10.11.11

Biofuel Energy Corp: Quarterly Report

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, announced that, for the quarter ended September 30, 2011, it generated $2.5 million of net income, and $.02 of earnings per diluted share, on revenues of $162.5 million.  Compared to the prior year period, net income improved by $4.3 million, primarily due to improved yield and other operational efficiencies.  

"Our business performed well in the third quarter, and our entire team contributed to the improvement in our results," said Scott H. Pearce, the Company's President and Chief Executive Officer.  "We were able to effectively manage the tight corn supply during the quarter, while benefiting from the increase in demand and improved commodity margins resulting from the summer driving season.  We also successfully executed on planned improvements during our fall shutdowns and are on track to have corn oil extraction on-stream at our facilities by the end of the year."

Mr. Pearce continued, "Margins strengthened from the second quarter and continued to show strength in October.  With our seasonal downtime behind us, and industry supply and demand tighter than they've been for some time, we believe we are poised for a strong fourth quarter."  

For the quarter ended September 30, 2011, the Company's operating income was $4.5 million, which resulted from $155.5 million in cost of goods sold, including $127.0 million for corn, and $2.5 million in general and administrative expenses.  During the third quarter of 2011 the Company also had $2.0 million in interest expense, which resulted in net income of $2.5 million. For the same period of 2010, our revenues were $114.7 million and our operating income was $1.0 million, which resulted from $110.1 million in cost of goods sold, including $78.2 million for corn, and $3.6 million in general and administrative expenses.  The Company also had $2.8 million of interest expense in the third quarter of 2010, which resulted in a net loss of $1.8 million.  

At September 30, 2011, the Company had $179.9 million in term loans outstanding under its senior debt facility.  At September 30, 2011, the Company held $9.7 million of cash and cash equivalents and equity totaled $95.1 million, including $4.9 million of noncontrolling interest.

The Company plans to host a conference call on Thursday, November 10, 2011 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 21760.  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 167271.

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 September 30,
    
    

Nine Months Ended September 30,
    

    
    

    

Summary Income Statement  
    

2011
    

2010
    
    

2011
    

2010
    

    

Net sales
    

$             162,547
    

$            114,747
    
    

$ 489,083
    

$ 312,031
    

    

Cost of goods sold
    

155,498
    

110,140
    
    

487,950
    

318,336
    

    

Gross profit (loss)
    

7,049
    

4,607
    

-
    

1,133
    

(6,305)
    

    

General and administrative expenses:
    
    
    
    
    
    

    

  Compensation expense
    

1,676
    

1,606
    
    

5,062
    

5,152
    

    

  Other
    

846
    

1,976
    
    

2,693
    

4,642
    

    

Operating income (loss)
    

4,527
    

1,025
    
    

(6,622)
    

(16,099)
    

    

Interest expense
    

(1,978)
    

(2,783)
    
    

(8,195)
    

(8,061)
    

    

Net income (loss)
    

2,549
    

(1,758)
    
    

(14,817)
    

(24,160)
    

    

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

(355)
    

381
    
    

2,307
    

5,224
    

    

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

$                 2,194
    

$               (1,377)
    
    

$ (12,510)
    

$ (18,936)
    


    

Income (loss) per share attributable to BioFuel Energy Corp. common stockholders:

    

    

Basic
    

$                   0.02
    

$                 (0.05)
    
    

$     (0.14)
    

$     (0.75)
    

    

Diluted
    

$                   0.02
    

$                 (0.05)
    
    

$     (0.14)
    

$     (0.75)
    

    
    

    

Weighted average shares outstanding:
    
    


    

Basic
    

102,395
    

25,449
    
    

92,038
    

25,411
    

    

Diluted
    

123,031
    

25,449
    
    

92,038
    

25,411
    

    
    


Additional operational data  
    
    
    
    
    
    

    

Ethanol sold (gallons, in thousands)
    

50,716
    

56,185
    
    

162,381
    

167,733
    

    

Dry distillers grain sold (tons, in thousands)
    

80.1
    

131.3
    
    

260.2
    

377.4
    

    

Wet distillers grain sold (tons, in thousands)
    

165.2
    

65.5
    
    

499.1
    

266.3
    

    

Average FOB price of ethanol sold (per gallon)
    

$       2.72
    

$       1.84
    
    

$       2.54
    

$       1.64
    

    

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

$               182.94
    

$                88.10
    
    

$   178.55
    

$     92.72
    

    

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

$                 60.40
    

$                22.26
    
    

$     62.24
    

$     22.80
    

    

Average corn cost (per bushel)
    

$                   7.05
    

$                  3.83
    
    

$       6.81
    

$       3.66
    

    
    

September 30,
    

December 31,  
    
    
    
    

    

Summary Balance Sheet  
    

2011
    

2010
    
    
    


Cash and cash equivalents
    

$                 9,664
    

$                7,428
    
    
    


Accounts receivable
    

18,010
    

27,802
    
    

    

Inventories
    

22,569
    

23,689
    
    
    
    

    

Prepaid expenses
    

3,012
    

1,561
    
    
    
    

    

Other current assets
    

4,499
    

3,330
    
    

    

Property, plant and equipment, net
    

241,939
    

260,078
    
    

    

Debt issuance costs, net
    

3,026
    

4,979
    

    

Other non-current assets
    

2,798
    

2,844
    


Total assets
    

$             305,517
    

$            331,711
    
    
    


    

Total current liabilities
    

$               31,642
    

$              52,238
    
    

    

Long-term debt, net of current portion
    

170,089
    

215,479
    

    

Tax increment financing, net of current portion
    

5,062
    

5,245
    
    
    
    

Other non-current liabilities
    

3,644
    

4,327
    
    
    
    

    

Total liabilities
    

210,437
    

277,289
    
    
    
    


    

BioFuel Energy Corp. stockholders' equity
    

90,195
    

54,170
    
    
    
    

    

Noncontrolling interest
    

4,885
    

252
    
    

    

Total equity
    

95,080
    

54,422
    


    

Total liabilities and equity  
    

$             305,517
    

$            331,71


Total Common Stock shares outstanding at November 7, 2011, net of
    
    
    

809,606 shares held in treasury.
    

104,292,060
    
   
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x