Welcome!

Microsoft Cloud Authors: Liz McMillan, David H Deans, Pat Romanski, Janakiram MSV, Jnan Dash

News Feed Item

BioFuel Energy Reports Third Quarter 2012 Results

DENVER, Nov. 13, 2012 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an ethanol production company, today announced its third quarter 2012 results.  For the quarter ended September 30, 2012, the net loss was $11.3 million on revenues of $116.1 million, compared with net income of $2.5 million on revenues of $162.5 million for the quarter ended September 30, 2011.  For the quarter ended September 30, 2012, the net loss attributable to common stockholders was $9.8 million, or $1.88 per share, while for the three months ended September 30, 2011 the net income attributable to common stockholders was $2.2 million, or $.36 per diluted share.

"We continue to try to make the appropriate operating decisions in managing our assets.  Given the continuation of a weak corn-ethanol crush spread, and additional pressure from local corn basis, we are currently operating only our Nebraska plant." said Scott H. Pearce, the Company's President and Chief Executive Officer. "We look forward to an improved crush spread environment in which we can restart our Minnesota facility.  In the meantime, we continue to have ongoing dialogue with our senior lenders to resolve our current liquidity issues and enhance our working capital position going forward."

For the quarter ended September 30, 2012, the Company's 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.  During the third quarter of 2012, the Company also had $0.7 million of other income while incurring $1.9 million in interest expense, which resulted in a net loss of $11.3 million.  For the same period of 2011, our operating income was $4.5 million, which resulted from $155.5 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 third quarter of 2011, which resulted in net income of $2.5 million.

As previously disclosed, the Company's operating subsidiaries did not make the regularly-scheduled payments of principal and interest that were due on September 28, 2012, in an aggregate amount of $3.6 million, on the term loans outstanding under their senior debt facility, which resulted in the Company receiving a notice of default from the lenders of the senior debt facility. As a result, the Company has classified the entire $170.5 million in term loans outstanding as a current liability on the Company's September 30, 2012 balance sheet. The Company, on behalf of its operating subsidiaries, has had, and intends to continue to have, discussions with the lenders regarding the terms of a potential forbearance, reinstatement and/or restructuring of the term loans.  At September 30, 2012, the Company held $10.8 million of cash and cash equivalents and equity totaled $66.2 million, including $0.3 million of noncontrolling interest.

The Company plans to host a conference call on Wednesday, November 14, 2012 beginning at 11:00 a.m. (EST) to discuss the results.  To participate, please dial (800) 944-8766.  The participant code for the call is 41876.  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 168656.

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.

 

 

 BioFuel Energy Corp.  

(in thousands, except per share amounts)










Three Months Ended September 30, 


Nine Months Ended September 30, 









 Summary Income Statement  

2012

2011


2012

2011


Net sales

$               116,149

$               162,547


$               378,382

$               489,083


Cost of goods sold

124,192

155,498


401,204

487,950


Gross profit (loss)

(8,043)

7,049

#

(22,822)

1,133


General and administrative expenses:







   Compensation expense 

1,435

1,676


4,750

5,062


   Other 

629

846


2,482

2,693


Operating income (loss)

(10,107)

4,527


(30,054)

(6,622)


Other income

680

-


680

-


Interest expense

(1,901)

(1,978)


(5,461)

(8,195)


Net income (loss)

(11,328)

2,549


(34,835)

(14,817)


Less: Net (income) loss attributable to the noncontrolling interest

1,498

(355)


5,015

2,307


Net income (loss) attributable to BioFuel Energy Corp. common stockholders

$                  (9,830)

$                   2,194


$                (29,820)

$                (12,510)









Income (loss) per share attributable to BioFuel Energy Corp. common stockholders:







 Basic 

$                    (1.88)

$                     0.43


$                    (5.76)

$                    (2.72)


 Diluted 

$                    (1.88)

$                     0.36


$                    (5.76)

$                    (2.72)









Weighted average shares outstanding:







 Basic 

5,224

5,120


5,178

4,602


 Diluted 

5,224

6,152


5,178

4,602









 Additional Operational Data  







Ethanol sold (gallons, in thousands)

36,271

50,716


134,786

162,381


Dry distillers grain sold (tons, in thousands)

32.6

80.1


131.9

260.2


Wet distillers grain sold (tons, in thousands)

170.8

165.2


654.0

499.1


Corn oil sold (pounds, in thousands)

11,466


28,626


Corn ground (bushels, in thousands)

12,632

18,010


48,120

58,558










 September 30, 

 December 31,  





 Summary Balance Sheet  

2012

2011












 Cash and cash equivalents

$                 10,842

$                 15,139





 Accounts receivable

13,939

13,591





 Inventories

12,917

26,188





 Prepaid expenses

900

2,148





 Other current assets

3,500

421





 Property, plant and equipment, net 

216,073

235,888





 Debt issuance costs, net 

1,990

2,763





 Other non-current assets 

3,008

3,448





 Total assets 

$               263,169

$               299,586












 Total current liabilities 

$               186,524

$                 24,452





 Long-term debt, net of current portion 

2,708

166,937





 Tax increment financing, net of current portion 

4,573

4,867





 Other non-current liabilities 

3,138

3,388





 Total liabilities 

196,943

199,644












 BioFuel Energy Corp. stockholders' equity 

65,882

94,310





 Noncontrolling interest 

344

5,632





 Total equity 

66,226

99,942





 Total liabilities and equity  

$               263,169

$               299,586




















Three Months Ended September 30, 


Nine Months Ended September 30, 









Reconciliation of Net Income (Loss) to EBITDA 

2012

2011


2012

2011


 Net income (loss)

$                (11,328)

$                   2,549


$                (34,835)

$                (14,817)


 Interest expense

1,901

1,978


5,461

8,195


 Depreciation and amortization expense included in cost of goods sold

6,541

6,467


19,610

19,410


 Depreciation and amortization expense included in G&A expenses

265

269


798

822


 EBITDA 

$                  (2,621)

$                 11,263


$                  (8,966)

$                 13,610


 



SOURCE BioFuel Energy Corp.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.