DENVER, Nov. 12 /PRNewswire-FirstCall/ -- BIOFUEL ENERGY CORP. (NASDAQ: BIOF), an ethanol production company, today announced its third quarter results. For the three months ended September 30, 2009, revenues totaled $91.1 million, which was comprised of $79.8 million from sales of ethanol and $11.3 million from sales of distillers grain. Net loss attributable to common shareholders was $6.2 million, or $.26 a share, for the three months ended September 30, 2009. The net loss for the three months ended September 30, 2009 was $8.4 million, which included $2.2 million of losses attributable to noncontrolling interests. Operating loss for the third quarter was $3.8 million, which resulted from $89.0 million in cost of goods sold, including $60.5 million for corn, and $5.9 million in general and administrative and other operating expenses. The Company also had $4.6 million of interest expense in the third quarter, which resulted in the net loss of $8.4 million. Included in the net loss were $4.3 million of non-recurring expenses such as legal and financial advisory expenses and additional interest expense associated with the Company's negotiations with its lenders relating to restructuring and loan conversion of its senior debt. The Company had $6.7 million of depreciation expense for the quarter. For the nine months ended September 30, 2009, revenues totaled $295.1 million. Operating loss for the nine months ended September 30, 2009 was $16.6 million, which resulted from $298.9 million in cost of goods sold and $12.8 million in general and administrative other operating expenses. Net loss attributable to common shareholders was $20.5 million, or $.87 a share, for the nine months ended September 30, 2009. The net loss for the nine months ended September 30, 2009 was $28.5 million, which included $8.0 million of losses attributable to noncontrolling interests. Scott H. Pearce, the Company's President and Chief Executive Officer, stated: "As previously reported, we were able to resolve the dispute with our banks during the quarter, and since this time have been able to return our focus to running the business without the ongoing drag on our financial results and operational performance. We believe this resolution represents a win for both the company and its lenders. As a result, we have emerged intact from a difficult period both in the industry and for this company. While positive margins have returned to the business, they are certainly not great and this underscores the importance of being able to operate at a low cost. We remain believers in our business model and are focused on achieving our goal of being a leader in the US ethanol industry." At September 30, 2009, amounts outstanding under the senior debt facilities included $195.4 million in term (formerly construction) loans and $20.0 million borrowed in working capital loans. At September 30, 2009, the Company held $8.2 million of cash and equivalents and stockholders' equity totaled $68.6 million, including $4.0 million of noncontrolling interest. The Company will host a conference call on Friday, November 13, 2009 beginning at 11:00 a.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 163456. 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 Nine Months Ended September 30, September 30, -------------- ------------- Summary Income Statement 2008 2009 2008 2009 ------------------------ ---- ---- ---- ---- Net sales $90,549 $91,138 $90,841 $295,096 Cost of goods sold 103,765 89,039 104,021 298,911 ------- ------ ------- ------- Gross income (loss) (13,216) 2,099 (13,180) (3,815) General and administrative expenses: Compensation expense 1,115 1,467 6,560 4,551 Other 1,353 4,270 8,408 8,060 Other operating expense 1,345 150 1,345 150 ----- --- ----- --- Operating loss (17,029) (3,788) (29,493) (16,576) ------ ----- ------ ------ Interest income 135 13 987 74 Interest expense (1,632) (4,598) (1,632) (12,036) Other non-operating expense (2,123) - (1,785) (1) Loss on derivative financial instruments (49,992) - (39,912) - ------ --- ------ --- Net loss (70,641) (8,373) (71,835) (28,539) Less: Net loss attributable to the noncontrolling interest 37,493 2,139 37,856 8,061 ------ ----- ------ ----- Net loss attributable to BioFuel Energy Corp. common shareholders $(33,148) $(6,234) $(33,979) $(20,478) ======== ======= ======== ======== Loss per share - basic attributable to BioFuel Energy Corp. common shareholders $(2.18) $(0.26) $(2.23) $(0.87) ====== ====== ====== ====== Loss per share - diluted attributable to BioFuel Energy Corp. common shareholders $(2.18) $(0.26) $(2.23) $(0.87) ====== ====== ====== ====== Weighted average shares outstanding Basic 15,210 24,397 15,250 23,418 Diluted 15,210 24,397 15,250 23,418 Additional operational data --------------------------- Ethanol sold (gallons, in thousands) 35,599 51,557 35,599 162,568 Dry distillers grain sold (tons, in thousands) 68.7 117.3 68.7 360.8 Wet distillers grain sold (tons, in thousands) 83.4 84.3 89.9 283.1 Average FOB price of ethanol sold (per gallon) $2.20 $1.56 $2.20 $1.54 Average FOB price of dry distillers grain sold (per ton) $149.22 $84.25 $149.22 $108.05 Average FOB price of wet distillers grain sold (per ton) $38.99 $23.08 $39.63 $34.34 Average corn cost (per bushel) $5.36 $3.14 $5.45 $3.58 December 31, September 30, Summary Balance Sheet 2008 2009 --------------------- ------------ ------------- Cash and equivalents $12,299 $8,167 Accounts receivable 16,669 16,163 Inventories 14,929 13,709 Certificates of deposit - current - 1,882 Prepaid expenses 2,153 1,413 Restricted cash - current 612 - Other current assets 203 344 Property, plant and equipment, net 305,350 289,508 Certificates of deposit - non-current 4,015 - Debt issuance costs, net 7,917 6,833 Restricted cash - non-current 1,003 - Other non-current assets 574 2,297 --- --- Total assets $365,724 $340,316 ======== ======== Total current liabilities $38,157 $43,892 Long-term debt, net of current portion 226,351 220,785 Tax increment financing, net of current portion 5,887 5,729 Derivative financial instrument, net of current portion 83 - Other non-current liabilities 487 1,284 --- ----- Total liabilities 270,965 271,690 BioFuel Energy Corp. stockholders' equity 80,690 64,676 Noncontrolling interest 14,069 3,950 ------ ------ Total equity 94,759 68,626 ------ ------ Total liabilities and stockholders' equity $365,724 $340,316 ======== ======== Total shares outstanding at November 12, 2009 (a) 32,573,190 (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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