UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
July 29, 2014
Green Plains Inc.
(Exact name of registrant as specified in its charter)
Iowa | 001-32924 | 84-1652107 | ||
(State or other jurisdiction of incorporation) |
(Commission file number) |
(IRS employer identification no.) |
450 Regency Parkway, Ste. 400, Omaha, Nebraska | 68114 | |
(Address of principal executive offices) | (Zip code) |
(402) 884-8700
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
Green Plains Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2014. A copy of this press release is attached hereto at Exhibit 99.1.
The information in this current Report on Form 8-K, including Exhibit 99.1, shall be deemed furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Number |
Description | |
99.1 | Press release, dated July 29, 2014 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Green Plains Inc. | ||||
Date: July 29, 2014 | ||||
By: | /s/ Jerry L. Peters | |||
Jerry L. Peters | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) |
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Exhibit 99.1
NEWS RELEASE
Green Plains Reports Second Quarter 2014 Results
| First half 2014 net income of $75.5 million, or $1.88 per diluted share |
| Company expects stronger EPS results for second half |
OMAHA, NEB. (GLOBE NEWSWIRE) July 29, 2014 Green Plains Inc. (NASDAQ: GPRE) announced today its financial results for the second quarter of 2014. Net income for the quarter was $32.3 million, or $0.82 per diluted share, compared to net income of $6.0 million, or $0.19 per diluted share, for the same period in 2013. Revenues were $837.9 million for the second quarter of 2014 compared to $804.7 million for the same period in 2013.
We are pleased to report another strong quarter as ethanol, distillers grains and corn oil set new production records. All of our plants were operating at optimal levels, even as rail transportation continues to impact movement of our products, said Todd Becker, President and Chief Executive Officer. Market fundamentals are favorable and based on a continuation of these conditions, we expect stronger earnings per share performance in the second half of the year.
During the second quarter, Green Plains ethanol production segment produced 241.9 million gallons of ethanol, or approximately 95.1% of its daily average production capacity. Non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments was $16.5 million in the second quarter of 2014 compared to $17.3 million for the same period in 2013.
Revenues were $1.6 billion for each of the six-month periods ended June 30, 2014 and 2013. Net income for the six-month period ended June 30, 2014 was $75.5 million, or $1.88 per diluted share, compared to net income of $8.5 million, or $0.28 per diluted share, for the same period in 2013.
We continue to enjoy excellent fundamentals that are driving a robust margin environment. Our balance sheet is in the strongest position of our history, with significant cash and liquidity, as a result of cash generated from operations and the recent refinancing of term debt, stated Becker. Our focus and energy continues to be on growth of all of our business segments and we believe there are ample opportunities to achieve this objective.
Green Plains had $374.7 million in total cash and equivalents and $145.4 million available under committed loan agreements at subsidiaries (subject to satisfaction of specified lending conditions and covenants) at June 30, 2014. Second quarter 2014 EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, was $74.5 million compared to $30.5 million for the same period in 2013. For the six-month period ending June 30, 2014, EBITDA was $168.6 million compared to $55.3 million for the same period in 2013. For reconciliations of net income to EBITDA, see EBITDA below.
Second Quarter 2014 Business Highlights
| In June 2014, Green Plains Processing LLC, a wholly-owned subsidiary of Green Plains, completed a $225 million Senior Secured Credit Facility due in 2020. The proceeds of the credit facility were used to refinance debt outstanding at five subsidiaries in the ethanol production segment. Credit ratings assigned to the credit facility from Standard & Poors and Moodys are BB and B2, respectively. Green Plains Inc. corporate credit ratings are B+ and B2 from Standard & Poors and Moodys, respectively. |
| In June 2014, Green Plains acquired the assets of Supreme Cattle Feeders from Agri Beef Co. The asset acquisition includes the feed yard doing business as Supreme Cattle Feeders and the Cimarron Grain storage facility based near Kismet, Kansas. Supreme Cattle Feeders financial results are reported as a part of Green Plains agribusiness segment. The operation consists of approximately 2,600 acres of land that has the capacity to support 70,000 head of cattle. Supremes current corn storage capacity, including the Cimarron Grain facilities, is approximately 3.8 million bushels. |
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| Mr. Gene Edwards joined the board of directors of Green Plains Inc. effective June 19, 2014. Mr. Edwards has extensive experience in the oil and gas industry, previously serving as Executive Vice President and Chief Development Officer of Valero Energy Corporation until his retirement in April 2014. He began his 32-year career at Valero as an Analyst in Planning & Economics and spent his tenure with Valero in various managerial positions in Planning and Economics, Refinery Operations, Business Development and Marketing. |
Conference Call
On July 30, 2014, Green Plains will hold a conference call to discuss its second quarter 2014 financial results and other recent developments. Green Plains participants will include Todd Becker, President and Chief Executive Officer, Jerry Peters, Chief Financial Officer, and Jeff Briggs, Chief Operating Officer. The time of the call is 11:00 a.m. ET / 10:00 a.m. CT. To participate by telephone, the domestic dial-in number is 888-455-2263 and the international dial-in number is 719-325-2428. The conference call will be webcast and accessible at www.gpreinc.com. Listeners are advised to go to the website at least 10 minutes prior to the call to register, download and install any necessary audio software. A slide presentation will be available on Green Plains website at http://investor.gpreinc.com/events.cfm. The conference call will be archived and available for replay through Aug. 5, 2014.
