Einfach E-Mail-Adresse eintragen und auf "Abschicken" klicken - willkommen!
12.3.2008: Meldung: VeraSun Energy Corp.: Fourth Quarter and Year-End 2007 Financial Results
VeraSun Energy Corporation Announces Fourth Quarter and Year-End 2007 Financial Results
Record Revenues and Solid Earnings in 2007
Financial Highlights
- Total revenues
- Revenues increased to $848.3 million for 2007
- Revenues for Q4 were $312.4 million
- Diluted earnings per share (EPS)
- Diluted EPS for 2007 were $0.31
- Diluted EPS for Q4 were $0.04
- Net income
- Net income for the year was $26.6 million
- Net income for the quarter was $4.0 million
- Cash on hand and short-term investments
- Cash on hand and short term investments of $154.1 million at
December 31, 2007
- EBITDA
- EBITDA for 2007 was $90.4 million
- EBITDA for Q4 was $31.1 million
BROOKINGS, S.D., March 11 / VeraSun Energy Corp., one of the nation"s largest ethanol producers, today announced its financial results for the three months and year ended December 31, 2007.
"We are pleased to announce a solid quarter and year," said Don Endres, VeraSun"s chairman and CEO. "Fiscal year 2007 included significant milestones for the company as we recorded more than $848 million of revenues in our fifth year of operations. We significantly increased our production capacity while improving operating efficiencies.
"Our operating performance and safety record have been exceptional," Endres added. "In the fourth quarter, we produced 142.1 million gallons and sold 134.4 million gallons of ethanol -- our highest level of output to date with an average production rate of over 105 percent of nameplate capacity for the year. During 2007, we strategically positioned the company to be one of the largest and low cost producers and we remain confident that a strong foundation has been laid for our continued leadership in the biofuels industry."
Fourth Quarter 2007 Financial Highlights
Total revenues, which include revenue from the sale of ethanol, distillers grains and VE85(TM), increased by $165.9 million, or 113%, to $312.4 million for the three months ended December 31, 2007 from $146.5 million for the three months ended December 31, 2006. The increase in total revenues was primarily the result of a 131% increase in ethanol volume sold, partially offset by a decrease in average ethanol prices of $0.30 per gallon, or 14%, compared to the three months ended December 31, 2006. Ethanol production increased by 82.5 million gallons, or 138%, as a result of the added capacity from bringing the Charles City, Iowa, facility on-line in April, the Linden, Indiana facility on-line in August and the Albion, Nebraska facility on-line in October.
Net sales from ethanol increased $125.6 million, or 99%, to $251.5 million for the three months ended December 31, 2007 from $125.9 million for the three months ended December 31, 2006. The impact of increased volume, primarily from the additional Charles City and Linden capacity, was $165.4 million, partially offset by a $39.8 million reduction due to lower prices. The average price of ethanol sold was $1.87 per gallon for the three months ended December 31, 2007 compared to $2.17 per gallon for the three months ended December 31, 2006.
Net sales from co-products increased $36.6 million, or 202%, to $54.6 million for the three months ended December 31, 2007 from $18.1 million for the three months ended December 31, 2006. The impact of increased volume from the additional Charles City, Linden, and Albion capacity was $26.4 million and the impact of higher prices was $10.2 million.
Net sales of VE85(TM), our branded E85 product, increased $3.0 million, or 166%, to $4.8 million for the three months ended December 31, 2007 from $1.8 million for the three months ended December 31, 2006, primarily due to a 17% increase in the number of retail outlets selling our product.
Gross profit decreased $10.0 million to $30.8 million for the three months ended December 31, 2007 from $40.8 million for the three months ended December 31, 2006. The decrease in gross profit was primarily due to higher corn costs and lower ethanol prices, partially offset by an increase in ethanol volume produced in the 2007 period compared to the 2006 period.
Fiscal Year 2007 Financial Highlights:
Revenues grew to $848.3 million for the year, an increase of $290.5 million, or 52% from 2006. This growth was driven by an increase in ethanol volume sold of 128.6 million gallons.
Net income for the year was $26.6 million. Diluted EPS was $0.31 for 2007. EBITDA was $90.4 million. In 2006, net income for the year was $75.7 million, diluted EPS was $1.03 and EBITDA was $177.6 million.
Operational Highlights:
During 2007, the Company experienced growth in production volume primarily due to its Charles City, Iowa facility successful start-up in April, the start-up of its Linden, Indiana facility in August and the start-up of Albion, Nebraska in October. Total ethanol sales increased to 134.4 million gallons during the fourth quarter of 2007, a 131% increase in sales from the fourth quarter of 2006.
