BioFuel Energy Reports Second Quarter 2012 Results
DENVER, Aug. 9, 2012 /PRNewswire/ — BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an ethanol production company, today announced its second quarter 2012 results. For the quarter ended June 30, 2012, the net loss was $12.4 million on revenues of $122.8 million, compared with a net loss of $8.3 million on revenues of $168.5 million for the quarter ended June 30, 2011. For the quarter ended June 30, 2012, the net loss attributable to common stockholders was $10.6 million, or $2.05 per share, while for the three months ended June 30, 2011 the net loss attributable to common stockholders was $7.0 million, or $1.38 per share.
“We continued to face a challenging commodity margin environment, particularly the corn-ethanol crush spread,” said Scott H. Pearce, the Company’s President and Chief Executive Officer. “The industry continued to overproduce well into the quarter, although we have lately seen some meaningful pull back in production. We again produced fewer gallons year over year as we pared back production to optimize the margin realized. Finally, with respect to the drought, we believe that the crops in the immediate vicinity of our locations are doing quite well in comparison to other regions in the corn belt and we do not anticipate any material interruption of supply.”
For the quarter ended June 30, 2012, the Company’s operating loss was $10.7 million, which resulted from $131.1 million in cost of goods sold and $2.4 million in general and administrative expenses. During the second quarter of 2012, the Company also incurred $1.7 million in interest expense, which resulted in a net loss of $12.4 million. For the same period of 2011, our operating loss was $6.3 million, which resulted from $172.3 million in cost of goods sold and $2.5 million in general and administrative expenses. The Company also had $2.0 million of interest expense in the second quarter of 2011, which resulted in a net loss of $8.3 million.
At June 30, 2012, the Company had $170.5 million in term loans outstanding under its senior debt facility. At June 30, 2012, the Company held $9.2 million of cash and cash equivalents and equity totaled $77.2 million, including $2.1 million of noncontrolling interest.
The Company plans to host a conference call on Friday, August 10, 2012 beginning at 11:00 a.m. (EDT) to discuss the results. To participate, please dial (800) 944-8766. The participant code for the call is 29611. 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 168228.
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 110 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:
Executive Vice President & www.bfenergy.com
Chief Financial Officer
(303) 640-6500
kmaguire@bfenergy.com
BioFuel Energy Corp.
(in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June
30,
--------------------------- ----------------------
Summary Income Statement 2012 2011 2012 2011
------------------------ ---- ---- ---- ----
Net sales $122,820 $168,531 $262,233 $326,536
Cost of goods sold 131,079 172,294 277,012 332,452
------- ------- ------- -------
Gross loss (8,259) (3,763) (14,779) (5,916)
General and
administrative
expenses:
Compensation expense 1,510 1,616 3,314 3,386
Other 923 950 1,854 1,847
--- --- ----- -----
Operating loss (10,692) (6,329) (19,947) (11,149)
Interest expense (1,723) (1,988) (3,561) (6,216)
------ ------ ------ ------
Net loss (12,415) (8,317) (23,508) (17,365)
Less: Net loss
attributable to the
noncontrolling interest 1,833 1,275 3,518 2,662
----- ----- ----- -----
Net loss attributable to
BioFuel Energy Corp.
common stockholders $(10,582) $(7,042) $(19,990) $(14,703)
======== ======= ======== ========
Loss per share -basic
and diluted
attributable to Biofuel
Energy Corp. common
stockholders $(2.05) $(1.38) $(3.88) $(3.39)
====== ====== ====== ======
Weighted average shares
outstanding-basic and
diluted 5,167 5,104 5,154 4,339
Additional Operational
Data
----------------------
Ethanol sold (gallons,
in thousands) 46,544 55,007 98,515 111,665
Dry distillers grain
sold (tons, in
thousands) 45.3 84.4 99.3 180.1
Wet distillers grain
sold (tons, in
thousands) 231.8 185.2 483.2 333.9
Corn oil sold (pounds,
in thousands) 10,318 - 17,160 -
Corn ground (bushels, in
thousands) 16,630 20,063 35,435 40,569
June 30, December 31,
Summary Balance Sheet 2012 2011
--------------------- ---- ----
Cash and cash
equivalents $9,213 $15,139
Accounts receivable 14,925 13,591
Inventories 17,293 26,188
Prepaid expenses 1,690 2,148
Other current assets 3,852 421
Property, plant and
equipment, net 222,865 235,888
Debt issuance costs, net 2,245 2,763
Other non-current
assets 3,008 3,448
----- -----
Total assets $275,091 $299,586
======== ========
Total current
liabilities $29,556 $24,452
Long-term debt, net of
current portion 160,631 166,937
Tax increment financing,
net of current portion 4,573 4,867
Other non-current
liabilities 3,146 3,388
----- -----
Total liabilities 197,906 199,644
------- -------
BioFuel Energy Corp.
stockholders' equity 75,117 94,310
Noncontrolling interest 2,068 5,632
----- -----
Total equity 77,185 99,942
------ ------
Total liabilities and
equity $275,091 $299,586
======== ========
Three Months Ended June 30, Six Months Ended June
30,
--------------------------- ----------------------
Reconciliation of Net
Loss to EBITDA 2012 2011 2012 2011
--------------------- ---- ---- ---- ----
Net loss $(12,415) $(8,317) $(23,508) $(17,365)
Interest expense 1,723 1,988 3,561 6,216
Depreciation and
amortization expense
included in cost of
goods sold 6,538 6,465 13,069 12,943
Depreciation and
amortization expense
included in G&A
expenses 267 275 533 553
--- --- --- ---
EBITDA $(3,887) $411 $(6,345) $2,347
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SOURCE BioFuel Energy Corp.