About Green Plains
Green Plains Inc. (NASDAQ: GPRE) is a diversified commodity-processing business with operations related to ethanol production, corn oil production, grain handling and storage, cattle feedlot operations, and commodity marketing and distribution services. The Company processes over ten million tons of corn annually, producing over one billion gallons of ethanol, three million tons of livestock feed and 250 million pounds of industrial grade corn oil at full capacity. Green Plains also is a partner in a joint venture to commercialize advanced technologies for growing and harvesting algal biomass.
Safe Harbor
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements are identified by the use of words such as anticipates, believes, estimates, expects, goal, intends, plans, potential, predicts, should, will, and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on managements current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. Green Plains may experience significant fluctuations in future operating results due to a number of economic conditions, including, but not limited to, competition in the cattle-feeding, ethanol and other industries in which the Company operates, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks related to closing and achieving anticipated results from acquisitions, risks associated with the joint venture to commercialize algae production and the growth potential of the algal biomass industry, and other risks detailed in the Companys reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013, and in the Companys subsequent filings with the SEC. In addition, the Company is not obligated, and does not intend, to update any of its forward-looking statements at any time unless an update is required by applicable securities laws.
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Consolidated Financial Results
The following are consolidated statements of operations for Green Plains (in thousands, except per share amounts):
Three Months Ended June 30, |
Six Months Ended June 30, |
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues |
$ | 837,858 | $ | 804,696 | $ | 1,571,747 | $ | 1,570,172 | ||||||||
Cost of goods sold |
759,543 | 772,085 | 1,392,683 | 1,510,347 | ||||||||||||
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Gross profit |
78,315 | 32,611 | 179,064 | 59,825 | ||||||||||||
Selling, general and administrative expenses |
19,369 | 14,049 | 41,774 | 28,558 | ||||||||||||
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Operating income |
58,946 | 18,562 | 137,290 | 31,267 | ||||||||||||
Other income (expense) |
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Interest income |
143 | 63 | 255 | 102 | ||||||||||||
Interest expense |
(9,704 | ) | (7,762 | ) | (19,463 | ) | (15,833 | ) | ||||||||
Other, net |
704 | (610 | ) | 1,734 | (1,130 | ) | ||||||||||
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Total other income (expense) |
(8,857 | ) | (8,309 | ) | (17,474 | ) | (16,861 | ) | ||||||||
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Income before income taxes |
50,089 | 10,253 | 119,816 | 14,406 | ||||||||||||
Income tax expense |
17,775 | 4,288 | 44,299 | 5,886 | ||||||||||||
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Net income |
$ | 32,314 | $ | 5,965 | $ | 75,517 | $ | 8,520 | ||||||||
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Earnings per share: |
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Basic |
$ | 0.86 | $ | 0.20 | $ | 2.14 | $ | 0.28 | ||||||||
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Diluted |
$ | 0.82 | $ | 0.19 | $ | 1.88 | $ | 0.28 | ||||||||
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Weighted average shares outstanding: |
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Basic |
37,467 | 30,160 | 35,322 | 30,047 | ||||||||||||
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Diluted |
39,359 | 36,804 | 41,308 | 30,367 | ||||||||||||
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Consolidated revenues increased by $33.2 million for the three months ended June 30, 2014 compared to the same period in 2013. Revenues from the sales of distillers grains and other grains increased by $20.7 million and $15.6 million, respectively. Distillers grains revenues were affected by an increase in volumes produced and merchant trading activities, offset partially by a decrease in average realized prices. Grain revenues were impacted by an increase in merchant trading activity. Gross profit increased by $45.7 million for the three months ended June 30, 2014 compared to the same period in 2013, primarily as a result of improved margins for ethanol and corn oil production, and profits from merchant trading activities, partially offset by reduced income from crude oil transportation. Operating income increased by $40.4 million for the three months ended June 30, 2014 compared to the same period in 2013, as a result of the factors discussed above reduced by a $5.3 million increase in selling, general and administrative expenses. Selling, general and administrative expenses were higher for the three months ended June 30, 2014 compared to the same period in 2013 due most significantly to an increase in personnel costs and the expanded scope of operations following the acquisitions of the Atkinson, Fairmont and Wood River ethanol plants in the second and fourth quarters of 2013.
Interest expense increased by $1.9 million for the three months ended June 30, 2014 compared to the same period in 2013 due to higher average debt balances outstanding. Income tax expense was $17.8 million for the three months ended June 30, 2014 compared to $4.3 million for the same period in 2013.
Diluted earnings per share, or EPS, is computed by dividing net income on an if-converted basis for 2013 and the first quarter of 2014, with respect to the 3.25% Notes and the 5.75% Notes, by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. All of the 5.75% Notes were retired during the first quarter of 2014. During the second quarter of 2014, the Company received shareholder approval to allow for flexible settlement in cash, shares of common stock, or a combination of cash and shares of common stock for the conversion of the 3.25% Notes. The Company intends to settle conversions in cash for the principal amount and cash or shares of the Companys common stock for any related conversion premium. Accordingly, beginning in the second quarter of 2014, diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The calculation of basic and diluted EPS is as follows (in thousands):
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic EPS: |
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Net income |
$ | 32,314 | $ | 5,965 | $ | 75,517 | $ | 8,520 | ||||||||
Weighted average shares outstandingbasic |
37,467 | 30,160 | 35,322 | 30,047 | ||||||||||||
EPSbasic |
$ | 0.86 | $ | 0.20 | $ | 2.14 | $ | 0.28 | ||||||||
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Diluted EPS: |
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Net income |
$ | 32,314 | $ | 5,965 | $ | 75,517 | $ | 8,520 | ||||||||
Interest and amortization on convertible debt, net of tax effect: |
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5.75% Notes |
| 904 | 576 | | ||||||||||||
3.25% Notes |
| | 1,379 | | ||||||||||||
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Net incomediluted |
$ | 32,314 | $ | 6,869 | $ | 77,472 | $ | 8,520 | ||||||||
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Weighted average shares outstandingbasic |
37,467 | 30,160 | 35,322 | 30,047 | ||||||||||||
Effect of dilutive convertible debt: |
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5.75% Notes |
| 6,280 | 2,029 | | ||||||||||||
3.25% Notes |
1,675 | | 3,716 | | ||||||||||||
Effect of dilutive stock-based compensation awards |
217 | 364 | 241 | 320 | ||||||||||||
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Weighted average shares outstandingdiluted |
39,359 | 36,804 | 41,308 | 30,367 | ||||||||||||
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EPSdiluted |
$ | 0.82 | $ | 0.19 | $ | 1.88 | $ | 0.28 | ||||||||
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Operating Segment Information
Green Plains operating segments are as follows: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities. The following is selected operating segment financial information for the periods indicated (in thousands):
Three Months Ended June 30, |
Six Months Ended June 30, |
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: |
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Ethanol production |
$ | 532,475 | $ | 530,404 | $ | 1,070,846 | $ | 1,039,462 | ||||||||
Corn oil production |
20,374 | 16,315 | 36,765 | 32,014 | ||||||||||||
Agribusiness |
380,604 | 175,168 | 703,083 | 262,212 | ||||||||||||
Marketing and distribution |
910,026 | 756,483 | 1,686,564 | 1,456,716 | ||||||||||||
Intersegment eliminations |
(1,005,621 | ) | (673,674 | ) | (1,925,511 | ) | (1,220,232 | ) | ||||||||
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$ | 837,858 | $ | 804,696 | $ | 1,571,747 | $ | 1,570,172 | |||||||||
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Gross profit: |
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Ethanol production |
$ | 35,171 | $ | 10,729 | $ | 106,859 | $ | 11,959 | ||||||||
Corn oil production |
10,931 | 7,873 | 18,746 | 15,782 | ||||||||||||
Agribusiness |
2,499 | 945 | 5,475 | 2,171 | ||||||||||||
Marketing and distribution |
9,899 | 13,404 | 50,615 | 30,459 | ||||||||||||
Intersegment eliminations |
19,815 | (340 | ) | (2,631 | ) | (546 | ) | |||||||||
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$ | 78,315 | $ | 32,611 | $ | 179,064 | $ | 59,825 | |||||||||
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Operating income: |
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Ethanol production |
$ | 30,111 | $ | 7,006 | $ | 96,337 | $ | 4,657 | ||||||||
Corn oil production |
10,874 | 7,821 | 18,582 | 15,631 | ||||||||||||
Agribusiness |
1,269 | 248 | 2,205 | 617 | ||||||||||||
Marketing and distribution |
4,391 | 9,210 | 36,885 | 22,196 | ||||||||||||
Intersegment eliminations |
19,815 | (340 | ) | (2,571 | ) | (500 | ) | |||||||||
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Segment operating income |
66,460 | 23,945 | 151,438 | 42,601 | ||||||||||||
Corporate activities |
(7,514 | ) | (5,383 | ) | (14,148 | ) | (11,334 | ) | ||||||||
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$ | 58,946 | $ | 18,562 | $ | 137,290 | $ | 31,267 | |||||||||
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During the normal course of business, the Company enters into transactions between segments. These intersegment activities are recorded by each segment at prices approximating market and treated as if they are third-party transactions. Consequently, these transactions impact segment performance. Intersegment revenues and corresponding costs are eliminated in consolidation and do not impact consolidated results.
