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Green Plains: Q2 Results
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OMAHA, Nebraska - Green Plains Inc. (Nasdaq:GPRE) announced its financial results for the second quarter of 2014. Net income for the quarter was $32.3 million, or $0.82 per diluted share, compared to net income of $6.0 million, or $0.19 per diluted share, for the same period in 2013. Revenues were $837.9 million for the second quarter of 2014 compared to $804.7 million for the same period in 2013.
"We are pleased to report another strong quarter as ethanol, distillers grains and corn oil set new production records. All of our plants were operating at optimal levels, even as rail transportation continues to impact movement of our products," said Todd Becker, President and Chief Executive Officer. "Market fundamentals are favorable and based on a continuation of these conditions, we expect stronger earnings per share performance in the second half of the year."
During the second quarter, Green Plains' ethanol production segment produced 241.9 million gallons of ethanol, or approximately 95.1% of its daily average production capacity. Non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments was $16.5 million in the second quarter of 2014 compared to $17.3 million for the same period in 2013.
Revenues were $1.6 billion for each of the six-month periods ended June 30, 2014 and 2013. Net income for the six-month period ended June 30, 2014 was $75.5 million, or $1.88 per diluted share, compared to net income of $8.5 million, or $0.28 per diluted share, for the same period in 2013.
"We continue to enjoy excellent fundamentals that are driving a robust margin environment. Our balance sheet is in the strongest position of our history, with significant cash and liquidity, as a result of cash generated from operations and the recent refinancing of term debt," stated Becker. "Our focus and energy continues to be on growth of all of our business segments and we believe there are ample opportunities to achieve this objective."
Green Plains had $374.7 million in total cash and equivalents and $145.4 million available under committed loan agreements at subsidiaries (subject to satisfaction of specified lending conditions and covenants) at June 30, 2014. Second quarter 2014 EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, was $74.5 million compared to $30.5 million for the same period in 2013. For the six-month period ending June 30, 2014, EBITDA was $168.6 million compared to $55.3 million for the same period in 2013. For reconciliations of net income to EBITDA, see "EBITDA" below.
Second Quarter 2014 Business Highlights
In June 2014, Green Plains Processing LLC, a wholly-owned subsidiary of Green Plains, completed a $225 million Senior Secured Credit Facility due in 2020. The proceeds of the credit facility were used to refinance debt outstanding at five subsidiaries in the ethanol production segment. Credit ratings assigned to the credit facility from Standard & Poor's and Moody's are BB and B2, respectively. Green Plains Inc. corporate credit ratings are B+ and B2 from Standard & Poor's and Moody's, respectively.
In June 2014, Green Plains acquired the assets of Supreme Cattle Feeders from Agri Beef Co. The asset acquisition includes the feed yard doing business as Supreme Cattle Feeders and the Cimarron Grain storage facility based near Kismet, Kansas. Supreme Cattle Feeders financial results are reported as a part of Green Plains' agribusiness segment. The operation consists of approximately 2,600 acres of land that has the capacity to support 70,000 head of cattle. Supreme's current corn storage capacity, including the Cimarron Grain facilities, is approximately 3.8 million bushels.
Mr. Gene Edwards joined the board of directors of Green Plains Inc. effective June 19, 2014. Mr. Edwards has extensive experience in the oil and gas industry, previously serving as Executive Vice President and Chief Development Officer of Valero Energy Corporation until his retirement in April 2014. He began his 32-year career at Valero as an Analyst in Planning & Economics and spent his tenure with Valero in various managerial positions in Planning and Economics, Refinery Operations, Business Development and Marketing.
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 also is a partner in a joint venture to commercialize advanced technologies for growing and harvesting algal biomass.
CONTACT: Jim Stark, Vice President - Investor and Media Relations, Green Plains (402) 884-8700
OMAHA, Nebraska - Green Plains Inc. (Nasdaq:GPRE) announced its financial results for the second quarter of 2014. Net income for the quarter was $32.3 million, or $0.82 per diluted share, compared to net income of $6.0 million, or $0.19 per diluted share, for the same period in 2013. Revenues were $837.9 million for the second quarter of 2014 compared to $804.7 million for the same period in 2013.
"We are pleased to report another strong quarter as ethanol, distillers grains and corn oil set new production records. All of our plants were operating at optimal levels, even as rail transportation continues to impact movement of our products," said Todd Becker, President and Chief Executive Officer. "Market fundamentals are favorable and based on a continuation of these conditions, we expect stronger earnings per share performance in the second half of the year."
During the second quarter, Green Plains' ethanol production segment produced 241.9 million gallons of ethanol, or approximately 95.1% of its daily average production capacity. Non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments was $16.5 million in the second quarter of 2014 compared to $17.3 million for the same period in 2013.
Revenues were $1.6 billion for each of the six-month periods ended June 30, 2014 and 2013. Net income for the six-month period ended June 30, 2014 was $75.5 million, or $1.88 per diluted share, compared to net income of $8.5 million, or $0.28 per diluted share, for the same period in 2013.
"We continue to enjoy excellent fundamentals that are driving a robust margin environment. Our balance sheet is in the strongest position of our history, with significant cash and liquidity, as a result of cash generated from operations and the recent refinancing of term debt," stated Becker. "Our focus and energy continues to be on growth of all of our business segments and we believe there are ample opportunities to achieve this objective."
Green Plains had $374.7 million in total cash and equivalents and $145.4 million available under committed loan agreements at subsidiaries (subject to satisfaction of specified lending conditions and covenants) at June 30, 2014. Second quarter 2014 EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, was $74.5 million compared to $30.5 million for the same period in 2013. For the six-month period ending June 30, 2014, EBITDA was $168.6 million compared to $55.3 million for the same period in 2013. For reconciliations of net income to EBITDA, see "EBITDA" below.
Second Quarter 2014 Business Highlights
In June 2014, Green Plains Processing LLC, a wholly-owned subsidiary of Green Plains, completed a $225 million Senior Secured Credit Facility due in 2020. The proceeds of the credit facility were used to refinance debt outstanding at five subsidiaries in the ethanol production segment. Credit ratings assigned to the credit facility from Standard & Poor's and Moody's are BB and B2, respectively. Green Plains Inc. corporate credit ratings are B+ and B2 from Standard & Poor's and Moody's, respectively.
In June 2014, Green Plains acquired the assets of Supreme Cattle Feeders from Agri Beef Co. The asset acquisition includes the feed yard doing business as Supreme Cattle Feeders and the Cimarron Grain storage facility based near Kismet, Kansas. Supreme Cattle Feeders financial results are reported as a part of Green Plains' agribusiness segment. The operation consists of approximately 2,600 acres of land that has the capacity to support 70,000 head of cattle. Supreme's current corn storage capacity, including the Cimarron Grain facilities, is approximately 3.8 million bushels.
Mr. Gene Edwards joined the board of directors of Green Plains Inc. effective June 19, 2014. Mr. Edwards has extensive experience in the oil and gas industry, previously serving as Executive Vice President and Chief Development Officer of Valero Energy Corporation until his retirement in April 2014. He began his 32-year career at Valero as an Analyst in Planning & Economics and spent his tenure with Valero in various managerial positions in Planning and Economics, Refinery Operations, Business Development and Marketing.
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 also is a partner in a joint venture to commercialize advanced technologies for growing and harvesting algal biomass.
CONTACT: Jim Stark, Vice President - Investor and Media Relations, Green Plains (402) 884-8700