30.03.11

BioFuel Energy Corp.: Fourth quarter and year end 2010 results

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Denver - BioFuel Energy Corp. (Nasdaq:BIOF - News), an ethanol production company, today announced its fourth quarter and year end 2010 results.  For the year ended December 31, 2010, the net loss was $25.2 million on revenues of $453.4 million, compared with a net loss of $19.7 million on revenues of $415.5 million for the year ended December 31, 2009.  For the quarter ended December 31, 2010, the net loss was $1.1 million on revenues of $141.4 million, compared with net income of $8.8 million on revenues of $120.4 million in the year-ago quarter.  For the year ended December 31, 2010, the net loss attributable to common shareholders was $20.0 million, or $.79 per share, while for the fourth quarter the net loss attributable to common shareholders was $1.0 million, or $.04 per share.


For the full year 2010, the Company's operating loss was $13.6 million, which resulted from $454.6 million in cost of goods sold, including $323.9 million for corn, and $12.4 million in general and administrative expenses.  During the year the Company had $11.6 million in interest expense which resulted in a net loss of $25.2 million. Operating income for the fourth quarter 2010 was $2.5 million, which resulted from $136.3 million in cost of goods sold, including $104.8 million for corn, and $2.6 million in general and administrative expenses. The Company also had $3.5 million of interest expense in the fourth quarter, which resulted in a net loss of $1.1 million.


Scott H. Pearce, the Company's President and Chief Executive Officer, stated: "During the quarter we launched the rights offering at the end of December, which successfully closed in early February and improved our balance sheet.  While we are disappointed with our net loss for the year, we think our entire operations team can be proud of showing significant improvement in driving out operating costs over the course of the year."

At December 31, 2010, the Company had $189.4 million in term loans outstanding under its senior debt facility, $20.0 million borrowed under its bridge loan facility, and $21.4 million borrowed under its subordinated debt facility.  At December 31, 2010, the Company held $7.4 million of cash and equivalents and equity totaled $54.4 million, including $0.3 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 Tuesday, March 29, 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 13119.  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 153871.


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)


Three Months Ended December 31,
    
    

Years Ended December 31,


Summary Income Statement  
    

2009
    

2010
    
    

2009
    

2010
    

Net sales
    

$            120,418
    

$            141,383
    
    

$ 415,514
    

$ 453,415
    

Cost of goods sold
    

105,839
    

136,301
    
    

404,750
    

454,638
    

Gross profit (loss)
    

14,579
    

5,082
    
    

10,764
    

(1,223)
    

General and administrative expenses:
    
    
    
    
    
    

  Compensation expense
    

1,609
    

1,678
    
    

6,160
    

6,830
    

  Other
    

1,267
    

923
    
    

9,327
    

5,565
    

Other operating expense
    

-
    

-
    
    

150
    

-
    

Operating income (loss)
    

11,703
    

2,481
    
    

(4,873)
    

(13,618)
    

Interest income
    

4
    

-
    
    

78
    

-
    

Interest expense
    

(2,870)
    

(3,544)
    
    

(14,906)
    

(11,605)
    

Other non-operating expense
    

-
    

-
    
    

(1)
    

-
    

Net income (loss)
    

8,837
    

(1,063)
    
    

(19,702)
    

(25,223)
    

Less: Net (income) loss attributable to the noncontrolling interest
    

(1,989)
    

16
    
    

6,072
    

5,240
    

Net income (loss) attributable to BioFuel Energy Corp. common shareholders
    

$                6,848
    

$               (1,047)
    
    

$ (13,630)
    

$ (19,983)


Income (loss) per share - basic attributable to BioFuel Energy Corp. common shareholders
    

$                  0.27
    

$                 (0.04)
    
    

$     (0.57)
    

$     (0.79)
    

Income (loss) per share - diluted attributable to BioFuel Energy Corp. common shareholders
    

$                  0.21
    

$                 (0.04)
    
    

$     (0.57)
    

$     (0.79)


Weighted average shares outstanding:


 Basic
    

24,902
    

25,449
    
    

23,792
    

25,421
    

 Diluted
    

32,593
    

25,449
    
    

23,792
    

25,421


Additional operational data  
    
    
    
    
    
    

Ethanol sold (gallons, in thousands)
    

55,821
    

56,511
    
    

218,389
    

224,187
    

Dry distillers grain sold (tons, in thousands)
    

123.8
    

120.7
    
    

484.6
    

498.1
    

Wet distillers grain sold (tons, in thousands)
    

87.7
    

95.8
    
    

370.8
    

362.1
    

Average FOB price of ethanol sold (per gallon)
    

$                  1.91
    

$                  2.16
    
    

$       1.64
    

$       1.77
    

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

$              101.78
    

$              132.57
    
    

$   106.45
    

$   102.38
    

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

$                29.44
    

$                44.76
    
    

$     33.18
    

$     28.61
    

Average corn cost (per bushel)
    

$                  3.67
    

$                  5.06
    
    

$       3.61
    

$       4.02


    

December 31,
    

December 31,
    
    
    
    

Summary Balance Sheet  
    

2009
    

2010
    

    

Cash and equivalents
    

$                6,109
    

$                7,428
    
    
    
    

Accounts receivable
    

23,745
    

27,802
    
    
    
    

Inventories
    

20,885
    

23,689
    
    
    
    

Prepaid expenses
    

2,529
    

1,561
    
    
    
    

Other current assets
    

325
    

3,330
    
    
    
    

Property, plant and equipment, net
    

284,362
    

260,078
    
    
    
    

Debt issuance costs, net
    

6,472
    

4,979
    
    
    
    

Other non-current assets
    

2,348
    

2,844
    
    
    
    

Total assets
    

$            346,775
    

$            331,711
    

    
    
    

Total current liabilities
    

$              40,830
    

$              52,238
    
    
    
    

Long-term debt, net of current portion
    

220,754
    

215,479
    
    
    
    

Tax increment financing, net of current portion
    

5,591
    

5,245
    

    

Other non-current liabilities
    

1,705
    

4,327

    

Total liabilities
    

268,880
    

277,289
    

    

BioFuel Energy Corp. stockholders' equity
    

72,235
    

54,170
    


Noncontrolling interest
    

5,660
    

252


Total equity
    

77,895
    

54,422

    

Total liabilities and stockholders' equity  
    

$            346,775
    

$            331,711

Total shares outstanding at March 22, 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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