Trecora Resources Reports Third Quarter 2020 Results

Download PDF

- Successful completion of AMAK sale resulting in net cash proceeds of $61 million

- Paydown of $31.1 million of debt; Bank debt of $47.1 million vs. $78.2 million at the end of June; Total cash balance of $51.9 million at end of September

- Third quarter net income of $22.4 million (which includes the net gain from the sale of AMAK of $21.3 million)

- Third quarter Adjusted EBITDA from continuing operations of $7.1 million, a 69% increase from second quarter

- Conference call at 10:00 am ET tomorrow, November 4, 2020

SUGAR LAND, Texas, Nov. 3, 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 third quarter ended September 30, 2020. 

Executive Commentary

"The successful closing of the AMAK1 sale was a landmark event for our Company. The proceeds allowed us to pay down $31 million of debt, and increase our cash balance to nearly $52 million. Trecora's recent results and accomplishments reflect our fundamental resilience in spite of historical challenges. Our third quarter saw good recovery in sales volumes from the depressed business conditions in the second quarter, despite the impact of multiple hurricanes on our customers in the Gulf Coast," said Pat Quarles, Trecora's President and Chief Executive Officer.

"This has been a transformational year for Trecora. Earlier, we implemented a management system across the Company that prioritized and reinforced safety, reliable operations and accountability, all while advancing the sustainability of our assets. We have now developed a diversified and value generating portfolio of growth projects to deliver sustainable organic growth, requiring little capital. This has already resulted in value creation of $4 million in annualized incremental EBITDA in 2020, with expectations of further significant growth next year and thereafter," concluded Mr. Quarles.   

Sami Ahmad, Trecora's Chief Financial Officer stated, "With the milestone divestiture of our non-core interest in AMAK completed, we have streamlined the company structure and narrowed our focus to specialty chemicals, all while dramatically reducing our credit facility leverage ratio to 1.6 times, thus enhancing our financial flexibility for growth.

"Third quarter results improved sequentially from the depressed levels in the second quarter. Specialty Petrochemicals sales volumes for the third quarter increased more than 16% from the second quarter but were down 13% from the same period last year. Third quarter demand for Specialty Petrochemicals sales were impacted by weakened markets, including durable goods such as automotive and construction and year-over-year results continued to be impacted by the effect on global demand due to the COVID-19 pandemic," concluded Mr. Ahmad. 

Third Quarter 2020 Financial Results 

Net income in the third quarter of 2020 was $22.4 million, or $0.88 per diluted share2, which includes the net gain from the sale of AMAK of $21.3 million, compared to net income of $0.6 million, or $0.02 per diluted share3, in the third quarter of 2019. Net income from continuing operations in the third quarter of 2020 was $1.1 million, or $0.04 per diluted share2, compared to net income from continuing operations of $1.6 million, or $0.06 per diluted share3, in the third quarter of 2019. Adjusted EBITDA from continuing operations was $7.1 million for the third quarter of 2020, compared with Adjusted EBITDA from continuing operations of $6.9 million in the third quarter of 2019. Adjusted EBITDA from continuing operations improved due to higher Specialty Waxes revenue and reduced corporate expenses, partially offset by lower sales volumes for prime products and by-products in our Specialty Petrochemicals segment, both of which were impacted by COVID-19.

Total revenue in the third quarter of 2020 was $47.7 million compared to $62.7 million in the third quarter of 2019. This 23.9% year-over-year decrease was primarily due to lower selling prices resulting from the sharp decline in feedstock costs relative to the same period a year ago. In addition, gross revenue was reduced by lower sales volumes for prime products and by-products which were impacted by COVID-19.

Gross profit in the third quarter of 2020 was $8.5 million, or 17.7% of total revenues, compared to $9.6 million, or 15.3% of total revenues in the third quarter of 2019. Operating income in the third quarter of 2020 was $2.5 million compared to operating income of $3.0 million for the third quarter of 2019.

