- Net income attributable to the company of $7.9 million, or $0.20 per diluted share
- Company completes nearly $500 million in acquisitions over the last 45 days
- Based on current markets, the company expects a stronger fourth quarter
OMAHA, Neb., Oct. 31, 2016 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the third
quarter of 2016. Net income attributable to the company was $7.9 million, or $0.20 per diluted share, for the third quarter of 2016
compared with net income of $6.2 million, or $0.16 per diluted share, for the same period in 2015. Revenues were $841.9 million for
the third quarter of 2016 compared with $742.8 million for the same period last year.
“We generated $42 million of segment operating income for the third quarter of 2016, which is our best performance since the end
of 2014. Based on current markets, we expect a stronger fourth quarter,” said Todd Becker, president and chief executive officer.
“We have grown significantly over the last year as we have increased our ethanol production capacity organically and through
acquisitions by nearly 50 percent to approximately 1.5 billion gallons per year, and acquired Fleischmann’s Vinegar Company. We
continue to focus on our core competencies as we efficiently integrate these acquisitions and aggressively grow our platform to
create long-term shareholder value.”
During the third quarter, Green Plains produced 292.2 million gallons of ethanol compared with 215.6 million gallons for the
same period in 2015. The consolidated ethanol crush margin was $52.6 million, or $0.18 per gallon, for the third quarter of 2016
compared with $34.9 million, or $0.16 per gallon, for the same period in 2015. The consolidated ethanol crush margin is the ethanol
production segment’s operating income before depreciation and amortization, which includes corn oil production, plus intercompany
storage, transportation and other fees, net of related expenses.
Revenues were $2.5 billion for the nine-month period ended Sept. 30, 2016, compared with $2.2 billion for the same period in
2015. Net loss for the nine-month period ended Sept. 30, 2016, was $(8.0) million, or $(0.21) per diluted share, compared with net
income of $10.7 million, or $0.27 per diluted share, for the same period in 2015.
“We experienced a stable ethanol margin environment in the third quarter as we continued to see strong ethanol demand worldwide
driven by increasing consumption of gasoline and broader appetites for an efficient source of octane,” added Becker. “As we
continue to expand and diversify our operations, we expect to immediately benefit from the recently acquired businesses.”
Recent Highlights
- On Aug. 15, 2016, Green Plains completed a private offering of $170 million aggregate principal amount of 4.125% convertible
senior notes that will mature on Sept. 1, 2022. The net proceeds from the offering were used to finance the recent acquisitions.
- On Sept. 23, 2016, Green Plains acquired three ethanol plants located in Madison, Ill., Mount Vernon, Ind. and York. Neb. for
approximately $237 million in cash plus certain working capital adjustments from Abengoa BioEnergy. Concurrently, the ethanol
storage assets were sold to Green Plains Partners LP for $90 million. All three plants are currently operational and will add 236
million gallons per year of ethanol production capacity.
- On Oct. 3, 2016, Green Plains acquired SCI Ingredients Holdings, Inc. and its wholly owned subsidiary, Fleischmann’s Vinegar
Company, Inc., for approximately $250 million, financing the transaction with $135 million of debt and the balance with cash on
hand. Fleischmann’s Vinegar Company will operate as a standalone business.
Results of Operations
Consolidated revenues increased $99.1 million for the three months ended Sept. 30, 2016, compared with the same period in 2015.
Revenues from ethanol, corn oil and cattle sales increased $82.7 million, $20.9 million and $13.1 million, respectively, while
revenues from grain decreased $17.1 million. Ethanol and cattle revenues were affected by increased volumes sold,
partially offset by lower average realized prices. Corn oil revenues were impacted by increased volumes sold. Grain revenues were
impacted by both lower volumes sold and lower average realized prices.
Operating income increased $11.0 million for the three months ended Sept. 30, 2016, compared with the same period last year
primarily due to increased margins on ethanol production and cattle. Interest expense increased $1.6 million for the three months
ended Sept. 30, 2016, compared with the same period last year primarily due to higher average debt outstanding. Income tax expense
was $5.1 million for the three months ended Sept. 30, 2016, compared with income tax benefit of $0.6 million for the same period in
2015.
Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the third quarter of 2016 was $49.1 million
compared with $36.3 million for the same period last year.
| GREEN PLAINS INC. |
| SEGMENT OPERATIONS |
| (unaudited, in thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
|
|
| |
|
|
2016 |
|
|
|
2015 |
|
|
% Var. |
|
|
2016 |
|
|
|
2015 |
|
|
% Var. |
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
532,441 |
|
|
$ |
389,917 |
|
|
|
36.6 |
|
% |
|
$ |
1,471,757 |
|
|
$ |
1,286,519 |
|
|
|
14.4 |
|
% |
| Agribusiness |
|
|
443,330 |
|
|
|
310,190 |
|
|
|
42.9 |
|
|
|
|
1,300,862 |
|
|
|
974,883 |
|
|
|
33.4 |
|
|
| Marketing and distribution |
|
|
735,983 |
|
|
|
670,327 |
|
|
|
9.8 |
|
|
|
|
2,173,826 |
|
|
|
1,980,360 |
|
|
|
9.8 |
|
|
| Partnership |
|
|
26,205 |
|
|
|
21,410 |
|
|
|
22.4 |
|
|
|
|
75,487 |
|
|
|
28,251 |
|
|
|
* |
|
|
| Intersegment eliminations |
|
|
(896,107 |
) |
|
|
(649,047 |
) |
|
|
38.1 |
|
|
|
|
(2,543,149 |
) |
|
|
(2,044,338 |
) |
|
|
24.4 |
|
|
| |
|
|
841,852 |
|
|
|
742,797 |
|
|
|
13.3 |
|
|
|
|
2,478,783 |
|
|
|
2,225,675 |
|
|
|
11.4 |
|
|
| Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethanol production |
|
|
38,216 |
|
|
|
24,569 |
|
|
|
55.5 |
|
|
|
|
61,037 |
|
|
|
101,924 |
|
|
|
(40.1 |
) |
|
| Agribusiness |
|
|
8,748 |
|
|
|
2,195 |
|
|
|
298.5 |
|
|
|
|
22,651 |
|
|
|
11,904 |
|
|
|
90.3 |
|
|
| Marketing and distribution |
|
|
9,660 |
|
|
|
13,393 |
|
|
|
(27.9 |
) |
|
|
|
26,023 |
|
|
|
30,033 |
|
|
|
(13.4 |
) |
|
| Partnership |
|
|
26,205 |
|
|
|
21,410 |
|
|
|
22.4 |
|
|
|
|
75,487 |
|
|
|
28,251 |
|
|
|
* |
|
|
| Intersegment eliminations |
|
|
140 |
|
|
|
1,882 |
|
|
|
(92.6 |
) |
|
|
|
490 |
|
|
|
5,184 |
|
|
|
(90.5 |
) |
|
| |
|
|
82,969 |
|
|
|
63,449 |
|
|
|
30.8 |
|
|
|
|
185,688 |
|
|
|
177,296 |
|
|
|
4.7 |
|
|
| Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethanol production |
|
|
15,311 |
|
|
|
5,528 |
|
|
|
177.0 |
|
|
|
|
(7,385 |
) |
|
|
43,139 |
|
|
|
(117.1 |
) |
|
| Agribusiness |
|
|
6,251 |
|
|
|
365 |
|
|
|
* |
|
|
|
|
15,039 |
|
|
|
5,833 |
|
|
|
157.8 |
|
|
| Marketing and distribution |
|
|
5,252 |
|
|
|
9,406 |
|
|
|
(44.2 |
) |
|
|
|
13,908 |
|
|
|
17,446 |
|
|
|
(20.3 |
) |
|
| Partnership |
|
|
15,084 |
|
|
|
11,030 |
|
|
|
36.8 |
|
|
|
|
42,958 |
|
|
|
416 |
|
|
|
* |
|
|
| Intersegment eliminations |
|
|
141 |
|
|
|
1,882 |
|
|
|
(92.5 |
) |
|
|
|
491 |
|
|
|
5,264 |
|
|
|
(90.7 |
) |
|
| Segment operating income |
|
|
42,039 |
|
|
|
28,211 |
|
|
|
49.0 |
|
|
|
|
65,011 |
|
|
|
72,098 |
|
|
|
(9.8 |
) |
|
| Corporate activities |
|
|
(11,184 |
) |
|
|
(8,378 |
) |
|
|
33.5 |
|
|
|
|
(29,393 |
) |
|
|
(23,759 |
) |
|
|
23.7 |
|
|
| |
|
$ |
30,855 |
|
|
$ |
19,833 |
|
|
|
55.6 |
|
% |
|
$ |
35,618 |
|
|
$ |
48,339 |
|
|
|
(26.3 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage variance not considered meaningful.
