Green Plains: Q2 2015 Financial Results
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Green Plains Inc. (NASDAQ:GPRE) announced its financial results for the second quarter of 2015. Net income for the quarter was $7.8 million, or $0.19 per diluted share, compared to net income of $32.3 million, or $0.82 per diluted share, for the same period in 2014. Revenues were $744.5 million for the second quarter of 2015 compared to $837.9 million for the same period in 2014.
"Strong U.S. ethanol demand, due primarily to lower gasoline prices, resulted in an improvement in our second quarter results compared to the first quarter," said Todd Becker, President and Chief Executive Officer. "While ethanol margins remain variable, we believe, based on the current forward curve, our diversified platform will generate profitable results for the full year of 2015. Our strong balance sheet provides us with significant flexibility in capital deployment and allocation for the remainder of the year."
"Demand for ethanol remains robust both domestically and globally. Our expansion projects are progressing to meet the demand growth we expect from E15 in the U.S. and expanding blend rates in foreign markets," stated Becker. "The long-term picture is very exciting for our company and industry."
During the second quarter, Green Plains' ethanol production totaled 238.7 million gallons, or approximately 93.9% of its daily average production capacity. Non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments was $16.4 million in the second quarter of 2015 compared to $16.5 million for the same period in 2014.
Revenues were $1.5 billion for the six-month period ended June 30, 2015 compared to $1.6 billion for the same period of 2014. Net income for the six-month period ended June 30, 2015 was $4.5 million, or $0.11 per diluted share, compared to net income of $75.5 million, or $1.88 per diluted share, for the same period in 2014.
"We are pleased to have successfully completed the initial public offering of Green Plains Partners LP," stated Becker. "We believe the partnership's access to cost-effective capital, as well as the additional liquidity to the company from the offering, will enhance our ability grow."
Green Plains had $417.0 million in total cash and equivalents and $175.4 million available under committed loan agreements at subsidiaries (subject to borrowing base restrictions and other specified lending conditions) at June 30, 2015. Net proceeds from the Offering of $157.9 million were received after the close of the second quarter. EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, for the second quarter 2015 was $39.3 million compared to $74.5 million for the same period in 2014.
2015 Second Quarter Business Highlights
On July 1, 2015, Green Plains Partners LP, a newly-formed subsidiary of the Company, closed its initial public offering (the "Offering"). In conjunction with the Offering, Green Plains contributed its downstream ethanol transportation and storage assets to the Partnership. A total of 11.5 million common units representing limited partner interests of the Partnership, which included 1.5 million common units pursuant to the underwriters' overallotment option, were sold in the Offering at a price to the public of $15.00 per common unit. The Partnership received net proceeds of approximately $157.9 million from the Offering, after deducting the underwriting discount, structuring fees and offering expenses. The Partnership used the net proceeds (i) to make a distribution of $155.3 million to the Company, (ii) to pay origination fees under the Partnership's new revolving credit facility and (iii) for general partnership purposes. After completion of the Offering, Green Plains owns a 62.5% limited partner interest and a 2% general partner interest in the Partnership and the public owns the remaining 35.5% limited partner interest in the Partnership.
During the second quarter of 2015, Green Plains Processing LLC, a wholly-owned subsidiary of Green Plains, amended its senior secured credit facility to increase the outstanding borrowings by $120 million. The proceeds were primarily used to refinance debt outstanding, with maturity dates ranging from November 2015 to May 2020, at certain of Green Plains' subsidiaries and to pay fees and expenses in connection with the increased credit facility and for general corporate purposes.
About Green Plains
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, corn oil production, grain handling and storage, cattle feedlot operations, and commodity marketing and distribution services. The Company processes over ten million tons of corn annually, producing over one billion gallons of ethanol, three million tons of livestock feed and 250 million pounds of industrial grade corn oil at full capacity. Green Plains is the parent company of Green Plains Partners LP (NASDAQ:GPP), a fee-based Delaware limited partnership recently formed to provide ethanol and fuel storage, terminal and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.
Jim Stark, Vice President - Investor and Media Relations,
Green Plains Inc. (402) 884-8700