Full capacity lifts Green Plains’ quarter
‘We achieved a milestone by producing at 100% of operating capacity in September, hitting our 480 million gallon annualised run rate shortly after we acquired and began operations at the two plants in Nebraska,’ Todd Becker, president and CEO at Green Plains, says.
This has led to a boost in financial performance with the company reporting revenues of $361.7 million (€243 million), a 27% increase over the Q2 2009, and net income of $5.5 million for Q3.
This compares to a net income loss of $3.9 million on total revenues of $5.3 million in the same period of 2008, according to the company's financial statement.
‘We had locked in margins on more than 78 million gallons of ethanol production by quarter-end, and consistent with our risk management strategy, we have continued to lock away additional production for the balance of 2009 and the first quarter of 2010.’
The company reported earnings before interest, income taxes, depreciation and amortisation (EBITDA) of $19.3 million. Green Plains had available liquidity of $112.6 million, including $69.1 million in cash and equivalents and $43.5 million available under committed loan agreements (subject to satisfaction of specified lending conditions and covenants) at September 30, 2009.
For the nine months ended 30 September revenues were $867.5 million, with a net loss of $3.3 million. EBITDA for the nine months ended 30 September 2009 was $29.9 million.