BioFuel Energy Corp: Fourth Quarter and Year End 2011 Results

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

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
kmaguire@bfenergy.com
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
Aktuell, seriös und kostenlos: Der ECOreporter-Newsletter. Seit 1999.
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x