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Green Plains Reports Fourth Quarter and Full-Year 2012 Financial Results

Green Plains Reports Fourth Quarter and Full-Year 2012 Financial Results

Results for the Fourth Quarter of 2012

  *Net income of $33.0 million, or $0.94 per diluted share
  *Net income of $6.7 million, or $0.21 per diluted share, excluding the gain
    on the sale of agribusiness assets

Results for the Full Year of 2012

  *Net income of $11.8 million, or $0.39 per diluted share

OMAHA, Neb., Feb. 6, 2013 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy,
Inc. (Nasdaq:GPRE) announced today its financial results for the fourth
quarter and full year ended December 31, 2012. Net income attributable to
Green Plains for the full year of 2012 was $11.8 million, or $0.39 per diluted
share, compared to net income of $38.4 million, or $1.01 per diluted share, in
2011. Revenues were $3.5 billion for 2012 compared to $3.6 billion in 2011.

For the quarter ended December 31, 2012, net income attributable to Green
Plains was $33.0 million, or $0.94 per diluted share, compared to $13.3
million, or $0.36 per diluted share, for the same period in 2011. Revenues
were $883.7 million for the fourth quarter of 2012 compared to $922.8 million
during the same period in 2011.

"All of our business segments reported positive operating income during both
the fourth quarter and the last half of 2012. We believe this demonstrates the
effectiveness of our low-cost platform and our ability to manage risk. For the
fourth year in a row, our business was profitable and, with the sale of the 12
grain elevators, we continue to focus on creating value for our shareholders,"
stated Todd Becker, President and Chief Executive Officer. "We ended 2012 with
$280 million in cash and the lowest ethanol plant debt in our history. This
positions us for the future to take advantage of growth and diversification
opportunities and to continue to withstand the cyclicality of our business."

"The forward curve for ethanol margins has not given our team a reason to
execute significant amounts of forward hedges. Recently, nearby margins have
recovered somewhat but remain below historical levels. With that said, our
growth in non-ethanol operating income over the last two years will continue
to cushion the effect of a compressed margin structure," said Becker. "We
expect to generate over $60 million of non-ethanol operating income this year,
even considering the recent sale of certain agribusiness assets."

In December 2012, Green Plains completed the previously-announced sale of 12
grain elevators located in northwestern Iowa and western Tennessee. The sale
resulted in an after-tax gain of $26.3 million which is included in fourth
quarter 2012 results. Excluding the gain on the sale of agribusiness assets,
net income attributable to Green Plains was $6.7 million, or $0.21 per diluted
share, for the fourth quarter.

"Over the next two years, we plan to realign our agribusiness investment,"
stated Becker. "We plan to add between five and ten million bushels of grain
storage capacity per year. These assets will be located around our ethanol
plants to take advantage of our current infrastructure and enhance our corn
origination and trading capabilities. Redefining our agribusiness strategy in
this way should allow us to leverage our seven million ton processing capacity
to aggressively compete for first-handle grain margins. This minimal
investment per bushel should provide solid long-term returns for our
shareholders."

Full-year 2012 EBITDA, which is defined as earnings before interest, income
taxes, noncontrolling interests, depreciation and amortization, was $115.5
million compared to $148.6 million in 2011. Green Plains had $280.1 million in
total cash and equivalents and $121.4 million available under committed loan
agreements at subsidiaries (subject to satisfaction of specified lending
conditions and covenants) at December 31, 2012. For reconciliations of EBITDA
to net income attributable to Green Plains, see "EBITDA" below.

