BioFuel Energy Reports Fourth Quarter And Year End 2012 Results

01 Apr, 2013, 17:03 ET from BioFuel Energy Corp.

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