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

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