Ethanol Production Segment
The table below presents key operating data within the ethanol production segment for the periods indicated:
Three Months Ended June 30, |
Six Months Ended June 30, |
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Ethanol sold |
241,871 | 172,529 | 472,643 | 343,370 | ||||||||||||
(thousands of gallons) |
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Distillers grains sold |
653 | 483 | 1,290 | 965 | ||||||||||||
(thousands of equivalent dried tons) |
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Corn consumed |
86,140 | 60,965 | 168,198 | 120,714 | ||||||||||||
(thousands of bushels) |
Revenues in the ethanol production segment increased by $2.1 million for the three months ended June 30, 2014 compared to the same period in 2013 primarily due to higher volumes produced and sold, partially offset by lower average ethanol and distillers grains prices. Revenues in the second quarter of 2014 included production from the Atkinson, Fairmont and Wood River plants, which were acquired in 2013 and contributed an additional combined 62.2 million gallons of ethanol production and $133.5 million in revenue. The ethanol production segment produced and sold 241.9 million gallons of ethanol, which represents approximately 95.1% of daily average production capacity, during the second quarter of 2014.
Cost of goods sold in the ethanol production segment decreased by $22.4 million for the three months ended June 30, 2014 compared to the same period in 2013. Corn consumption increased by 25.2 million bushels but the average cost per bushel decreased by 32% during the three months ended June 30, 2014 compared to the same period in 2013. As a result of the factors identified above, gross profit and operating income for the ethanol production segment increased by $24.4 million and $23.1 million, respectively, for the three months ended June 30, 2014 compared to the same period in 2013. Depreciation and amortization expense for the ethanol production segment was $12.8 million for the three months ended June 30, 2014 compared to $11.1 million during the same period in 2013, due to the increased expenses from the Atkinson, Fairmont and Wood River plants, which were acquired in 2013.
Corn Oil Production Segment
Revenues in the corn oil production segment increased by $4.1 million for the three months ended June 30, 2014 compared to the same period in 2013. During the three months ended June 30, 2014, the corn oil production segment sold 58.0 million pounds of corn oil compared to 39.4 million pounds in the same period of 2013. Production in the second quarter of 2014 included 14.1 million pounds from the ethanol plants acquired in 2013. The average price realized for corn oil was approximately 14% lower for the second quarter of 2014 compared to the same period in 2013. Gross profit and operating income in the corn oil production segment increased by $3.1 million for the three months ended June 30, 2014 compared to the same period in 2013. The increase in revenues was offset by $1.0 million of additional cost of goods sold related to increased volumes produced, partially offset by lower input costs during the three months ended June 30, 2014 compared to the same period in 2013.
Agribusiness Segment
Revenues in the agribusiness segment increased by $205.4 million and gross profit and operating income increased by $1.6 million and $1.0 million, respectively, for the three months ended June 30, 2014 compared to the same period in 2013. The agribusiness segment sold 81.6 million bushels of grain, including 76.7 million bushels to the ethanol production segment, during the three months ended June 30, 2014 compared to sales of 27.2 million bushels of grain, including 25.4 million bushels to the ethanol production segment, during the same period in 2013. The agribusiness segment focuses on supplying corn to the Companys ethanol plants.
