BioFuel Energy Reports Third Quarter 2013 Results
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 & |
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| Chief Financial Officer |
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| (303) 640-6500 |
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| BioFuel Energy Corp. |
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| (in thousands, except per share amounts) |
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| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 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: |
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| 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) |
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| Net loss |
(5,129) |
(11,328) |
(15,195) |
(34,835) |
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| Less: Net loss attributable to the noncontrolling interest |
668 |
1,498 |
1,974 |
5,015 |
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| 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 |
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| Additional Operational Data |
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| Ethanol sold (gallons, in thousands) |
25,947.6 |
36,270.8 |
81,810.1 |
134,786.0 |
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| Dry distillers grain sold (tons, in thousands) |
31.1 |
32.6 |
55.5 |
131.9 |
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| Wet distillers grain sold (tons, in thousands) |
138.9 |
170.8 |
537.3 |
654.0 |
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| Corn oil sold (pounds, in thousands) |
7,154.0 |
11,466.0 |
21,390.0 |
28,626.0 |
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| Corn ground (bushels, in thousands) |
9,261.7 |
12,632.2 |
29,095.1 |
48,119.7 |
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| September 30, |
December 31, |
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| Summary Balance Sheet |
2013 |
2012 |
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| Cash and cash equivalents |
$ 17,290 |
$ 9,323 |
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| Accounts receivable |
7,237 |
9,256 |
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| Inventories |
11,192 |
13,443 |
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| Deposits |
1,958 |
3,074 |
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| Prepaid expenses |
829 |
882 |
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| Other current assets |
34 |
78 |
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| Property, plant and equipment, net |
191,154 |
209,645 |
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| Debt issuance costs, net |
1,001 |
1,739 |
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| Other non-current assets |
2,775 |
2,983 |
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| Total assets |
$ 233,470 |
$ 250,423 |
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| Total current liabilities |
$ 183,450 |
$ 185,171 |
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| Long-term debt, net of current portion |
2,653 |
2,795 |
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| Tax increment financing, net of current portion |
3,968 |
4,275 |
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| Other non-current liabilities |
2,943 |
3,072 |
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| Total liabilities |
193,014 |
195,313 |
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| BioFuel Energy Corp. stockholders' equity |
43,550 |
56,230 |
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| Noncontrolling interest |
(3,094) |
(1,120) |
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| Total equity |
40,456 |
55,110 |
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| Total liabilities and equity |
$ 233,470 |
$ 250,423 |
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| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| Reconciliation of Net Loss to EBITDA |
2013 |
2012 |
2013 |
2012 |
|
| Net loss |
$ (5,129) |
$ (11,328) |
$ (15,195) |
$ (34,835) |
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| 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 |
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| Depreciation and amortization expense included in G&A expenses |
249 |
265 |
768 |
798 |
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| EBITDA |
$ 3,714 |
$ (2,621) |
$ 11,172 |
$ (8,966) |
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SOURCE BioFuel Energy Corp.
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