Press Room
GPRE - Announces First Quarter 2009 Financial Results
May 14, 2009 (MARKET WIRE)- A one-time charge of approximately $4.6 million related to the termination of certain legacy agreements with outside marketers to sell Green Plains’ ethanol production.
- Decreased revenues and increased expenses related to an accelerated plant shutdown for repairs at the Bluffton, IN facility and operational issues at the Superior, IA facility, collectively affecting operating income by approximately $4.0 million.
As previously disclosed, Green Plains terminated certain legacy agreements in January and February of this year to allow the Company to market all of its own ethanol production through Green Plains Trade Group. It is anticipated that these terminations will provide several long-term benefits, including mitigation of the risks of counterparty concentration; more efficient price risk management and acceleration of cash flow from ethanol sales. In addition, Green Plains expects savings in marketing fees and lower leased railcar costs totaling $4.8 million per year for each of the next three years. For more click here.
Company Contact:
Jim Stark, Vice President - Investor Relations
Green Plains Renewable Energy, Inc.
(402) 884-8700
www.gpreinc.com
Investor Contact:
John Baldissera
BPC Financial Marketing
(800) 368-1217
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Such statements are identified by the use of words such as "anticipate," "estimate," "expect," "will," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on management's 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 ethanol industry, risks associated with commodity market risks, financial market risks, counter-party risks, risks associated with changes to federal policy and/or regulation, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-KT for the period ended December 31, 2008 and in the Company's subsequent filings with the SEC. Green Plains assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The cautionary statements in this report expressly qualify all of our forward-looking statements. 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.
Source: Green Plains Renewable Energy, Inc. - www.gpreinc.com
Contact: Green Plains Renewable Energy, Inc. - 402-884-8700
