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Biofuel Energy Corp: Q1-Results 2011

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Denver -  Biofuel Energy Corp. - an ethanol production company, today announced its first quarter 2011 results.  For the quarter ended March 31, 2011, the net loss was $9.0 million on revenues of $158.0 million, compared with a net loss of $10.4 million on revenues of $100.9 million for the quarter ended March 31, 2010.  For the quarter ended March 31, 2011, the net loss attributable to common stockholders was $7.7 million, or $.11 per share, compared to a net loss attributable to common stockholders of $8.2 million, or $.32 per share for the same period in 2010.

For the quarter ended March 31, 2011, the Company's operating loss was $4.8 million, which resulted from $160.2 million in cost of goods sold, including $129.4 million for corn, and $2.7 million in general and administrative expenses.  During the first quarter of 2011 the Company also had $4.2 million in interest expense which resulted in a net loss of $9.0 million. For the same period of 2010, our operating loss was $7.7 million, which resulted from $105.6 million in cost of goods sold, including $70.5 million for corn, and $3.0 million in general and administrative expenses.  The Company also had $2.7 million of interest expense in the first quarter of 2010, which resulted in a net loss of $10.4 million.  

Scott H. Pearce, the Company's President and Chief Executive Officer, stated: "We remain focused on reducing our unit production costs.  As we saw at the very end of last year, margins remained narrow throughout the quarter.  Corn prices remain high relative to the price of ethanol despite what appears to be a tightening supply and demand balance for ethanol and a widening discount between ethanol and RBOB."

At March 31, 2011, the Company had $186.2 million in term loans outstanding under its senior debt facility.  At March 31, 2011, the Company held $7.4 million of cash and cash equivalents and equity totaled $100.1 million, including $5.9 million of noncontrolling interest.  As previously announced, the Company completed its rights offering and concurrent LLC private placement on February 4, 2011, which generated aggregate gross proceeds of $46.0 million.  The Company used the proceeds to repay in full its bridge loan facility and subordinated debt facility and to make certain other payments.

The Company plans to host a conference call on Thursday, May 12, 2011 beginning at 1:00 p.m. (EDT) to discuss the results.  To participate, please dial (800) 944-8766.  The participant code for the call is 47229.  Approximately 90 minutes following the call, a phone playback will be available for 30 days by dialing (866) 281-6782.  The access code for the replay is 166647.

This release contains certain forward-looking statements within the meaning of the Federal securities laws.  Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks.  Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved.  Factors that could cause actual results to differ from those anticipated are discussed in our Exchange Act filings and our Annual Report on Form 10-K.

BioFuel Energy currently has two 110 million gallons per year ethanol plants in the Midwestern corn belt.  The Company's goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.

Contact:
    

Kelly G. Maguire
    

For more information:
    

    

Executive Vice President &
    

www.bfenergy.com
    

    

Chief Financial Officer
    
    

    

(303) 640-6500
    
    

    

kmaguire@bfenergy.com
    
    
        


BioFuel Energy Corp.
    

(in thousands, except per share amounts and total shares outstanding at May 10, 2011)
    

(unaudited)
    

    
    
    
    
    

    
    

Three Months Ended March 31,
    

    
    
    
    
    

Summary Income Statement  
    
    

2011
    
    

2010
    

Net sales
    
    

$      158,005
    
    

$            100,887
    

Cost of goods sold
    
    

160,159
    
    

105,584
    

Gross loss
    
    

(2,154)
    
    

(4,697)
    

General and administrative expenses:
    
    
    
    
    

  Compensation expense
    
    

1,770
    
    

1,879
    

  Other
    
    

897
    
    

1,152
    

Operating loss
    
    

(4,821)
    
    

(7,728)
    

Interest expense
    
    

(4,228)
    
    

(2,698)
    

Net loss
    
    

(9,049)
    
    

(10,426)
    

Less: Net loss attributable to the noncontrolling interest
    
    

1,387
    
    

2,272
    

Net loss attributable to BioFuel Energy Corp. common stockholders
    
    

$        (7,662)
    
    

$               (8,154)
    

    
    
    
    
    

Loss per share - basic and diluted attributable to BioFuel Energy Corp. common stockholders
    
    

$          (0.11)
    
    

$                 (0.32)
    

    
    
    
    
    

Weighted average shares outstanding-basic and diluted
    
    

71,301
    
    

25,341
    

    
    
    
    
    

    
    
    
    
    

Additional operational data  
    
    
    
    
    

Ethanol sold (gallons, in thousands)
    
    

56,658
    
    

54,833
    

Dry distillers grain sold (tons, in thousands)
    
    

95.8
    
    

127.0
    

Wet distillers grain sold (tons, in thousands)
    
    

148.7
    
    

104.0
    

Average FOB price of ethanol sold (per gallon)
    
    

$            2.35
    
    

$                  1.59
    

Average FOB price of dry distillers grain sold (per ton)
    
    

$        169.03
    
    

$                98.79
    

Average FOB price of wet distillers grain sold (per ton)
    
    

$          59.80
    
    

$                22.41
    

Average corn cost (per bushel)
    
    

$            6.36
    
    

$                  3.67
    

    
    
    
    
    

    
    

March 31,  
    
    

December 31,  
    

Summary Balance Sheet  
    
    

2011
    
    

2010
    

    
    
    
    
    

Cash and cash equivalents
    
    

$          7,414
    
    

$                7,428
    

Accounts receivable
    
    

28,379
    
    

27,802
    

Inventories
    
    

23,701
    
    

23,689
    

Prepaid expenses
    
    

1,437
    
    

1,561
    

Other current assets
    
    

-
    
    

3,330
    

Property, plant and equipment, net
    
    

253,480
    
    

260,078
    

Debt issuance costs, net
    
    

3,560
    
    

4,979
    

Other non-current assets
    
    

2,857
    
    

2,844
    

Total assets
    
    

$      320,828
    
    

$            331,711
    

    
    
    
    
    

Total current liabilities
    
    

$        34,683
    
    

$              52,238
    

Long-term debt, net of current portion
    
    

176,446
    
    

215,479
    

Tax increment financing, net of current portion
    
    

5,245
    
    

5,245
    

Other non-current liabilities
    
    

4,340
    
    

4,327
    

Total liabilities
    
    

220,714
    
    

277,289
    

    
    
    
    
    

BioFuel Energy Corp. stockholders' equity
    
    

94,203
    
    

54,170
    

Noncontrolling interest
    
    

5,911
    
    

252
    

Total equity
    
    

100,114
    
    

54,422
    

Total liabilities and stockholders' equity  
    
    

$      320,828
    
    

$            331,711
    

    
    
    
    
    

Total shares outstanding at May 10, 2011 (a)
    
    

123,064,368
    
    
    

(a) Includes common shares and class B common shares, net of 809,606 shares held in treasury.
   

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