Renewable Energy Group Reports First Quarter 2012 Financial Results

Investors in the U.S. interested in participating in the live call should dial [phone] and enter passcode: 73769812. Those calling from outside the U.S. should dial [phone] and use the same passcode: 73769812. A telephone replay will be available approximately two hours after the call concludes through May 23, 2012 by dialing from the U.S. [phone], or from international locations [phone], and entering passcode: 73769812.

A simultaneous live webcast will be available on the Investor Relations section of the Company's website at http://investor.regi.com/. The webcast will be archived on the website for one year.

About Renewable Energy Group

Renewable Energy Group is a leading North American biodiesel producer with a nationwide distribution and logistics system. Utilizing an integrated value chain model, Renewable Energy Group is focused on converting natural fats, oils and greases into advanced biofuel. With more than 210 million gallons of owned/operated annual production capacity at biorefineries across the country, REG is a proven biodiesel partner in the distillate marketplace.

For more than a decade, REG has been a reliable supplier of biodiesel which meets or exceeds ASTM quality specifications. We sell REG-9000® biodiesel to distributors so Americans can have cleaner burning fuels that help lessen our dependence on foreign oil. REG-9000® branded biodiesel is distributed in nearly every state in the U.S. For more information, please visit the REG’s website at http://www.regi.com.

Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding increased demand for biodiesel and REG’s ability to take advantage of such an increase, and plans to retrofit facilities and any expected benefits from such actions. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the effect of governmental programs on our business; government policymaking and mandates relating to renewable fuels; the future price and volatility of feedstocks; the future price and volatility of petroleum and products derived from petroleum; expected future financial performance; our liquidity and working capital requirements; availability of federal and state governmental tax credits and incentives; anticipated trends and challenges in our business and competition in the markets in which we operate; our ability to estimate our feedstock demands and biodiesel sales; our dependence on sales to a limited number of customers and distributors; technological obsolescence; our expectations regarding future expenses; our ability to successfully implement our acquisition strategy; and other risks and uncertainties described from time to time in REG's public filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements.

RENEWABLE ENERGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
			Three Months					Three Months
			Ended					Ended
			March 31,					March 31,
			2012					2011
REVENUES:
Biodiesel sales			$	182,780				$	100,074
Biodiesel government incentives				5,387					4,340
				188,167					104,414
Services				80					21
				188,247					104,435
COSTS OF GOODS SOLD:
Biodiesel				171,136					96,189
Services				77					18
				171,213					96,207
GROSS PROFIT				17,034					8,228
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES				12,962					6,278
INCOME FROM OPERATIONS				4,072					1,950
OTHER INCOME (EXPENSE), NET:
Change in fair value of preferred stock conversion feature embedded derivatives				11,975					2,557
Change in fair value of Seneca Holdco liability				349					727
Other income (expense), net				37					275
Interest expense (includes related party amounts of $17 and $61 for the three months ended March 31, 2012 and 2011, respectively)				(1,053	)				(1,708	)
				11,308					1,851
INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY INVESTMENTS				15,380					3,801
INCOME TAX EXPENSE				(1,363	)				-
LOSS FROM EQUITY INVESTMENTS				-					(65	)
NET INCOME				14,017					3,736
EFFECTS OF RECAPITALIZATION				39,107					-
LESS - ACCRETION OF SERIES A PREFERRED STOCK TO REDEMPTION VALUE				(1,808	)				(5,896	)
LESS - UNDISTRIBUTED DIVIDENDS ALLOCATED TO PREFERRED STOCKHOLDERS				(1,451	)				(3,061	)
LESS - EFFECT OF PARTICIPATING PREFERRED STOCK				(7,615	)				-
LESS - EFFECT OF PARTICIPATING SHARE-BASED AWARDS				(2,201	)				-
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY'S COMMON STOCKHOLDERS			$	40,049				$	(5,221	)
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS:
BASIC			$	1.60				$	(0.39	)
DILUTED			$	0.06				$	(0.39	)
WEIGHTED-AVERAGE SHARES USED TO COMPUTE NET INCOME (LOSS) PER SHARE TO COMMON STOCKHOLDERS:
BASIC				25,074,194					13,259,018
DILUTED				30,917,291					13,259,018

RENEWABLE ENERGY GROUP, INC. AND SUBSIDIARIES
SELECTED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
AS OF MARCH 31, 2012 AND DECEMBER 31, 2011
(IN THOUSANDS)
			March 31,				December 31,
			2012				2011
			Historical				Historical
ASSETS
Cash and cash equivalents			$	75,157			$	33,575
Total current assets				219,132				150,022
Property, plant and equipment, net (including variable interest entities)				232,459				232,223
Goodwill				84,864				84,864
Total assets				553,675				484,447
LIABILITIES AND EQUITY
Current maturities of notes payable (including variable interest entities)				30,076				8,473
Total current liabilities				92,710				59,862
Preferred stock embedded conversion feature derivatives				-				53,822
Seneca Holdco liability, at fair value				-				11,903
Long-term notes payable (including variable interest entities)				50,413				73,079
Total liabilities				160,639				216,092
Redeemable preferred stock - Series A				-				147,779
Redeemable preferred stock - Series B				83,165				-
Total stockholders' equity				309,871				120,576
Total liabilities and equity				553,675				484,447

Selected Condensed Consolidated Balance Sheet Information (historical) The preceding table describes our selected condensed consolidated balance sheet information as of March 31, 2012 and December 31, 2011 on a historical basis.

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