Green Plains Reports Fourth Quarter And Full-Year 2012 Financial Results

Safe Harbor

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements are identified by the use of words such as "anticipates," "believes," "estimates," "expects," "goal," "intends," "plans," "potential," "predicts," "should," "will," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on management's current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. Green Plains may experience significant fluctuations in future operating results due to a number of economic conditions, including, but not limited to, competition in the ethanol and other industries in which the Company operates, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks related to closing and achieving anticipated results from acquisitions, risks associated with the joint venture to commercialize algae production and the growth potential of the algal biomass industry, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011, and in the Company's subsequent filings with the SEC. In addition, the Company is not obligated, and does not intend, to update any of its forward-looking statements at any time unless an update is required by applicable securities laws.

Consolidated Financial Results

The following are consolidated statements of operations for Green Plains (in thousands, except per share amounts):

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2012	2011	2012	2011
Revenues	$ 883,707	$ 922,791	$ 3,476,870	$ 3,553,712
Cost of goods sold	841,736	870,738	3,380,099	3,381,480
Gross profit	41,971	52,053	96,771	172,232
Selling, general and administrative expenses	(20,669)	(19,869)	(79,019)	(73,219)
Gain on disposal of assets	47,133	--	47,133	--
Operating income	68,435	32,184	64,885	99,013
Other income (expense)
Interest income	47	87	191	310
Interest expense	(8,780)	(9,206)	(37,521)	(36,645)
Other, net	(540)	(309)	(2,399)	(779)
Total other income (expense)	(9,273)	(9,428)	(39,729)	(37,114)
Income before income taxes	59,162	22,756	25,156	61,899
Income tax expense	26,142	9,495	13,393	23,686
Net income	33,020	13,261	11,763	38,213
Net loss attributable to noncontrolling interests	3	5	16	205
Net income attributable to Green Plains	$ 33,023	$ 13,266	$ 11,779	$ 38,418
Earnings per share:
Basic	$ 1.11	$ 0.40	$ 0.39	$ 1.09
Diluted	$ 0.94	$ 0.36	$ 0.39	$ 1.01
Weighted average shares outstanding:
Basic	29,691	32,905	30,296	35,276
Diluted	36,178	39,467	30,463	41,808

Revenues decreased $39.1 million for the three months ended December 31, 2012 compared to the same period in 2011 primarily due to lower ethanol revenues. The decline in ethanol revenues was due to lower volumes sold and lower average prices. Gross profit decreased $10.1 million for the three months ended December 31, 2012 compared to the same period in 2011 primarily as a result of unfavorable ethanol production margins. Operating income increased by $36.3 million primarily due to a gain on the sale of agribusiness assets offset by lower ethanol production margins. The Company recorded income tax expense of $26.1 million for the three months ended December 31, 2012 compared to $9.5 million for the same period in 2011. The effective tax rate increased for the three months ended December 31, 2012, which impacted the overall effective tax rate for 2012, as a result of adjustments in state tax rates and tax credits primarily resulting from the sale of agribusiness assets.

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