2012 Business Highlights

  *BioProcess Algae initiated and completed construction of Phase III Grower
    Harvester^TM reactors in Shenandoah, Iowa. Construction of Phase IV,
    involving an additional 4.25 acres of reactors and a new downstream
    processing facility, has begun with completion expected in September 2013.
    BioProcess Algae and a subsidiary of Bioseutica BV entered into a
    commercial agreement for the production of EPA-rich Omega-3 oils for use
    in concentrated EPA products for nutritional and/or pharmaceutical
    applications. Under the agreement, BioProcess Algae will supply microalgal
    oils which will be refined by Bioseutica to produce highly-concentrated
    vegetable sourced EPA oils.
  *In December, BlendStar LLC, a wholly-owned subsidiary of Green Plains,
    completed construction and began operations at its 96-car unit train
    terminal in Birmingham, Ala. The terminal is served by the BNSF Railway
    and has a throughput capacity of 300 million gallons of ethanol annually.
    This facility expands the geographic footprint of the Company's downstream
    distribution capabilities. The Birmingham terminal has 160,000 barrels of
    storage and a four-lane covered truck rack, both with expansion
    capabilities.
  *Green Plains completed the sale of 12 grain elevators located in
    northwestern Iowa and western Tennessee in December 2012. The sale
    included approximately 32.6 million bushels of the Company's reported
    agribusiness grain storage capacity and all of its agronomy and retail
    petroleum operations. The sale resulted in an after-tax gain of $26.3
    million which is included in fourth quarter 2012 results.
  *In March 2012, Green Plains repurchased 3.7 million shares of its common
    stock from a subsidiary of NTR plc for $37.2 million. The Company issued a
    one-year promissory note for $27.2 million and paid cash for the balance
    of the repurchase.

Conference Call

On February 7, 2013, Green Plains will hold a conference call to discuss its
fourth quarter and full-year 2012 financial results and other recent
developments. Green Plains' participants will include Todd Becker, President
and Chief Executive Officer, Jerry Peters, Chief Financial Officer, and Jeff
Briggs, Chief Operating Officer. The time of the call is 12:00 p.m. ET / 11:00
a.m. CT. To participate by telephone, the domestic dial-in number is
888-471-3843 and the international dial-in number is 719-325-2463. The
conference call will be webcast and accessible at www.gpreinc.com. Listeners
are advised to go to the website at least 10 minutes prior to the call to
register, download and install any necessary audio software. A slide
presentation will be available on Green Plains' website at
http://investor.gpreinc.com/events.cfm. The conference call will be archived
and available for replay through February 14, 2013.

About Green Plains Renewable Energy, Inc.

Green Plains Renewable Energy, Inc. (Nasdaq:GPRE), which is North America's
fourth largest ethanol producer, markets and distributes approximately one
billion gallons of ethanol annually. Green Plains owns and operates grain
storage assets in the corn belt and biofuel terminals in the southern U.S.
Green Plains is a joint venture partner in BioProcess Algae LLC, which was
formed to commercialize advanced photo-bioreactor technologies for growing and
harvesting algal biomass.

Safe Harbor

This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, as amended. Such
statements are identified by the use of words such as "anticipates,"
"believes," "estimates," "expects," "goal," "intends," "plans," "potential,"
"predicts," "should," "will," and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance.
Such statements are based on management's current expectations and are subject
to various factors, risks and uncertainties that may cause actual results,
outcome of events, timing and performance to differ materially from those
expressed or implied by such forward-looking statements. Green Plains may
experience significant fluctuations in future operating results due to a
number of economic conditions, including, but not limited to, competition in
the ethanol and other industries in which the Company operates, commodity
market risks including those that may result from current weather conditions,
financial market risks, counter-party risks, risks associated with changes to
federal policy or regulation, risks related to closing and achieving
anticipated results from acquisitions, risks associated with the joint venture
to commercialize algae production and the growth potential of the algal
biomass industry, and other risks detailed in the Company's reports filed with
the Securities and Exchange Commission, including its Annual Report on Form
10-K for the year ended December 31, 2011, and in the Company's subsequent
filings with the SEC. In addition, the Company is not obligated, and does not
intend, to update any of its forward-looking statements at any time unless an
update is required by applicable securities laws.

Consolidated Financial Results

The following are consolidated statements of operations for Green Plains (in
thousands, except per share amounts):

                     Three Months Ended December Twelve Months Ended December
                      31,                        31,
                     2012          2011          2012           2011
                                                             
Revenues              $883,707    $922,791    $3,476,870   $3,553,712
Cost of goods sold    841,736      870,738      3,380,099     3,381,480
Gross profit          41,971       52,053       96,771        172,232
Selling, general and
administrative        (20,669)     (19,869)     (79,019)      (73,219)
expenses
Gain on disposal of   47,133       --           47,133        --
assets
Operating income      68,435       32,184       64,885        99,013
Other income                                                  
(expense)
Interest income       47           87           191           310
Interest expense      (8,780)      (9,206)      (37,521)      (36,645)
Other, net            (540)        (309)        (2,399)       (779)
Total other income    (9,273)      (9,428)      (39,729)      (37,114)
(expense)
                                                             
