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Biofuel Energy Corp: Quarterly Report
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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
[email protected]
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
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
[email protected]
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