12.11.13

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
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
    

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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