SMF Energy Liquidating Trust

CIK:0001024452|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Petroleum product sales and service revenues	$ 63,364	$ 46,608	$ 130,091	$ 91,665
Petroleum product taxes	7,193	5,956	14,671	11,960
Total revenues	70,557	52,564	144,762	103,625
Cost of petroleum product sales and service	59,275	42,820	121,022	84,039
Petroleum product taxes	7,193	5,956	14,671	11,960
Total cost of sales	66,468	48,776	135,693	95,999
Gross profit	4,089	3,788	9,069	7,626
Selling, general and administrative expenses	3,583	3,374	7,474	6,866
Executive retirement and related transition expenses	1,158		1,158
Operating income (loss)	(652)	414	437	760
Interest expense	(173)	(232)	(422)	(455)
Interest and other income	49	10	51	12
Income (loss) before income taxes	(776)	192	66	317
Income tax benefit (expense)	3,684	(58)	3,662	(69)
Net income	$ 2,908	$ 134	$ 3,728	$ 248
Net income per share attributable to common shareholders:
Basic	$ 0.35	$ 0.02	$ 0.44	$ 0.03
Diluted	$ 0.33	$ 0.02	$ 0.43	$ 0.03
Weighted average common shares outstanding:
Basic	8,405	8,505	8,386	8,527
Diluted	8,720	8,640	8,633	8,661
Dividends declared per common share	$ 0.0150		$ 0.0275

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,728	$ 248
Depreciation and amortization:
Depreciation for cost of sales items	442	446
Depreciation and amortization for selling, general and administrative items	480	594
Amortization of deferred debt costs	61	80
Amortization of stock-based compensation	343	70
Gain from sale of assets	(46)	(7)
Inventory reserve (recovery) provision	14	(4)
Provision for (recovery of) doubtful accounts	234	(113)
Deferred income tax benefit	(3,693)
Changes in operating assets and liabilities:
Decrease in accounts receivable	1,676	147
Increase in inventories, prepaid expenses and other assets	(791)	(22)
Decrease in accounts payable, accrued expenses, and other liabilities	(510)	(1,154)
Net cash provided by operating activities	1,938	285
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash portion of Lufkin property purchase	(1,060)
Purchases of property and equipment	(373)	(251)
Proceeds from sale of equipment	74	22
Net cash used in investing activities	(1,359)	(229)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit	150,464	107,391
Repayments of line of credit	(151,161)	(106,821)
Proceeds from Lufkin real estate mortgage	1,057
Principal payments on term loan	(500)	(500)
Payment of loan costs	(144)
Payment of common shares dividends	(235)
Payment of preferred shares dividends	(13)	(13)
Capital lease payments	(81)	(31)
Repurchase and retirement of common stock		(140)
Common stock, preferred stock, and warrants issuance costs		(10)
Net cash used in financing activities	(613)	(124)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(34)	(68)
CASH AND CASH EQUIVALENTS, beginning of period	87	115
CASH AND CASH EQUIVALENTS, end of period	53	47
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	361	402
Cash paid for income tax	41	51
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Capital leases	44	591
Receivable settlement for Lufkin land and building	$ 693

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Jun. 30, 2011
Current assets:
Cash and cash equivalents	$ 53	$ 87
Accounts receivable, net of allowances of $1,226 and $1,011	18,962	20,872
Inventories, net of reserves of $108 and $94	2,737	2,125
Prepaid expenses and other current assets	871	706
Total current assets	22,623	23,790
Property and equipment, net of accumulated depreciation of $19,226 and $18,524	8,685	7,083
Identifiable intangible assets, net of accumulated amortization of $2,076 and $1,998	1,376	1,455
Goodwill	228	228
Deferred debt costs, net of accumulated amortization of $188 and $323	283	200
Deferred tax asset, net	3,738
Other assets	70	763
Total assets	37,003	33,519
Current liabilities:
Current portion of long-term debt	1,070	1,000
Accounts payable	8,615	9,361
Accrued expenses and other liabilities	4,210	3,668
Deferred tax liability, net	45
Total current liabilities	13,940	14,029
Long-term liabilities:
Line of credit payable	7,223	7,921
Long-term debt, net of current portion	2,570	2,083
Promissory notes	800	800
Other long-term liabilities	633	685
Total liabilities	25,166	25,518
Commitments and Contingencies Shareholders' equity:
Preferred stock, $0.01 par value; 5,000 Series D shares authorized; 534 and 599, respectively, issued and outstanding
Common stock, $0.01 par value; 50,000,000 shares authorized; 8,587,523 and 8,366,578, respectively, issued and outstanding	86	84
Additional paid-in capital	36,447	36,341
Accumulated deficit	(24,696)	(28,424)
Total shareholders' equity	11,837	8,001
Total liabilities and shareholders' equity	$ 37,003	$ 33,519