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BioFuel Energy Reports Fourth Quarter And Year End 2012 Results



       BioFuel Energy Reports Fourth Quarter And Year End 2012 Results

PR Newswire

DENVER, April 1, 2013

DENVER, April 1, 2013 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an
ethanol production company, today announced its fourth quarter and year end
2012 results.  For the quarter ended December 31, 2012, the net loss was $11.5
million on revenues of $84.9 million, compared with net income of $4.5 million
on revenues of $164.0 million in the year-ago quarter.  For the year ended
December 31, 2012, the net loss was $46.3 million on revenues of $463.3
million, compared with a net loss of $10.4 million on revenues of $653.1
million for the year ended December 31, 2011.  For the quarter ended December
31, 2012, the net loss attributable to common stockholders was $10.0 million,
or $1.89 per share, while for the year ended December 31, 2012 the net loss
attributable to common stockholders was $39.8 million, or $7.65 per share.

For the quarter ended December 31, 2012, the Company's operating loss was
$10.4 million, which resulted from $92.7 million in cost of goods sold and
$2.6 million in general and administrative expenses.  During the fourth
quarter of 2012, the Company also had $0.8 million of other income while
incurring $1.8 million in interest expense, which resulted in a net loss of
$11.5 million. For the full year 2012, the Company's operating loss was $40.5
million, which resulted from $493.9 million in cost of goods sold and $9.9
million in general and administrative expenses.  The Company also had $1.4
million of other income while incurring $7.3 million of interest expense
during the year, which resulted in a net loss of $46.3 million.  At December
31, 2012, the Company had $9.3 million of cash and cash equivalents, of which
$8.6 million was held at the parent and $0.7 million was held at the operating
subsidiaries.

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.

Contact: Kelly G. Maguire                     For more information:
         Executive Vice President &           www.bfenergy.com
         Chief Financial Officer             
         (303) 640-6500                      
         kmaguire@bfenergy.com

    

 BioFuel Energy Corp.  
(in thousands, except per share amounts)
                           Three Months Ended December  Years Ended December
                           31,                          31, 
  Summary Income           2012          2011           2012       2011
 Statement  
 Net sales                 $             $              $ 463,280  $ 653,073
                            84,898        163,990
 Cost of goods sold        92,697        154,553        493,901    642,504
 Gross profit (loss)       (7,799)       9,437          (30,621)   10,569
 General and
 administrative expenses:
    Compensation expense   1,185         2,175          5,934      7,237
    Other                  1,451         874            3,934      3,567
 Operating income (loss)   (10,435)      6,388          (40,489)   (235)
 Other income              762           -              1,442      -
 Interest expense          (1,813)       (1,932)        (7,275)    (10,126)
 Net income (loss)         (11,486)      4,456          (46,322)   (10,361)
 Less: Net (income) loss
 attributable to the       1,463         (663)          6,479      1,644
 noncontrolling interest
 Net income (loss)
 attributable to BioFuel   $             $              $ (39,843) $   (8,717)
 Energy Corp. common       (10,023)       3,793
 stockholders
 Income (loss) per share
 attributable to BioFuel
 Energy Corp. common
 stockholders:
  Basic                    $             $              $          $    
                           (1.89)           0.74        (7.65)     (1.84)
  Diluted                  $             $              $          $    
                           (1.89)           0.62        (7.65)     (1.84)
 Weighted average shares
 outstanding:
  Basic                    5,300         5,127          5,208      4,734
  Diluted                  5,300         6,159          5,208      4,734
  Additional Operational
 Data  
 Ethanol sold (gallons, in 26,942        54,314         161,728    216,694
 thousands)
 Dry distillers grain sold 26.7          75.3           158.6      335.6
 (tons, in thousands)
 Wet distillers grain sold 153.8         216.5          807.8      715.6
 (tons, in thousands)
 Corn oil sold (pounds, in 9,144         -              37,770     -
 thousands)
 Corn ground (bushels, in  9,638         19,710         57,601     78,286
 thousands)
                            December 31   December
                                         31,  
  Summary Balance Sheet    2012          2011
  Cash and cash            $             $          
 equivalents                9,323         15,139
  Accounts receivable      9,256         13,591
  Inventories              13,443        26,188
  Prepaid expenses         882           2,148
  Other current assets     3,152         421
  Property, plant and      209,645       235,888
 equipment, net 
  Debt issuance costs,     1,739         2,763
 net 
  Other non-current        2,983         3,448
 assets 
  Total assets             $             $        
                            250,423       299,586
  Total current            $             $          
 liabilities                185,171       24,452
  Long-term debt, net of   2,795         166,937
 current portion 
  Tax increment financing, 4,275         4,867
 net of current portion 
  Other non-current        3,072         3,388
 liabilities 
  Total liabilities        195,313       199,644
  BioFuel Energy Corp.     56,230        94,310
 stockholders' equity 
  Noncontrolling interest  (1,120)       5,632
  Total equity             55,110        99,942
  Total liabilities and    $             $        
 equity                     250,423       299,586
                           Three Months Ended December  Years Ended December
                           31,                          31, 
  Reconciliation of Net    2012          2011           2012       2011
 Income (Loss) to EBITDA 
  Net income (loss)        $             $              $ (46,322) $ (10,361)
                           (11,486)       4,456
  Interest expense         1,813         1,932          7,275      10,126
  Depreciation and
 amortization expense      6,618         6,496          26,228     25,906
 included in cost of goods
 sold
  Depreciation and
 amortization expense      264           267            1,061      1,089
 included in G&A expenses
  EBITDA                   $             $              $ (11,758) $   26,760
                           (2,791)        13,151

 

SOURCE BioFuel Energy Corp.

Website: http://www.bfenergy.com
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