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Green Plains Reports First Quarter 2013 Financial Results

Stocks in this article: GPRE

Results for the First Quarter of 2013

  • Net income of $2.6 million
  • Earnings per diluted share $0.08

OMAHA, Neb., April 30, 2013 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announced today its financial results for the first quarter ended March 31, 2013. Net income attributable to Green Plains for the quarter was $2.6 million, or $0.08 per diluted share, compared to a net loss of ($12.7) million, or ($0.39) per diluted share, for the same period in 2012. The first quarter of 2012 included a one-time charge of $2.4 million, after tax, or $0.08 per share, as a result of a legal settlement. Revenues were $765.5 million for the first quarter of 2013 compared to $775.4 million for the same period in 2012.

"We achieved a significant improvement in our financial performance for the first quarter of 2013 compared to last year," stated Todd Becker, President and Chief Executive Officer. "The benefits of our multi-year diversification strategy, combined with operational excellence and risk management were all factors that contributed to the positive results, with nearly a $24 million increase in operating income year over year."

Green Plains' ethanol production segment produced and sold approximately 170 million gallons of ethanol, or approximately 92 percent of the Company's production capacity. Non-ethanol operating income, from the corn oil production, agribusiness, and marketing and distribution segments, was a record $21.2 million in the first quarter of 2013 compared to $9.0 million for the same period in 2012.

"We continued to strengthen our balance sheet with total payments of $38.6 million on our term debt while maintaining a cash balance of more than $241 million. With an improving margin environment, we are well positioned to take advantage of our financial flexibility to further grow our businesses," said Becker.

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