Click here to close now.


Microsoft Cloud Authors: Jayaram Krishnaswamy, Elizabeth White, Andreas Grabner, Jim Kaskade, Pat Romanski

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  





Net sales

$               116,149

$               162,547

$               378,382

$               489,083

Cost of goods sold





Gross profit (loss)






General and administrative expenses:

   Compensation expense 










Operating income (loss)





Other income





Interest expense





Net income (loss)





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





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:


$                    (1.88)

$                     0.43

$                    (5.76)

$                    (2.72)


$                    (1.88)

$                     0.36

$                    (5.76)

$                    (2.72)

Weighted average shares outstanding:











 Additional Operational Data  

Ethanol sold (gallons, in thousands)





Dry distillers grain sold (tons, in thousands)





Wet distillers grain sold (tons, in thousands)





Corn oil sold (pounds, in thousands)



Corn ground (bushels, in thousands)





 September 30, 

 December 31,  

 Summary Balance Sheet  



 Cash and cash equivalents

$                 10,842

$                 15,139

 Accounts receivable






 Prepaid expenses



 Other current assets



 Property, plant and equipment, net 



 Debt issuance costs, net 



 Other non-current assets 



 Total assets 

$               263,169

$               299,586

 Total current liabilities 

$               186,524

$                 24,452

 Long-term debt, net of current portion 



 Tax increment financing, net of current portion 



 Other non-current liabilities 



 Total liabilities 



 BioFuel Energy Corp. stockholders' equity 



 Noncontrolling interest 



 Total equity 



 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 





 Net income (loss)

$                (11,328)

$                   2,549

$                (34,835)

$                (14,817)

 Interest expense





 Depreciation and amortization expense included in cost of goods sold





 Depreciation and amortization expense included in G&A expenses






$                  (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
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new data-driven world, marketplaces reign supreme while interoperability, APIs and applications deliver un...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete end-to-end walkthrough of the analysis from start to finish. Participants will also be given the pract...
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, along with new ways to engage with users.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of, and Fred Yatzeck, principal architect leading product development at, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT.
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud without worrying about any lock-in fears. In fact by having standard APIs for IaaS would help PaaS expl...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Valley. The program, to be aired during the peak viewership season of the year, will have a major impac...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated and cloud solutions through hybrid hosting – a sustainable solution for the data required to manage I...
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk will be on IBM Cloudant, Apa...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, will look at different existing uses of peer-to-peer data sharing and how it can become useful in a live session to...
As a company adopts a DevOps approach to software development, what are key things that both the Dev and Ops side of the business must keep in mind to ensure effective continuous delivery? In his session at DevOps Summit, Mark Hydar, Head of DevOps, Ericsson TV Platforms, will share best practices and provide helpful tips for Ops teams to adopt an open line of communication with the development side of the house to ensure success between the two sides.
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.