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| GREEN PLAINS INC. |
| OPERATING DATA BY PRODUCT |
| (unaudited, in thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
| |
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
% Var. |
|
|
|
2016 |
|
|
2015 |
|
|
% Var. |
| Ethanol production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethanol sold (gallons) |
|
292,238 |
|
|
215,561 |
|
|
35.6 |
|
% |
|
|
|
813,464 |
|
|
686,791 |
|
|
18.4 |
|
% |
| Distillers grains sold (tons) |
|
790 |
|
|
577 |
|
|
36.8 |
|
|
|
|
|
2,170 |
|
|
1,837 |
|
|
18.1 |
|
|
| Corn oil sold (pounds) |
|
72,176 |
|
|
55,918 |
|
|
29.1 |
|
|
|
|
|
196,530 |
|
|
175,975 |
|
|
11.7 |
|
|
| Corn consumed (bushels) |
|
102,113 |
|
|
75,538 |
|
|
35.2 |
|
|
|
|
|
284,282 |
|
|
241,720 |
|
|
17.6 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agribusiness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grain sold (bushels) |
|
112,754 |
|
|
63,171 |
|
|
78.5
|
|
|
|
|
|
320,612 |
|
|
206,554
|
|
|
55.2
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marketing and distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ethanol sold (gallons) |
|
335,980 |
|
|
294,348 |
|
|
14.1 |
|
|
|
|
|
1,017,806 |
|
|
869,989 |
|
|
17.0 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Storage and throughput (gallons) |
|
292,238 |
|
|
215,561 |
|
|
35.6 |
|
|
|
|
|
813,464 |
|
|
215,561 |
|
|
* |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage variance not considered meaningful.
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| GREEN PLAINS
INC. |
| CONSOLIDATED CRUSH MARGIN |
| (unaudited, in thousands except per gallon
amounts) |
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
Three Months Ended
September 30, |
| |
|
|
| |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
| |
|
($ in thousands) |
|
($ per gallon produced) |
| |
|
|
|
|
|
|
|
|
| Ethanol production operating income |
|
$ |
15,311 |
|
|
$ |
5,528 |
|
|
$ |
0.05 |
|
|
$ |
0.03 |
|
| Depreciation and amortization |
|
|
15,725 |
|
|
|
13,887 |
|
|
|
0.06 |
|
|
|
0.06 |
|
| Total ethanol production |
|
|
31,036 |
|
|
|
19,415 |
|
|
|
0.11 |
|
|
|
0.09 |
|
| |
|
|
|
|
|
|
|
|
| Intercompany fees, net: |
|
|
|
|
|
|
|
|
| Storage and logistics (partnership) |
|
|
15,675 |
|
|
|
11,852 |
|
|
|
0.05 |
|
|
|
0.05 |
|
| Marketing and agribusiness fees |
|
|
5,885 |
|
|
|
3,622 |
|
|
|
0.02 |
|
|
|
0.02 |
|
| Consolidated crush margin |
|
$ |
52,596 |
|
|
$ |
34,889 |
|
|
$ |
0.18 |
|
|
$ |
0.16 |
|
| |
|
|
|
|
|
|
|
|
Liquidity and Capital Resources
On Sept. 30, 2016, Green Plains had $441.6 million in cash and cash equivalents, and $168.9 million available under
revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding was
$923.5 million, including $229.1 million outstanding under working capital revolvers and other short-term borrowing arrangements
for the marketing and distribution, and agribusiness segments at Sept. 30, 2016.
Conference Call Information
On Nov. 1, 2016, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m.
Central time) to discuss third quarter 2016 financial and operating results for each company. Domestic and international
participants can access the conference call by dialing 888.765.5576 and 913.312.0837, respectively. Participants are advised to
call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation can be accessed on Green
Plains’ website at http://investor.gpreinc.com/events.cfm. A transcript of the conference call will also be
made available on the company’s website as soon as practicable.