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Marketing and Distribution Segment
Revenues in the marketing and distribution segment increased by $153.5 million for the three months ended June 30, 2014 compared to the same period in 2013. The increase in revenues was primarily due to a $120.8 million increase in merchant trading activities for ethanol and distillers grain, as well as an increase in intercompany natural gas sales of $23.9 million. Effective in the fourth quarter of 2013, the marketing and distribution segment provides natural gas procurement for the ethanol plants. The marketing and distribution segment sold 303.5 million and 240.1 million gallons of ethanol during the three months ended June 30, 2014 and 2013, respectively.
Gross profit and operating income for the marketing and distribution segment decreased by $3.5 million and $4.8 million, respectively, for the three months ended June 30, 2014 compared to the same period in 2013, primarily due to reduced crude oil transportation activities.
Intersegment Eliminations
Intersegment eliminations of revenues increased by $331.9 million for the three months ended June 30, 2014 compared to the same period in 2013 due to the following factors: increased corn sales from the agribusiness segment to the ethanol production segment of $192.8 million, increased natural gas sales from the marketing and distribution segment to the ethanol production segment of $23.9 million, and increased sales of ethanol from the ethanol production segment to the marketing and distribution segment of $110.3 million.
Intersegment eliminations of gross profit and operating income decreased by $20.2 million for the three months ended June 30, 2014 compared to the same period in 2013 due primarily to a change in the title transfer point for ethanol between segments beginning in the fourth quarter of 2013 and decreased product in transit to customers during the second quarter of 2014. Beginning Oct. 1, 2013, ethanol is sold from the ethanol production segment to the marketing and distribution segment as it is produced and transferred into storage tanks located at each respective plant. The finished product is then sold by the marketing and distribution segment to external customers. Profit is recognized by the ethanol production segment upon sale to the marketing and distribution segment but is eliminated from consolidated results until title to the product has been transferred to a third party. During the three months ended March 31, 2014, finished ethanol inventory levels increased primarily due to product that was in-transit to external customers which, along with higher margins per unit, resulted in a significant increase in intersegment profits that were deferred in the first quarter of 2014. The volume of ethanol and distillers grains in transit to customers declined as a result of easing of transportation constraints during the second quarter of 2014. The decrease in deferred profit resulted in $19.8 million of additional consolidated gross profit and operating income during the second quarter of 2014.
Non-GAAP Reconciliation
EBITDA
Management uses EBITDA to measure the Companys financial performance and to internally manage its businesses. Management believes that EBITDA provides useful information to investors as a measure of comparison with peer and other companies. EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with generally accepted accounting principles. EBITDA calculations may vary from company to company. Accordingly, the Companys computation of EBITDA may not be comparable with a similarly-titled measure of another company. The following sets forth the reconciliation of net income to EBITDA for the periods indicated (in thousands):
Three Months Ended June 30, |
Six Months Ended June 30, |
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income |
$ | 32,314 | $ | 5,965 | $ | 75,517 | $ | 8,520 | ||||||||
Interest expense |
9,704 | 7,762 | 19,463 | 15,833 | ||||||||||||
Income taxes |
17,775 | 4,288 | 44,299 | 5,886 | ||||||||||||
Depreciation and amortization |
14,735 | 12,435 | 29,362 | 25,044 | ||||||||||||
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EBITDA |
$ | 74,528 | $ | 30,450 | $ | 168,641 | $ | 55,283 | ||||||||
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Summary Balance Sheets
The following is condensed consolidated balance sheet information (in thousands):
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Current assets |
$ | 712,926 | $ | 633,305 | ||||
Property and equipment, net |
818,738 | 806,046 | ||||||
Other assets |
94,227 | 92,694 | ||||||
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Total assets |
$ | 1,625,891 | $ | 1,532,045 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
Current liabilities |
$ | 354,626 | $ | 409,197 | ||||
Long-term debt |
461,913 | 480,746 | ||||||
Other liabilities |
101,986 | 96,744 | ||||||
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Total liabilities |
918,525 | 986,687 | ||||||
Total stockholders equity |
707,366 | 545,358 | ||||||
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Total liabilities and stockholders equity |
$ | 1,625,891 | $ | 1,532,045 | ||||
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As of June 30, 2014, Green Plains had $374.7 million in total cash and equivalents and $145.4 million available under committed loan agreements at subsidiaries (some of which was subject to satisfaction of specified lending conditions and covenants). Total debt at June 30, 2014 was $631.7 million, including $131.6 million outstanding under working capital revolvers and other short-term borrowing arrangements in the marketing and distribution and agribusiness segments. As of June 30, 2014, Green Plains had total assets of approximately $1.6 billion, total stockholders equity of approximately $707.4 million, and approximately 37.6 million common shares outstanding.
Contact: Jim Stark, Vice PresidentInvestor and Media Relations, Green Plains. (402) 884-8700
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