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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data

Supplementary Information

Quarterly Financial Data (Unaudited)

Summarized unaudited quarterly financial data for 2021 and 2020 are as follows.

 

 

 

Three months ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(In Thousands, Except Per Share Amounts)

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

98,116

 

 

$

140,696

 

 

$

127,199

 

 

$

190,228

 

Gross profit (1)

 

$

8,060

 

 

$

35,008

 

 

$

17,447

 

 

$

78,464

 

Net income (loss) (1) (2)

 

$

(13,279

)

 

$

23,670

 

 

$

(8,928

)

 

$

42,082

 

Net income (loss) attributable to common stockholders (A)

 

$

(23,376

)

 

$

12,646

 

 

$

(251,504

)

 

$

42,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share

 

$

(0.63

)

 

$

0.34

 

 

$

(6.39

)

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share

 

$

(0.63

)

 

$

0.32

 

 

$

(6.39

)

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

83,411

 

 

$

105,033

 

 

$

73,969

 

 

$

88,903

 

Gross profit (loss) (1)

 

$

2,551

 

 

$

19,021

 

 

$

(1,059

)

 

$

(3,465

)

Net loss (1) (2)

 

$

(19,452

)

 

$

(365

)

 

$

(20,402

)

 

$

(21,692

)

Net loss attributable to common stockholders

 

$

(28,338

)

 

$

(9,634

)

 

$

(29,874

)

 

$

(31,573

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per common share

 

$

(0.77

)

 

$

(0.26

)

 

$

(0.81

)

 

$

(0.86

)

(A) See Notes 2 and 3 concerning a deemed dividend associated with the Exchange Transaction, which was consummated during the third quarter of 2021.

LSB Industries, Inc.

Supplementary Financial Data

Quarterly Financial Data (Unaudited)

(1)

The following income (expense) items impacted gross profit (loss) and net income (loss):

 

 

 

Three months ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(In Thousands)

 

Turnaround expense: (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

(140

)

 

$

(707

)

 

$

(7,976

)

 

$

(1,130

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

—

 

 

$

(11

)

 

$

(34

)

 

$

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on natural gas forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

2,706

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

(714

)

 

$

31

 

 

$

513

 

 

$

(1,443

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense due to CoC event

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

—

 

 

$

—

 

 

$

(1,221

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recovery from settlements with certain vendors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

—

 

 

$

5,664

 

 

$

—

 

 

$

—

 

(2)

The following income (expense) items impacted net income (loss):

 

Legal fees associated with Leidos matter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

(886

)

 

$

(441

)

 

$

(271

)

 

$

(296

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

(3,287

)

 

$

(955

)

 

$

(901

)

 

$

(572

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense due to CoC event

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

—

 

 

$

—

 

 

$

(3,786

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on extinguishments of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

—

 

 

$

10,000

 

 

$

—

 

 

$

(20,259

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense associated with Global judgment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

(78

)

 

$

(79

)

 

$

(80

)

 

$

(80

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

(1,327

)

 

$

(79

)

 

$

(80

)

 

$

(80

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) associated with embedded derivative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

(436

)

 

$

(716

)

 

$

(1,106

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

637

 

 

$

120

 

 

$

(141

)

 

$

(561

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit (provision) for income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

(42

)

 

$

248

 

 

$

(19

)

 

$

4,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

$

339

 

 

$

1,299

 

 

$

1,370

 

 

$

1,741

 

(A)

Turnaround expenses do not include the impact on operating results relating to lost absorption or reduced margins due to the associated plants being shut down.