DENVER, Aug. 13 /PRNewswire-FirstCall/ -- BIOFUEL ENERGY CORP.
(NASDAQ: BIOF), an ethanol production company, today announced its
second quarter results. For the three months ended June 30, 2009,
revenues totaled $106.5 million, which was comprised of $88.3
million from sales of ethanol and $18.2 million from sales of
distillers grain. Net loss attributable to common shareholders was
$6.5 million, or $.28 a share, for the three months ended June 30,
2009. The net loss for the three months ended June 30, 2009 was
$9.0 million, which included $2.5 million of losses attributable to
noncontrolling interests. Operating loss for the second quarter was
$5.1 million, which resulted from $107.3 million in cost of goods
sold, including $79.5 million for corn, and $4.3 million in general
and administrative expenses. The Company also had $3.9 million of
interest expense in the second quarter, which resulted in the net
loss of $9.0 million. Included in the net loss were $2.0 million of
non-recurring expenses such as legal and financial advisory
expenses and additional interest expense. These were related to the
Company's negotiations with the lenders under its senior debt
facility arising out of their declaration of Events of Default on
May 22, 2009, as previously disclosed. The Company had $6.6 million
of depreciation expense for the quarter. On a combined basis, the
plants ran at 100% of their nameplate capacity during the quarter.
For the six months ended June 30, 2009, revenues totaled $204.0
million. Operating loss for the six months ended June 30, 2009 was
$12.8 million, which resulted from $209.9 million in cost of goods
sold and $6.9 million in general and administrative expenses. Net
loss attributable to common shareholders was $14.2 million, or $.62
a share, for the six months ended June 30, 2009. The net loss for
the six months ended June 30, 2009 was $20.2 million, which
included $6.0 million of losses attributable to noncontrolling
interests. Scott H. Pearce, the Company's President and Chief
Executive Officer, stated, "The second quarter's results, while
disappointing financially, contained several positive elements.
First, our plants again averaged 100% of capacity for the quarter,
while we also reduced operating costs through our ongoing
optimization initiatives. We also saw an improvement in crush
spreads throughout the quarter, and a return to positive margins
beginning in May, that has been part of an ongoing trend since that
time. We accomplished this, despite the declaration of an event of
default by our lenders and the resultant operational impacts that
such action predictably causes. We remain in negotiations with our
banks and while nothing can be assured, we are optimistic that we
will be able to resolve this matter and get back to running the
business without the ongoing drag on our financial results and
operational performance." In the second quarter, the Company
borrowed $1.2 million under its construction loan facility and $1.0
million under its working capital facility. At June 30, 2009,
amounts outstanding under the facilities included $194.9 in
construction loans and $20.0 million borrowed in working capital
loans. Under the original terms of the senior debt facility, there
remained $15.1 million in construction loan availability at June
30, 2009. Although the Company had expected to use the proceeds
from the construction loan availability to fund a debt service
reserve of $10.8 million required under the senior debt facility
and to pay for remaining project costs, given its continuing
discussions with the lenders under the senior debt facility
regarding asserted events of default, it is uncertain whether the
Company will have access to this remaining availability. Also, as a
result of the assertion of Events of Default by the lenders, the
entire $214.9 million drawn under the senior debt facility, and the
$19.8 million of subordinated debt, have been reclassified as
current on the Company's most recent balance sheet. At June 30,
2009, the Company held $4.6 million of cash and equivalents and
