XML 40 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
NET SALES:        
Related parties $ 428,018 $ 324,775 $ 1,517,428 $ 898,931
Third-party customers 26,522 175,857 48,514 480,872
Total net sales 454,540 500,632 1,565,942 1,379,803
Cost of goods sold 496,963 424,918 1,505,928 1,267,343
Gross profit (loss) (42,423) 75,714 60,014 112,460
Selling, general and administrative expenses 11,566 12,146 33,549 32,826
Ravenswood impairment 0 0 30,850 0
Other operating expense – net 1,537 1,417 6,217 5,705
Operating income (loss) (55,526) 62,151 (10,602) 73,929
Interest expense (5,418) (5,493) (16,542) (16,541)
Interest income 45 23 248 197
Net gain (loss) on forward and derivative contracts 285 353 1,204 (174)
Unrealized gain on fair value of contingent consideration 1,523 0 18,337 0
Other income (expense) – net 114 (470) 1,261 (423)
Income (loss) before income taxes and equity in earnings of joint ventures (58,977) 56,564 (6,094) 56,988
Income tax benefit (expense) 2,161 (6,444) (12,205) (7,004)
Income (loss) before equity in earnings of joint ventures (56,816) 50,120 (18,299) 49,984
Equity in earnings of joint ventures 704 285 2,069 661
Net income (loss) (56,112) 50,405 (16,230) 50,645
Net income (loss) allocated to common stockholders $ (56,112) $ 46,277 $ (16,230) $ 46,487
EARNINGS (LOSS) PER COMMON SHARE:        
Basic and Diluted (in dollars per share) $ (0.65) $ 0.52 $ (0.19) $ 0.52
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic (shares) 86,907 88,827 87,524 88,777
Diluted (shares) 86,907 89,532 87,524 89,372