BioFuel Energy Corp: Third Quarter 2013 Results

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Denver - Biofuel Energy Corp., an ethanol production company, today announced its third quarter 2013 results. For the quarter ended September 30, 2013, the net loss was $5.1 million on revenues of $79.0 million, compared with a net loss of $11.3 million on revenues of $116.1 million for the quarter ended September 30, 2012. For the quarter ended September 30, 2013, the net loss attributable to common stockholders was $4.5 million, or $0.84 per share, while for the quarter ended September 30, 2012, the net loss attributable to common stockholders was $9.8 million, or $1.88 per share.

For the quarter ended September 30, 2013, the Company's operating loss was $5.7 million, which resulted from $82.1 million in cost of goods sold and $2.6 million in general and administrative expenses. During the third quarter of 2013, the Company also had $2.5 million of other income while incurring $2.0 million in interest expense, which resulted in a net loss of $5.1 million. For the same period of 2012, our operating loss was $10.1 million, which resulted from $124.2 million in cost of goods sold and $2.1 million in general and administrative expenses. The Company also had $0.7 million of other income while incurring $1.9 million in interest expense in the third quarter of 2012, which resulted in a net loss of $11.3 million. At September 30, 2013, the Company had $17.3 million of cash and cash equivalents, of which $9.3 million was held at the parent and $8.0 million was held at the operating subsidiaries.

As previously disclosed, on November 5, 2013, the Company was notified by the lenders under its subsidiaries' existing credit facility and Green Plains Renewable Energy, Inc. that a definitive agreement has been entered into for the lenders to sell the Company's ethanol plants plus working capital to Green Plains. The Company has not been provided with a copy of the lenders' definitive agreement with Green Plains and therefore no further details have been provided.

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.

WKN: A1JZ0Y, ISIN: US09064Y3071

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


2013


2012



2013


2012

Net Sales


$ 79,048


$ 116,149



$ 259,119


$ 378,382

Cost of goods sold


82,132


124,192



266,357


401,204

Gross loss


(3,084)


(8,043)



(7,238)


(22,822)

General and administrative expenses:






Compensation expense


1,040


1,435



3,439


4,750

Other


1,527


629



5,252


2,482

Operating loss


(5,651)


(10,107)



(15,929)


(30,054)

Other income


2,535


680



6,590


680

Interest expense


(2,013)


(1,901)



(5,856)


(5,461)

Net loss


(5,129)


(11,328)



(15,195)


(34,835)

Less: Net loss attributable to the noncontrolling interest


668


1,498



1,974


5,015

Net loss attributable to BioFuel Energy Corp. common stockholders


$ (4,461)


$ (9,830)



$ (13,221)


$ (29,820)







Loss per share-basic and diluted attributable to BioFuel Energy Corp. common stockholders


$ (0.84)


$ (1.88)



$ (2.48)


$ (5.76)







Weighted average shares outstanding-basic and diluted


5,342


5,224



5,331


5,178







Additional Operational Data






Ethanol sold (gallons, in thousands)


25,947.6


36,270.8



81,810.1


134,786.0

Dry distillers grain sold (tons, in thousands)


31.1


32.6



55.5


131.9

Wet distillers grain sold (tons, in thousands)


138.9


170.8



537.3


654.0

Corn oil sold (pounds, in thousands)


7,154.0


11,466.0



21,390.0


28,626.0

Corn ground (bushels, in thousands)


9,261.7


12,632.2



29,095.1


48,119.7









September 30,


December 31,




Summary Balance Sheet


2013


2012










Cash and cash equivalents


$ 17,290


$ 9,323




Accounts receivable


7,237


9,256




Inventories


11,192


13,443




Deposits


1,958


3,074




Prepaid expenses


829


882




Other current assets


34


78




Property, plant and equipment, net


191,154


209,645




Debt issuance costs, net


1,001


1,739




Other non-current assets


2,775


2,983




Total assets


$ 233,470


$ 250,423










Total current liabilities


$ 183,450


$ 185,171




Long-term debt, net of current portion


2,653


2,795




Tax increment financing, net of current portion


3,968


4,275




Other non-current liabilities


2,943


3,072




Total liabilities


193,014


195,313










BioFuel Energy Corp. stockholders' equity


43,550


56,230




Noncontrolling interest


(3,094)


(1,120)




Total equity


40,456


55,110




Total liabilities and equity


$ 233,470


$ 250,423












Three Months Ended

September 30,



Nine Months Ended

September 30,

Reconciliation of Net Loss to EBITDA


2013


2012



2013


2012

Net loss


$ (5,129)


$ (11,328)



$ (15,195)


$ (34,835)

Interest expense


2,013


1,901



5,856


5,461

Depreciation and amortization expense included in cost of goods sold


6,581


6,541



19,743


19,610

Depreciation and amortization expense included in G&A expenses


249


265



768


798

EBITDA


$ 3,714


$ (2,621)



$ 11,172


$ (8,966)

SOURCE BioFuel Energy Corp.
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