02.03.12

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
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
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