PBF Energy 2012 Annual Report Download - page 96
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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE DATA)
Year ended December 31,
2012 2011 2010
Revenues ................................................. $20,138,687 $14,960,338 $210,671
Costs and expenses
Cost of sales, excluding depreciation ........................ 18,269,078 13,855,163 203,971
Operating expenses, excluding depreciation .................. 738,824 658,831 25,140
General and administrative expenses ........................ 120,443 86,183 15,859
Gain on sale of assets .................................... (2,329) — —
Acquisition related expenses .............................. — 728 6,051
Depreciation and amortization expense ...................... 92,238 53,743 1,402
19,218,254 14,654,648 252,423
Income (loss) from operations ................................ 920,433 305,690 (41,752)
Other income (expense)
Change in fair value of contingent consideration .............. (2,768) (5,215) —
Change in fair value of catalyst leases ....................... (3,724) 7,316 (1,217)
Interest expense, net ..................................... (108,629) (65,120) (1,388)
Income before income taxes ................................. 805,312 242,671 (44,357)
Income tax expense ......................................... (1,275) — —
Net income (loss) ........................................... 804,037 $ 242,671 $ (44,357)
Less: net income attributable to noncontrolling interest and former
controlling interest .................................... 802,081
Net income attributable to PBF Energy Inc. .................... $ 1,956
Weighted-average shares of Class A common stock outstanding:
Basic ............................................. 23,570,240
Diluted ........................................... 97,230,904
Net income available to Class A common stock per share:
Basic ............................................. $ .08
Diluted ........................................... $ .08
See notes to consolidated financial statements.
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