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0001078782-09-000809.txt : 200905150001078782-09-000809.hdr.sgml : 2009051520090515161631ACCESSION NUMBER:0001078782-09-000809CONFORMED SUBMISSION TYPE:10-QPUBLIC DOCUMENT COUNT:16CONFORMED PERIOD OF REPORT:20090330FILED AS OF DATE:20090515DATE AS OF CHANGE:20090515

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:GREEN PLAINS RENEWABLE ENERGY, INC.CENTRAL INDEX KEY:0001309402STANDARD INDUSTRIAL CLASSIFICATION:INDUSTRIAL ORGANIC CHEMICALS [2860]IRS NUMBER:841652107STATE OF INCORPORATION:IAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:10-QSEC ACT:1934 ActSEC FILE NUMBER:001-32924FILM NUMBER:09833288

BUSINESS ADDRESS:STREET 1:9420 UNDERWOOD AVE, SUITE 100CITY:OMAHASTATE:NEZIP:68114BUSINESS PHONE:(402) 884-8700

MAIL ADDRESS:STREET 1:9420 UNDERWOOD AVE, SUITE 100CITY:OMAHASTATE:NEZIP:68114

FORMER COMPANY:FORMER CONFORMED NAME:Green Plains Renewable Energy, Inc.DATE OF NAME CHANGE:20041123

10-Q1gpre10q033109.htmFORM 10Q QUARTERLY REPORT

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2009

Commission File Number 001-32924

GREEN PLAINS RENEWABLE ENERGY, INC. (Exact name of registrant as specified in its charter)

Iowa

84-1652107

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

9420 Underwood Avenue, Suite 100

Omaha, NE 68114

(Address of principal executive offices, including zip code)

(402) 884-8700

(Registrants telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. X . Yes . No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.

Large accelerated filer

. Accelerated filer . Non-accelerated filer X . Smaller reporting company .

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). . Yes X . No

The number of shares of common stock, par value $0.001 per share, outstanding as of April 30, 2009 was 24,933,514 shares.

TABLE OF CONTENTS

Page

PART I FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets

2

Consolidated Statements of Operations

3

Consolidated Statements of Cash Flows

4

Notes to Consolidated Financial Statements

6

Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

31

PART II OTHER INFORMATION

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Submission of Matters to a Vote of Security Holders

32

Item 5.

Other Information

32

Item 6.

Exhibits

33

Signatures

34

1

GREEN PLAINS RENEWABLE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

March 31,

2009

December 31,

2008

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

53,541

$

64,839

Accounts receivable, net of allowances of $147 and $174, and

including amounts from related parties of $0 and $2,177, respectively

37,411

54,306

Inventories

52,393

47,033

Prepaid expenses

6,461

13,341

Deposits

11,950

10,385

Derivative financial instruments and other

4,661

3,065

Total current assets

166,417

192,969

Property and equipment, net

498,479

495,772

Investment in unconsolidated subsidiaries

1,277

1,377

Financing costs and other

12,798

2,948

Total assets

$

678,971

$

693,066

LIABILITIES AND STOCKHOLDERS EQUITY

Current liabilities

Accounts payable, including amounts to related parties

of $166 and $9,824, respectively

$

46,400

$

61,711

Accrued liabilities

6,800

14,595

Derivative financial instruments

4,495

4,538

Current maturities of long-term debt

32,779

27,405

Notes payable

3,030

-

Total current liabilities

93,504

108,249

Long-term debt

301,397

299,011

Other liabilities

5,534

5,821

Total liabilities

400,435

413,081

Stockholders equity

Common stock, $0.001 par value; 50,000,000 shares authorized; 24,904,708 and 24,659,250 shares issued and outstanding, respectively

25

25

Additional paid-in capital

290,614

290,421

Accumulated deficit

(19,800)

(10,459)

Accumulated other comprehensive loss

(289)

(298)

Total Green Plains stockholders equity

270,550

279,689

Noncontrolling interest

7,986

296

Total stockholders equity

278,536

279,985

Total liabilities and stockholders equity

$

678,971

$

693,066

See accompanying notes to the consolidated financial statements.

2

GREEN PLAINS RENEWABLE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

Three Months Ended

March 31,

2009

2008

Revenues

Ethanol

$

161,854

$

-

Grain

17,318

-

Agronomy products

4,462

-

Distillers grains

34,880

-

Other

2,568

-

Total revenues

221,082

-

Cost of goods sold

219,203

-

Gross profit

1,879

-

Operating expenses

9,059

1,953

Operating loss

(7,180)

(1,953)

Other income (expense)

Interest income

74

-

Interest expense, net of amounts capitalized

(2,514)

(58)

Other, net

334

(6)

Total other income (expense)

(2,106)

(64)

Loss before income taxes

(9,286)

(2,017)

Income tax provision (benefit)

-

-

Net loss

(9,286)

(2,017)

Net (income) loss attributable to noncontrolling interest

(55)

230

Net loss attributable to Green Plains

$

(9,341)

$

(1,787)

Earnings (loss) per share basic and diluted:

Income attributable to Green Plains stockholders

$

(0.38)

$

(0.24)

Weighted average shares outstanding:

Basic and diluted

24,865

7,498

See accompanying notes to the consolidated financial statements.

3

GREEN PLAINS RENEWABLE ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Three Months Ended

March 31,

2009

2008

Cash flows from operating activities:

Net loss attributable to Green Plains

$

(9,341)

$

(1,787)

Adjustments to reconcile net income to net cash provided (used) by operating activities:

Depreciation and amortization

6,169

8

Unrealized (gains) losses on derivative financial instruments

1,303

-

Stock-based compensation expense

153

136

Changes in operating assets and liabilities:

Accounts receivable

18,166

-

Inventories

(5,360)

-

Derivative financial instruments

(2,932)

-

Prepaid expenses and other assets

7,016

345

Deposits

(1,565)

-