Non-GAAP Financial Measures
Management uses earnings before interest, income taxes, depreciation and amortization, or EBITDA, and consolidated ethanol crush
margin to measure the company’s financial performance and to internally manage its businesses. Management believes these measures
provide useful information to investors for comparison with peer and other companies. These measures should not be considered an
alternative to net income or segment operating income, which are determined in accordance with generally accepted accounting
principles. EBITDA calculations may vary from company to company. Accordingly, the company’s computation of EBITDA may not be
comparable with a similarly-titled measure of another company.
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol, distillers
grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services.
The company is the second largest consolidated owner of ethanol production facilities in the world, with 17 dry mill plants,
producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains, through its wholly owned subsidiary Fleischmann’s
Vinegar Company, provides specialized ingredient solutions for leading food and feed manufacturers. Green Plains owns a 62.5%
limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains,
visit www.gpreinc.com.
About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel
storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals,
transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
as amended. Forward-looking statements include words such as “anticipates,” “believes,” “estimates,” “expects,” “goal,” “intends,”
“plans,” “potential,” “predicts,” “should,” “will,” and other words with similar meanings in connection with future operating or
financial performance. Such statements are based on management’s current expectations, which are subject to various factors, risks
and uncertainties that may cause actual results, outcomes, timing and performance to differ materially from those expressed or
implied. Green Plains may experience significant fluctuations in future operating results due to a number of economic conditions,
including competition in the industries in which Green Plains operates; commodity market risks, including those resulting from
current weather conditions; financial market risks; counterparty 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 growth potential of the algal biomass industry; risks associated with the recent acquisitions
of three Abengoa BioEnergy ethanol plants and Fleischmann’s Vinegar; and other risks detailed in Green Plains’ reports filed with
the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended Dec. 31, 2015, and subsequent
filings with the SEC. Green Plains is not obligated nor intends to update its forward-looking statements at any time unless it is
required by applicable securities laws. Unpredictable or unknown factors not discussed in this release could also have material
adverse effects on forward-looking statements.
Consolidated Financial Results
| GREEN PLAINS INC. |
| CONDENSED CONSOLIDATED BALANCE
SHEETS |
| (in thousands) |
| |
|
|
|
|
| |
September 30,
2016 |
|
|
December 31,
2015 |
| |
|
|
| |
(unaudited) |
|
|
|
| ASSETS |
|
|
|
|
| Current assets |
|
|
|
|
| Cash and cash equivalents |
$ |
407,359 |
|
|
|
$ |
384,867 |
|
| Restricted cash |
|
34,219 |
|
|
|
|
27,018 |
|
| Accounts receivable, net |
|
132,574 |
|
|
|
|
96,150 |
|