The Company began construction on its facilities in Welcome, Minnesota, and Hartley, Iowa and expects to begin start-up operations at both plants by the end of the second quarter of 2008. The Company expects to start-up the Bloomingburg, Ohio, plant by the end of the first quarter of 2008.
The Company will host a live conference call and webcast at 9:00 AM CDT / 10:00 AM EDT, Wednesday, March 12, 2008. To listen to the conference call by phone, domestic callers may dial 888-680-0869 and enter access code 37019078. International callers may dial 617-213-4854 and enter access code 37019078. A live webcast can be accessed on VeraSun"s Web site at http://www.verasun.com, on the Investor page. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PFYUMAXUA. Pre-registrants will be issued a pin number to use when dialing into the live call.
A replay will be available beginning approximately one hour after conclusion of the call and ending on March 27, 2008. To access the replay, domestic callers may dial 888-286-8010 and enter access code 96576880. International callers may access the replay by dialing 617-801-6888 and entering access code 96576880. The webcast will be archived after conclusion of the call until March 27, 2008.
About VeraSun Energy Corporation
VeraSun Energy Corporation (NYSE: VSE), headquartered in Brookings, S.D., is a leading producer of renewable fuel. Founded in 2001, the company has 560 million gallons per year (MMGY) of production capacity through five operating ethanol production facilities in Aurora, S.D., Fort Dodge and Charles City, Iowa, Linden, Ind., and Albion, Neb. Four facilities are currently either under construction or development in Hartley, Iowa, Welcome, Minn., Reynolds, Ind., and Bloomingburg, Ohio. Upon completion of the new facilities, VeraSun Energy will have an annual production capacity of approximately one billion gallons. The company also has begun construction at its Aurora facility to extract oil from dried distillers grains, a co-product of the ethanol process, for use in biodiesel production.
VeraSun markets E85, a blend of 85 percent ethanol and 15 percent gasoline for use in Flexible Fuel Vehicles (FFVs), directly to fuel retailers under the brand VE85(TM). VeraSun Energy now has approximately 150 VE85(TM) retail locations under contract in more than fifteen states and Washington, D.C. For more information, please visit VeraSun Energy"s websites at http://www.verasun.com or http://www.VE85.com.
SOURCE VeraSun Energy Corp.
-0- 03/11/2008
/CONTACT: Investors, Patty Dickerson, +1-605-696-7236,
[email protected], or Media, Mike Lockrem, +1-605-696-7527,
[email protected], both of VeraSun Energy Corporation/
/Web site: http://www.verasun.com
http://www.VE85.com /
Record Revenues and Solid Earnings in 2007
Financial Highlights
- Total revenues
- Revenues increased to $848.3 million for 2007
- Revenues for Q4 were $312.4 million
- Diluted earnings per share (EPS)
- Diluted EPS for 2007 were $0.31
- Diluted EPS for Q4 were $0.04
- Net income
- Net income for the year was $26.6 million
- Net income for the quarter was $4.0 million
- Cash on hand and short-term investments
- Cash on hand and short term investments of $154.1 million at
December 31, 2007
- EBITDA
- EBITDA for 2007 was $90.4 million
- EBITDA for Q4 was $31.1 million
BROOKINGS, S.D., March 11 / VeraSun Energy Corp., one of the nation"s largest ethanol producers, today announced its financial results for the three months and year ended December 31, 2007.
"We are pleased to announce a solid quarter and year," said Don Endres, VeraSun"s chairman and CEO. "Fiscal year 2007 included significant milestones for the company as we recorded more than $848 million of revenues in our fifth year of operations. We significantly increased our production capacity while improving operating efficiencies.
"Our operating performance and safety record have been exceptional," Endres added. "In the fourth quarter, we produced 142.1 million gallons and sold 134.4 million gallons of ethanol -- our highest level of output to date with an average production rate of over 105 percent of nameplate capacity for the year. During 2007, we strategically positioned the company to be one of the largest and low cost producers and we remain confident that a strong foundation has been laid for our continued leadership in the biofuels industry."
Fourth Quarter 2007 Financial Highlights
Total revenues, which include revenue from the sale of ethanol, distillers grains and VE85(TM), increased by $165.9 million, or 113%, to $312.4 million for the three months ended December 31, 2007 from $146.5 million for the three months ended December 31, 2006. The increase in total revenues was primarily the result of a 131% increase in ethanol volume sold, partially offset by a decrease in average ethanol prices of $0.30 per gallon, or 14%, compared to the three months ended December 31, 2006. Ethanol production increased by 82.5 million gallons, or 138%, as a result of the added capacity from bringing the Charles City, Iowa, facility on-line in April, the Linden, Indiana facility on-line in August and the Albion, Nebraska facility on-line in October.
