are not historical facts, are forward-looking statements. Forward-looking statements are often characterized by the use of words such as "outlook," "may," "will," "should," "could," "expects," "plans," "anticipates, "contemplates," "proposes," "believes," "estimates," "predicts," "projects," "potential," "continue," "intend," or the negative of such terms and other comparable terminology, or by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause the actual results, performance or our achievements, or industry results, to differ materially from historical results, any future results, or performance or achievements expressed or implied by such forwardlooking statements. Such risks, uncertainties and factors include, but are not limited to: not completing, or not completely realizing the anticipated benefits from, the sale of our stake in AMAK; general economic and financial conditions domestically and internationally; insufficient cash flows from operating activities; our ability to attract and retain key employees; feedstock, product and mineral prices; feedstock availability and our ability to access third party transportation; competition; industry cycles; natural disasters or other severe weather events, health epidemics and pandemics (including COVID-19) and terrorist attacks; our ability to consummate extraordinary transactions, including acquisitions and dispositions, and realize the financial and strategic goals of such transactions; technological developments and our ability to maintain, expand and upgrade our facilities; regulatory changes; environmental matters; lawsuits; outstanding debt and other financial and legal obligations (including having to return the amounts borrowed under the Paycheck Protection Program or failing to qualify for forgiveness of such loans, in whole or in part); difficulties in obtaining additional financing on favorable conditions, or at all; local business risks in foreign countries, including civil unrest and military or political conflict, local regulatory and legal environments and foreign currency fluctuations; and other risks detailed in our latest Annual Report on Form 10-K, including but not limited to: "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" therein, and in our other filings with the Securities and Exchange Commission (the "SEC"). Many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 pandemic. There may be other factors of which we are currently unaware or deem immaterial that may cause our actual results to differ materially from the forward-looking statements. In addition, to the extent any inconsistency or conflict exists between the information included in this report and the information included in our prior releases, reports and other filings with the SEC, the information contained in this report updates and supersedes such information. Forward-looking statements are based on current plans, estimates, assumptions and projections, and, therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events. About Trecora Resources (TREC)TREC owns and operates a specialty petrochemicals facility specializing in high purity hydrocarbons and other petrochemical manufacturing and a specialty wax facility, both located in Texas, and provides custom processing services at both facilities. In addition, the Company is the original developer and a 27.0% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company. Investor Relations Contact:Jason FinkelsteinThe Piacente Group, Inc.212-481-2050[emailprotected] 1Based on 24.8 million shares outstanding. 2 Based on 25.1 million shares outstanding. 3 Based on 25.4 million shares outstanding. 4 Based on 25.1 million shares outstanding. TRECORA RESOURCES AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2020 (Unaudited) December 31, 2019 ASSETS (thousands of dollars, except par value) Current Assets Cash $ 29,877 $ 6,145 Trade receivables, net 20,240 26,320 Inventories 7,595 13,624 Investment in AMAK (held-for-sale) 29,175 32,872 Prepaid expenses and other assets 3,233 4,947 Taxes receivable 16,229 182 Total current assets 106,349 84,090 Plant, pipeline and equipment, net 189,237 188,919 Intangible assets, net 13,814 14,736 Operating lease assets, net 11,915 13,512 Mineral properties in the United States 562 562 TOTAL ASSETS 321,877 301,819 LIABILITIES Current Liabilities Accounts payable 11,027 14,603 Accrued liabilities 7,801 5,740 Current portion of long-term debt 4,194 4,194 Current portion of lease liabilities 3,142 3,174 Current portion of other liabilities 955 924 Total current liabilities 27,119 28,635 CARES Act, PPPLoans 6,123 - Long-term debt, net of current portion 73,998 79,095 Post-retirement benefit, net of current portion 327 338 Lease liabilities, net of current portion 8,773 10,338 Other liabilities, net