| Inventories |
|
324,287 |
|
|
|
|
353,957 |
|
| Other current assets |
|
54,583 |
|
|
|
|
50,585 |
|
| Total current assets |
|
953,022 |
|
|
|
|
912,577 |
|
| Property and equipment, net |
|
1,139,592 |
|
|
|
|
922,070 |
|
| Other assets |
|
84,344 |
|
|
|
|
83,273 |
|
| Total assets |
$ |
2,176,958 |
|
|
|
$ |
1,917,920 |
|
| |
|
|
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| Current liabilities |
|
|
|
|
| Accounts payable |
$ |
129,317 |
|
|
|
$ |
166,963 |
|
| Accrued and other liabilities |
|
46,373 |
|
|
|
|
32,026 |
|
| Short-term notes payable and other borrowings |
|
229,086 |
|
|
|
|
226,928 |
|
| Current maturities of long-term debt |
|
13,244 |
|
|
|
|
4,507 |
|
| Other current liabilities |
|
24,927 |
|
|
|
|
8,245 |
|
| Current liabilities |
|
442,947 |
|
|
|
|
438,669 |
|
| Long-term debt |
|
681,182 |
|
|
|
|
432,139 |
|
| Other liabilities |
|
87,290 |
|
|
|
|
88,203 |
|
| Total liabilities |
|
1,211,419 |
|
|
|
|
959,011 |
|
| |
|
|
|
|
| Stockholders’ equity |
|
|
|
|
| Total Green Plains stockholders’ equity |
|
849,833 |
|
|
|
|
797,830 |
|
| Noncontrolling interests |
|
115,706 |
|
|
|
|
161,079 |
|
| Total liabilities and stockholders’ equity |
$ |
2,176,958 |
|
|
|
$ |
1,917,920 |
|
| |
|
|
|
|
| GREEN PLAINS INC. |
| CONSOLIDATED STATEMENTS OF
OPERATIONS |
| (unaudited, in thousands except per share
amounts) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
|
|
| |
|
|
2016 |
|
|
|
2015 |
|
|
% Var. |
|
|
2016 |
|
|
|
2015 |
|
|
% Var. |
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Product |
|
$ |
839,786 |
|
|
$ |
740,634 |
|
|
|
13.4 |
|
% |
|
$ |
2,472,741 |
|
|
$ |
2,219,319 |
|
|
|
11.4 |
|
% |
| Service |
|
|
2,066 |
|
|
|
2,163 |
|
|
|
(4.5 |
) |
|
|
|
6,042 |
|
|
|
6,356 |
|
|
|
(4.9 |
) |
|
| Total revenues |
|
|
841,852 |
|
|
|
742,797 |
|
|
|
13.3 |
|
|
|
|
2,478,783 |
|
|
|
2,225,675 |
|
|
|
11.4 |
|
|
| Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold |
|
|
758,883 |
|
|
|
679,348 |
|
|
|
11.7 |
|
|
|
|
2,293,095 |
|
|
|
2,048,379 |
|
|
|
11.9 |
|
|
| Operations and maintenance |
|
|
8,564 |
|
|
|
7,715 |
|
|
|
11.0 |
|
|
|
|
25,713 |
|
|
|
21,850 |
|
|
|
17.7 |
|
|
| General and administrative |
|
|
24,264 |
|
|
|
19,280 |
|
|
|
25.9 |
|
|
|
|
68,225 |
|
|
|
58,473 |
|
|
|
16.7 |
|
|
| Depreciation and amortization |
|
|
19,286 |
|
|
|
16,621 |
|
|
|
16.0 |
|
|
|
|
56,132 |
|
|
|
48,634 |
|
|
|
15.4 |
|
|
| Total costs and expenses |
|
|
810,997 |
|
|
|
722,964 |
|
|
|
12.2 |
|
|
|
|
2,443,165 |
|
|
|
2,177,336 |
|
|
|
12.2 |
|
|
| Operating income |
|
|
30,855 |
|
|
|
19,833 |
|
|
|
55.6 |
|
|
|
|
35,618 |
|
|
|
48,339 |
|
|
|
(26.3 |
) |
|
| Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
484 |
|
|
|
319 |
|
|
|
51.7 |
|
|
|
|
1,263 |
|
|
|
749 |
|
|
|
68.5 |
|
|
| Interest expense |
|
|
(11,819 |
) |
|
|
(10,196 |
) |
|
|
15.9 |
|
|
|
|
(33,117 |
) |
|
|
(29,918 |
) |
|
|
10.7 |
|
|
| Other, net |
|
|
(1,553 |
) |
|
|
(519 |
) |
|
|
199.2 |
|
|
|
|
(2,050 |
) |
|
|
(2,484 |
) |
|
|
(17.5 |
) |
|
| Total other expense |
|
|
(12,888 |
) |
|
|
(10,396 |
) |
|
|
24.0 |
|
|
|
|
(33,904 |
) |
|
|
(31,653 |
) |
|
|
7.1 |
|
|
| Income before income taxes |
|
|
17,967 |
|
|
|
9,437 |
|
|
|
90.4 |
|
|
|
|
1,714 |
|
|
|
16,686 |
|
|
|
(89.7 |
) |
|
| Income tax expense (benefit) |
|
|
5,083 |
|
|
|
(604 |
) |
|
|
* |
|
|
|
|
(4,339 |
) |
|
|
2,171 |
|
|
|
* |
|
|
| Net income |
|
|
12,884 |
|
|
|
10,041 |
|
|
|
28.3 |