Specialty Petrochemicals  

Specialty Petrochemicals net income was $4.2 million in the third quarter of 2020, compared to net income of $6.3 million in the third quarter of 2019. Specialty Petrochemicals volume in the third quarter of 2020 was 17.9 million gallons, compared to 15.3 million gallons in the second quarter of 2020 and 20.5 million gallons in the third quarter of 2019. Sales volume of our Specialty Petrochemicals products decreased 12.9% year-over-year, due to lower sales to the polyethylene end-use markets as well as lower sales to Canadian oil sands customers. Sales to other end-use markets were also generally weaker compared to the same period last year due to the COVID-19 pandemic.

Prime product volume in the third quarter of 2020 was 14.7 million gallons, compared to 13.1 million gallons in the second quarter of 2020 and 16.4 million gallons in the third quarter of 2019. By-product sales volume was 3.1 million gallons in the third quarter of 2020. Adjusted EBITDA from continuing operations for Specialty Petrochemicals in the third quarter of 2020 was $8.5 million compared to $5.0 million in the second quarter of 2020 and $9.4 million in the third quarter of 2019.

Dollar amounts in thousands/rounding may apply 

THREE MONTHS ENDED



SEPTEMBER 30,



2020

2019

 % Change 

  Product sales 

$37,580

$53,277

(29.5%)

  Processing fees 

1,644

1,208

36.1%

  Gross revenues 

$39,224

$54,485

(28.0%)

  Operating profit before depreciation and amortization 

8,538

10,414

(18.0%)

  Operating profit 

5,871

7,448

(21.2%)

  Net profit before taxes 

5,311

6,583

(19.3%)

  Depreciation and amortization 

2,667

1,900

40.3%

  Adjusted EBITDA 

8,485

9,376

(9.5%)

  Capital expenditures 

2,084

2,163

(3.6%)

Specialty Waxes 

Specialty Waxes net loss was $1.3 million in the third quarter of 2020, compared to a net loss of $2.1 million in the third quarter of 2019. Specialty Waxes generated revenues of approximately $8.5 million in the third quarter of 2020, a $0.2 million increase from $8.3 million in the second quarter of 2020, and a $0.3 million increase from the third quarter of 2019. Revenue included approximately $6.0 million of wax product sales in the third quarter of 2020. Wax sales volumes increased approximately 2.0%, or nearly 0.2 million pounds, from the third quarter of 2019. Higher sales volumes in the third quarter of 2020 reflect no material disruptions to feed supply during the third quarter of 2020, as there were in third quarter of 2019.

Processing revenues, which were $2.5 million in the third quarter of 2020, increased 5.7%, or approximately $0.1 million, from the third quarter of 2019. Adjusted EBITDA for Specialty Waxes in the third quarter of 2020 was $0.1 million compared to $(0.2) million in the third quarter of 2019.

Dollar amounts in thousands/rounding may apply 

 THREE MONTHS ENDED



SEPTEMBER 30,



2020

2019

 % Change 

  Product sales 

$5,990

$5,834

2.7%

  Processing fees 

2,533

2,396

5.7%

  Gross revenues 

$8,523

$8,230

3.6%

  Operating profit (loss) before depreciation and amortization 

89

(260)

134.3%

  Operating loss 

(1,337)

(1,808)

26.0%

  Net loss before taxes 

(1,293)

(2,071)

37.5%

  Depreciation and amortization 

1,427

1,548

(7.8%)

  Adjusted EBITDA 

134

(207)

164.7%

  Capital expenditures 

641

361

77.5%

Year-to-Date 2020 Financial Results

Net income in the first nine months of 2020 was $31.3 million, or $1.24 per diluted share4, which includes the net gain from the sale of AMAK of $26.2 million, compared to net income of $4.7 million, or $0.19 per diluted share5, in the first nine months of 2019. Net income from continuing operations in the first nine months of 2020 was $5.1 million, or $0.20 per diluted share4, compared to net income of $5.9 million, or $0.23 per diluted share5, for the same period in 2019. Adjusted EBITDA from continuing operations in the first nine months of 2020 was $16.8 million, compared to Adjusted EBITDA from continuing operations of $24.6 million for the same period in 2019.