Net sales from ethanol increased $125.6 million, or 99%, to $251.5 million for the three months ended December 31, 2007 from $125.9 million for the three months ended December 31, 2006. The impact of increased volume, primarily from the additional Charles City and Linden capacity, was $165.4 million, partially offset by a $39.8 million reduction due to lower prices. The average price of ethanol sold was $1.87 per gallon for the three months ended December 31, 2007 compared to $2.17 per gallon for the three months ended December 31, 2006.
Net sales from co-products increased $36.6 million, or 202%, to $54.6 million for the three months ended December 31, 2007 from $18.1 million for the three months ended December 31, 2006. The impact of increased volume from the additional Charles City, Linden, and Albion capacity was $26.4 million and the impact of higher prices was $10.2 million.
Net sales of VE85(TM), our branded E85 product, increased $3.0 million, or 166%, to $4.8 million for the three months ended December 31, 2007 from $1.8 million for the three months ended December 31, 2006, primarily due to a 17% increase in the number of retail outlets selling our product.
Gross profit decreased $10.0 million to $30.8 million for the three months ended December 31, 2007 from $40.8 million for the three months ended December 31, 2006. The decrease in gross profit was primarily due to higher corn costs and lower ethanol prices, partially offset by an increase in ethanol volume produced in the 2007 period compared to the 2006 period.
Fiscal Year 2007 Financial Highlights:
Revenues grew to $848.3 million for the year, an increase of $290.5 million, or 52% from 2006. This growth was driven by an increase in ethanol volume sold of 128.6 million gallons.
Net income for the year was $26.6 million. Diluted EPS was $0.31 for 2007. EBITDA was $90.4 million. In 2006, net income for the year was $75.7 million, diluted EPS was $1.03 and EBITDA was $177.6 million.
Operational Highlights:
During 2007, the Company experienced growth in production volume primarily due to its Charles City, Iowa facility successful start-up in April, the start-up of its Linden, Indiana facility in August and the start-up of Albion, Nebraska in October. Total ethanol sales increased to 134.4 million gallons during the fourth quarter of 2007, a 131% increase in sales from the fourth quarter of 2006.
The Company began construction on its facilities in Welcome, Minnesota, and Hartley, Iowa and expects to begin start-up operations at both plants by the end of the second quarter of 2008. The Company expects to start-up the Bloomingburg, Ohio, plant by the end of the first quarter of 2008.
The Company will host a live conference call and webcast at 9:00 AM CDT / 10:00 AM EDT, Wednesday, March 12, 2008. To listen to the conference call by phone, domestic callers may dial 888-680-0869 and enter access code 37019078. International callers may dial 617-213-4854 and enter access code 37019078. A live webcast can be accessed on VeraSun"s Web site at http://www.verasun.com, on the Investor page. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PFYUMAXUA. Pre-registrants will be issued a pin number to use when dialing into the live call.
A replay will be available beginning approximately one hour after conclusion of the call and ending on March 27, 2008. To access the replay, domestic callers may dial 888-286-8010 and enter access code 96576880. International callers may access the replay by dialing 617-801-6888 and entering access code 96576880. The webcast will be archived after conclusion of the call until March 27, 2008.
About VeraSun Energy Corporation
VeraSun Energy Corporation (NYSE: VSE), headquartered in Brookings, S.D., is a leading producer of renewable fuel. Founded in 2001, the company has 560 million gallons per year (MMGY) of production capacity through five operating ethanol production facilities in Aurora, S.D., Fort Dodge and Charles City, Iowa, Linden, Ind., and Albion, Neb. Four facilities are currently either under construction or development in Hartley, Iowa, Welcome, Minn., Reynolds, Ind., and Bloomingburg, Ohio. Upon completion of the new facilities, VeraSun Energy will have an annual production capacity of approximately one billion gallons. The company also has begun construction at its Aurora facility to extract oil from dried distillers grains, a co-product of the ethanol process, for use in biodiesel production.
VeraSun markets E85, a blend of 85 percent ethanol and 15 percent gasoline for use in Flexible Fuel Vehicles (FFVs), directly to fuel retailers under the brand VE85(TM). VeraSun Energy now has approximately 150 VE85(TM) retail locations under contract in more than fifteen states and Washington, D.C. For more information, please visit VeraSun Energy"s websites at http://www.verasun.com or http://www.VE85.com.
SOURCE VeraSun Energy Corp.
-0- 03/11/2008
/CONTACT: Investors, Patty Dickerson, +1-605-696-7236,
[email protected], or Media, Mike Lockrem, +1-605-696-7527,
[email protected], both of VeraSun Energy Corporation/
/Web site: http://www.verasun.com
http://www.VE85.com /