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BioFuel Energy Corp: Fourth Quarter and Year End 2011 Results
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Denver- BioFuel Energy Corp, an ethanol production company, today announced that, for the quarter ended December 31, 2011, it generated $4.5 million of net income on revenues of $164.0 million, compared with a net loss of $1.1 million on revenues of $141.4 million in the year-ago quarter. For the year ended December 31, 2011, the net loss was $10.4 million on revenues of $653.1 million, compared with a net loss of $25.2 million on revenues of $453.4 million for the year ended December 31, 2010. For the quarter ended December 31, 2011, the net income attributable to common stockholders was $3.8 million, or $.03 per diluted share, while for the year ended December 31, 2011 the net loss attributable to common stockholders was $8.7 million, or $.09 per share.
"We were very pleased with our results for the fourth quarter and appreciate the efforts of our entire team in achieving them," said Scott H. Pearce, the Company's President and Chief Executive Officer. "Of particular note, we have successfully installed corn oil extraction systems at both plants and are excited about the prospects for this new co-product revenue stream. As everyone knows, commodity margins contracted severely towards the end of the year and have remained at challenging levels during the first quarter. We expect, however, that seasonal factors will bring more favorable margins as the year goes on, as they have in the past."
For the quarter ended December 31, 2011, the Company's operating income was $6.4 million, which resulted from $154.6 million in cost of goods sold and $3.0 million in general and administrative expenses. During the fourth quarter of 2011 the Company also incurred $1.9 million in interest expense, which resulted in net income of $4.5 million. For the full year 2011, the Company's operating loss was $0.2 million, which resulted from $642.5 million in cost of goods sold and $10.8 million in general and administrative expenses. The Company also incurred $10.2 million of interest expense during the year, which resulted in a net loss of $10.4 million.
At December 31, 2011, the Company had $176.8 million in term loans outstanding under its senior debt facility. At December 31, 2011, the Company held $15.1 million of cash and cash equivalents and equity totaled $99.9 million, including $5.5 million of noncontrolling interest.
The Company plans to host a conference call on Friday, March 2, 2012 beginning at 11:00 a.m. (EST) to discuss the results. To participate, please dial (800) 944-8766. The participant code for the call is 84358. 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 167702.
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
[email protected]
BioFuel Energy Corp.
(in thousands, except per share amounts)
Three Months Ended December 31,
Years Ended December 31,
Summary Income Statement
2011
2010
2011
2010
Net sales
$ 163,990
$ 141,383
$ 653,073
$ 453,415
Cost of goods sold
154,553
136,301
642,504
454,638
Gross profit (loss)
9,437
5,082
10,569
(1,223)
General and administrative expenses:
Compensation expense
2,175
1,678
7,237
6,830
Other
874
923
3,567
5,565
Operating income (loss)
6,388
2,481
(235)
(13,618)
Interest expense
(1,932)
(3,544)
(10,126)
(11,605)
Net income (loss)
4,456
(1,063)
(10,361)
(25,223)
Less: Net (income) loss attributable to the noncontrolling interest
(663)
16
1,644
5,240
Net income (loss) attributable to BioFuel Energy Corp. common stockholders
$ 3,793
$ (1,047)
$ (8,717)
$ (19,983)
Income (loss) per share attributable to BioFuel Energy Corp. common stockholders:
Basic
$ 0.04
$ (0.04)
$ (0.09)
$ (0.79)
Diluted
$ 0.03
$ (0.04)
$ (0.09)
$ (0.79)
Weighted average shares outstanding:
Basic
102,545
25,449
94,687
25,421
Diluted
123,184
25,449
94,687
25,421
Depreciation Expense
$ 6,763
$ 6,755
$ 26,995
$ 26,894
Additional operational data
Ethanol sold (gallons, in thousands)
54,314
56,511
216,694
224,187
Dry distillers grain sold (tons, in thousands)
75.3
120.7
335.6
498.1
Wet distillers grain sold (tons, in thousands)
216.5
95.8
715.6
362.1
Corn ground (bushels, in thousands)
19,710
20,718
78,286
80,568
December 31,
December 31,
Summary Balance Sheet
2011
2010
Cash and cash equivalents
$ 15,139
$ 7,428
Accounts receivable
13,591
27,802
Inventories
26,188
23,689
Prepaid expenses
2,148
1,561
Other current assets
421
3,330
Property, plant and equipment, net
235,888
260,078
Debt issuance costs, net
2,763
4,979
Other non-current assets
3,448
2,844
Total assets
$ 299,586
$ 331,711
Total current liabilities
$ 24,452
$ 52,238
Long-term debt, net of current portion
166,937
215,479
Tax increment financing, net of current portion
4,867
5,245
Other non-current liabilities
3,388
4,327
Total liabilities
199,644
277,289
BioFuel Energy Corp. stockholders' equity
94,485
54,170
Noncontrolling interest
5,457
252
Total equity
99,942
54,422
Total liabilities and equity
$ 299,586
$ 331,711
Denver- BioFuel Energy Corp, an ethanol production company, today announced that, for the quarter ended December 31, 2011, it generated $4.5 million of net income on revenues of $164.0 million, compared with a net loss of $1.1 million on revenues of $141.4 million in the year-ago quarter. For the year ended December 31, 2011, the net loss was $10.4 million on revenues of $653.1 million, compared with a net loss of $25.2 million on revenues of $453.4 million for the year ended December 31, 2010. For the quarter ended December 31, 2011, the net income attributable to common stockholders was $3.8 million, or $.03 per diluted share, while for the year ended December 31, 2011 the net loss attributable to common stockholders was $8.7 million, or $.09 per share.
