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.

SOURCE BioFuel Energy Corp.