BioFuel Energy: Q2 Results
BioFuel Energy Corp., an ethanol production company, today announced its second quarter 2011 results. For the quarter ended June 30, 2011, the net loss was $8.3 million on revenues of $168.5 million, compared with a net loss of $12.0 million on revenues of $96.4 million for the quarter ended June 30, 2010. For the quarter ended June 30, 2011, the net loss attributable to common stockholders was $7.0 million, or $.07 per share, compared to a net loss attributable to common stockholders of $9.4 million, or $.37 per share for the same period in 2010.
For the quarter ended June 30, 2011, the Company's operating loss was $6.3 million, which resulted from $172.3 million in cost of goods sold, including $142.4 million for corn, and $2.5 million in general and administrative expenses. During the second quarter of 2011 the Company also had $2.0 million in interest expense which resulted in a net loss of $8.3 million. For the same period of 2010, our operating loss was $9.4 million, which resulted from $102.6 million in cost of goods sold, including $70.3 million for corn, and $3.2 million in general and administrative expenses. The Company also had $2.6 million of interest expense in the second quarter of 2010, which resulted in a net loss of $12.0 million.
Scott H. Pearce, the Company's President and Chief Executive Officer, stated: "As anticipated, this was a challenging quarter with the industry experiencing narrow commodity margins. However, since mid-June, commodity margins have improved, which we believe is due to an uptick in demand from the summer driving season and several macroeconomic factors. Operationally we remain on track with several planned improvements, the most significant being implementing corn oil extraction at our plants. These will be discussed further on our conference call."
At June 30, 2011, the Company had $183.1 million in term loans outstanding under its senior debt facility. At June 30, 2011, the Company held $8.0 million of cash and cash equivalents and equity totaled $92.1 million, including $4.5 million of noncontrolling interest.
The Company plans to host a conference call on Friday, August 12, 2011 beginning at 11:00 a.m. (EDT) to discuss the results. To participate, please dial (800) 944-8766. The participant code for the call is 91005. 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 166976.
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.
For more information:
Kelly G. Maguire
Executive Vice President &
Chief Financial Officer