Please refer to page two of the website presentation and our 10-K and other periodic SEC filing for information about factors that could cause different outcomes. The information presented today is time sensitive and is accurate only at this time. If any portion of this presentation is rebroadcast, retransmitted or redistributed at a later date, Green Plains will not be reviewing or updating this material.
Now, I would like to turn the call over to Todd Becker.
Thanks, Jim. And thanks for taking the time to join our call this morning. We issued earnings release yesterday after the market closed. We hope you all have had a chance to read it as to discuss our results this morning.Our revenues in the first quarter of 2012, were $775 million, we reported a net loss of $12.7 million or $0.39 a share, after 3 profitable years of operation one negative quarter does not change our long term outlook or view for the company’s prospects.We have one time charge of approximately $2.4 million after tax or $0.08 per share related to a legal settlement for litigation that was fully described in past filings. We felt it was in the best interest of our shareholders as the cause of a long protracted legal battle could have easily outweigh the settlement reached, which by the way was less than $0.10 on the dollar of the original claim, this charge was recorded in the ethanol production segment.The first quarter 2012 did prove to be challenging for the company following a period of peak ethanol margins in the fourth quarter of last year, margins compressed significantly and remained compressed throughout the quarter. As we indicated on year end conference call with you we did slowdown our ethanol production during the quarter. We produced a 176 million gallons, which was about 5% below our plants full capacity. We sold a $170 million gallons in the quarter and held a remainder as the market provided an opportunity to hold inventory and earn a return on storage.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV