This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Renewable Energy Group Reports First Quarter 2012 Financial Results

Stocks in this article: REGI

Investors in the U.S. interested in participating in the live call should dial +1 (877) 810-3368 and enter passcode: 73769812. Those calling from outside the U.S. should dial +1 (760) 298-5082 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. +1 (855) 859-2056, or from international locations +1 (404) 537-3406, 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.



4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs