UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): November 7, 2018  

Green Plains Inc.
(Exact Name of Registrant as Specified in Charter)

Iowa
(State or Other Jurisdiction of Incorporation)

001-3292484-1652107
(Commission File Number)(I.R.S. Employer Identification Number)
  
1811 Aksarben Drive, Omaha, Nebraska 68106
(Address of Principal Executive Offices)(Zip Code)


 
(402) 884-8700
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [    ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [    ]

 
 

Item 2.02. Results of Operations and Financial Condition.

Green Plains Inc. issued a press release announcing its financial results for the three months ended September 30, 2018. A copy of this press release is attached as Exhibit 99.1.
         
      The information in this current report on Form 8-K, including Exhibit 99.1, is “furnished,” not “filed,” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not subject to liability of that section nor deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, before or after this date and regardless of any general incorporation language in the filing, unless explicitly incorporated by reference in such filing.

Item 9.01. Financial Statements and Exhibits.

 (d)  Exhibits. The following exhibits are filed as part of this report.

Exhibit No. Description of Exhibit
   
99.1 Press Release, dated November 7, 2018


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Green Plains Inc.
   
  
Date: November 7, 2018By: /s/ John W. Neppl        
  John W. Neppl
  Chief Financial Officer
(Principal Financial Officer)
  

EdgarFiling

EXHIBIT 99.1

FOR IMMEDIATE RELEASE
  

Green Plains Reports Third Quarter 2018 Financial Results

OMAHA, Neb., Nov. 07, 2018 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the third quarter of 2018. Net loss attributable to the company was $12.5 million, or $(0.31) per diluted share, for the third quarter of 2018 compared to net income of $34.4 million, or $0.74 per diluted share, for the same period in 2017. Revenues were $1.0 billion for the third quarter of 2018 compared with $901.2 million for the same period last year.

“I am pleased to say that the portfolio optimization plan we launched six months ago to strengthen our balance sheet and to reposition our assets for growth remains on track,” commented Todd Becker, president and chief executive officer. “We estimate that the cash proceeds from the asset sales, net of fees and taxes, will be approximately $645 million. This will allow the company to pay off the outstanding term loan B balance of $495 million and execute on the other points of our portfolio optimization plan once the sale transactions close.”

“We will be free of term debt on our assets for the first time in the company’s history,” added Becker, “We will continue to focus on enhancing our margin structure for our ethanol production segment by reducing controllable expenses, investing in high-protein feed technology, and focusing our efforts on growing our earnings across our entire business.”

Revenues attributable to the company were $3.0 billion for the nine-month period ended September 30, 2018, compared with $2.7 billion for the same period in 2017. Net loss for the nine-month period ended September 30, 2018, was $37.6 million, or $(0.94) per diluted share, compared with net income of $14.4 million, or $0.48 per diluted share, for the same period in 2017.

“In addition to our food and ingredients segment delivering results in line with our expectations, we were successful in generating a consolidated ethanol crush margin of $32.3 million, or approximately $0.11 per gallon in a challenging third quarter environment. Ethanol exports continue on their record pace of 1.6 billion gallons for 2018 and we believe exports should grow again in 2019,” commented Becker. “The expected approval of E15 next year, along with strong demand for our products worldwide, should start to clear the way for a fundamental improvement in the business going forward. While the current environment remains challenging, our balance sheet has never been stronger due in part to the execution of our portfolio optimization plan and our very strong cash and liquidity position.”

Third Quarter Highlights and Recent Developments

Results of Operations

Green Plains produced 304.8 million gallons of ethanol during the third quarter of 2018, compared with 313.6 million gallons for the same period in 2017. The consolidated ethanol crush margin was $32.3 million, or $0.11 per gallon, for the third quarter of 2018, compared with $47.3 million, or $0.15 per gallon, for the same period in 2017. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil, plus intercompany storage, transportation and other fees, net of related expenses.

Consolidated revenues increased $98.9 million for the third quarter of 2018, compared with the same period in 2017 as a result of the acquisitions of cattle feeding operations in 2018 and 2017, partially offset by a decrease in ethanol production and trading activity.

