Operating income before depreciation in the fourth quarter was $0.18 per gallon, which was $0.01 gallon improvement over the third quarter. The high basis levels for corn we experienced in the third quarter continued into the fourth and we are and are still impacting margins in the current quarter. As you know, we started to lock the fourth quarter margins away late in 2010 almost a year ahead of time. While the industry experienced a peak margin environment during the quarter margins also were very volatile especially when the inverse broke in December.
Green Plains' CEO Discusses Q4 2011 Results - Earnings Call Transcript
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