Attached files
| file | filename |
|---|---|
| 10-K - Green Brick Partners, Inc. | v178513_10k.htm |
| EX-32.2 - Green Brick Partners, Inc. | v178513_ex32-2.htm |
| EX-23.1 - Green Brick Partners, Inc. | v178513_ex23-1.htm |
| EX-21.1 - Green Brick Partners, Inc. | v178513_ex21-1.htm |
| EX-31.2 - Green Brick Partners, Inc. | v178513_ex31-2.htm |
| EX-32.1 - Green Brick Partners, Inc. | v178513_ex32-1.htm |
| EX-31.1 - Green Brick Partners, Inc. | v178513_ex31-1.htm |
EXHIBIT
99.1
NEWS
RELEASE
BIOFUEL REPORTS FOURTH
QUARTER AND YEAR END 2009 RESULTS
DENVER, COLORADO – MARCH 29, 2010 –
BIOFUEL ENERGY CORP. (NASDAQ:BIOF), an ethanol production company, today
announced its fourth quarter and year end 2009 results. Net income
attributable to common shareholders was $6.9 million, or $.21 per diluted share,
for the quarter ended December 31, 2009. For the year ended December
31, 2009, the net loss attributable to common shareholders was $13.6 million, or
$.57 per share. For the quarter ended December 31, 2009, revenues
totaled $120.4 million, which were comprised of $105.8 million from sales of
ethanol and $14.6 million from sales of distillers grain. For the
year ended December 31, 2009, revenues totaled $415.5 million, comprised of
$353.7 million from sales of ethanol and $61.8 million from sales of distillers
grain.
Operating
income for the fourth quarter was $11.7 million, which resulted from $105.8
million in cost of goods sold, including $73.1 million for corn, and $2.9
million in general and administrative expenses. The Company also had $2.9
million of interest expense in the fourth quarter, which resulted in net income
of $8.8 million. For the full year, our operating loss was $4.9
million, which resulted from $404.8 million in cost of goods sold, including
$284.9 million for corn, and $15.6 million in general and administrative and
other operating expenses. During the year the Company had $14.9
million in interest expense, partially offset by $.1 million in interest income,
which resulted in a net loss of $19.7 million for the year.
As
tracked by the Company (using CBOT spot closing prices for corn and ethanol),
crush spreads ranged from $0.06 per gallon to $0.68 per gallon during the year
ended December 31, 2009, averaging $0.28 per gallon during the year, and during
the fourth quarter ranged from $0.31 per gallon to $0.68 per gallon, with an
average spread of $0.49 per gallon during that time. During the first
two months of 2010, by comparison, crush spreads ranged from $0.28 per gallon to
$0.47 per gallon, with an average spread of $0.37 per gallon during that
time.
Scott H.
Pearce, the Company’s President and Chief Executive Officer, stated: “Overall we
had a solid fourth quarter. Our entire operations team can be proud
of delivering on our first profitable quarter. However, the more
recent contraction in margins due to the narrowing of the spread between our
cost of corn and the price of ethanol presents challenges for the first quarter
of 2010”.
At
December 31, 2009, amounts outstanding under the senior debt facilities included
$195.4 in term loans and $16.5 million borrowed under the working capital
facility. At December 31, 2009, the Company held $6.1 million of cash
and equivalents and equity totaled $77.9 million, including $5.7 million of
noncontrolling interest.
The
Company also reported that its auditors have included an explanatory paragraph
with its audit opinion on the Company’s December 31, 2009 financial statements,
expressing substantial doubt about the Company’s ability to continue as a going
concern. This explanatory paragraph was included primarily because
the Company’s working capital facility will mature in September 2010, unless
extended.
The
Company plans to host a conference call on Tuesday, March 30, 2009 beginning at
1:00 p.m. (EDT) to discuss the results. To participate, please dial
(800) 944-8766. The participant code for the call is
13119. 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 153871.
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.
1600
Broadway, Suite 2200• Denver, CO • 303.640-6500
• www.bfenergy.com
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 &
|
www.bfenergy.com
|
|
|
Chief
Financial Officer
|
||
|
(303)
640.6500
|
||
|
kmaguire@bfenergy.com
|
1600
Broadway, Suite 2200• Denver, CO • 303.640-6500
• www.bfenergy.com
BioFuel Energy
Corp.
