Latest news with #Mapes
Business Wire
a day ago
- Business
- Business Wire
Green Plains Reports Second Quarter 2025 Financial Results
OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE) ('Green Plains' or the 'company') today announced financial results for the second quarter of 2025. Net loss attributable to the company was $72.2 million, or $(1.09) per diluted share, compared to net loss attributable to the company of $24.4 million, or ($0.38) per diluted share, for the same period in 2024. The results for the quarter include $44.9 million in non-cash charges primarily related to the sale of non-core assets and an equity method investment, as well as impairments of equipment and assets held for sale. The company also incurred $2.5 million in restructuring costs related to its ongoing transformation initiatives. Revenues were $552.8 million for the second quarter of 2025 compared with $618.8 million for the same period last year. Adjusted EBITDA was $16.4 million compared with $5.0 million for the same period in the prior year. 'We executed several key initiatives this quarter to sustain reliable, safe operations, improve efficiencies and enhance our operating performance by rigorous management of our most critical metrics,' said Michelle Mapes, Interim Principal Executive Officer. 'By exiting non-core assets and activities and focusing on our platform, we've streamlined the business and sharpened execution. Our team delivered strong results with 99% utilization across the operating platform, demonstrating the success of the structural improvements made available by our operational excellence initiatives. With the cost reductions implemented during the first half of the year, we are on pace to exceed the $50 million in annualized savings target. This new expense base positions us to exit the year — and enter 2026 — as a leaner, more agile company. Our improved cost efficiency enables stronger earnings leverage from higher ethanol margins, firming corn oil prices, growing export demand, and a constructive corn crop outlook. With construction of our carbon capture project nearing completion, we're well positioned to drive more dollars to the bottom line in the second half and beyond." 'Recent favorable federal government policy decisions have reinforced our strategy to produce low-CI feedstocks and fuels,' added Mapes. 'Demand for our low-CI corn oil, a preferred feedstock into renewable diesel, remains strong. Construction of the carbon compression infrastructure at our Nebraska facilities is progressing on schedule and we remain on track to begin carbon sequestration early in the fourth quarter. The extension of the 45Z Clean Fuel Production Credit through 2029, the removal of the indirect land use change penalty, and the ring fencing of North American feedstocks provides critical policy support and long-term validation of our carbon reduction strategy, upgrading the consistent earnings power of our platform.' 'We took meaningful steps during the quarter to improve our financial position, including reducing working capital investments with our Eco-Energy marketing arrangement, monetizing non-core assets, lowering expenses, and finalizing financing agreements to align with our strategic goals,' added Phil Boggs, Chief Financial Officer. 'Extending the maturity of our near-term debt enhances flexibility as we work toward the execution of our decarbonization initiatives. We remain focused on operating safely, driving efficiency, managing costs, and strengthening our balance sheet to position the company for sustained financial performance.' Highlights and Recent Developments Completed the sale of our 50% investment in GP Turnkey Tharaldson LLC as of June 30, 2025, for $25 million On August 10, 2025, the company executed an amendment to extend the maturity of its $127.5 million Mezzanine note facility to September 15, 2026 Results of Operations Green Plains' ethanol production segment sold 193.6 million gallons of ethanol during the second quarter of 2025, compared with 208.5 million gallons for the same period in 2024. The consolidated ethanol crush margin was $26.3 million for the second quarter of 2025 inclusive of the sale of accumulated RINs of $22.6 million, compared with ethanol crush margin of $22.7 million for the same period in 2024. The consolidated ethanol crush margin is the ethanol production segment's operating income, which includes renewable corn oil and Ultra-High Protein, before depreciation and amortization, and impairment of assets held for sale, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities. Consolidated revenues decreased $66.0 million for the three months ended June 30, 2025, compared with the same period in 2024, primarily driven by our agribusiness and energy services segment as a result of the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC. Net loss attributable to Green Plains increased $47.9 million primarily due to a loss on sale of assets and equity method investment of $31.0 million and an impairment of assets held for sale of $10.7 million. Adjusted EBITDA increased $11.4 million for the three months ended June 30, 2025 compared with the same period last year due to a change in operating strategy and the sale of accumulated RINs partially offset by weaker margins in our ethanol production segment. Interest expense increased $6.4 million for the three months ended June 30, 2025 compared with the same period in 2024 primarily due to amortization of loan fees related to the issuance and modification of warrants in conjunction with access to a short-term