"We were very pleased with our results for the fourth quarter and appreciate the efforts of our entire team in achieving them," said Scott H. Pearce, the Company's President and Chief Executive Officer. "Of particular note, we have successfully installed corn oil extraction systems at both plants and are excited about the prospects for this new co-product revenue stream. As everyone knows, commodity margins contracted severely towards the end of the year and have remained at challenging levels during the first quarter. We expect, however, that seasonal factors will bring more favorable margins as the year goes on, as they have in the past."
For the quarter ended December 31, 2011, the Company's operating income was $6.4 million, which resulted from $154.6 million in cost of goods sold and $3.0 million in general and administrative expenses. During the fourth quarter of 2011 the Company also incurred $1.9 million in interest expense, which resulted in net income of $4.5 million. For the full year 2011, the Company's operating loss was $0.2 million, which resulted from $642.5 million in cost of goods sold and $10.8 million in general and administrative expenses. The Company also incurred $10.2 million of interest expense during the year, which resulted in a net loss of $10.4 million.
At December 31, 2011, the Company had $176.8 million in term loans outstanding under its senior debt facility. At December 31, 2011, the Company held $15.1 million of cash and cash equivalents and equity totaled $99.9 million, including $5.5 million of noncontrolling interest.
The Company plans to host a conference call on Friday, March 2, 2012 beginning at 11:00 a.m. (EST) to discuss the results. To participate, please dial (800) 944-8766. The participant code for the call is 84358. 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 167702.
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
[email protected]
BioFuel Energy Corp.
(in thousands, except per share amounts)
Three Months Ended December 31,
Years Ended December 31,
Summary Income Statement
2011
2010
2011
2010
Net sales
$ 163,990
$ 141,383
$ 653,073
$ 453,415
Cost of goods sold
154,553
136,301
642,504
454,638
Gross profit (loss)
9,437
5,082
10,569
(1,223)
General and administrative expenses:
Compensation expense
2,175
1,678
7,237
6,830
Other
874
923
3,567
5,565
Operating income (loss)
6,388
2,481
(235)
(13,618)
Interest expense
(1,932)
(3,544)
(10,126)
(11,605)
Net income (loss)
4,456
(1,063)
(10,361)
(25,223)
Less: Net (income) loss attributable to the noncontrolling interest
(663)
16
1,644
5,240
Net income (loss) attributable to BioFuel Energy Corp. common stockholders
$ 3,793
$ (1,047)
$ (8,717)
$ (19,983)
Income (loss) per share attributable to BioFuel Energy Corp. common stockholders:
Basic
$ 0.04
$ (0.04)
$ (0.09)
$ (0.79)
Diluted
$ 0.03
$ (0.04)
$ (0.09)
$ (0.79)
Weighted average shares outstanding:
Basic
102,545
25,449
94,687
25,421
Diluted
123,184
25,449
94,687
25,421
Depreciation Expense
$ 6,763
$ 6,755
$ 26,995
$ 26,894
Additional operational data
Ethanol sold (gallons, in thousands)
54,314
56,511
216,694
224,187
Dry distillers grain sold (tons, in thousands)
75.3
120.7
335.6
498.1
Wet distillers grain sold (tons, in thousands)
216.5
95.8
715.6
362.1
Corn ground (bushels, in thousands)
19,710
20,718
78,286
80,568
December 31,
December 31,
Summary Balance Sheet
2011
2010
Cash and cash equivalents
$ 15,139
$ 7,428
Accounts receivable
13,591
27,802
Inventories
26,188
23,689
Prepaid expenses
2,148
1,561
Other current assets
421
3,330
Property, plant and equipment, net
235,888
260,078
Debt issuance costs, net
2,763
4,979
Other non-current assets
3,448
2,844
Total assets
$ 299,586
$ 331,711
Total current liabilities
$ 24,452
$ 52,238
Long-term debt, net of current portion
166,937
215,479
Tax increment financing, net of current portion
4,867
5,245
Other non-current liabilities
3,388
4,327
Total liabilities
199,644
277,289
BioFuel Energy Corp. stockholders' equity
94,485
54,170
Noncontrolling interest
5,457
252
Total equity
99,942
54,422
Total liabilities and equity
$ 299,586
$ 331,711