Total revenue in the first nine months of 2020 was $150.5 million, compared to $197.2 million for the same period in 2019, a decrease of 23.7%. This decrease was primarily due to lower sales volumes for prime products and by-products 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 nine months of 2020 was $22.7 million, or 15.1% of total revenues, compared to $30.2 million, or 15.3% of total revenues, for the same period in 2019. Operating income in the first nine months of 2020 was $3.3 million, compared to operating income of $11.0 million for the same period in 2019.

Specialty Petrochemicals  

Specialty Petrochemicals net income was $10.2 million in the first nine months of 2020, compared to net income of $17.1 million for the same period in 2019. Specialty Petrochemicals volume in the first nine months of 2020 was 53.0 million gallons, compared to 64.4 million gallons for the same period in 2019. Prime product volume in the first nine months of 2020 was 44.0 million gallons, compared to 51.8 million gallons in the same period 2019. Adjusted EBITDA for Specialty Petrochemicals in the first nine months of 2020 decreased 35.9% to $20.0 million, compared to $31.1 million for the same period in 2019.

Dollar amounts in thousands/rounding may apply 

NINE MONTHS ENDED



SEPTEMBER 30,



2020

2019

 % Change 

  Product sales 

$119,202

$167,351

(28.8%)

  Processing fees 

4,047

4,117

(1.7%)

  Gross revenues 

$123,249

$171,468

(28.1%)

  Operating profit before depreciation and amortization 

20,002

31,849

(37.2%)

  Operating profit 

12,097

22,885

(47.1%)

  Net profit before taxes 

9,901

20,093

(50.7%)

  Depreciation and amortization 

7,905

7,899

0.1%

  Adjusted EBITDA 

19,956

31,134

(35.9%)

  Capital expenditures 

9,067

5,002

81.3%

Specialty Waxes 

Specialty Waxes net loss of $0.4 million in the first nine months of 2020 compared to a net loss of $5.6 million for the same period in 2019. Specialty Waxes had revenues of $27.2 million in the first nine months of 2020, a 5.7% increase from the same period of 2019. Revenues included $18.3 million of wax product sales and $9.0 million of processing revenues. Wax sales volumes in the first nine months of 2020 increased approximately 3.3% from the same period 2019. In the first nine months 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 nine months of 2020. Adjusted EBITDA for Specialty Waxes in the first nine months of 2020 was $2.1 million, compared to $(0.4) million for the same period in 2019.

     Dollar amounts in thousands/rounding may apply 

NINE MONTHS ENDED



SEPTEMBER 30,



2020

2019

 % Change 

  Product sales 

$18,258

$18,582

(1.7%)

  Processing fees 

8,981

7,191

24.9%

  Gross revenues 

$27,239

$25,773

5.7%

        Operating profit (loss) before depreciation and amortization 

2,009

(343))

686.3%

      Operating loss 

(2,084)

(4,638)

55.1%

  Net loss before taxes 

(1,980)

(5,623)

64.8%

  Depreciation and amortization 

4,093

4,295

(4.7%)

  Adjusted EBITDA

2,130

(361)

690.7%

  Capital expenditures 

1,242

1,296

(4.2%)

Outlook

"In the fourth quarter, we continue to see positive demand growth in most of our key markets. We anticipate our Specialty Petrochemicals prime product sales volumes to match pre-COVID levels in the fourth quarter. We are also seeing improved demand for waxes in our domestic market. However, the value for our by-products and the demand of custom processing services continue to be impacted by the dislocations associated with the COVID pandemic. The outlook into business conditions in 2021 is uncertain," stated Mr. Quarles.

Earnings Call

Tomorrow's conference, on November 4, 2020 at 10:00am Eastern Time, call 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/yu6jkxfk. 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 2877564. 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 2877564 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, income tax expense (benefit), depreciation and amortization. We define Adjusted EBITDA from continuing operations as EBITDA from continuing operations plus share–based compensation, plus restructuring and severance expenses, plus impairment losses and plus or minus gains or losses on disposal of fixed assets.