of current portion 512 595 Deferred income taxes 23,860 11,375 Total liabilities 140,712 130,376 EQUITY Common stockauthorized 40 million shares of $0.10 par value; issued and outstanding 24.8million and 24.8 million in 2020 and 2019, respectively 2,482 2,475 Additional paid-in capital 60,386 59,530 Retained earnings 118,008 109,149 Total Trecora Resources Stockholders' Equity 180,876 171,154 Noncontrolling Interest 289 289 Total equity 181,165 171,443 TOTAL LIABILITIES AND EQUITY 321,877 301,819 TRECORA RESOURCES AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS ENDEDJUNE 30, SIX MONTHS ENDEDJUNE 30, (unaudited) (unaudited) 2020 2019 2020 2019 (thousands of dollars, except per share amounts) Revenues Product sales $ 36,707 $ 65,329 $ 93,890 $ 126,822 Processing fees 3,967 4,042 8,851 7,704 40,674 69,371 102,741 134,526 Operating costs and expenses Cost of sales andprocessing (including depreciation and amortization of$3,750, $4,128, $7,486 and $8,357, respectively) 34,507 58,806 88,496 113,888 Gross Profit 6,167 10,565 14,245 20,638 General and Administrative Expenses General and administrative 6,289 6,042 12,963 12,076 Depreciation 212 208 428 421 6,501 6,250 13,391 12,497 Operating income (loss) (334) 4,315 854 8,141 Other income (expense) Interest income - - - 5 Interest expense (735) (1,401) (1,651) (2,900) Miscellaneous income (expense), net 68 284 6 256 (667) (1,117) (1,645) (2,639) Income (loss)from continuing operations before income taxes (1,001) 3,198 (791) 5,502 Income tax expense (benefit) 858 691 (4,795) 1,185 Income (loss) from continuing operations (1,859) 2,507 4,004 4,317 Income (loss) from discontinued operations, net of tax (2) (103) 4,855 (162) Net income (loss) (1,861) 2,404 8,859 4,155 Basic earnings(losses) per common share Net income (loss) from continuing operations (dollars) $ (0.07) $ 0.10 $ 0.16 $ 0.17 Net income from discontinued operations, net of tax (dollars) $ - $ - $ 0.20 $ (0.01) Net income (loss) (dollars) $ (0.07) $ 0.10 $ 0.36 $ 0.16 Basic weighted average number of common shares outstanding 24,802 24,696 24,784 24,675 Diluted earnings (losses) per common share Net income (loss) from continuing operations (dollars) $ (0.07) $ 0.10 $ 0.16 $ 0.17 Net income from discontinued operations, net of tax (dollars) $ - $ - $ 0.19 $ (0.01) Net income (loss) (dollars) $ (0.07) $ 0.10 $ 0.35 $ 0.16 Diluted weighted average number of common shares outstanding 24,802 25,091 25,360 25,089 TRECORA RESOURCES AND SUBSIDIARIES RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES EBITDA from continuing operations and Adjusted EBITDA from continuing operations (thousands of dollars; rounding may apply) THREE MONTHS ENDED THREE MONTHS ENDED 6/30/2020 6/30/2019 SPEC. PETRO SPEC. WAX CORP TREC SPEC. PETRO SPEC. WAX CORP TREC NET INCOME (LOSS) $ 1,393 $ (332) $ (2,922) $ (1,861) $ 4,666 $ (1,013) $ (1,249) $ 2,404 Loss from discontinued operations, net of tax - - (2) (2) - - (103) (103) Income (Loss) from continuing operations $ 1,393 $ (332) $ (2,920) $ (1,859) $ 4,666 $ (1,013) $ (1,146) $ 2,507 Interest 736 - (1) 735 1,053 347 1 1,401 Tax expense (benefit) 255 (113) 716 858 1,709 - (1,018) 691 Depreciation and amortization 185 23 4 212 172 24 12 208 Depreciation and amortization in cost of sales 2,436 1,314 - 3,750 2,753 1,375 - 4,128 EBITDA from continuing operations 5,005 892 (2,201) 3,696 10,353 733 (2,151) 8,935 Share based compensation - - 543 543 - - 345 345 Losson disposal of assets (7) - - (7) - - - - Adjusted EBITDA from continuing operations $ 4,998 $ 892 $ (1,658) $ 4,232 $ 10,353 $ 733 $ (1,806) $ 9,280 Revenue 32,395 8,279 - 40,674 60,110 9,260 - 69,371 SIX MONTHS ENDED SIX MONTHS ENDED 6/30/2020 6/30/2019 SPEC. PETRO SPEC. WAX CORP TREC SPEC. PETRO SPEC. WAX CORP TREC NET INCOME (LOSS) $ 5,989 $ 882 $ 1,988 $ 8,859 $ 10,808 $ (3,552) $ (3,101) $ 4,155 Loss from discontinued operations, net of tax - - 4,855 4,855 - - (162) (162) Income (Loss) from continuing operations $ 5,989 $ 882 $ (2,867) $ 4,004 $ 10,808 $ (3,552) $ (2,939) $ 4,317 Interest 1,651 - - 1,651 2,248 651 1 2,900 Tax expense (benefit) (1,399) (1,569) (1,827) (4,795) 2,703 - (1,518) 1,185 Depreciation and amortization 371 47 10 428 341 48 32 421 Depreciation and amortization in cost of sales 4,867 2,619 - 7,486 5,658 2,699 - 8,357 EBITDA from continuing operations 11,479 1,979 (4,684) 8,774 21,758 (154) (4,424) 17,180 Share based compensation - - 933 933 - - 558 558 (Gain) Loss on disposal of assets (8) 17 - 9 - - - - Adjusted EBITDA from continuing operations $ 11,471 $ 1,996 $ (3,751) $ 9,716 $ 21,758 $ (154) $ (3,866) $ 17,738 Revenue 84,025 18,716 - 102,741 116,984 17,542 - 134,526 SOURCE Trecora Resources Related Links http://www.trecora.com

Answer: Trecora Resources Reports Second Quarter and First Half 2020 Results