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BioFuel Energy Reports First Quarter 2013 Results

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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 share-basic and diluted attributable to BioFuel Energy Corp. common stockholders

$        (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.



RELATED LINKS
http://www.bfenergy.com

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