line of credit and an amendment on our Junior Notes as well as decreased capitalized interest. Income tax expense was $2.3 million for the three months ended June 30, 2025 compared with income tax benefit of $0.3 million for the same period in 2024, primarily due to an increase in the valuation allowance recorded against certain deferred tax assets related to gains (losses) on derivatives. Segment Information The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (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, Ultra-High Protein, renewable corn oil, natural gas and other commodities. Expand GREEN PLAINS INC. CONSOLIDATED CRUSH MARGIN (unaudited, in thousands) 2025 2024 Ethanol production operating loss (1) $ (12,218 ) $ (2,213 ) Depreciation and amortization 22,918 20,544 Impairment of assets held for sale 10,724 — Adjusted ethanol production operating income 21,424 18,331 Intercompany fees and nonethanol operating activities, net (2) 4,862 4,327 Consolidated ethanol crush margin $ 26,286 $ 22,658 (1) Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million and an inventory lower of cost or net realizable value adjustment of $2.3 million for the three months ended June 30, 2025. (2) Includes ($1.0) million and $1.9 million for the three months ended June 30, 2025 and 2024, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities. Expand Liquidity and Capital Resources As of June 30, 2025, Green Plains had $152.7 million in total cash and cash equivalents, and restricted cash, and $258.5 million available under our committed revolving credit agreement, subject to restrictions or other lending conditions based specifically on the availability of sufficient eligible collateral to support additional borrowings, in addition to $30.0 million available under our line of credit with Ancora, which expired on July 30, 2025. Total corporate liquidity consisting of unrestricted cash, distributable cash from subsidiaries and Ancora credit facility availability was $93.3 million as of June 30, 2025. Total debt outstanding at June 30, 2025 was $508.2 million, including $80.1 million outstanding debt under working capital revolvers and other short-term borrowing arrangements. Conference Call Information On August 11, 2025, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss second quarter 2025 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains' website Non-GAAP Financial Measures Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company's financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, loss on sale of assets, impairment of assets held for sale and equity method investment and our proportional share of EBITDA adjustments of our equity method investees. 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 U.S. Generally Accepted Accounting Principles ('GAAP'). These non-GAAP calculations may vary from company to company. Accordingly, the company's computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company. About Green Plains Inc. Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Sequence™ and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit Forward-Looking Statements All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as 'believe,' 'intend,' 'expect,' 'may,' 'should,' 'will,' 'anticipate,' 'could,' 'estimate,' 'plan,' 'predict,' 'project' and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company's customers; any non-performance by customers of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company. The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company's control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the 'Risk Factors' section of the company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the 'SEC'), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. GREEN PLAINS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Costs and expenses Cost of goods sold (excluding depreciation and amortization expenses reflected below) 511,259 581,002 1,109,735 1,169,849 Selling, general and administrative expenses 27,605 33,950 70,517 65,719 Loss on sale of assets 4,044 — 4,044 — Depreciation and amortization expenses 27,560 21,584 49,947 43,071 Impairment of assets held for sale 10,724 — 10,724 — Total costs and expenses 581,192 636,536 1,244,967 1,278,639 Operating loss (28,363 ) (17,711 ) (90,623 ) (62,600 ) Other income (expense) Interest income 634 1,490 1,637 4,000 Interest expense (13,899 ) (7,494 ) (22,812 ) (15,280 ) Other, net (39 ) 345 (1,554 ) 794 Total other income (expense) (13,304 ) (5,659 ) (22,729 ) (10,486 ) Loss before income taxes and loss from equity method investees (41,667 ) (23,370 ) (113,352 ) (73,086 ) Income tax benefit (expense) (2,294 ) 273 (2,400 ) (56 ) Loss from equity method investees, net of income taxes (28,266 ) (941 ) (29,116 ) (2,018 ) Net loss (72,227 ) (24,038 ) (144,868 ) (75,160 ) Net income attributable to noncontrolling interests 11 312 276 602 Net loss attributable to Green Plains $ (72,238 ) $ (24,350 ) $ (145,144 ) $ (75,762 ) Earnings per share Net loss attributable to Green Plains - basic and diluted $ (1.09 ) $ (0.38 ) $ (2.22 ) $ (1.19 ) Weighted average shares outstanding Basic and diluted 66,491 63,933 65,287 63,637 Expand GREEN PLAINS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net loss $ (144,868 ) $ (75,160 ) Noncash operating adjustments Depreciation and amortization 49,947 43,071 Loss on sale of assets 4,044 — Impairment of assets held for sale 10,724 — Inventory lower of cost or net realizable value adjustment 2,255 — Stock-based compensation 11,123 6,591 Loss from