Income before income  59,162       22,756       25,156        61,899
taxes
Income tax expense   26,142       9,495        13,393        23,686
Net income            33,020       13,261       11,763        38,213
Net loss attributable
to noncontrolling     3            5            16            205
interests
Net income
attributable to Green $33,023     $13,266     $11,779      $38,418
Plains
Earnings per share:                                           
Basic                 $1.11       $0.40       $0.39        $1.09
Diluted               $0.94       $0.36       $0.39        $1.01
Weighted average                                              
shares outstanding:
Basic                 29,691       32,905       30,296        35,276
Diluted               36,178       39,467       30,463        41,808

Revenues decreased $39.1 million for the three months ended December 31, 2012
compared to the same period in 2011 primarily due to lower ethanol revenues.
The decline in ethanol revenues was due to lower volumes sold and lower
average prices. Gross profit decreased $10.1 million for the three months
ended December 31, 2012 compared to the same period in 2011 primarily as a
result of unfavorable ethanol production margins. Operating income increased
by $36.3 million primarily due to a gain on the sale of agribusiness assets
offset by lower ethanol production margins. The Company recorded income tax
expense of $26.1 million for the three months ended December 31, 2012 compared
to $9.5 million for the same period in 2011. The effective tax rate increased
for the three months ended December 31, 2012, which impacted the overall
effective tax rate for 2012, as a result of adjustments in state tax rates and
tax credits primarily resulting from the sale of agribusiness assets.

Weighted average shares outstanding decreased due to share repurchases that
were completed in September 2011 and in March 2012. Weighted average shares
outstanding for diluted earnings per share purposes for the three and twelve
months ended December 31, 2011, and for the three months ended December 31,
2012, reflect additional shares outstanding under the as-if-converted method
of accounting for the convertible notes. For the twelve months ended December
31, 2012, the Company's net income and weighted average number of common
shares outstanding are not adjusted since the effect would be antidilutive.
The following summarizes the effects of this method on net income attributable
to Green Plains and weighted average shares outstanding for the periods
indicated (in thousands):

                              Three Months Ended December Twelve Months Ended
                               31,                         December 31,
                              2012          2011          2012      2011
Net income (loss) attributable $33,023     $13,266     $11,779 $38,418
to Green Plains
Interest and amortization
expense related to convertible 922          905          --      3,610
debt, net of tax
Net income (loss) on an        $33,945     $14,171     $11,779 $42,028
as-if-converted basis
Effect of convertible debt on
weighted average shares        6,280        6,280        --      6,280
outstanding - diluted

Operating Segment Information

Green Plains' operating segments are as follows: (1) production of ethanol and
related distillers grains, collectively referred to as ethanol production, (2)
corn oil production, (3) grainhandling and storage, collectively referred to
as agribusiness, and (4) marketing and logistics services of Company-produced
and third-party ethanol, distillers grains, corn oil, and other commodities
and the operation of blending and terminaling facilities, collectively
referred to as marketing and distribution. Selling, general and administrative
expenses, primarily consisting of compensation of corporate employees,
professional fees and overhead costs not directly related to a specific
operating segment, are reflected in the table below as corporate activities.
The following are revenues, gross profit and operating income by segment for
the periods indicated (in thousands):

                                                             
                     Three Months Ended December Twelve Months Ended December
                      31,                         31,
                     2012          2011          2012           2011
                                                             
Revenues:                                                     
Ethanol production    $491,276    $535,512    $1,909,243   $2,133,921
Corn Oil Production   14,324       14,508       57,844        44,857
Agribusiness          149,908      170,505      584,684       554,140
Marketing and         723,850      766,469      2,867,631     3,064,965
distribution
Intersegment          (495,651)    (564,203)    (1,942,532)   (2,244,171)
eliminations
                     $883,707    $922,791    $3,476,870   $3,553,712
                                                             
Gross profit (loss):                                          
Ethanol production    $15,715     $23,130     $(4,895)     $87,010
Corn Oil Production   7,183        8,969        32,388        27,067
Agribusiness          8,616        14,324       35,973        34,749
Marketing and         10,593       5,779        32,362        23,112
distribution
Intersegment          (136)        (149)        943           294
eliminations
                     $41,971     $52,053     $96,771      $172,232
                                                             
