Green Plains Renewable Energy: Q1 Results

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OMAHA, Nebraska - Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announced its financial results for the first quarter of 2014. Net income for the quarter was $43.2 million, or $1.04 per diluted share, compared to net income of $2.6 million, or $0.08 per diluted share for the same period in 2013. Revenues were $733.9 million for the first quarter of 2014 compared to $765.5 million for the same period in 2013.

"Our financial results for the first quarter demonstrate the earnings capability of the company," stated Todd Becker, President and Chief Executive Officer. "The size, scope and scale of our low-cost production platform positioned the company to produce significant results, particularly in a strong margin environment. Our merchant businesses also performed exceptionally well this quarter, allowing us to realize higher income from our opportunistic strategy around markets adjacent to our assets."

During the first quarter, Green Plains' ethanol production segment produced 230.8 million gallons of ethanol, or approximately 95.5% of its daily average production capacity. Non-ethanol operating income, from the corn oil production, agribusiness, and marketing and distribution segments, was $41.1 million in the first quarter of 2014 compared to $21.2 million for the same period in 2013.

"With the record first quarter, Green Plains is off to a strong start for 2014," said Becker. "Solid domestic and export demand, as well as tight domestic stocks for ethanol, provide a favorable environment for us to continue to lock away forward margins. In the current environment, we expect results for the next several quarters to remain strong."

Green Plains had $229.9 million in total cash and equivalents and $138.5 million available under committed loan agreements at subsidiaries (subject to satisfaction of specified lending conditions and covenants) at March 31, 2014. First quarter 2014 EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, was $94.1 million compared to $24.8 million for the same period in 2013. For reconciliations of net income to EBITDA, see "EBITDA" below.

First Quarter 2014 Business Highlights

    Following the Company's notice to redeem its $90.0 million of 5.75% convertible notes due 2015, nearly all holders exercised their conversion rights resulting in the issuance of over 6.5 million common shares for the notes, which was completed on March 19, 2014.
    The Company began ethanol production at its Fairmont, Minnesota ethanol plant in early January 2014. The 115 million gallon per year ethanol plant had been idle for over a year when it was originally acquired in November 2013.


About Green Plains Renewable Energy, Inc.

Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) is a diversified commodity-processing business with operations related to ethanol production, corn oil production, grain handling and storage, 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
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