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Green Plains Reports First Quarter 2013 Financial Results

Green Plains Reports First Quarter 2013 Financial Results

Results for the First Quarter of 2013

  *Net income of $2.6 million
  *Earnings per diluted share $0.08

OMAHA, Neb., April 30, 2013 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy,
Inc. (Nasdaq:GPRE) announced today its financial results for the first quarter
ended March 31, 2013. Net income attributable to Green Plains for the quarter
was $2.6 million, or $0.08 per diluted share, compared to a net loss of
($12.7) million, or ($0.39) per diluted share, for the same period in 2012.
The first quarter of 2012 included a one-time charge of $2.4 million, after
tax, or $0.08 per share, as a result of a legal settlement. Revenues were
$765.5 million for the first quarter of 2013 compared to $775.4 million for
the same period in 2012.

"We achieved a significant improvement in our financial performance for the
first quarter of 2013 compared to last year," stated Todd Becker, President
and Chief Executive Officer. "The benefits of our multi-year diversification
strategy, combined with operational excellence and risk management were all
factors that contributed to the positive results, with nearly a $24 million
increase in operating income year over year."

Green Plains' ethanol production segment produced and sold approximately 170
million gallons of ethanol, or approximately 92 percent of the Company's
production capacity. Non-ethanol operating income, from the corn oil
production, agribusiness, and marketing and distribution segments, was a
record $21.2 million in the first quarter of 2013 compared to $9.0 million for
the same period in 2012.

"We continued to strengthen our balance sheet with total payments of $38.6
million on our term debt while maintaining a cash balance of more than $241
million. With an improving margin environment, we are well positioned to take
advantage of our financial flexibility to further grow our businesses," said
Becker.

"Ethanol margins have improved as industry production levels have rationalized
and inventories have been drawn down steadily over the last several months. We
expect our second quarter earnings will show further improvement compared to
the first quarter of 2013. We will maintain our risk management discipline and
continue to focus on locking positive forward margins. Our objective to
generate $60 million of non-ethanol operating income in 2013 is on track,"
commented Becker.

First quarter 2013 EBITDA, which is defined as earnings before interest,
income taxes, noncontrolling interests, depreciation and amortization, was
$24.8 million compared to $1.5 million for the same period in 2012. Green
Plains had $241.6 million in total cash and equivalents and $107.0 million
available under committed loan agreements at subsidiaries (subject to
satisfaction of specified lending conditions and covenants) at March 31, 2013.
For reconciliations of EBITDA to net income attributable to Green Plains, see
"EBITDA" below.

Current Business Highlights

  *Green Plains Trade Group recently completed a new $130 million senior
    secured asset-based revolving credit facilityarranged by PNC Capital
    Markets LLC and Merrill Lynch Pierce Fenner & Smith Incorporated.
    Availability under the facility, which matures on April 26, 2016, is
    subject to certain conditions and will be used to finance the company's
    accounts receivables and ethanol inventories. The new credit facility
    replaced the $70 million revolving loan scheduled to expire on March 31,
    2014.
  *In April 2013, Green Plains Bluffton LLC extended the maturities for its
    amortizing and revolving term loans with its lenders from November 2013 to
    January 2015. As part of the extension, a $10 million payment of the
    outstanding balance was completed and principal payments were reduced by
    approximately $4 million annually through maturity.
  *On April 22, 2013, BioProcess Algae LLC was selected to receive a grant of
    up to $6.4 million from the U.S. Department of Energy as part of a
    pilot-scale biorefinery project related to production of hydrocarbon fuels
    meeting military specifications. The project will use renewable carbon
    dioxide, lignocellulosic sugars and waste heat through BioProcess Algae's
    Grower Harvester^TM technology platform, co-located with the Green Plains'
    ethanol plant in Shenandoah, Iowa.