Operating income                                              
(loss):
Ethanol production    $12,042     $21,058     $(20,393)    $73,242
Corn Oil Production   7,129        8,958        32,140        26,999
Agribusiness          51,114       7,787        60,030        11,721
Marketing and         6,744        2,397        17,290        9,475
distribution
Intersegment          (136)        (139)        977           334
eliminations
Segment operating     76,893       40,061       90,044        121,771
income
Corporate activities  (8,458)      (7,877)      (25,159)      (22,758)
                     $68,435     $32,184     $64,885      $99,013

Intersegment revenues and corresponding costs are eliminated in consolidation
and do not impact consolidated results.

Ethanol Production Segment

The table below presents key operating data within the ethanol production
segment for the periods indicated:

                    Three Months Ended December   Twelve Months Ended
                     31,                           December 31,
                    2012           2011           2012          2011
                                                             
Ethanol sold        169,159        180,955        677,082       721,535
(thousands of                                                 
gallons)
                                                             
Ethanol produced     168,476        180,662        676,834       721,348
(thousands of                                                 
gallons)
                                                             
Distillers grains    486            511            1,882         2,047
sold
(thousands of equivalent dried                                 
tons)
                                                             
Corn consumed        59,816         64,405         238,740       255,437
(thousands of                                                 
bushels)

Revenues in the ethanol production segment decreased by $44.2 million for the
three months ended December 31, 2012 compared to the same period in 2011. The
decrease in revenue was due to lower average prices for ethanol and the
decision, in response to unfavorable operating margins, to temporarily reduce
ethanol production volumes at certain ethanol plants.The ethanol production
segment produced 168.5 million gallons of ethanol, which represents
approximately 91 percent of production capacity, during the three months ended
December 31, 2012.

Cost of goods sold in the ethanol production segment decreased by $36.8
million for the three months ended December 31, 2012 compared to the same
period in 2011. Consumption of corn decreased by 4.6 million bushels and the
average cost per bushel increased by 17.7% during the three months ended
December 31, 2012 compared to the same period in 2011. Average ethanol yield
was 2.82 gallons per bushel for the three months ended December 31, 2012
compared to 2.81 gallons per bushel in the same period in 2011. The slight
yield increase was primarily due to process improvements implemented
throughout the platform and slowed production rates at certain of our
plants.Depreciation and amortization expense for the ethanol production
segment was $11.0 million and $11.2 million during each of the three month
periods ended December 31, 2012 and 2011, respectively. As a result of the
factors identified above, gross profit and operating income in the ethanol
production segment decreased by $7.4 million and $9.0 million, respectively,
for the three months ended December 31, 2012 compared to the same period in
2011.

Corn Oil Production Segment

Revenues in the corn oil production segment decreased by $0.2 million for the
three months ended December 31, 2012 compared to the same period in 2011.
During the three months ended December 31, 2012, Green Plains sold 36.6
million pounds of corn oil compared to 31.9 million pounds in the same period
in 2011. The increase in volume was offset by a 13.5% decrease in average
price for the three months ended December 31, 2012 compared to the same period
in 2011. Average corn oil yield increased to 0.61 pounds per bushel for the
three months ended December 31, 2012 compared to 0.50 pounds per bushel in the
same period in 2011 primarily due to process improvements.

Agribusiness Segment

The table below presents key operating data within the agribusiness segment
for the periods indicated:

                    Three Months Ended December   Twelve Months Ended
                     31,                          December 31,
                    2012           2011           2012          2011
                                                             
Grain sold          12,459         17,697         60,826        69,336
(thousands of                                    
bushels)
                                                             
Fertilizer sold     20,388         25,948         55,514        64,749
(tons)                                                        

Within the agribusiness segment, revenues decreased by $20.6 million, gross
profit decreased by $5.7 million and operating income increased by $43.3
million for the three months ended December 31, 2012 compared to the same
period in 2011. The decline in revenues was caused by the disposition of 12
grain elevators in early December 2012, partially offset by increased grain
prices as a result of the 2012 drought. The drought also caused an early
harvest season which accelerated the timing of gross profit recognition
between the third and fourth quarters of 2012. Operating income for the three
months ended December 31, 2012 includes a gain on disposal of assets of $47.1
million. Selling, general and administrative expenses for the segment
decreased by $2.0 million between the periods due to the sale completed in
early December.

