BioFuel Energy Reports Fourth Quarter And Year End 2012 Results

DENVER, April 1, 2013 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ: BIOF), an ethanol production company, today announced its fourth quarter and year end 2012 results.  For the quarter ended December 31, 2012, the net loss was $11.5 million on revenues of $84.9 million, compared with net income of $4.5 million on revenues of $164.0 million in the year-ago quarter.  For the year ended December 31, 2012, the net loss was $46.3 million on revenues of $463.3 million, compared with a net loss of $10.4 million on revenues of $653.1 million for the year ended December 31, 2011.  For the quarter ended December 31, 2012, the net loss attributable to common stockholders was $10.0 million, or $1.89 per share, while for the year ended December 31, 2012 the net loss attributable to common stockholders was $39.8 million, or $7.65 per share.

For the quarter ended December 31, 2012, the Company's operating loss was $10.4 million, which resulted from $92.7 million in cost of goods sold and $2.6 million in general and administrative expenses.  During the fourth quarter of 2012, the Company also had $0.8 million of other income while incurring $1.8 million in interest expense, which resulted in a net loss of $11.5 million. For the full year 2012, the Company's operating loss was $40.5 million, which resulted from $493.9 million in cost of goods sold and $9.9 million in general and administrative expenses.  The Company also had $1.4 million of other income while incurring $7.3 million of interest expense during the year, which resulted in a net loss of $46.3 million.  At December 31, 2012, the Company had $9.3 million of cash and cash equivalents, of which $8.6 million was held at the parent and $0.7 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 December 31, 


Years Ended December 31, 









 Summary Income Statement  

2012

2011


2012

2011


Net sales

$          84,898

$          163,990


$ 463,280

$ 653,073


Cost of goods sold

92,697

154,553


493,901

642,504


Gross profit (loss)

(7,799)

9,437


(30,621)

10,569


General and administrative expenses:







   Compensation expense 

1,185

2,175


5,934

7,237


   Other 

1,451

874


3,934

3,567


Operating income (loss)

(10,435)

6,388


(40,489)

(235)


Other income

762

-


1,442

-


Interest expense

(1,813)

(1,932)


(7,275)

(10,126)


Net income (loss)

(11,486)

4,456


(46,322)

(10,361)


Less: Net (income) loss attributable to the noncontrolling interest

1,463

(663)


6,479

1,644


Net income (loss) attributable to BioFuel Energy Corp. common stockholders

$         (10,023)

$              3,793


$ (39,843)

$   (8,717)









Income (loss) per share attributable to BioFuel Energy Corp. common stockholders:







 Basic 

$             (1.89)

$                0.74


$     (7.65)

$     (1.84)


 Diluted 

$             (1.89)

$                0.62


$     (7.65)

$     (1.84)









Weighted average shares outstanding:







 Basic 

5,300

5,127


5,208

4,734


 Diluted 

5,300

6,159


5,208

4,734









 Additional Operational Data  







Ethanol sold (gallons, in thousands)

26,942

54,314


161,728

216,694


Dry distillers grain sold (tons, in thousands)

26.7

75.3


158.6

335.6


Wet distillers grain sold (tons, in thousands)

153.8

216.5


807.8

715.6


Corn oil sold (pounds, in thousands)

9,144

-


37,770

-


Corn ground (bushels, in thousands)

9,638

19,710


57,601

78,286










 December 31 

 December 31,  





 Summary Balance Sheet  

2012

2011












 Cash and cash equivalents

$            9,323

$            15,139





 Accounts receivable

9,256

13,591





 Inventories

13,443

26,188





 Prepaid expenses

882

2,148





 Other current assets

3,152

421





 Property, plant and equipment, net 

209,645

235,888





 Debt issuance costs, net 

1,739

2,763





 Other non-current assets 

2,983

3,448





 Total assets 

$        250,423

$          299,586












 Total current liabilities 

$        185,171

$            24,452





 Long-term debt, net of current portion 

2,795

166,937





 Tax increment financing, net of current portion 

4,275

4,867





 Other non-current liabilities 

3,072

3,388





 Total liabilities 

195,313

199,644












 BioFuel Energy Corp. stockholders' equity 

56,230

94,310





 Noncontrolling interest 

(1,120)

5,632





 Total equity 

55,110

99,942





 Total liabilities and equity  

$        250,423

$          299,586




















Three Months Ended December 31, 


Years Ended December 31, 









 Reconciliation of Net Income (Loss) to EBITDA 

2012

2011


2012

2011


 Net income (loss)

$         (11,486)

$              4,456


$ (46,322)

$ (10,361)


 Interest expense

1,813

1,932


7,275

10,126


 Depreciation and amortization expense included in cost of goods sold

6,618

6,496


26,228

25,906


 Depreciation and amortization expense included in G&A expenses

264

267


1,061

1,089


 EBITDA 

$           (2,791)

$            13,151


$ (11,758)

$   26,760

 

SOURCE BioFuel Energy Corp.



RELATED LINKS
http://www.bfenergy.com

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