stockholders' equity totaled $76.1 million, including $5.9 million
of noncontrolling interest. The Company will host a conference call
on Friday, August 14, 2009 beginning at 1:00 p.m. (ET) to discuss
the results. To participate, please dial (800) 944-8766. The
participant code for the call is 64090. 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
162565. 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 115 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. Contact: Kelly G. Maguire For more information: Vice
President - Finance & http://www.bfenergy.com/ Chief Financial
Officer (303) 640.6500 BioFuel Energy Corp. (in thousands, except
per share amounts) Three Months Ended Six Months Ended June 30,
June 30, ------------------ ---------------- Summary Income
Statement 2008 2009 2008 2009 --------------- ---- ---- ---- ----
Net sales $292 $106,464 $292 $203,958 Cost of goods sold 255
107,307 255 209,872 --- ------- --- ------- Gross income (loss) 37
(843) 37 (5,914) General and administrative expenses: Compensation
expense 2,988 1,580 5,445 3,084 Other 5,409 2,652 7,054 3,790 -----
----- ----- ----- Operating loss (8,360) (5,075) (12,462) (12,788)
------ ------ ------- ------- Interest income 325 27 851 61
Interest expense - (3,937) - (7,438) Other non-operating income
(expense) 338 (3) 338 (1) Unrealized gain on derivative financial
instruments 10,080 - 10,080 - ------ ----- ------ ----- Net income
(loss) 2,383 (8,988) (1,193) (20,166) Less: Net loss (income)
attributable to the noncontrolling interest (1,435) 2,454 363 5,922
------ ----- --- ----- Net income (loss) attributable to BioFuel
Energy Corp. common shareholders $948 $(6,534) $(830) $(14,244)
==== ======= ===== ======== Income (loss) per share - basic
attributable to BioFuel Energy Corp. common shareholders $0.06
$(0.28) $(0.05) $(0.62) ===== ====== ====== ====== Income (loss)
per share - diluted attributable to BioFuel Energy Corp. common
shareholders $0.03 $(0.28) $(0.05) $(0.62) ===== ====== ======
====== Weighted average shares outstanding Basic 15,223 23,335
15,271 22,921 Diluted 32,656 23,335 15,271 22,921 Additional
operational data ------------------------------ Ethanol sold
(gallons, in thousands) - 55,950 - 111,011 Dry distillers grain
sold (tons, in thousands) - 123.7 - 243.5 Wet distillers grain sold
(tons, in thousands) 6.6 94.6 6.6 198.8 Average FOB price of
ethanol sold (per gallon) n/a $1.59 n/a $1.53 Average FOB price of
dry distillers grain sold (per ton) n/a $119.76 n/a $119.51 Average
FOB price of wet distillers grain sold (per ton) $47.79 $40.81
$47.79 $39.11 Average corn cost (per bushel) n/a $3.99 n/a $3.83
December 31, June 30, Summary Balance Sheet 2008 2009
---------------- ---- ---- Cash and equivalents $12,299 $4,574
Accounts receivable 16,669 21,887 Inventories 14,929 11,445
Certificates of deposit - current - 4,033 Prepaid expenses 2,153
1,399 Restricted cash - current 612 - Other current assets 203 460
Property, plant and equipment, net 305,350 294,546 Certificates of
deposit - non- current 4,015 - Debt issuance costs, net 7,917 7,194
Restricted cash - non- current 1,003 1,006 Other non-current assets
574 57 --- -- Total assets $365,724 $346,601 ======== ========
Total current liabilities $38,157 $246,274 Long-term debt, net of
current portion 226,351 17,831 Tax increment financing, net of
current portion 5,887 5,632 Derivative financial instrument, net of
current portion 83 - Other non-current liabilities 487 779 --- ---
Total liabilities 270,965 270,516 BioFuel Energy Corp.
stockholders' equity 80,690 70,207 Noncontrolling interest 14,069
5,878 ------ ----- Total equity 94,759 76,085 ------ ------ Total
liabilities and stockholders' equity $365,724 $346,601 ========
======== Total shares outstanding at August 12, 2009 (a) 32,575,322
(a) Includes common shares and class B common shares, net of
809,606 shares held in treasury. DATASOURCE: BioFuel Energy Corp.
CONTACT: Kelly G. Maguire, Vice President - Finance & Chief
Financial Officer of BioFuel Energy Corp., +1-303-640-6500, Web
Site: http://www.bfenergy.com/
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