Marketing and Distribution Segment

Revenues in the marketing and distribution segment decreased by $42.6 million
for the three months ended December 31, 2012 compared to the same period in
2011. The decrease in revenues was primarily due to lower average prices of
ethanol and corn oil and lower volumes of ethanol and distillers grains sold.
Ethanol revenues decreased by $43.6 million which was partially offset by an
increase in distillers grains revenues of $1.2 million. Revenues and gross
profit from railcar leasing for the three months ended December 31, 2012 were
$5.5 million and $4.3 million, respectively. The Company sold 258.6 million
gallons of ethanol within the marketing and distribution segment during the
three months ended December 31, 2012 compared to 259.3 million gallons during
the same period in 2011. Gross profit and operating income for the marketing
and distribution segment increased by $4.8 million and $4.3 million,
respectively, for the three months ended December 31, 2012 compared to the
same period in 2011 primarily due to profits realized from railcar leasing,
which was initiated during 2012.

Non-GAAP Reconciliations

EBITDA

Management uses EBITDA to measure the Company's financial performance and to
internally manage its businesses. Management believes that EBITDA provides
useful information to investors as a measure of comparison with peer and other
companies. EBITDA should not be considered an alternative to, or more
meaningful than, net income or cash flow as determined in accordance with
generally accepted accounting principles. EBITDA calculations may vary from
company to company. Accordingly, the Company's computation of EBITDA may not
be comparable with a similarly-titled measure of another company. The
following sets forth the reconciliation of net income attributable to Green
Plains to EBITDA for the periods indicated (in thousands):

                            Three Months Ended December Twelve Months Ended
                             31,                         December 31,
                            2012          2011          2012       2011
Net income attributable to   $33,023     $13,266     $11,779  $38,418
Green Plains
Net loss attributable to    (3)          (5)          (16)      (205)
noncontrolling interests
Interest expense            8,780        9,206        37,521    36,645
Income tax expense         26,142       9,495        13,393    23,686
Depreciation and            12,907       13,228       52,828    50,076
amortization
EBITDA                       $80,849     $45,190     $115,505 $148,620

Gain on the Sale of Agribusiness Assets

For the quarter ended December 31, 2012, net income attributable to Green
Plains was $33.0 million, or $0.94 per diluted share. The sale of 12 grain
elevators in December 2012 resulted in an after-tax gain of $26.3 million,or
$0.73 per diluted share. Excluding the gain on the sale, net income
attributable to Green Plains was $6.7 million, or $0.21 per diluted share for
the quarter ended December 31, 2012.

Summary Balance Sheets

The following is condensed consolidated balance sheet information (in
thousands):

                                          December 31, December 31,
                                           2012         2011
ASSETS                                                 
                                                      
Current assets                             $568,035   $576,420
Property and equipment, net                708,110     776,789
Other assets                               73,589      67,619
Total assets                               $1,349,734 $1,420,828
                                                      
LIABILITIES AND STOCKHOLDERS' EQUITY                   
                                                      
Current liabilities                        $432,384   $360,965
Long-term debt                             362,549     493,407
Other liabilities                          64,299      61,099
Total liabilities                          859,232     915,471
Total stockholders' equity                 490,502     505,357
Total liabilities and stockholders' equity $1,349,734 $1,420,828

At December 31, 2012, Green Plains had $280.1 million in total cash and
equivalents and $121.4 million available under committed loan agreements at
subsidiaries (some of which was subject to satisfaction of specified lending
conditions and covenants). Total debt at December 31, 2012 was $663.3 million,
including $144.1 million outstanding under working capital revolvers and other
short-term borrowing arrangements in the marketing and distribution and
agribusiness segments. As of December 31, 2012, Green Plains had total assets
of approximately $1.3 billion and total stockholders' equity of approximately
$490.5 million. As of December 31, 2012, Green Plains had approximately 29.7
million common shares outstanding.

CONTACT: Jim Stark
         Vice President - Investor and Media Relations
         Green Plains Renewable Energy, Inc.
         (402) 884-8700