16.11.09

BioFuel Energy: Third Quarter Results

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BioFuel Energy, an ethanol production company, announced its third quarter results. For the three months ended September 30, 2009, revenues totaled $91.1 million, which was comprised of $79.8 million from sales of ethanol and $11.3 million from sales of distillers grain. Net loss attributable to common shareholders was $6.2 million, or $.26 a share, for the three months ended September 30, 2009. The net loss for the three months ended September 30, 2009 was $8.4 million, which included $2.2 million of losses attributable to noncontrolling interests.

Operating loss for the third quarter was $3.8 million, which resulted from $89.0 million in cost of goods sold, including $60.5 million for corn, and $5.9 million in general and administrative and other operating expenses. The Company also had $4.6 million of interest expense in the third quarter, which resulted in the net loss of $8.4 million. Included in the net loss were $4.3 million of non-recurring expenses such as legal and financial advisory expenses and additional interest expense associated with the Company's negotiations with its lenders relating to restructuring and loan conversion of its senior debt. The Company had $6.7 million of depreciation expense for the quarter.

For the nine months ended September 30, 2009, revenues totaled $295.1 million. Operating loss for the nine months ended September 30, 2009 was $16.6 million, which resulted from $298.9 million in cost of goods sold and $12.8 million in general and administrative other operating expenses. Net loss attributable to common shareholders was $20.5 million, or $.87 a share, for the nine months ended September 30, 2009. The net loss for the nine months ended September 30, 2009 was $28.5 million, which included $8.0 million of losses attributable to noncontrolling interests.

Scott H. Pearce, the Company's President and Chief Executive Officer, stated: "As previously reported, we were able to resolve the dispute with our banks during the quarter, and since this time have been able to return our focus to running the business without the ongoing drag on our financial results and operational performance. We believe this resolution represents a win for both the company and its lenders. As a result, we have emerged intact from a difficult period both in the industry and for this company. While positive margins have returned to the business, they are certainly not great and this underscores the importance of being able to operate at a low cost. We remain believers in our business model and are focused on achieving our goal of being a leader in the US ethanol industry."

At September 30, 2009, amounts outstanding under the senior debt facilities included $195.4 million in term (formerly construction) loans and $20.0 million borrowed in working capital loans. At September 30, 2009, the Company held $8.2 million of cash and equivalents and stockholders' equity totaled $68.6 million, including $4.0 million of noncontrolling interest.

The Company will host a conference call on Friday, November 13, 2009 beginning at 11:00 a.m. (ET) to discuss the results. To participate, please dial (800) 944-8766. The participant code for the call is 64090. 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 163456.

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 115 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:
                Vice President - Finance &     www.bfenergy.com
                Chief Financial Officer
                (303) 640.6500
                kmaguire@bfenergy.com



                                   BioFuel Energy Corp.
                         (in thousands, except per share amounts)


                                     Three Months Ended  Nine Months Ended
                                        September 30,      September 30,
                                       --------------      -------------
    Summary Income Statement           2008      2009      2008     2009
    ------------------------           ----      ----      ----     ----
    Net sales                        $90,549   $91,138   $90,841  $295,096
    Cost of goods sold               103,765    89,039   104,021   298,911
                                     -------    ------   -------   -------
    Gross income (loss)              (13,216)    2,099   (13,180)   (3,815)

    General and administrative
     expenses:
      Compensation expense             1,115     1,467     6,560     4,551
      Other                            1,353     4,270     8,408     8,060
    Other operating expense            1,345       150     1,345       150
                                       -----       ---     -----       ---
    Operating loss                   (17,029)   (3,788)  (29,493)  (16,576)
                                      ------     -----    ------    ------
    Interest income                      135        13       987        74
    Interest expense                  (1,632)   (4,598)   (1,632)  (12,036)
    Other non-operating expense       (2,123)        -    (1,785)       (1)
    Loss on derivative financial
    instruments                      (49,992)        -   (39,912)        -
                                      ------       ---    ------       ---
    Net loss                         (70,641)   (8,373)  (71,835)  (28,539)
    Less: Net loss attributable
     to the noncontrolling interest   37,493     2,139    37,856     8,061
                                      ------     -----    ------     -----
    Net loss attributable to
      BioFuel Energy Corp. common
       shareholders                 $(33,148)  $(6,234) $(33,979) $(20,478)
                                    ========   =======  ========  ========
    Loss per share - basic
     attributable to BioFuel
     Energy Corp. common
     shareholders                     $(2.18)   $(0.26)   $(2.23)   $(0.87)
                                      ======    ======    ======    ======
    Loss per share - diluted
     attributable to BioFuel
     Energy Corp. common
     shareholders                     $(2.18)   $(0.26)   $(2.23)   $(0.87)
                                      ======    ======    ======    ======

    Weighted average shares
     outstanding
      Basic                           15,210    24,397    15,250    23,418

      Diluted                         15,210    24,397    15,250    23,418



    Additional operational data
    ---------------------------
    Ethanol sold (gallons, in
     thousands)                       35,599    51,557    35,599   162,568
    Dry distillers grain sold
     (tons, in thousands)               68.7     117.3      68.7     360.8
    Wet distillers grain sold
     (tons, in thousands)               83.4      84.3      89.9     283.1
    Average FOB price of ethanol
     sold (per gallon)                 $2.20     $1.56     $2.20     $1.54
    Average FOB price of dry
     distillers grain sold
     (per ton)                       $149.22    $84.25   $149.22   $108.05
    Average FOB price of wet
     distillers grain sold
     (per ton)                        $38.99    $23.08    $39.63    $34.34
    Average corn cost
     (per bushel)                      $5.36     $3.14     $5.45     $3.58



                                  December 31, September 30,
    Summary Balance Sheet             2008         2009
    ---------------------         ------------ -------------
    Cash and equivalents             $12,299    $8,167
    Accounts receivable               16,669    16,163
    Inventories                       14,929    13,709
    Certificates of deposit
     - current                             -     1,882
    Prepaid expenses                   2,153     1,413
    Restricted cash - current            612         -
    Other current assets                 203       344
    Property, plant and
     equipment, net                  305,350   289,508
    Certificates of deposit
     - non-current                     4,015         -
    Debt issuance costs, net           7,917     6,833
    Restricted cash -
     non-current                       1,003         -
    Other non-current assets             574     2,297
                                         ---       ---
    Total assets                    $365,724  $340,316
                                    ========  ========

    Total current liabilities        $38,157   $43,892

    Long-term debt, net of
     current portion                 226,351   220,785
    Tax increment financing,
     net of current portion            5,887     5,729
    Derivative financial instrument,
     net of current portion               83         -
    Other non-current liabilities        487     1,284
                                         ---     -----
    Total liabilities                270,965   271,690


    BioFuel Energy Corp.
     stockholders' equity             80,690    64,676
    Noncontrolling interest           14,069     3,950
                                      ------    ------
    Total equity                      94,759    68,626
                                      ------    ------
    Total liabilities and
     stockholders' equity           $365,724  $340,316
                                    ========  ========


    Total shares outstanding at
      November 12, 2009 (a)       32,573,190



    (a) Includes common shares and class B common shares, net of
        809,606 shares held in treasury.

Source: BioFuel Energy
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