These non-GAAP measures have been reconciled to the nearest GAAP measure for historical periods in the tables below entitled "Reconciliation of Selected GAAP Measures to Non-GAAP Measures. However, the Company is unable to reconcile its expectations regarding Adjusted EBITDA growth in 2021 to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the 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 forward–looking statements. Such risks, uncertainties and factors include, but are not limited to the impacts of 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 the COVID-19 pandemic) 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 under similar headings in our subsequent Quarterly Reports on Form 10-Q and 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. Further, the COVID-19 pandemic may also affect our operating and financial results in a manner that is not presently known to us.

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.

Investor Relations Contact:
Jason Finkelstein
The Piacente Group, Inc.
212-481-2050
trecora@tpg-ir.com




1

Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company

2

Based on 25.4 million shares outstanding

3

Based on 25.1 million shares outstanding

4

Based on 25.2 million shares outstanding

5

Based on 25.1 million shares outstanding

 

TRECORA RESOURCES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS













September 30, 2020
(Unaudited)


December 31,
2019

ASSETS


(thousands of dollars, except par value)

Current Assets





Cash


$             51,862


$              6,145

Trade receivables, net


22,656


26,320

Inventories


11,110


13,624

Investment in AMAK (held-for-sale)


-


32,872

Prepaid expenses and other assets


7,016


4,947

Taxes receivable


16,858


182

Total current assets


109,502


84,090






  Plant, pipeline and equipment,net


187,898


188,919






Intangible assets, net


13,354


14,736

Operating lease assets, net


11,154


13,512

Mineral properties in the United States


412


562






TOTAL ASSETS


322,320


301,819

LIABILITIES





Current Liabilities





Accounts payable


12,815


14,603

Accrued liabilities


13,192


5,740

Current portion of long-term debt


4,194


4,194

Current portion of lease liabilities


3,148


3,174

Current portion of other liabilities


447


924

Total current liabilities


33,796


28,635






CARES Act, PPP Loans


6,123


-

Long-term debt, net of current portion


42,949


79,095

Post-retirement benefit, net of current portion


321


338

Lease liablities, net of current portion


8,006


10,338

Other liabilities, net of current portion


907


595

Deferred income taxes


26,132


11,375

Total liabilities


118,234


130,376






EQUITY





Common stock‑authorized 40 million shares of $0.10 par value; issued and outstanding 24.8 million and 24.8 million in 2020 and 2019, respectively


2,482


2,475

Additional paid-in capital


60,875


59,530

Retained earnings


140,440


109,149

Total Trecora Resources Stockholders' Equity


203,797


171,154

Noncontrolling Interest


289


289

Total equity


204,086


171,443






TOTAL LIABILITIES AND EQUITY


322,320


301,819

 

TRECORA RESOURCES AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME




THREE MONTHS ENDED
SEPTEMBER 30,


NINE MONTHS ENDED
SEPTEMBER 30,



(unaudited)


(unaudited)





2020


2019


2020


2019



(thousands of dollars, except per share amounts)

Revenues









Product sales


$  43,570


$  59,111


$  137,460


$  185,933

Processing fees


4,177


3,604


13,028


11,308



47,747


62,715


150,488


197,241

Operating costs and expenses









Cost of sales and processing (including depreciation and amortization of $3,887, $3,254, $11,373 and $11,611, respectively)


39,290


53,148


127,786


167,036

Gross Profit


8,457


9,567


22,702


30,205










General and Administrative Expenses









General and administrative


5,766


6,401


18,729


18,532

Depreciation


209


208


637


629



5,975


6,609


19,366


19,161










Operating income


2,482


2,958


3,336


11,044










Other income (expense)









Interest income


-


-


-


5

Interest expense


(508)


(1,211)


(2,159)


(4,111)

Miscellaneous income (expense), net


(13)


74


(7)


330



(521)


(1,137)


(2,166)


(3,776)










Income from continuing operations before income taxes


1,961


1,821


1,170


7,268










Income tax expense (benefit)


853


238


(3,942)


1,412










Income from continuing operations


1,108


1,583


5,112


5,856










Income (loss) from discontinued operations, net of tax


21,324


(1,002)


26,179


(1,120)










