BioFuel Energy Reports Third Quarter 2013 Results

BioFuel Energy Reports Third Quarter 2013 Results

Tuesday, 12 November 2013 00:00 Australian Business PR - Financial Services

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.