Trecora Resources (NYSE:TREC) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition
The Companys press release dated March 1, 2017, regarding its
financial results for the period ended December 31, 2016,
including consolidated financial statements for the period ended
December 31, 2016, is Exhibit 99.1 of this Form 8-K.
The information in this Item 2.02, including the corresponding
Exhibit 99.1 is hereby filed.
Item 4.02. Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim
Review
On February 27, 2017, the Audit Committee of the Companys Board
of Directors, following consultation with management and
discussion with the Companys independent registered public
accounting firm, BKM Sowan Horan, LLP, concluded that there were
accounting errors in the accounting for its equity in earnings
from its investment in AMAK in the second and third quarters of
2016. Specifically, there were errors that resulted in (1) an
overstatement of the fair value of spare parts obtained by AMAK
in the second quarter of 2016 by approximately $2.82 million, and
(2) an understatement of the basis of our investment as a result
from an equity raise by AMAK in the third quarter of 2016 by
approximately $3.17 million. While the errors have an overall
combined de minimis effect on net income and earnings per share
(less than $.01 per share) for the twelve months ended December
31, 2016, they do have a material impact on net income of the
second and third quarters of 2016. As a result, the second and
third quarter 2016 Forms 10-Q should no longer be relied upon.
The Company will restate these quarters on or before the due date
for the filing of its 2016 Form 10-K.
Item 7.01. Regulation FD Disclosure.
The slides for the Companys fourth quarter and full-year 2016
earnings presentation on March 1, 2017, are Exhibit 99.2 to this
Form 8-K.
The information in this Item 7.01, including the corresponding
Exhibit 99.2, is being furnished with the Commission and shall
not be deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are being filed as part of this report:
| Exhibit No. | Description of Exhibit | |
| 99.1 | Earnings Release of the Company, dated March 1, 2017 | |
| 99.2 | Earnings Presentation of the Company, dated March 1, 2017 |
The Companys website (www.trecora.com) contains a
significant amount of information about the Company, including
financial and other information for investors. The Company
strongly encourages investors to visit its website from time to
time, as information is updated and new information is posted.
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About Trecora Resources (NYSE:TREC)
Trecora Resources, formerly Arabian American Development Company, is engaged in manufacturing of specialty petrochemical products and synthetic waxes, and providing custom processing services. The Company operates through two segments: manufacturing of various specialty petrochemical products and manufacturing of specialty synthetic waxes. The specialty petrochemical products segment operates through South Hampton Resources, Inc. (SHR). The specialty synthetic wax segment operates through Trecora Chemical, Inc. (TC). SHR owns and operates a specialty petrochemical facility that produces hydrocarbons and other petroleum-based products, including isopentane, normal pentane, isohexane and hexane. TC produces specialty polyethylene and poly alpha olefin waxes, and provides custom processing services. TC provides custom manufacturing, distillation, blending, forming, and packaging of finished and intermediate products, and wax products for coatings, hot melt adhesives and lubricants. Trecora Resources (NYSE:TREC) Recent Trading Information
Trecora Resources (NYSE:TREC) closed its last trading session up +0.30 at 12.35 with 31,810 shares trading hands.