DENVER, Nov. 10, 2010 /PRNewswire-FirstCall/ -- BIOFUEL ENERGY CORP. (Nasdaq: BIOF), an ethanol production company, today announced its third quarter 2010 results. For the quarter ended September 30, 2010, revenues totaled $114.7 million, resulting in a net loss of $1.8 million, compared to revenues of $91.1 million and a net loss of $8.4 million for the same period in 2009. Net loss attributable to common shareholders was $1.4 million, or $.05 per share, for the quarter ended September 30, 2010, compared to a net loss attributable to common shareholders of $6.2 million, or $.26 per share, for the same period in 2009.
Operating income for the third quarter of 2010 was $1.0 million, which resulted from $110.1 million in cost of goods sold, including $78.2 million for corn, and $3.6 million in general and administrative expenses. The Company also had $2.8 million of interest expense in the third quarter of 2010. For the same period of 2009, our operating loss was $3.8 million, which resulted from $89.0 million in cost of goods sold, including $60.5 million for corn, and $5.9 million in general and administrative expenses. During the third quarter of 2009, the Company had $4.6 million in interest expense. Depreciation expense for the third quarter of 2010 was $6.8 million, compared to $6.7 million for the same period in 2009.
Scott H. Pearce, the Company's President and Chief Executive Officer, stated: "Overall, margins showed steady improvement during the quarter, as ethanol prices more than kept up with rising corn prices. In addition, our plants performed well and our production cost improvements showed through in our results, as we continue to focus on achieving profitability. We were also able to repay our maturing working capital facility with the proceeds of the bridge loan, which we consider a significant step towa
|SOURCE BioFuel Energy Corp.|
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