Conference Call

On May 1, 2013, Green Plains will hold a conference call to discuss its first
quarter 2013 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 11:00 a.m. ET / 10:00 a.m. CT. To participate
by telephone, the domestic dial-in number is 888-397-5352 and the
international dial-in number is 719-457-2661. 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 May 8, 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, 2012, 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 March 31,
                                                 2013          2012
                                                              
Revenues                                          $765,476    $775,395
Cost of goods sold                                738,262      766,625
Gross profit                                      27,214       8,770
Selling, general and administrative expenses      14,510       19,861
Operating income (loss)                           12,704       (11,091)
Other income (expense)                                         
Interest income                                   39           39
Interest expense                                  (8,070)      (9,067)
Other, net                                        (520)        (578)
Total other income (expense)                      (8,551)      (9,606)
                                                              
Income (loss) before income taxes                 4,153        (20,697)
Income tax expense (benefit)                      1,598        (8,001)
Net income (loss)                                 2,555        (12,696)
Net loss attributable to noncontrolling interests --           4
Net income (loss) attributable to Green Plains    $ 2,555      $ (12,692)
Earnings per share:                                            
Basic                                             $0.09       $(0.39)
Diluted                                           $0.08       $(0.39)
Weighted average shares outstanding:                           
Basic                                             29,933       32,238
Diluted                                           30,210       32,238

Revenues decreased $9.9 million for the three months ended March 31, 2013
compared to the same period in 2012 as a result of lower grain and agronomy
sales due to the sale of certain grain elevators during the fourth quarter of
2012 partially offset by higher average prices for ethanol and distillers
grains.Gross profit increased $18.4 million for the three months ended March
31, 2013 compared to the same period in 2012 primarily as a result of improved
margins for ethanol production and for marketing and distribution activities.
Operating income (loss) increased by $23.8 million to $12.7 million for the
three months ended March 31, 2013 compared to the same period in 2012 as a
result of the factors discussed above. Selling, general and administrative
expenses were $5.4 million lower for the three months ended March 31, 2013
compared to the same period in 2012 due to the sale of certain grain elevators
during the fourth quarter of 2012. Interest expense decreased by $1.0 million
for the first three months of 2013 compared to the same period in 2012 due to
lower average debt balances. Income tax expense was $1.6 million for the three
months ended March 31, 2013 compared to an income tax benefit of $8.0 million
for the same period in 2012.

Diluted EPS is computed by dividing net income on an as-if-converted basis
available to common stockholders by the weighted average number of common
shares outstanding during the period, adjusted for the dilutive effect of any
outstanding dilutive securities. Adjusting net income to net income on an
as-if-converted basis and adjusting the weighted average number of common
shares outstanding for the effect of the convertible notes is antidilutive for
the three months ended March 31, 2013 and 2012.

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) grain handling 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 March 31,
                          2013           2012
                                        
Revenues:                                
Ethanol production         $509,059     $458,177
Corn oil production        15,699        13,519
Agribusiness               87,044        118,227
Marketing and distribution 700,232       656,771
Intersegment eliminations  (546,558)     (471,299)
                          $765,476     $775,395
                                        
Gross profit (loss):                     
Ethanol production         $1,230       $(10,035)
Corn oil production        7,909         7,936
Agribusiness               1,226         6,246
Marketing and distribution 17,055        4,186
Intersegment eliminations  (206)         437
                          $27,214      $8,770
                                        
Operating income (loss):                 
Ethanol production         $ (2,349)     $ (13,880)
Corn oil production        7,810         7,848
Agribusiness               369           669
Marketing and distribution 12,986        510
Intersegment eliminations  (161)         471
Segment operating income   18,655        (4,382)
Corporate activities       (5,951)       (6,709)
                          $12,704      $(11,091)

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 March 31,
                                  2013           2012
                                                
Ethanol sold                      170,841        169,620
(thousands of gallons)                                           
                                                
Ethanol produced                   170,427        175,771
(thousands of gallons)                                           
                                                
Distillers grains sold            482            487
(thousands of equivalent dried tons)                              
                                                
Corn consumed                      59,749         61,873
(thousands of bushels)                                           

Revenues in the ethanol production segment increased by $50.9 million for the
three months ended March 31, 2013 compared to the same period in 2012. The
increase in revenues was due to higher average ethanol and distillers grains
prices. The ethanol production segment produced 170.4 million gallons of
ethanol, which represents approximately 92 percent of production capacity,
during the three months ended March 31, 2013.

Cost of goods sold in the ethanol production segment increased by $39.6
million for the three months ended March 31, 2013 compared to the same period
in 2012. Consumption of corn decreased by 2.1 million bushels but the average
cost per bushel increased by 14 percent during the three months ended March
31, 2013 compared to the same period in 2012. Cost of goods sold also included
a one-time charge related to the settlement of a legal claim in the first
quarter of 2012. As a result of the factors identified above, gross profit for
the ethanol production segment increased by $11.3 million for the three months
ended March 31, 2013 compared to the same period in 2012.

