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BioFuel Energy Reports Second Quarter 2013 Results



              BioFuel Energy Reports Second Quarter 2013 Results

PR Newswire

DENVER, Aug. 13, 2013

DENVER, Aug. 13, 2013 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an
ethanol production company, today announced its second quarter 2013 results.
 For the quarter ended June 30, 2013, the net loss was $4.7 million on
revenues of $91.0 million, compared with a net loss of $12.4 million on
revenues of $122.8 million for the quarter ended June 30, 2012.  For the
quarter ended June 30, 2013, the net loss attributable to common stockholders
was $4.1 million, or $0.77 per share, while for the quarter ended June 30,
2012, the net loss attributable to common stockholders was $10.6 million, or
$2.05 per share.

For the quarter ended June 30, 2013, the Company's operating loss was $5.4
million, which resulted from $93.3 million in cost of goods sold and $3.1
million in general and administrative expenses.  During the second quarter of
2013, the Company also had $2.6 million of other income while incurring $2.0
million in interest expense, which resulted in a net loss of $4.7 million.
 For the same period of 2012, our operating loss was $10.7 million, which
resulted from $131.1 million in cost of goods sold and $2.4 million in general
and administrative expenses.  The Company also had $1.7 million of interest
expense in the second quarter of 2012, which resulted in a net loss of $12.4
million.  At June 30, 2013, the Company had $11.2 million of cash and cash
equivalents, of which $9.3 million was held at the parent and $1.9 million was
held at the operating subsidiaries.

The Company also announced that the grace period provided under its previously
disclosed Lender Agreement, dated April 11, 2013, expired on July 30, 2013.
The Company has received indications of interest from several parties with
respect to one or both of the Company's ethanol plants, but no third party has
offered to acquire one or both of the plants on terms that would result in
meaningful residual proceeds accruing to the Company.

Although the Company received notice from the Administrative Agent of its
operating subsidiaries' senior debt facility, dated June 17, 2013, asserting
that a Release Event (as defined in the Lender Agreement) had occurred, the
Administrative Agent has not, as of the date of this Press Release, either
formally extended the grace period or taken steps necessary to consummate the
transfer of substantially all of the Company's operating assets as set forth
in the previously disclosed Deed in Lieu Agreement, dated as of April 11,
2013.  As a result, the Company continues to be engaged in discussions with
certain third parties and the lenders about a potential consensual transfer of
one or both of its ethanol plants. In addition, the Company is evaluating the
possibility of obtaining other sources of financing (which may include new
debt or equity financing) that would enable the operating subsidiaries to
retain one or both of the plants.

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 June     Six Months Ended June
                           30,                         30, 
 Summary Income            2013         2012           2013        2012
Statement  
Net Sales                  $   91,031   $              $ 180,072   $ 262,233
                                        122,820
Cost of goods sold         93,313       131,079        184,225     277,012
Gross loss                 (2,282)      (8,259)        (4,153)     (14,779)
General and administrative
expenses:
Compensation expense       1,089        1,510          2,399       3,314
Other                      2,004        923            3,725       1,854
Operating loss             (5,375)      (10,692)       (10,277)    (19,947)
Other income               2,597        -              4,056       -
Interest expense           (1,959)      (1,723)        (3,844)     (3,561)
Net loss                   (4,737)      (12,415)       (10,065)    (23,508)
Less: Net loss
attributable to the        613          1,833          1,306       3,518
noncontrolling interest
Net loss attributable to                $        
BioFuel Energy Corp.       $   (4,124)   (10,582)      $   (8,759) $ (19,990)
common stockholders
Loss per share-basic and
diluted attributable to    $     (0.77) $              $           $    
BioFuel Energy Corp.                     (2.05)        (1.65)      (3.88)
common stockholders
Weighted average shares
outstanding-basic and      5,342        5,167          5,325       5,154
diluted
 Additional Operational
Data 
 Ethanol sold (gallons, in 28,289.1     46,544.3       55,862.5    98,515.2
thousands)
 Dry distillers grain sold 15.5         45.3           24.4        99.3
(tons, in thousands)
 Wet distillers grain sold 193.7        231.8          398.4       483.2
(tons, in thousands)
 Corn oil sold (pounds, in 6,826.0      10,318.0       14,236.0    17,160.0
thousands)
 Corn ground (bushels, in  10,073.0     16,630.2       19,878.2    35,434.7
thousands)
                            June 30,     December
                                        31, 
 Summary Balance Sheet     2013         2012
 Cash and cash equivalents $   11,232   $            
                                        9,323
 Accounts receivable       12,597       9,256
 Inventories               11,742       13,443
 Deposits                  1,947        3,074
 Prepaid expenses          799          882
 Other current assets      22           78
 Property, plant and       197,293      209,645
equipment, net 
 Debt issuance costs, net  1,244        1,739
 Other non-current assets  2,775        2,983
 Total assets              $ 239,651    $        
                                        250,423
 Total current             $ 184,501    $        
liabilities                             185,171
 Long-term debt, net of    2,735        2,795
current portion 
 Tax increment financing,  3,968        4,275
net of current portion 
 Other non-current         3,003        3,072
liabilities 
 Total liabilities         194,207      195,313
 BioFuel Energy Corp.      47,870       56,230
stockholders' equity 
 Noncontrolling interest   (2,426)      (1,120)
 Total equity              45,444       55,110
 Total liabilities and     $ 239,651    $        
equity                                  250,423
                           Three Months Ended June     Six Months Ended June
                           30,                         30, 
 Reconciliation of Net     2013         2012           2013        2012
Loss to EBITDA 
 Net loss                  $   (4,737)  $              $ (10,065)  $ (23,508)
                                         (12,415)
 Interest expense          1,959        1,723          3,844       3,561
 Depreciation and
amortization expense       6,581        6,538          13,161      13,069
included in cost of goods
sold
 Depreciation and
amortization expense       259          267            520         533
included in G&A expenses
 EBITDA                    $     4,062  $              $     7,460 $   (6,345)
                                         (3,887)

 

SOURCE BioFuel Energy Corp.

Website: http://www.bfenergy.com
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