Operating income decreased $20.1 million and earnings before interest, income taxes, depreciation and amortization (EBITDA) decreased $18.3 million for the third quarter of 2018 compared with the same period last year primarily due to the compression of ethanol production margins. Interest expense decreased $8.5 million for the third quarter of 2018, compared with the same period in 2017, primarily due to higher expense associated with the termination of previous credit facilities during the third quarter of 2017. Income tax benefit was $14.7 million for the third quarter of 2018, compared with $48.8 million for the same period in 2017 due to the company’s recognition of tax benefits related to R&D Credits during the third quarter of 2017 for all open tax years.

Segment Information
The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol and distillers grains, and recovery of corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, (3) food and ingredients, which includes cattle feeding, vinegar production and food-grade corn oil operations and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership, and agribusiness and energy services segments and eliminated upon consolidation. Third party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.



                   
GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
                   
  Three Months Ended
September 30,
 Nine Months Ended
September 30,
  2018
 2017
 % Var. 2018
 2017
 % Var.
Revenues:                  
Ethanol production $576,512  $623,759  (7.6)% $1,735,703  $1,863,980  (6.9)%
Agribusiness and energy services  186,982   179,010  4.5    584,400   517,349  13.0  
Food and ingredients  251,151   114,788  118.8    755,227   329,545  129.2  
Partnership  25,770   26,449  (2.6)   77,495   78,743  (1.6) 
Intersegment eliminations  (40,315)  (42,771) (5.7)   (120,601)  (114,435) 5.4  
  $1,000,100  $901,235  11.0 % $3,032,224  $2,675,182  13.3 %
Gross margin:                  
Ethanol production $15,793  $32,855  (51.9)% $28,812  $61,292  (53.0)%
Agribusiness and energy services  7,550   10,275  (26.5)   38,082   30,110  26.5  
Food and ingredients  15,001   15,934  (5.9)   52,872   47,647  11.0  
Partnership  25,770   26,449  (2.6)   77,495   78,743  (1.6) 
Intersegment eliminations  (398)  (65) 512.3    (381)  (312) 22.1  
  $63,716  $85,448  (25.4)% $196,880  $217,480  (9.5)%
Depreciation and amortization:                  
Ethanol production $24,289  $20,959  15.9 % $65,284  $61,443  6.3 %
Agribusiness and energy services  675   1,457  (53.7)   1,923   2,776  (30.7) 
Food and ingredients  3,780   3,139  20.4    10,628   9,259  14.8  
Partnership  1,120   1,280  (12.5)   3,406   3,781  (9.9) 
Corporate activities  849   999  (15.0)   2,769   2,846  (2.7) 
  $30,713  $27,834  10.3 % $84,010  $80,105  4.9 %
Operating income (loss):                  
Ethanol production $(15,961) $3,107  * % $(60,704) $(25,950) (133.9)%
Agribusiness and energy services  2,851   3,686  (22.7)   22,081   13,138  68.1  
Food and ingredients  8,324   10,132  (17.8)   33,890   30,472  11.2  
Partnership  16,725   16,290  2.7    48,214   47,707  1.1  
Intersegment eliminations  (325)  8  *    (113)  (147) 23.1  
Corporate activities  (10,965)  (12,507) 12.3    (34,879)  (30,898) (12.9) 
  $649  $20,716  (96.9)% $8,489  $34,322  (75.3)%
EBITDA:                  
Ethanol production $8,475  $25,570  (66.9)% $4,742  $38,521  (87.7)%
Agribusiness and energy services  3,537   5,150  (31.3)   24,035   15,910  51.1  
Food and ingredients  12,151   13,272  (8.4)   47,192   39,741  18.7  
Partnership  17,913   17,589  1.8    51,674   51,549  0.2  
Intersegment eliminations  (325)  8  *    (113)  (147) 23.1  
Corporate activities  (9,716)  (11,212) 13.3    (30,533)  (27,275) (11.9) 
  $32,035  $50,377  (36.4)% $96,997  $118,299  (18.0)%
                   
* Percentage variance not considered meaningful.            




               
GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
               
  Three Months Ended
September 30,
 Nine Months Ended
September 30,
  2018 2017 % Var. 2018 2017 % Var.
Ethanol production              
Ethanol (gallons) 304,826 313,642 (2.8)% 881,518 915,607 (3.7)%
Distillers grains (equivalent dried tons) 811 817 (0.7)  2,279 2,421 (5.9) 
Corn oil (pounds) 78,304 75,440 3.8   222,994 216,482 3.0  
Corn consumed (bushels) 105,965 109,544 (3.3)  306,395 318,709 (3.9) 
               
Agribusiness and energy services              
Domestic ethanol sold (gallons) 317,708 345,038 (7.9)  913,068 982,946 (7.1) 
Export ethanol sold (gallons) 23,476 34,773 (32.5)  162,295 137,412 18.1  
  341,184 379,811 (10.2)  1,075,363 1,120,358 (4.0) 
Food and ingredients              
Cattle sold (head) 147 48 206.3   402 128 214.1  
               
Partnership              
Storage and throughput (gallons) 314,061 308,316 1.9   926,671 913,894 1.4  
               
             


             
GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
             
  Three Months Ended
September 30,
 Three Months Ended
September 30,
  2018
 2017 2018
 2017
    ($ per gallon produced)
             
Ethanol production operating income (loss) $(15,961) $3,107 $(0.05) $0.01
Depreciation and amortization  24,289   20,959  0.08   0.07
Total ethanol production  8,328   24,066  0.03   0.08
             
Intercompany fees, net:            
Storage and logistics (partnership)  16,647   16,205  0.06   0.05
Marketing and agribusiness fees
(agribusiness and energy services)
  7,372   7,047  0.02   0.02
Consolidated ethanol crush margin $32,347  $47,318 $0.11  $0.15

Liquidity and Capital Resources
On September 30, 2018, Green Plains had $234.5 million in total cash, cash equivalents and restricted cash, and $491.6 million available under revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding at September 30, 2018, was $1,389.4 million, including $556.6 million outstanding under working capital revolvers and other short-term borrowing arrangements for the agribusiness and energy services, and food and ingredients segments and $136.0 million of debt related to Green Plains Partners.

Conference Call Information
Green Plains Inc. and Green Plains Partners LP will host a joint conference call Thursday Nov. 8th at 11 a.m. Eastern time (10 a.m. Central time), to discuss third quarter 2018 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 1476588. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains’ website at http://investor.gpreinc.com/events.cfm.

Non-GAAP Financial Measures
Management uses earnings before interest, income taxes, depreciation and amortization, or EBITDA, segment EBITDA and consolidated ethanol crush margins 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 alternatives to net income or segment operating income, which are determined in accordance with generally accepted accounting principles (GAAP). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

To supplement our condensed consolidated statements of operations presented in accordance with GAAP, the company has provided non-GAAP adjusted financial measures of operating results that excludes certain items. Basic and diluted earnings per share attributable to Green Plains are presented in the Reconciliation to Non-GAAP Adjusted Financial Measures as reported on a GAAP and non-GAAP basis related to the impact of the expenses for refinancing and expanding the company's term loan and net R&D tax credits related to qualifying activities during fiscal year 2017. Management believes including these additional measures may enhance the investor's overall understanding of the company's ongoing operations. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with GAAP.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feeding, food ingredients, and commodity marketing and logistics services. The company is one of the leading producers of ethanol in the world and, through its adjacent businesses, is focused on the production of high-protein feed ingredients and export growth opportunities. Green Plains owns a 62.4% 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 includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions. Other factors can include risks associated with the Green Plains’ ability to successfully complete the sale of assets related to the company’s announced portfolio optimization plan and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.


Consolidated Financial Results

       
GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
       
  September 30,
2018
 December 31,
2017
  (unaudited)   
ASSETS      
Current assets      
Cash and cash equivalents $171,674 $266,651
Restricted cash  62,797  45,709
Accounts receivable, net  134,950  151,122
Income tax receivable  13,211  6,413
Inventories  765,198  711,878
Other current assets  39,783  24,698
Total current assets  1,187,613  1,206,471
Property and equipment, net  1,143,551  1,176,707
Other assets  353,670  401,472
Total assets $2,684,834 $2,784,650
       
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current liabilities      
Accounts payable $155,663 $205,479
Accrued and other liabilities  47,955  63,886
Derivative financial instruments  41,725  12,884
Income taxes payable  -  9,909
Short-term notes payable and other borrowings  556,566  526,180
Current maturities of long-term debt  65,614  67,923
Total current liabilities  867,523  886,261
Long-term debt  767,177  767,396
Deferred income taxes  21,764  56,801
Other liabilities  14,235  15,056
Total liabilities  1,670,699  1,725,514
       
Stockholders' equity      
Total Green Plains stockholders' equity  898,913  942,182
Noncontrolling interests  115,222  116,954
Total liabilities and stockholders' equity $2,684,834 $2,784,650




                      
GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
                  
 Three Months Ended
September 30,
 Nine Months Ended
September 30,
 2018 2017
 % Var. 2018
 2017
 % Var.
Revenues                 
Product$ 998,802   $ 899,534    11.0 % $ 3,027,678   $ 2,670,458    13.4%
Services  1,298     1,701    (23.7)    4,546     4,724    (3.8) 
Total revenues  1,000,100     901,235    11.0     3,032,224     2,675,182    13.3 
Costs and expenses                 
Cost of goods sold (excluding depreciation and amortization expenses reflected below)  936,384     815,787    14.8     2,835,344     2,457,702    15.4 
Operations and maintenance  7,271     8,309    (12.5)    23,564     25,107    (6.1) 
Selling, general and administrative  25,083     28,589    (12.3)    80,817     77,946    3.7 
Depreciation and amortization  30,713     27,834    10.3     84,010     80,105    4.9 
Total costs and expenses  999,451     880,519    13.5     3,023,735     2,640,860    14.5 
Operating income  649     20,716    (96.9)    8,489     34,322    (75.3) 
Other income (expense)                 
Interest income  790     383    106.3     2,136     1,061    101.3 
Interest expense  (23,399)   (31,889)  26.6     (67,548)   (69,815)  3.2 
Other, net  (117)   1,444   *    2,362     2,811    (16.0) 
Total other expense  (22,726)   (30,062)  (24.4)    (63,050)   (65,943)  (4.4) 
Loss before income taxes  (22,077)   (9,346)  (136.2)    (54,561)   (31,621)  (72.5) 
Income tax benefit  14,658     48,775    (69.9)    31,438     60,905    (48.4) 
Net income (loss)  (7,419)   39,429   *    (23,123)   29,284   * 
Net income attributable to noncontrolling interest  5,050     5,035    0.3     14,457     14,853    (2.7) 
Net income (loss) attributable to Green Plains$ (12,469) $ 34,394   *% $ (37,580) $ 14,431   *%
                  
Earnings per share:                 
Net income (loss) attributable to Green Plains - basic$ (0.31) $ 0.83      $ (0.94) $ 0.36     
Net Income (loss) attributable to Green Plains - diluted$ (0.31) $ 0.74      $ (0.94) $ 0.48     
                  
Weighted average shares outstanding:                 
Basic  40,229     41,348        40,189     40,008     
Diluted  40,229     50,647        40,189     50,693     
                  




       
GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
       
  Nine Months Ended
September 30,
  2018
 2017
Cash flows from operating activities:      
Net loss $(23,123) $29,284 
Noncash operating adjustments:      
Depreciation and amortization  84,010   80,105 
Deferred income taxes  (37,980)  (88,565)
Other  17,815   46,477 
Net change in working capital  43,666   (181,536)
Net cash provided by (used in) operating activities  84,388   (114,235)
       
Cash flows from investing activities:      
Purchases of property and equipment, net  (31,114)  (36,475)
Acquisition of businesses, net of cash acquired  (124,407)  (61,727)
Investments in unconsolidated subsidiaries  (2,446)  (12,033)
Other investing activities  7,500   - 
Net cash used in investing activities  (150,467)  (110,235)
       
Cash flows from financing activities:      
Net proceeds (payments) - long-term debt  (3,837)  64,050 
Net proceeds - short-term borrowings  29,974   166,283 
Other  (37,947)  (66,000)
Net cash provided by (used in) financing activities  (11,810)  164,333 
       
Net change in cash, cash equivalents and restricted cash  (77,889)  (60,137)
Cash, cash equivalents and restricted cash, beginning of period  312,360   406,791 
Cash, cash equivalents and restricted cash, end of period $234,471  $346,654 


       
   Nine Months Ended
September 30,
   2018 2017
       
Reconciliation of total cash, cash equivalents and restricted cash:      
Cash and cash equivalents $ 171,674 $ 261,588
Restricted cash   62,797   85,066
Total cash, cash equivalents and restricted cash $ 234,471 $ 346,654


GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
             
  Three Months Ended
September 30,
 Nine Months Ended
September 30,
  2018
 2017
 2018
 2017
Net income (loss) $(7,419) $39,429  $(23,123) $29,284 
Interest expense  23,399   31,889   67,548   69,815 
Income tax benefit  (14,658)  (48,775)  (31,438)  (60,905)
Depreciation and amortization  30,713   27,834   84,010   80,105 
EBITDA $32,035  $50,377  $96,997  $118,299 


             
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP ADJUSTED FINANCIAL MEASURES
(unaudited, in thousands except for per share amounts)
             
  Three Months Ended September 30, 2018 Three Months Ended September 30, 2017
  GAAP Basis
as Reported
 GAAP Basis
as Reported
 Non-GAAP
Adjustment
Tax Credit &
Interest Exp.
 Non-GAAP
Basis as
Adjusted
Basic EPS:            
Net income (loss) attributable to Green Plains $(12,469) $34,394 $(41,816) $(7,422)
Weighted average shares outstanding - basic  40,229   41,348  -   41,348 
Earnings (loss) per share attributable to Green Plains - basic $(0.31) $0.83 $(1.01) $(0.18)
             
Diluted EPS:            
Net income (loss) attributable to Green Plains $(12,469) $34,394 $(41,816) $(7,422)
Interest and amortization on convertible debt, net of tax            
3.25% convertible senior notes due 2018  -   840  (840)  - 
4.125% convertible senior notes due 2022  -   2,050  (2,050)  - 
Net income (loss) attributable to Green Plains - diluted $(12,469) $37,284 $(44,706) $(7,422)
             
Weighted average shares outstanding - basic  40,229   41,348  -   41,348 
Effect of dilutive 3.25% convertible senior notes due 2018  -   3,178  (3,178)  - 
Effect of dilutive 4.125% convertible senior notes due 2022  -   6,071  (6,071)  - 
Effect of dilutive stock compensation awards  -   50  (50)  - 
Total potential shares outstanding  40,229   50,647  (9,299)  41,348 
Earnings (loss) per share attributable to Green Plains - diluted $(0.31) $0.74 $(0.92) $(0.18)
             
             
  Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017
  GAAP Basis
as Reported
 GAAP Basis
as Reported
 Non-GAAP
Adjustment
Tax Credit &
Interest Exp.
 Non-GAAP
Basis as
Adjusted
Basic EPS:            
Net income (loss) attributable to Green Plains $(37,580) $14,431 $(41,816) $(27,385)
Weighted average shares outstanding - basic  40,189   40,008  -   40,008 
Earnings (loss) per share attributable to Green Plains - basic $(0.94) $0.36 $(1.04) $(0.68)
             
Diluted EPS:            
Net income (loss) attributable to Green Plains $(37,580) $14,431 $(41,816) $(27,385)
Interest and amortization on convertible debt, net of tax            
3.25% convertible senior notes due 2018  -   3,582  (3,582)  - 
4.125% convertible senior notes due 2022  -   6,089  (6,089)  - 
Net income (loss) attributable to Green Plains - diluted $(37,580) $24,102 $(51,487) $(27,385)
             
Weighted average shares outstanding - basic  40,189   40,008  -   40,008 
Effect of dilutive 3.25% convertible senior notes due 2018  -   4,551  (4,551)  - 
Effect of dilutive 4.125% convertible senior notes due 2022  -   6,071  (6,071)  - 
Effect of dilutive stock compensation awards  -   63  (63)  - 
Total potential shares outstanding  40,189   50,693  (10,685)  40,008 
Earnings (loss) per share attributable to Green Plains - diluted $(0.94) $0.48 $(1.16) $(0.68)


Contact: Jim Stark | Vice President, Investor & Media Relations | 402.884.8700 | jim.stark@gpreinc.com