Cost of goods sold in the ethanol production segment decreased by $36.8 million for the three months ended December 31, 2012 compared to the same period in 2011. Consumption of corn decreased by 4.6 million bushels and the average cost per bushel increased by 17.7% during the three months ended December 31, 2012 compared to the same period in 2011. Average ethanol yield was 2.82 gallons per bushel for the three months ended December 31, 2012 compared to 2.81 gallons per bushel in the same period in 2011. The slight yield increase was primarily due to process improvements implemented throughout the platform and slowed production rates at certain of our plants. Depreciation and amortization expense for the ethanol production segment was $11.0 million and $11.2 million during each of the three month periods ended December 31, 2012 and 2011, respectively. As a result of the factors identified above, gross profit and operating income in the ethanol production segment decreased by $7.4 million and $9.0 million, respectively, for the three months ended December 31, 2012 compared to the same period in 2011.

Corn Oil Production Segment

Revenues in the corn oil production segment decreased by $0.2 million for the three months ended December 31, 2012 compared to the same period in 2011. During the three months ended December 31, 2012, Green Plains sold 36.6 million pounds of corn oil compared to 31.9 million pounds in the same period in 2011. The increase in volume was offset by a 13.5% decrease in average price for the three months ended December 31, 2012 compared to the same period in 2011. Average corn oil yield increased to 0.61 pounds per bushel for the three months ended December 31, 2012 compared to 0.50 pounds per bushel in the same period in 2011 primarily due to process improvements.

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