Westway Group, Inc.

CIK:0001361872|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Net revenue

Bulk liquid storage

$ 19,310

$ 17,821

$ 57,630

$ 55,286

Liquid feed supplements

83,607

81,062

247,115

223,228

Related parties

3,235

4,159

9,953

11,672

Total net revenue

106,152

^[1]

103,042

^[1]

314,698

^[1]

290,186

^[1]

Costs of sales-liquid feed supplements

Costs of sales - liquid feed supplements

69,565

68,393

206,786

187,593

Other operating costs and expenses

14,524

14,182

44,800

43,502

Depreciation and amortization

6,955

6,490

20,560

19,134

Selling, general and administrative expenses

9,069

8,105

27,601

24,804

Total operating expenses

100,113

97,170

299,747

275,033

Operating income

6,039

5,872

14,951

15,153

Other expense

Interest, net

(898)

(942)

(2,650)

(3,509)

Loss on disposal of property, plant & equipment

(46)

(42)

(109)

(771)

Total other expense

(944)

(984)

(2,759)

(4,280)

Income before income tax provision and equity in loss of unconsolidated subsidiary

5,095

4,888

12,192

10,873

Income tax provision

(1,323)

(1,713)

(4,007)

(3,521)

Equity in loss of unconsolidated subsidiary, net

(96)

(128)

(312)

(453)

Net income

3,676

3,047

7,873

6,899

Net (income) loss attributable to non-controlling interest

(17)

(53)

Net income attributable to Westway Group, Inc.

3,676

3,030

7,889

6,846

Preferred dividends accrued

(1,146)

(1,114)

(3,419)

(3,332)

Net (income) applicable to participating stockholders

(1,389)

(1,301)

(2,661)

(1,301)

Net income applicable to common stockholders

1,141

615

1,809

2,213

Earnings per share of common stock:

Basic

$ 0.04

$ 0.02

$ 0.07

$ 0.06

Diluted

$ 0.04

$ 0.02

$ 0.07

$ 0.06

Dividends declared per share

$ 0.04

$ 0.08

$ 0.04

Third parties

Costs of sales-liquid feed supplements

Costs of sales - liquid feed supplements

46,552

44,760

137,726

125,711

Costs of sales - liquid feed supplements

$ 23,013

$ 23,633

$ 69,060

$ 61,882

[1]	After intersegment eliminations

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income	$ 7,873	$ 6,899
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	2,935	3,952
Provision for doubtful accounts receivable	995	448
Depreciation and amortization	20,560	19,134
Amortization of deferred financing costs	672	928
Equity in loss of unconsolidated investments	447	676
Loss on sale of investment	36
Loss on disposal of property, plant & equipment	109	771
Stock compensation	1,037	848
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	3,533	(1,888)
Inventory	(1,199)	(2,806)
Other current assets	(1,464)	(2,182)
Accounts payable	(8,411)	(4,388)
Accrued expenses and other current liabilities	(3,389)	187
Net cash provided by operating activities	23,734	22,579
Cash flows from investing activities
Capital expenditures for property, plant and equipment, net of sales proceeds	(25,653)	(26,572)
Sale of investment	850
Net cash used in investing activities	(24,803)	(26,572)
Cash flows from financing activities:
Proceeds from credit facility	35,844	67,158
Payments on credit facility	(38,844)	(63,073)
Purchase and cancellation of Class A common stock		(1,424)
Payment of cash dividends	(1,620)
Purchase of founder warrants	(1,193)
Payment of deferred financing costs		(1,572)
Net cash provided by (used in) financing activities	(5,813)	1,089
Effects of exchange rate changes on cash and cash equivalents	533	(235)
Net decrease in cash and cash equivalents	(6,349)	(3,139)
Cash and cash equivalents, beginning of period	13,479	12,652
Cash and cash equivalents, end of period	7,130	9,513
Non-cash financing and investing activities:
Preferred dividends accrued	3,419	3,332
Series A Convertible Preferred stock issued to ED&F Man group	3,399	8,239
Common stock issued or accrued as dividend	$ 5,492

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 7,130	$ 13,479
Trade accounts receivable from third parties, net	40,533	45,579
Trade accounts receivable from related parties	1,742	1,752
Inventories	20,582	19,789
Other current assets	7,563	6,495
Total current assets	77,550	87,094
Investment in unconsolidated subsidiary	3,056	3,449
Property, plant and equipment, net	328,771	323,458
Goodwill	86,244	85,883
Other intangibles, net	7,836	7,912
Other non-current assets	3,696	4,235
Total assets	507,153	512,031
Current liabilities:
Trade accounts payable to third parties	8,536	14,134
Trade accounts payable to related parties	4,574	7,568
Accrued expenses and other current liabilities	21,971	28,395
Total current liabilities	35,081	50,097
Borrowings under credit facilities	90,534	93,534
Deferred income taxes	74,640	71,565
Other long-term liabilities	2,132	702
Total liabilities	202,387	215,898
Stockholders' equity:
Common Stock: $0.0001 par value; 235,000,000 shares authorized; 27,974,426 outstanding at September 30, 2012 represented by 14,321,663 Class A and 13,652,763 Class B shares. (December 31, 2011: $0.0001 par value; 235,000,000 shares authorized; 26,892,179 shares outstanding represented by 13,993,369 Class A and 12,898,810 Class B shares)	3	3
Additional paid-in capital	126,656	127,026
Accumulated other comprehensive income (loss)	(536)	(2,538)
Retained earnings (accumulated deficit)	1,870	(2,600)
Treasury stock at cost - 2,335,569 shares at September 30, 2012. (December 31, 2011: 2,335,569 shares)	(14,013)	(14,013)
Total Westway Group, Inc. stockholders' equity	304,766	295,265
Non-controlling interest		868
Total stockholders' equity	304,766	296,133
Total liabilities and stockholders' equity	507,153	512,031
Series A Convertible Preferred Stock
Stockholders' equity:
Series A Convertible Preferred stock: $0.0001 par value; 40,000,000 authorized; 33,321,892 outstanding at September 30, 2012. (December 31, 2011: $0.0001 par value; 40,000,000 authorized; 32,724,874 outstanding)	$ 190,786	$ 187,387