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BioFuel Energy Reports First Quarter 2013 Results

May 14, 2013

DENVER, May 14, 2013 /PRNewswire/ — BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an ethanol production company, today announced its first quarter 2013 results. For the quarter ended March 31, 2013, the net loss was $5.3 million on revenues of $89.0 million, compared with a net loss of $11.1 million on revenues of $139.4 million for the quarter ended March 31, 2012. For the quarter ended March 31, 2013, the net loss attributable to common stockholders was $4.6 million, or $0.87 per share, while for the three months ended March 31, 2012 the net loss attributable to common stockholders was $9.4 million, or $1.83 per share.

For the quarter ended March 31, 2013, the Company’s operating loss was $4.9 million, which resulted from $90.9 million in cost of goods sold and $3.0 million in general and administrative expenses. During the first quarter of 2013, the Company also had $1.5 million of other income while incurring $1.9 million in interest expense, which resulted in a net loss of $5.3 million. For the same period of 2012, our operating loss was $9.3 million, which resulted from $145.9 million in cost of goods sold and $2.7 million in general and administrative expenses. The Company also had $1.8 million of interest expense in the first quarter of 2012, which resulted in a net loss of $11.1 million. At March 31, 2013, the Company had $9.6 million of cash and cash equivalents, of which $8.3 million was held at the parent and $1.3 million was held at the operating subsidiaries.

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.

    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

                                   March 31,
                                   ---------

     Summary
     Income
     Statement                                     2013                        2012
     ---------                                     ----                        ----

    Net
     Sales                                      $89,041                    $139,413

    Cost
     of
     good
     sold                                        90,912                     145,933
                                                 ------                     -------

    Gross
     loss                                        (1,871)                     (6,520)

     General
     and
     administrative
     expenses:

     Compensation
     expense                                      1,310                       1,804

    Other                                         1,721                         931
                                                  -----                         ---

     Operating
     loss                                        (4,902)                     (9,255)

    Other
     income                                       1,459                           -

     Interest
     expense                                     (1,885)                     (1,838)
                                                 ------                      ------

    Net
     loss                                        (5,328)                    (11,093)

    Less:
     Net
     loss
     attributable
     to
     the
     noncontrolling
     interest                                       693                       1,685
                                                    ---                       -----

    Net
     loss
     attributable
     to
     BioFuel
     Energy
     Corp.
     common
     stockholders                               $(4,635)                    $(9,408)
                                                =======                     =======

    Loss
     per                common
     share-             stockholders
     basic
     and
     diluted
     attributable
     to
     BioFuel
     Energy
     Corp.                                       $(0.87)                     $(1.83)
                                                 ======                      ======

     Weighted
     average
     shares
     outstanding-
     basic
     and
     diluted                                      5,308                       5,140
                                                  =====                       =====

      Additional
      Operational
      Data
      -----------

      Ethanol
      sold
      (gallons,
      in
      thousands)                               27,573.4                    51,970.9

     Dry
      distillers
      grain
      sold
      (tons,
      in
      thousands)                                    8.9                        54.0

     Wet
      distillers
      grain
      sold
      (tons,
      in
      thousands)                                  204.6                       251.4

     Corn
      oil
      sold
      (pounds,
      in
      thousands)                                7,410.0                     6,842.0

     Corn
      ground
      (bushels,
      in
      thousands)                                9,758.8                    18,855.6

                                   March 31,                  December 31,

     Summary
     Balance
     Sheet                                         2013                        2012
     -------                                       ----                        ----

     Cash
      and
      cash
      equivalents                                $9,615                      $9,323

      Accounts
      receivable                                 15,546                       9,256

     Inventories                                 12,040                      13,443

     Deposits                                     3,074                       3,074

      Prepaid
      expenses                                      954                         882

     Other
      current
      assets                                         23                          78

      Property,
      plant
      and
      equipment,
      net                                       203,299                     209,645

     Debt
      issuance
      costs,
      net                                         1,490                       1,739

     Other
      non-
      current
      assets                                      2,983                       2,983
                                                  -----                       -----

     Total
      assets                                   $249,024                    $250,423
                                               ========                    ========

     Total
      current
      liabilities                              $188,936                    $185,171

     Long-
      term
      debt,
      net
      of
      current
      portion                                     2,766                       2,795

     Tax
      increment
      financing,
      net
      of
      current
      portion                                     4,275                       4,275

     Other
      non-
      current
      liabilities                                 3,006                       3,072
                                                  -----                       -----

     Total
      liabilities                               198,983                     195,313
                                                -------                     -------

      BioFuel
      Energy
      Corp.
      stockholders'
      equity                                     51,854                      56,230

      Noncontrolling
      interest                                   (1,813)                     (1,120)
                                                 ------                      ------

     Total
      equity                                     50,041                      55,110
                                                 ------                      ------

     Total
      liabilities
      and
      equity                                   $249,024                    $250,423
                                               ========                    ========

                              Three Months Ended

                                   March 31,
                                   ---------

     Reconciliation
     of
     Net
     Loss
     to
     EBITDA                                        2013                        2012
     --------------                                ----                        ----

     Net
      loss                                      $(5,328)                   $(11,093)

      Interest
      expense                                     1,885                       1,838

      Depreciation
      and
      amortization
      expense
      included
      in
      cost
      of
      goods
      sold                                        6,580                       6,530

      Depreciation
      and
      amortization
      expense
      included
      in
      G&A
      expenses                                      261                         267
                                                    ---                         ---

     EBITDA                                      $3,398                     $(2,458)
                                                 ======                     =======

SOURCE BioFuel Energy Corp.


Source: PR Newswire