Thank you, Scott and good morning everyone. As Scott mentioned earlier the company had another challenging quarter resulting in a $12.4 million net loss. We recorded revenues of a $122.8 million for the second quarter of 2012. This represented a 27% decrease when compared to the same period in 2011 and was driven primarily by a 34% decrease in ethanol revenues.
The decline in ethanol revenues was a result of both lower production and sales volumes combined with a lower price per gallon received. On the positive side, corn oil revenues continued to increase generating 4 million in revenues in the second quarter of 2012 versus 2.7 million in the first quarter of 2012 which was our first quarter of corn oil sales.
We also saw a $2.5 million or 9% decrease in our distillers revenue over the prior year as the decrease in our production and sales volumes was only partially offset by increased unit pricing received. Cost of goods sold was $131.1 million for the second quarter of 2012, a decrease of 24% when compared to 2011 and was primarily due to less corn ground as we slowed plant production.On a per bushel basis, our cost of corn was 10% lower in the second quarter of 2012 versus the same period in 2011. We generated an $8.3 million gross loss for the second quarter of 2012 which was $4.5 million worse than the same period in 2011. Operating loss was $10.7 million for the second quarter of 2012 as compared to $6.3 million last year. In addition, our interest expense was $1.7 million during the quarter or $300,000 lower as compared to last year. Depreciation expense was $6.8 million for the quarter, most of which $6.5 million is included in costs of goods sold with the remainder in G&A expense.
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