Associated Press US BioEnergy Swings to a Profit Associated Press 03.30.07, 10:31 AM ET
US BioEnergy Corp., which makes ethanol and distillers grains, said Friday it swung to a profit in the fourth quarter, as the newly public company significantly increased its production capacity. Earnings for the quarter ended Dec. 31 totaled $21 million, or 35 cents per share, compared with a loss of $3.2 million, or 12 cents per share during the same period in 2005. Revenue jumped to $64.2 million from $6.4 million. The company, which went public in December, noted that before May 1, 2006, most of its revenue came from its marketing and services businesses. Ethanol and distillers grains sales now account for most of its revenue. US BioEnergy produced 29.5 million gallons of ethanol in the quarter and sold the fuel at an average price of $1.84 per gallon. The company said its production gains came from acquisitions, new construction and the expansion of its production capacity to 250 million gallons. US BioEnergy also rebounded to a profit for the year, as it earned $20.4 million, or an estimated 41 cents per share, compared with a loss of $4.2 million, or an estimated 38 cents per share in 2005. Revenue increased to $124.5 million from $16.4 million. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed --------------------------------- Need Mail bonding? Go to the Yahoo! Mail Q&A for great tips from Yahoo! Answers users.
