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BioFuel Energy Reports Second Quarter 2013 Results

August 13, 2013

DENVER, Aug. 13, 2013 /PRNewswire/ — BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an ethanol production company, today announced its second quarter 2013 results. For the quarter ended June 30, 2013, the net loss was $4.7 million on revenues of $91.0 million, compared with a net loss of $12.4 million on revenues of $122.8 million for the quarter ended June 30, 2012. For the quarter ended June 30, 2013, the net loss attributable to common stockholders was $4.1 million, or $0.77 per share, while for the quarter ended June 30, 2012, the net loss attributable to common stockholders was $10.6 million, or $2.05 per share.

For the quarter ended June 30, 2013, the Company’s operating loss was $5.4 million, which resulted from $93.3 million in cost of goods sold and $3.1 million in general and administrative expenses. During the second quarter of 2013, the Company also had $2.6 million of other income while incurring $2.0 million in interest expense, which resulted in a net loss of $4.7 million. For the same period of 2012, our 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. The Company also had $1.7 million of interest expense in the second quarter of 2012, which resulted in a net loss of $12.4 million. At June 30, 2013, the Company had $11.2 million of cash and cash equivalents, of which $9.3 million was held at the parent and $1.9 million was held at the operating subsidiaries.

The Company also announced that the grace period provided under its previously disclosed Lender Agreement, dated April 11, 2013, expired on July 30, 2013. The Company has received indications of interest from several parties with respect to one or both of the Company’s ethanol plants, but no third party has offered to acquire one or both of the plants on terms that would result in meaningful residual proceeds accruing to the Company.

Although the Company received notice from the Administrative Agent of its operating subsidiaries’ senior debt facility, dated June 17, 2013, asserting that a Release Event (as defined in the Lender Agreement) had occurred, the Administrative Agent has not, as of the date of this Press Release, either formally extended the grace period or taken steps necessary to consummate the transfer of substantially all of the Company’s operating assets as set forth in the previously disclosed Deed in Lieu Agreement, dated as of April 11, 2013. As a result, the Company continues to be engaged in discussions with certain third parties and the lenders about a potential consensual transfer of one or both of its ethanol plants. In addition, the Company is evaluating the possibility of obtaining other sources of financing (which may include new debt or equity financing) that would enable the operating subsidiaries to retain one or both of the plants.

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                                Six Months
                         Ended June 30,                               Ended June
                                                                          30,
                         ---------------                             -----------

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

    Net Sales                    $91,031                   $122,820              $180,072  $262,233

    Cost of goods sold            93,313                    131,079               184,225   277,012
                                  ------                    -------               -------   -------

    Gross loss                    (2,282)                    (8,259)               (4,153)  (14,779)

    General and
     administrative
     expenses:

    Compensation
     expense                       1,089                      1,510                 2,399     3,314

    Other                          2,004                        923                 3,725     1,854
                                   -----                        ---                 -----     -----

    Operating loss                (5,375)                   (10,692)              (10,277)  (19,947)

    Other income                   2,597                          -                 4,056         -

    Interest expense              (1,959)                    (1,723)               (3,844)   (3,561)
                                  ------                     ------                ------    ------

    Net loss                      (4,737)                   (12,415)              (10,065)  (23,508)

    Less: Net loss
     attributable to
     the noncontrolling
     interest                        613                      1,833                 1,306     3,518
                                     ---                      -----                 -----     -----

    Net loss
     attributable to
     BioFuel Energy
     Corp. common
     stockholders                $(4,124)                  $(10,582)              $(8,759) $(19,990)
                                 =======                   ========               =======   =======

    Loss per share-
     basic and diluted
     attributable to
     BioFuel Energy
     Corp. common
     stockholders                 $(0.77)                    $(2.05)               $(1.65)   $(3.88)
                                  ======                     ======                ======    ======

    Weighted average
     shares
     outstanding-basic
     and diluted                   5,342                      5,167                 5,325     5,154
                                   =====                      =====                 =====     =====

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

     Ethanol sold
      (gallons, in
      thousands)                28,289.1                   46,544.3              55,862.5  98,515.2

     Dry distillers
      grain sold (tons,
      in thousands)                 15.5                       45.3                  24.4      99.3

     Wet distillers
      grain sold (tons,
      in thousands)                193.7                      231.8                 398.4     483.2

     Corn oil sold
      (pounds, in
      thousands)                 6,826.0                   10,318.0              14,236.0  17,160.0

     Corn ground
      (bushels, in
      thousands)                10,073.0                   16,630.2              19,878.2  35,434.7

                            June 30,             December 31,

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

     Cash and cash
      equivalents                $11,232                     $9,323

     Accounts receivable          12,597                      9,256

     Inventories                  11,742                     13,443

     Deposits                      1,947                      3,074

     Prepaid expenses                799                        882

     Other current
      assets                          22                         78

     Property, plant and
      equipment, net             197,293                    209,645

     Debt issuance
      costs, net                   1,244                      1,739

     Other non-current
      assets                       2,775                      2,983
                                   -----                      -----

     Total assets               $239,651                   $250,423
                                ========                   ========

     Total current
      liabilities               $184,501                   $185,171

     Long-term debt,
      net of current
      portion                      2,735                      2,795

     Tax increment
      financing, net of
      current portion              3,968                      4,275

     Other non-current
      liabilities                  3,003                      3,072
                                   -----                      -----

     Total liabilities           194,207                    195,313
                                 -------                    -------

     BioFuel Energy
      Corp.
      stockholders'
      equity                      47,870                     56,230

     Noncontrolling
      interest                    (2,426)                    (1,120)
                                  ------                     ------

     Total equity                 45,444                     55,110
                                  ------                     ------

     Total liabilities
      and equity                $239,651                   $250,423
                                ========                   ========

                          Three Months                                Six Months
                         Ended June 30,                               Ended June
                                                                          30,
                         ---------------                             -----------

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

     Net loss                    $(4,737)                  $(12,415)             $(10,065) $(23,508)

     Interest expense              1,959                      1,723                 3,844     3,561

     Depreciation and
      amortization
      expense included
      in cost of goods
      sold                         6,581                      6,538                13,161    13,069

     Depreciation and
      amortization
      expense included
      in G&A expenses                259                        267                   520       533
                                     ---                        ---                   ---       ---

     EBITDA                       $4,062                    $(3,887)               $7,460   $(6,345)
                                  ======                    =======                ======   =======

SOURCE BioFuel Energy Corp.


Source: PR Newswire