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."
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.