In about two weeks, US BioEnergy
As for US Bio's final standalone quarter, perhaps the most positive thing I can say is that it's over. Essentially flat ethanol prices, combined with higher corn costs, translated to a big profit squeeze. Overall costs per gallon of ethanol ran to $1.98, whereas the fuel itself sold for $1.77. Even factoring in byproduct sales of distillers grains, gross margins still evaporated to 3%, from 19% last quarter.
Non-operating charges made the quarter look even worse than it actually was. First, there was a mark-to-market loss on US BioEnergy's commodity hedges. Thanks to Bear Stearns
You know, I do have another positive thing to say. Like VeraSun, US BioEnergy dodged the auction-rate insecurity plaguing competitor Aventine Renewable Energy