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May 17, 2009, 1:34 p.m. EDT

BioFuel Energy loss widens; reiterates need to revamp debt

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By MarketWatch

TEL AVIV (MarketWatch) -- BioFuel Energy, the Denver ethanol producer, reported a wider first-quarter loss and reiterated that it would need to restructure its debt or reach "other accommodations" with its lenders "to continue operating as planned."

/zigman2/quotes/209013335/composite BIOF 0.18, -0.0088, -4.76%
BIOF

The net loss was $11.2 million against $3.6 million in the year-earlier quarter. The loss attributable to common-stock holders was $7.7 million, or 34 cents a share, compared with $1.8 million, or 12 cents, a year earlier. Shares outstanding rose 47% to 22.5 million.

On Friday, BioFuel /zigman2/quotes/209013335/composite BIOF -4.76% said it posted revenue of $97.5 million for its first full quarter of production. The revenue included $79.9 million from sales of ethanol and $17.6 million from sales of distillers grain. The company had no revenue in the year-earlier period.

The company went public in June 2007.

BioFuel said its plants ran at 100% of capacity in the quarter. But continued negative spot profit margins and problems with drying equipment hurt the results, President and Chief Executive Scott H. Pearce said in a statement on Friday.

At March 31, BioFuel had drawn $193.7 million under its construction loan and $19 million on a working-capital credit facility. The company had $7.8 million in cash and stockholder equity totaled $84.3 million, including $9.7 million of non-controlling interest.

The ethanol industry has been scrambling to protect its investments and remain relevant to U.S. energy policy. See the MarketWatch Special Report on the ethanol industry.

/zigman2/quotes/209013335/composite
US : U.S.: OTC
$ 0.18
-0.0088 -4.76%
Volume: 116,793
May 24, 2022 3:09p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$51.52 million
Rev. per Employee
N/A
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