Green Plains Renewable Energy: Q4 and Full-Year 2013 Results
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OMAHA, Nebraska - Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announced its financial results for the fourth quarter and full year ended December 31, 2013. Net income for the quarter was $25.5 million, or $0.65 per diluted share, compared to net income of $6.7 million, or $0.21 per diluted share, excluding a non-recurring gain, for the same period in 2012. Reported net income and diluted earnings per share for the fourth quarter of 2012 included a gain on the sale of certain agribusiness assets of $26.3 million, after tax, or $0.73 per diluted share. Revenues were $712.9 million for the fourth quarter of 2013 compared to $883.7 million for the same period in 2012.
Net income for the full year was $43.4 million, or $1.26 per diluted share, compared to $11.8 million, or $0.39 per diluted share for the same period in 2012. Revenues were $3.0 billion for the full year of 2013 compared to $3.5 billion for the same period in 2012.
"Green Plains generated operating income of $51 million in the fourth quarter and a company record of $108 million for the full year of 2013," stated Todd Becker, President and Chief Executive Officer. "We have invested in our assets and employees which, we believe, will continue to drive our financial results in the future."
During the fourth quarter, Green Plains' ethanol production segment produced approximately 209.6 million gallons of ethanol, or approximately 100 percent of its daily average production capacity. Following the integration of its most recent acquisition, completed in November 2013, Green Plains can produce over one billion gallons of ethanol, nearly three million tons of livestock feed and 250 million pounds of corn oil annually. Non-ethanol operating income, from the corn oil production, agribusiness, and marketing and distribution segments, was $28.2 million in the fourth quarter of 2013 compared to $17.9 million for the same period in 2012, excluding the gain on sale of certain agribusiness assets. For the full year, non-ethanol operating income totaled $80.9 million for 2013 compared to $62.3 million for 2012, excluding the gain on sale of certain agribusiness assets.
"With our acquisitions and efficiency initiatives, we have increased our ethanol production capacity by nearly 38 percent and our corn oil production capacity by over 60 percent this past year. As a result, we believe the earnings power of our platform has increased significantly and the results in the fourth quarter began to show that. In addition, we now expect our non-ethanol operating segments to contribute approximately $75 million of operating income in 2014. We will continue to execute our growth strategy by expanding our existing businesses as well as focusing on opportunities that leverage our expertise in risk management and operational excellence," added Becker.
"Margins for the ethanol industry expanded during the fourth quarter of 2013 and have remained strong in the near term. Ethanol and distillers grains prices reflect robust demand and tight supplies both domestically and internationally. As a result of these factors, as well as our recent acquisitions, we anticipate our first quarter 2014 results will be better than the fourth quarter of 2013," concluded Becker. "Finally, with our current hedging activities and visible margin structure, at this point we expect the first half of 2014 to be our strongest on record."
Green Plains had $299.0 million in total cash and equivalents and $135.4 million available under committed loan agreements at subsidiaries (subject to satisfaction of specified lending conditions and covenants) at December 31, 2013. Full-year 2013 EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, was $156.6 million compared to $115.5 million for the same period in 2012. For reconciliations of net income to EBITDA, see "EBITDA" below.
2013 Business Highlights
Green Plains added 280 million gallons per year (a 37.8% increase) of ethanol production capacity with the acquisition of an ethanol plant in Atkinson, NE in June 2013, and the acquisition of ethanol plants in Wood River, NE and Fairmont, MN in November 2013. All of the acquired plants are fully operational for ethanol production.
During 2013, Green Plains completed the construction of 9.4 million bushels of grain storage capacity at six ethanol plants and three grain elevator locations. The expansion projects were completed at a total cost of $6.0 million and bring the Company's total grain storage capacity to 30.8 million bushels.
In 2013, Green Plains completed a new $125 million senior secured revolving credit facility for its agribusiness segment and a new $130 million senior secured revolving credit facility for its marketing and distribution segment. Each facility matures in 2016. On September 20, 2013, Green Plains issued $120 million of 3.25% Convertible Senior Notes due 2018. The net proceeds to the Company from this issuance were approximately $115 million.
In April 2013, BioProcess Algae LLC was selected to receive a grant of up to $6.4 million from the U.S. Department of Energy as part of a pilot-scale biorefinery project related to production of hydrocarbon fuels meeting military specifications. The project will use renewable carbon dioxide, lignocellulosic sugars and waste heat through BioProcess Algae's Grower HarvesterTM technology platform, co-located with the Green Plains' ethanol plant in Shenandoah, IA.
In August 2013, Green Plains announced that its Board of Directors approved the initiation of a quarterly cash dividend. An initial dividend of $0.04 per common share was paid in September 2013. A second quarterly cash dividend of $0.04 per common share was paid in December 2013. Green Plains paid $2.4 million in dividends to its shareholders in 2013.
About Green Plains Renewable Energy, Inc.
Green Plains Renewable Energy, Inc. (Nasdaq:GPRE), which is North America's fourth largest ethanol producer, markets and distributes over one billion gallons of ethanol annually. Green Plains owns and operates grain storage assets in the corn belt and biofuel terminals in the southern U.S. Green Plains is a joint venture partner in BioProcess Algae LLC, which was formed to commercialize advanced photo-bioreactor 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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