Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Consolidated net income (loss) $ (28,005) $ (41,597) $ 46,082
Adjustments to reconcile consolidated net income (loss) to cash provided by operating activities:      
Depreciation and amortization of intangibles 23,080 25,095 23,292
Asset impairments 6,544 3,100
Income from loan forgiveness (9,860)
(Gain) loss on (sale) disposal of assets 293 2,230 (4,571)
Inventory valuation 2,201 4,612
Losses (gains) on derivative instruments 8,031 (19,263) (21,619)
Amortization of deferred financing costs 1,048 177 778
Amortization of debt discounts (premiums) 801 126 (230)
Noncash compensation 3,896 3,333 2,883
Bad debt expense (recovery) 427 (217) 158
Changes in operating assets and liabilities:      
Accounts receivable 9,499 23,967 (43,554)
Inventories 11,816 (15,479) (16,448)
Other current assets 310 7,690 38,989
Operating leases (5,362) (5,128) (4,216)
Assets held-for-sale (3,483)
Liabilities held-for-sale 2,305
Accounts payable and accrued expenses (12,554) 20,503 13,215
Net cash provided by operating activities 22,025 6,049 26,821
Investing Activities:      
Additions to property and equipment (29,531) (37,744) (16,384)
Deferred purchase price payments for Eagle Alcohol (3,500)
Purchase of Eagle Alcohol, net of cash acquired (14,685)
Proceeds from principal payments on notes receivable 14,766
Proceeds from sale of Stockton 24,000
Proceeds from sale of Madera 19,500
Net cash (used in) provided by investing activities (33,031) (37,663) 27,116
Financing Activities:      
Net proceeds from (payments on) Kinergy’s line of credit 12,614 (32,325) 17,889
Net proceeds from term loan 59,100
Stock repurchases (3,674) (1,325)
Preferred stock dividend payments (1,265) (1,265) (2,853)
Debt issuance costs (714) (5,171)
Proceeds from issuances of common stock and warrants 462
Payments on plant borrowings (29,964)
Payments on senior notes (25,533)
Net cash provided by (used in) financing activities 6,961 19,014 (39,999)
Net increase (decrease) in cash, cash equivalents and restricted cash (4,045) (12,600) 13,938
Cash, cash equivalents and restricted cash at beginning of period 49,525 62,125 48,187
Cash, cash equivalents and restricted cash at end of period 45,480 49,525 62,125
Reconciliation of total cash, cash equivalents and restricted cash:      
Cash and cash equivalents 30,014 36,456 50,612
Restricted cash 15,466 13,069 11,513
Total cash, cash equivalents and restricted cash 45,480 49,525 62,125
Supplemental Information:      
Interest paid (net of capitalized interest) 7,923 2,208 3,489
Capitalized interest 2,454 720 628
Income tax payments $ 324 $ 2,262 $ 448