US BioEnergy Posts Earnings

Cindy Zimmerman

US BioenergyUS BioEnergy has announced net income of $20.4 million, or $0.41 per share, for the year ended December 31, 2006 and net income of $21.0 million, or $0.36 per share, for the fourth quarter.

“This has been a year of significant progress and achievement for our company,” said Gordon Ommen, US BioEnergy president and CEO. “In addition to a successful initial public offering in December, we grew our ethanol production capacity to 250 million gallons by year end. We achieved this rapid growth through well planned acquisitions, greenfield construction and facility expansion. By the end of 2008, we expect to have seven plants operational with ethanol production capacity of approximately 600 million gallons per year.”

The company currently owns and operates three ethanol plants, which have combined production capacity of 250 million gallons per year, has five more under construction and another three sites under evaluation.

Ethanol, News