BioFuel Energy Reports Second Quarter 2012 Results

DENVER, Aug. 9, 2012 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ: BIOF), an ethanol production company, today announced its second quarter 2012 results.  For the quarter ended June 30, 2012, the net loss was $12.4 million on revenues of $122.8 million, compared with a net loss of $8.3 million on revenues of $168.5 million for the quarter ended June 30, 2011.  For the quarter ended June 30, 2012, the net loss attributable to common stockholders was $10.6 million, or $2.05 per share, while for the three months ended June 30, 2011 the net loss attributable to common stockholders was $7.0 million, or $1.38 per share.

"We continued to face a challenging commodity margin environment, particularly the corn-ethanol crush spread," said Scott H. Pearce, the Company's President and Chief Executive Officer.  "The industry continued to overproduce well into the quarter, although we have lately seen some meaningful pull back in production.  We again produced fewer gallons year over year as we pared back production to optimize the margin realized.  Finally, with respect to the drought, we believe that the crops in the immediate vicinity of our locations are doing quite well in comparison to other regions in the corn belt and we do not anticipate any material interruption of supply."

For the quarter ended June 30, 2012, the Company's 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.  During the second quarter of 2012, the Company also incurred $1.7 million in interest expense, which resulted in a net loss of $12.4 million.  For the same period of 2011, our operating loss was $6.3 million, which resulted from $172.3 million in cost of goods sold and $2.5 million in general and administrative expenses.  The Company also had $2.0 million of interest expense in the second quarter of 2011, which resulted in a net loss of $8.3 million.

At June 30, 2012, the Company had $170.5 million in term loans outstanding under its senior debt facility.  At June 30, 2012, the Company held $9.2 million of cash and cash equivalents and equity totaled $77.2 million, including $2.1 million of noncontrolling interest.

The Company plans to host a conference call on Friday, August 10, 2012 beginning at 11:00 a.m. (EDT) to discuss the results.  To participate, please dial (800) 944-8766.  The participant code for the call is 29611.  Approximately 90 minutes following the call, a phone playback will be available for 30 days by dialing (866) 281-6782.  The access code for the replay is 168228.

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.  The Company's goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.

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 June 30, 


Six Months Ended June 30, 







 Summary Income Statement  

2012

2011


2012

2011

Net sales

$ 122,820

$           168,531


$ 262,233

$ 326,536

Cost of goods sold

131,079

172,294


277,012

332,452

Gross loss

(8,259)

(3,763)


(14,779)

(5,916)

General and administrative expenses:






   Compensation expense 

1,510

1,616


3,314

3,386

   Other 

923

950


1,854

1,847

 Operating loss 

(10,692)

(6,329)


(19,947)

(11,149)

 Interest expense 

(1,723)

(1,988)


(3,561)

(6,216)

 Net loss 

(12,415)

(8,317)


(23,508)

(17,365)

 Less: Net loss attributable to the noncontrolling interest 

1,833

1,275


3,518

2,662

 Net loss attributable to BioFuel Energy Corp. common stockholders 

$ (10,582)

$             (7,042)


$ (19,990)

$ (14,703)







 Loss per share - basic and diluted attributable to Biofuel 






 Energy Corp. common stockholders 

$     (2.05)

$               (1.38)


$     (3.88)

$     (3.39)







Weighted average shares outstanding-basic and diluted

5,167

5,104


5,154

4,339







 Additional Operational Data  






Ethanol sold (gallons, in thousands)

46,544

55,007


98,515

111,665

Dry distillers grain sold (tons, in thousands)

45.3

84.4


99.3

180.1

Wet distillers grain sold (tons, in thousands)

231.8

185.2


483.2

333.9

Corn oil sold (pounds, in thousands)

10,318

-


17,160

-

Corn ground (bushels, in thousands)

16,630

20,063


35,435

40,569








 June 30, 

 December 31,  




 Summary Balance Sheet  

2012

2011










 Cash and cash equivalents

$     9,213

$             15,139




 Accounts receivable

14,925

13,591




 Inventories

17,293

26,188




 Prepaid expenses

1,690

2,148




 Other current assets

3,852

421




 Property, plant and equipment, net 

222,865

235,888




 Debt issuance costs, net 

2,245

2,763




 Other non-current assets 

3,008

3,448




 Total assets 

$ 275,091

$           299,586










 Total current liabilities 

$   29,556

$             24,452




 Long-term debt, net of current portion 

160,631

166,937




 Tax increment financing, net of current portion 

4,573

4,867




 Other non-current liabilities 

3,146

3,388




 Total liabilities 

197,906

199,644










 BioFuel Energy Corp. stockholders' equity 

75,117

94,310




 Noncontrolling interest 

2,068

5,632




 Total equity 

77,185

99,942




 Total liabilities and equity  

$ 275,091

$           299,586

















Three Months Ended June 30, 


Six Months Ended June 30, 







 Reconciliation of Net Loss to EBITDA 

2012

2011


2012

2011

 Net loss

$ (12,415)

$             (8,317)


$ (23,508)

$ (17,365)

 Interest expense

1,723

1,988


3,561

6,216

 Depreciation and amortization expense included in cost of goods sold

6,538

6,465


13,069

12,943

 Depreciation and amortization expense included in G&A expenses

267

275


533

553

 EBITDA 

$   (3,887)

$                  411


$   (6,345)

$     2,347

 

 

 

SOURCE BioFuel Energy Corp.



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