The table below presents key operating data within the agribusiness segment for the periods indicated:
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|(thousands of bushels)|
Within the agribusiness segment, revenues decreased by $20.6 million, gross profit decreased by $5.7 million and operating income increased by $43.3 million for the three months ended December 31, 2012 compared to the same period in 2011. The decline in revenues was caused by the disposition of 12 grain elevators in early December 2012, partially offset by increased grain prices as a result of the 2012 drought. The drought also caused an early harvest season which accelerated the timing of gross profit recognition between the third and fourth quarters of 2012. Operating income for the three months ended December 31, 2012 includes a gain on disposal of assets of $47.1 million. Selling, general and administrative expenses for the segment decreased by $2.0 million between the periods due to the sale completed in early December.
Marketing and Distribution SegmentRevenues in the marketing and distribution segment decreased by $42.6 million for the three months ended December 31, 2012 compared to the same period in 2011. The decrease in revenues was primarily due to lower average prices of ethanol and corn oil and lower volumes of ethanol and distillers grains sold. Ethanol revenues decreased by $43.6 million which was partially offset by an increase in distillers grains revenues of $1.2 million. Revenues and gross profit from railcar leasing for the three months ended December 31, 2012 were $5.5 million and $4.3 million, respectively. The Company sold 258.6 million gallons of ethanol within the marketing and distribution segment during the three months ended December 31, 2012 compared to 259.3 million gallons during the same period in 2011. Gross profit and operating income for the marketing and distribution segment increased by $4.8 million and $4.3 million, respectively, for the three months ended December 31, 2012 compared to the same period in 2011 primarily due to profits realized from railcar leasing, which was initiated during 2012.