According to a press release by Green Plains Renewable Energy, Inc. (GPRE), the company has announced its fourth quarter 2009 income profit of $23.1 million compared to a net loss of $1.8 million in fourth quarter 2008. The quarterly income is that of $0.91 per share compared to $0.08 per share in 2008.
“All of our businesses performed well in the fourth quarter,” said Todd Becker, President and Chief Executive Officer. “We generated significantly higher operating income during the quarter primarily due to a strong performance from our ethanol production segment. In the fourth quarter, we produced 122 million gallons of ethanol which exceeds our expected capacity. The combination of higher production volumes, a stronger margin environment, and harvest activities for agribusiness resulted in a record quarter.”
Accomplishments that attributed to the profit include:
1. In October 2009, the group unveiled BioProcessAlgae, LLC’s Phase I Grower Harvester TM pilot project.
2. In late 3rd quarter of 2009, the group entered into an agreement with Lincolnway Energy, LLC to provide ethanol marketing services.
3. On July 2, 2009, Green Plains completed the acquisition of two Nebraska ethanol plants located near Central City and Ord.
4. On January 15, 2009, Green Plains Trade entered into an agreement to provide third-party ethanol marketing services to Bushmills Ethanol, Inc. of Atwater, Minnesota.
5. On January 1, 2009 Green Plains acquired majority interest in Houston-based biofuel terminal operator Blendstar, LLC.
“I am proud of the many accomplishments our team achieved during 2009. We fortified our operating, administrative and commercial activities while at the same time demonstrated our ability to significantly grow our operating segments. Our business model has been tested through one of the most challenging environments the ethanol industry has seen and continues to prove itself. As a result, we were able to reach profitability for the full year. We believe our industry, and more importantly, our company is on solid footing for the coming years,” said Becker.