(in thousands,
except per share amounts)
|
Three Months
Ended December 31,
|
Years Ended
December 31,
|
|||||||||||||||
|
Summary Income
Statement
|
2008
|
2009
|
2008
|
2009
|
||||||||||||
|
Net sales
|
$ | 89,026 | $ | 120,418 | $ | 179,867 | $ | 415,514 | ||||||||
|
Cost of goods sold
|
95,143 | 105,839 | 199,163 | 404,750 | ||||||||||||
|
Gross profit (loss)
|
(6,117 | ) | 14,579 | (19,296 | ) | 10,764 | ||||||||||
|
General and administrative
expenses:
|
||||||||||||||||
|
Compensation expense
|
1,503 | 1,609 | 8,063 | 6,160 | ||||||||||||
|
Other
|
574 | 1,267 | 8,981 | 9,327 | ||||||||||||
|
Other operating
expense
|
5 | - | 1,350 | 150 | ||||||||||||
|
Operating income
(loss)
|
(8,199 | ) | 11,703 | (37,690 | ) | (4,873 | ) | |||||||||
|
Interest income
|
101 | 4 | 1,087 | 78 | ||||||||||||
|
Interest expense
|
(4,199 | ) | (2,870 | ) | (5,831 | ) | (14,906 | ) | ||||||||
|
Other non-operating income
(expense)
|
4 | - | (1,781 | ) | (1 | ) | ||||||||||
|
Loss on derivative financial
instruments
|
- | - | (39,912 | ) | - | |||||||||||
|
Net income (loss)
|
(12,293 | ) | 8,837 | (84,127 | ) | (19,702 | ) | |||||||||
|
Less: Net (income) loss
attributable to the noncontrolling interest
|
5,406 | (1,989 | ) | 43,262 | 6,072 | |||||||||||
|
Net income (loss) attributable to
BioFuel Energy Corp. common shareholders
|
$ | (6,887 | ) | $ | 6,848 | $ | (40,865 | ) | $ | (13,630 | ) | |||||
|
Income (loss) per share - basic
attributable to BioFuel Energy Corp. common shareholders
|
$ | (0.43 | ) | $ | 0.27 | $ | (2.65 | ) | $ | (0.57 | ) | |||||
|
Income (loss) per share - diluted
attributable to BioFuel Energy Corp. common shareholders
|
$ | (0.43 | ) | $ | 0.21 | |||||||||||
|
Weighted average shares
outstanding:
|
||||||||||||||||
|
Basic
|
15,920 | 24,902 | 15,419 | 23,792 | ||||||||||||
|
Diluted
|
15,920 | 32,593 | - | - | ||||||||||||
|
Additional
operational data
|
||||||||||||||||
|
Ethanol sold (gallons, in
thousands)
|
46,983 | 55,821 | 82,582 | 218,389 | ||||||||||||
|
Dry distillers grain sold (tons,
in thousands)
|
102.3 | 123.8 | 170.9 | 484.6 | ||||||||||||
|
Wet distillers grain sold (tons,
in thousands)
|
96.3 | 87.7 | 185.8 | 370.8 | ||||||||||||
|
Average FOB price of ethanol sold
(per gallon)
|
$ | 1.58 | $ | 1.91 | $ | 1.85 | $ | 1.64 | ||||||||
|
Average FOB price of dry
distillers grain sold (per ton)
|
$ | 123.14 | $ | 101.78 | $ | 133.68 | $ | 106.45 | ||||||||
|
Average FOB price of wet
distillers grain sold (per ton)
|
$ | 34.79 | $ | 29.44 | $ | 37.21 | $ | 33.18 | ||||||||
|
Average corn cost (per
bushel)
|
$ | 3.66 | $ | 3.67 | $ | 4.54 | $ | 3.61 | ||||||||
|
December
31,
|
December
31,
|
|||||||||||||||
|
Summary
Balance Sheet
|
2008
|
2009
|
||||||||||||||
|
Cash and equivalents
|
$ | 12,299 | $ | 6,109 | ||||||||||||
|
Accounts receivable
|
16,669 | 23,745 | ||||||||||||||
|
Inventories
|
14,929 | 20,885 | ||||||||||||||
|
Prepaid expenses
|
2,153 | 2,529 | ||||||||||||||
|
Restricted cash -
current
|
612 | - | ||||||||||||||
|
Other current assets
|
203 | 325 | ||||||||||||||
|
Property, plant and equipment,
net
|
305,350 | 284,362 | ||||||||||||||
|
Certificates of deposit -
non-current
|
4,015 | - | ||||||||||||||
|
Debt issuance costs,
net
|
7,917 | 6,472 | ||||||||||||||
|
Restricted cash -
non-current
|
1,003 | - | ||||||||||||||
|
Other non-current
assets
|
574 | 2,348 | ||||||||||||||
|
Total assets
|
$ | 365,724 | $ | 346,775 | ||||||||||||
|
Total current
liabilities
|
$ | 38,157 | $ | 40,830 | ||||||||||||
|
Long-term debt, net of current
portion
|
226,351 | 220,754 | ||||||||||||||
|
Tax increment financing, net of
current portion
|
5,887 | 5,591 | ||||||||||||||
|
Derivative financial instrument,
net of current portion
|
83 | - | ||||||||||||||
|
Other non-current
liabilities
|
487 | 1,705 | ||||||||||||||
|
Total liabilities
|
270,965 | 268,880 | ||||||||||||||
|
BioFuel Energy Corp.
stockholders' equity
|
80,690 | 72,235 | ||||||||||||||
|
Noncontrolling
interest
|
14,069 | 5,660 | ||||||||||||||
|
Total equity
|
94,759 | 77,895 | ||||||||||||||
|
Total liabilities and
stockholders' equity
|
$ | 365,724 | $ | 346,775 | ||||||||||||
|
Total shares outstanding at March
25, 2010 (a)
|
32,571,720 | |||||||||||||||
|
(a)
|
Includes common shares and class
B common shares, net of 809,606 shares held in treasury.
|
1600
Broadway, Suite 2200• Denver, CO • 303.640-6500
• www.bfenergy.com