Operating income in the ethanol production segment increased by $11.5 million
for the three months ended March 31, 2013, compared to the same period in
2012, to a loss of $2.3 million, due in large part to the factors discussed
above. Depreciation and amortization expense for the ethanol production
segment was $11.1 million for the three months ended March 31, 2013 compared
to $11.0 million during the same period in 2012.

Corn Oil Production Segment

Revenues in the corn oil production segment increased by $2.2 million for the
three months ended March 31, 2013 compared to the same period in 2012. During
the three months ended March 31, 2013, Green Plains sold 38.1 million pounds
of corn oil compared to 33.5 million pounds in the same period of 2012. The
average price for corn oil was 2 percent higher for the first three months of
2013 compared to the same period in 2012.

Gross profit and operating income in the corn oil production segment were
comparable for the three months ended March 31, 2013 and 2012. The increases
in revenues were offset by $2.2 million of additional expense related to
higher input costs due to the increased prices for distillers grains during
the three months ended March 31, 2013 compared to the same period in 2012.

Agribusiness Segment

Our agribusiness segment had decreases of $31.2 million in revenues, $5.0
million in gross profit, and $0.3 million in operating income for the three
months ended March 31, 2013 compared to the same period in 2012. We sold 11.0
million bushels of grain during the three months ended March 31, 2013 compared
to sales of 14.4 million bushels during the same period in 2012. Revenues,
gross profit and operating income decreased primarily due to the sale of
certain agribusiness assets in the fourth quarter of 2012.

Marketing and Distribution Segment

Revenues in our marketing and distribution segment increased by $43.5 million
for the three months ended March 31, 2013 compared to the same period in 2012.
The increase in revenues was primarily due to higher average prices of ethanol
and distillers grains offset by lower ethanol volumes sold, as well as higher
revenues from railcars used for crude oil transportation and expanding trading
and logistics operations. Ethanol and distillers grains revenues increased by
$17.7 million and $12.6 million, respectively. Green Plains sold 239.2 million
and 251.4 million gallons of ethanol during the three months ended March 31,
2013 and 2012, respectively, within the marketing and distribution segment.

Gross profit and operating income for the marketing and distribution segment
increased $12.9 million and $12.5 million, respectively, for the three months
ended March 31, 2013 compared to the same period in 2012, primarily due to
profits realized from commodity trading and logistics, the railcar program and
the Birmingham unit-train terminal.

Non-GAAP Reconciliation

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 March 31,
                                                 2013          2012
Net income (loss) attributable to Green Plains    $2,555      $(12,692)
Net loss attributable to noncontrolling          --          (4)
interests
Interest expense                                 8,070        9,067
Income taxes (benefit)                           1,598        (8,001)
Depreciation and amortization                    12,609       13,158
EBITDA                                            $24,832     $1,528

Summary Balance Sheets

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

                                          March 31,   December 31,
                                          2013         2012
ASSETS                                                 
                                                      
Current assets                             $ 523,666   $ 568,035
Property and equipment, net                697,382     708,110
Other assets                               72,362      73,589
Total assets                               $ 1,293,410 $ 1,349,734
                                                      
LIABILITIES AND STOCKHOLDERS' EQUITY                   
                                                      
Current liabilities                        $ 339,245   $ 432,384
Long-term debt                             401,794     362,549
Other liabilities                          63,974      64,299
Total liabilities                          805,013     859,232
Total stockholders' equity                 488,397     490,502
Total liabilities and stockholders' equity $ 1,293,410 $ 1,349,734

At March 31, 2013, Green Plains had $241.6 million in total cash and
equivalents and $107.0 million available under committed loan agreements at
subsidiaries (some of which was subject to satisfaction of specified lending
conditions and covenants). Total debt at March 31, 2013 was $639.1 million,
including $158.5 million outstanding under working capital revolvers and other
short-term borrowing arrangements in the marketing and distribution and
agribusiness segments. As of March 31, 2013, Green Plains had total assets of
approximately $1.3 billion and total stockholders' equity of approximately
$488.4 million. As of March 31, 2013, Green Plains had approximately 30.1
million common shares outstanding.

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

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