|
|
|
|
6,053 |
|
|
|
14,515 |
|
|
|
(58.3 |
) |
|
| Net income attributable to noncontrolling interests |
|
|
4,956 |
|
|
|
3,862 |
|
|
|
28.3 |
|
|
|
|
14,072 |
|
|
|
3,862 |
|
|
|
264.4 |
|
|
| Net income (loss) attributable to Green Plains |
|
$ |
7,928 |
|
|
$ |
6,179 |
|
|
|
28.3 |
|
% |
|
$ |
(8,019 |
) |
|
$ |
10,653 |
|
|
|
(175.3 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to Green Plains - basic |
|
$ |
0.21 |
|
|
$ |
0.16 |
|
|
|
|
|
$ |
(0.21 |
) |
|
$ |
0.28 |
|
|
|
|
| Net income (loss) attributable to Green Plains - diluted |
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
|
|
|
$ |
(0.21 |
) |
|
$ |
0.27 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
38,282 |
|
|
|
38,066 |
|
|
|
|
|
|
38,301 |
|
|
|
37,966 |
|
|
|
|
| Diluted |
|
|
39,136 |
|
|
|
38,556 |
|
|
|
|
|
|
38,301 |
|
|
|
39,266 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * Percentage variance not considered meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
| GREEN PLAINS INC. |
| CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
| (unaudited, in thousands) |
| |
|
|
|
|
| |
|
Nine Months Ended
September 30, |
| |
|
| |
|
|
2016 |
|
|
|
2015 |
|
| Cash flows from operating activities: |
|
|
|
|
| Net income |
|
$ |
6,053 |
|
|
$ |
14,515 |
|
| Noncash operating adjustments: |
|
|
|
|
| Depreciation and amortization |
|
|
56,132 |
|
|
|
48,634 |
|
| Deferred income taxes |
|
|
(16,413 |
) |
|
|
(39,645 |
) |
| Other |
|
|
14,549 |
|
|
|
11,745 |
|
| Net change in working capital |
|
|
660 |
|
|
|
(42,729 |
) |
| Net cash provided (used) by operating activities |
|
|
60,981 |
|
|
|
(7,480 |
) |
| |
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
| Purchases of property and equipment |
|
|
(35,658 |
) |
|
|
(44,464 |
) |
| Acquisition of businesses, net of cash acquired |
|
|
(252,488 |
) |
|
|
- |
|
| Investments in unconsolidated subsidiaries |
|
|
(1,388 |
) |
|
|
(3,309 |
) |
| Net cash used by investing activities |
|
|
(289,534 |
) |
|
|
(47,773 |
) |
| |
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
| Net proceeds (payments) - long-term debt |
|
|
296,422 |
|
|
|
(16,419 |
) |
| Net proceeds (payments) - short-term borrowings |
|
|
1,843 |
|
|
|
(9,285 |
) |
| Other |
|
|
(47,220 |
) |
|
|
151,310 |
|
| Net cash provided by financing activities |
|
|
251,045 |
|
|
|
125,606 |
|
| |
|
|
|
|
| Net change in cash and cash equivalents |
|
|
22,492 |
|
|
|
70,353 |
|
| Cash and cash equivalents, beginning of period |
|
|
384,867 |
|
|
|
425,510 |
|
| Cash and cash equivalents, end of period |
|
$ |
407,359 |
|
|
$ |
495,863 |
|
| |
|
|
|
|
| GREEN PLAINS INC. |
| RECONCILIATIONS TO NON-GAAP FINANCIAL
MEASURES |
| (unaudited, in thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
| |
|
|
|
| |
|
|
2016 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2015 |
|
| Net income |
|
$ |
12,884 |
|
|
|
$ |
10,041 |
|
|
|
$ |
6,053 |
|
|
|
$ |
14,515 |
|
| Interest expense |
|
|
11,819 |
|
|
|
|
10,196 |
|
|
|
|
33,117 |
|
|
|
|
29,918 |
|
| Income taxes |
|
|
5,083 |
|
|
|
|
(604 |
) |
|
|
|
(4,339 |
) |
|
|
|
2,171 |
|
| Depreciation and amortization |
|
|
19,286 |
|
|
|
|
16,621 |
|
|
|
|
56,132 |
|
|
|
|
48,634 |
|
| EBITDA |
|
$ |
49,072 |
|
|
|
$ |
36,254 |
|
|
|
$ |
90,963 |
|
|
|
$ |
95,238 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Contact: Jim Stark, Vice President - Investor and Media Relations, Green Plains Inc. (402) 884-8700
