Please refer to page two of the website presentation and our 10-K and other periodic SEC filings 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 will now turn the call over to Todd Becker. Todd Becker Thanks Jim and thanks everybody joining on the call today. Over the last 10 profitable quarters, our strategy was to operate safely, diversify our earning, maintain our focus on disciplinary risk management and lower our operating cost per gallon. This is all to protect our shareholders during a times of ethanol margin compression and to prove we have a sustainable business during the cyclical downturn. This explains what happened in the second quarter of 2011. We did earn $0.14 a share in the second quarter, which was a direct result of our diversification strategy where we earn enough from other segments to maintain profitability across the whole company. Corn oil production made a significant contribution in our profitability generating $6.3 million of operating income and the sale of 21.5 million pounds of the product. Eight of our nine plants are in full production and the ninth plant will be producing corn oil by the end of the third quarter. We expect to be producing over 25 million pounds per quarter going forward with the additional plant and improved yield as we line out our equipment and debottleneck that process. Because of the significant contribution corn oil makes to our business, we’ve broken it out as a segment for reporting purposes and remember we report corn oil as a net number after keeping our plants whole for the storage grains revenues and covering expenses related to the production of oil.
We again reported profitable segments across the board in this quarter, as we generated $22.6 million of operating income before corporate expenses. Total EBITDA for the quarter was approximately $30 million, which was also an improvement over the second quarter of last year. We sold and produced a record 184 million gallons of ethanol and a record 514,000 tons of the storage grain, which we sell for all segments from livestock as well as for export.Even with the compressed margin environment, we’re successful in producing good results in our ethanol production segment. I’ll get into a broader discussion on margins later in the call. Year-to-date, our Agribusiness is performing in total as expected and we continue to work on driving up profitability by focusing on cost handle and margins. We have taken some steps that should begin generating better result and believe that as we close our 2011, we will see a strong finish in the Agribusiness. We are finishing our Tennessee grain storage expansion and also have the opportunity to build an additional 1 million bushels space in Iowa which we have not yet reported. This will be in an expansion of our Gruver and Langdon facilities and should be ready for harvest. In total, we should have 37 million bushels of own storage in our Agribusiness segment by the end of 2011. We did complete a small acquisition of a country elevator in Hopkins, Missouri in June that increased our grain storage capacity as well and we continue to actively pursue acquisition opportunities in this segment. As I mentioned earlier, corn oil production is now its own segment, removed from the marketing and distribution group. We did see good growth opportunities in our Marketing and distribution segment as we focus on expanding Glen Star’s platform and as we become more active in the bio fuels and blended fuel markets. We believe the opportunities for downstream fuel distribution are substantial. Read the rest of this transcript for free on seekingalpha.com