Net income


22,432


581


31,291


4,736










Basic earnings per common share









Net income from continuing operations (dollars)


$      0.04


$      0.06


$         0.21


$         0.24

Net income (loss) from discontinued operations, net of tax (dollars)


$      0.86


$    (0.04)


$         1.06


$      (0.05)

Net income (dollars)


$      0.90


$      0.02


$         1.27


$         0.19










Basic weighted average number of common shares outstanding


24,817


24,717


24,795


24,689










Diluted earnings per common share









Net income from continuing operations (dollars)


$      0.04


$      0.06


$         0.20


$         0.23

Net income (loss) from discontinued operations, net of tax (dollars)


$      0.84


$    (0.04)


$         1.04


$      (0.04)

Net income (dollars)


$      0.88


$      0.02


$         1.24


$         0.19










Diluted weighted average number of common shares outstanding


25,394


25,053


25,179


25,077

 

 

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


9/30/2020


9/30/2019


SPEC. PETRO

SPEC. WAX

CORP

TREC


SPEC. PETRO

SPEC. WAX

CORP

TREC

NET INCOME (LOSS)

$        4,161

$       (1,267)

$    19,538

$      22,432


$        6,278

$    (2,071)

$ (3,626)

$      581

Income (Loss) from discontinued operations, net of tax

-

-

21,324

21,324


-

-

(958)

(958)

Income (Loss) from continuing operations *

$        4,161

$       (1,267)

$    (1,786)

$        1,108


$        6,278

$    (2,071)

$ (2,668)

$   1,539

Interest

507

-

1

508


895

316

-

1,211

Income tax expense (benefit)

1,150

(26)

(271)

853


303

-

(76)

227

Depreciation and amortization

183

24

3

210


171

24

13

208

Depreciation and amortization in cost of sales

2,484

1,403

-

3,887


1,729

1,524

1

3,254

EBITDA from continuing operations *

8,485

134

(2,053)

6,566


9,376

(207)

(2,730)

6,439

Share based compensation

-

-

489

489


-

-

415

415

Adjusted EBITDA from continuing operations *

$        8,485

$            134

$    (1,564)

$        7,055


$        9,376

$        (207)

$ (2,315)

$   6,854











Revenue

39,223

8,523

-

47,746


54,485

8,230

-

62,715












NINE MONTHS ENDED


NINE MONTHS ENDED


9/30/2020


9/30/2019


SPEC. PETRO

SPEC. WAX

CORP

TREC


SPEC. PETRO

SPEC. WAX

CORP

TREC

NET INCOME (LOSS)

$     10,150

$          (385)

$    21,526

$      31,291


$     17,086

$    (5,623)

$ (6,727)

$   4,736

Gain (Loss) from discontinued operations, net of tax

-

-

26,179

26,179


-

-

(1,120)

(1,120)

Income (Loss) from continuing operations *

$     10,150

$          (385)

$    (4,653)

$        5,112


$     17,086

$    (5,623)

$ (5,607)

$   5,856

Interest

2,158

-

1

2,159


3,143

967

1

4,111

Income tax expense (benefit)

(249)

(1,595)

(2,098)

(3,942)


3,006

-

(1,594)

1,412

Depreciation and amortization

554

71

13

638


512

72

45

629

Depreciation and amortization in cost of sales

7,351

4,022

-

11,373


7,387

4,223

1

11,611

EBITDA from continuing operations *

19,964

2,113

(6,737)

15,340


31,134

(361)

(7,154)

23,619

Share based compensation

-

-

1,422

1,422


-

-

973

973

(Gain) Loss on disposal of assets

(8)

17

-

9


-

-

-

-

Adjusted EBITDA from continuing operations *

$     19,956

$        2,130

$    (5,315)

$      16,771


$     31,134

$        (361)

$ (6,181)

$ 24,592











Revenue

123,248

27,239

-

150,487


171,468

25,773

-

197,241











* Discontinued Operations only applicable within the Corporate segment








 

 

Cision View original content:http://www.prnewswire.com/news-releases/trecora-resources-reports-third-quarter-2020-results-301165957.html

SOURCE Trecora Resources