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Green Plains Renewable Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stock quotes in this article: GPRE

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.

I’d like to turn the call over to our CEO, Todd Becker.

Todd Becker

Thanks, Jim. And thanks for joining us this morning. Our focus has been and remains on the sustainability of our company. Over the last three years, we have acquired technologies, built in acquired businesses and expanded segments that added revenue and income, which has reduced our dependence on our Ethanol production segment. At the same time, we have repaid debt and build our liquidity.

We believe that we are in a good position to continue to operate our business and weather the trope margin environment, we continue to experience in the ethanol industry. I’ll discuss the margin environment and get into the outlook for the industry a little later in the call.

We did issue our second quarter earnings release yesterday after the market closed and while we were not happy with the overall results, we are pleased with the performance of our non-ethanol operating segment. Our revenues in the second quarter of 2012 were $870 million and we reported a net loss of $7.6 million or $0.25 a share. There is a $5 million improvement over the loss in the first quarter of the year, and we believe as we would navigate through a challenging third quarter, we should be profitable in the fourth quarter, which we will talk to in a little bit.

We produced 172 million gallons and we sold 177 million gallons of ethanol in the second quarter. The 5 million gallon difference was production held over from the first quarter of the year.

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