BioFuel Energy Reports Third Quarter 2013 Results

Nov 11, 2013, 19:00 ET from BioFuel Energy Corp.

DENVER, Nov. 11, 2013 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ: BIOF), an ethanol production company, today announced its third quarter 2013 results.  For the quarter ended September 30, 2013, the net loss was $5.1 million on revenues of $79.0 million, compared with a net loss of $11.3 million on revenues of $116.1 million for the quarter ended September 30, 2012.  For the quarter ended September 30, 2013, the net loss attributable to common stockholders was $4.5 million, or $0.84 per share, while for the quarter ended September 30, 2012, the net loss attributable to common stockholders was $9.8 million, or $1.88 per share.

For the quarter ended September 30, 2013, the Company's operating loss was $5.7 million, which resulted from $82.1 million in cost of goods sold and $2.6 million in general and administrative expenses.  During the third quarter of 2013, the Company also had $2.5 million of other income while incurring $2.0 million in interest expense, which resulted in a net loss of $5.1 million.  For the same period of 2012, our operating loss was $10.1 million, which resulted from $124.2 million in cost of goods sold and $2.1 million in general and administrative expenses.  The Company also had $0.7 million of other income while incurring $1.9 million in interest expense in the third quarter of 2012, which resulted in a net loss of $11.3 million.  At September 30, 2013, the Company had $17.3 million of cash and cash equivalents, of which $9.3 million was held at the parent and $8.0 million was held at the operating subsidiaries.

As previously disclosed, on November 5, 2013, the Company was notified by the lenders under its subsidiaries' existing credit facility and Green Plains Renewable Energy, Inc. that a definitive agreement has been entered into for the lenders to sell the Company's ethanol plants plus working capital to Green Plains. The Company has not been provided with a copy of the lenders' definitive agreement with Green Plains and therefore no further details have been provided.

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

September 30, 

Nine Months Ended

September 30, 

 Summary Income Statement  

2013

2012

2013

2012

Net Sales

$     79,048

$  116,149

$ 259,119

$  378,382

Cost of goods sold

82,132

124,192

266,357

401,204

Gross loss

(3,084)

(8,043)

(7,238)

(22,822)

General and administrative expenses:

   Compensation expense

1,040

1,435

3,439

4,750

   Other

1,527

629

5,252

2,482

Operating loss

(5,651)

(10,107)

(15,929)

(30,054)

Other income

2,535

680

6,590

680

Interest expense

(2,013)

(1,901)

(5,856)

(5,461)

Net loss

(5,129)

(11,328)

(15,195)

(34,835)

   Less: Net loss attributable to the noncontrolling interest

668

1,498

1,974

5,015

Net loss attributable to BioFuel Energy Corp. common stockholders

$     (4,461)

$    (9,830)

$ (13,221)

$  (29,820)

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

$       (0.84)

$      (1.88)

$     (2.48)

$      (5.76)

Weighted average shares outstanding-basic and diluted

5,342

5,224

5,331

5,178

 Additional Operational Data 

 Ethanol sold (gallons, in thousands)

25,947.6

36,270.8

81,810.1

134,786.0

 Dry distillers grain sold (tons, in thousands)

31.1

32.6

55.5

131.9

 Wet distillers grain sold (tons, in thousands)

138.9

170.8

537.3

654.0

 Corn oil sold (pounds, in thousands)

7,154.0

11,466.0

21,390.0

28,626.0

 Corn ground (bushels, in thousands)

9,261.7

12,632.2

29,095.1

48,119.7

 September 30, 

 December 31, 

 Summary Balance Sheet  

2013

2012

 Cash and cash equivalents

$     17,290

$      9,323

 Accounts receivable

7,237

9,256

 Inventories

11,192

13,443

 Deposits

1,958

3,074

 Prepaid expenses

829

882

 Other current assets

34

78

 Property, plant and equipment, net 

191,154

209,645

 Debt issuance costs, net 

1,001

1,739

 Other non-current assets 

2,775

2,983

 Total assets 

$   233,470

$  250,423

 Total current liabilities 

$   183,450

$  185,171

 Long-term debt, net of current portion 

2,653

2,795

 Tax increment financing, net of current portion 

3,968

4,275

 Other non-current liabilities 

2,943

3,072

 Total liabilities 

193,014

195,313

 BioFuel Energy Corp. stockholders' equity 

43,550

56,230

 Noncontrolling interest 

(3,094)

(1,120)

 Total equity 

40,456

55,110

 Total liabilities and equity  

$   233,470

$  250,423

Three Months Ended

September 30, 

Nine Months Ended

September 30, 

 Reconciliation of Net Loss to EBITDA 

2013

2012

2013

2012

 Net loss

$     (5,129)

$  (11,328)

$ (15,195)

$  (34,835)

 Interest expense

2,013

1,901

5,856

5,461

 Depreciation and amortization expense included in cost of goods sold

6,581

6,541

19,743

19,610

 Depreciation and amortization expense included in G&A expenses

249

265

768

798

 EBITDA 

$       3,714

$    (2,621)

$   11,172

$    (8,966)

 

SOURCE BioFuel Energy Corp.



RELATED LINKS

http://www.bfenergy.com