equity method investees, net of income taxes 29,116 2,018 Other 8,830 2,627 Net change in working capital 32,583 (44,864 ) Net cash provided by (used in) operating activities 3,754 (65,717 ) Cash flows from investing activities Purchases of property and equipment, net (27,853 ) (39,484 ) Proceeds from the sale of assets 421 — Investment in equity method investees, net (4,909 ) (16,023 ) Net cash used in investing activities (32,341 ) (55,507 ) Cash flows from financing activities Net payments - long term debt (962 ) (7,849 ) Net proceeds (payments) - short-term borrowings (60,962 ) 18,199 Net proceeds from product financing arrangement 37,146 — Payments on extinguishment of non-controlling interest — (29,196 ) Payments of transaction costs — (5,951 ) Other (3,310 ) (7,647 ) Net cash used in financing activities (28,088 ) (32,444 ) Net change in cash and cash equivalents, and restricted cash (56,675 ) (153,668 ) Cash and cash equivalents, and restricted cash, beginning of period 209,395 378,762 Reconciliation of total cash and cash equivalents, and restricted cash Cash and cash equivalents $ 108,624 $ 195,554 Restricted cash 44,096 29,540 Total cash and cash equivalents, and restricted cash $ 152,720 $ 225,094 Expand GREEN PLAINS INC. RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (72,227 ) $ (24,038 ) $ (144,868 ) $ (75,160 ) Interest expense 13,899 7,494 22,812 15,280 Income tax expense (benefit), net of equity method income tax benefit 1,885 (273 ) 1,720 56 Depreciation and amortization (1) 27,560 21,584 49,947 43,071 EBITDA (28,883 ) 4,767 (70,389 ) (16,753 ) Restructuring costs 2,520 — 19,106 — Loss on sale of assets 4,044 — 4,044 — Impairment of assets held for sale 10,724 — 10,724 — Loss on sale of equity method investment 26,987 — 26,987 — Proportional share of EBITDA adjustments to equity method investees 1,050 271 1,828 316 Adjusted EBITDA $ 16,442 $ 5,038 $ (7,700 ) $ (16,437 ) (1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs. Expand
Yahoo
13-06-2025
- Entertainment
- Yahoo
U.S. Army Turns 250: Meet One of the Soldiers Carrying on Its Most Time-Honored Traditions in Conversation with YourUpdateTV
Nationwide media tour by U.S. Army conducted in conjunction with YourUpdateTV highlights the ceremonies and traditions that have endured throughout Army history, and how the next generation of Soldiers is carrying them into the future. NEW YORK, June 13, 2025 (GLOBE NEWSWIRE) -- This June, the U.S. Army celebrates its 250th birthday with the theme 'This We'll Defend,' which highlights the commitment of Army Soldiers and Civilians to fighting and winning the nation's wars. Older than the nation itself, the Army's deep history and traditions serve as a link between its proud past and promising future. To celebrate this historic moment, the Army is highlighting the young Soldiers who are carrying on its rich legacy and reaffirming its enduring relevance in today's world. 1st Lt. Nathan Mapes is Officer in Charge of all ceremonies and special events for the U.S. Army's oldest active-duty infantry unit, 'The Old Guard.' On June 11th, 1st Lt. Mapes conducted a nationwide media tour explaining the meaning behind some of the Army's most cherished traditions, and shared how the next generation of Soldiers are proudly leading the force into the future by honoring its past. Some of these time-enduring traditions include: Ceremonial performances of the Fife and Drum Corps and 'Pershing's Own.' The U.S. Army Old Guard Fife and Drum Corps has served as a ceremonial unit, representing the Army's history and traditions through music, and providing entertainment and support for various events, for over 60 years. They play traditional military music, particularly from the Revolutionary War era, and are known for their signature uniforms. The U.S. Army Band "Pershing's Own" provides musical support for the leadership of the United States, to include all branches of government, and to a wide spectrum of national and international events in order to connect the Army to the American people. Guarding The Tomb of the Unknown SoldierThe Tomb of the Unknown Soldier, located at Arlington National Cemetery, is guarded 24/7, 365 days a year, by a special detail from the The Old Guard. These Soldiers, called Sentinels, are volunteers who must undergo a strict selection process and intensive training. The Sentinels' routine involves a meticulous walk and specific movements, all with symbolic meaning, including the 21-step walk, which represents the 21-gun salute. Wreath laying at Arlington National CemeteryThe most solemn ceremonies occur when the President of the United States, or the President's designee, lays a wreath at the Tomb of the Unknown Soldier to mark the national observance of Memorial Day, Veterans Day, or other special occasions. Ceremonial wreath laying also occurs during state visits of foreign dignitaries, who pay formal respects to the sacrifices of America's veterans by placing a wreath before the Tomb. The procession of the horse-drawn caisson at state funeralsThe Caisson Detachment at Fort Myer, part of The Old Guard, has been maintaining the tradition of carrying deceased troops by horse-drawn caisson wagon to their final resting place since the 19th century. Visit to learn more about the possibilities of Army service and how you can become a part of the Army's next 250 years. About YourUpdateTV:YourUpdateTV is a property of D S Simon Media. The video included and release was part of a media tour that was produced by D S Simon Media on behalf of U.S. Army. Dante MuccigrossoDirector of Media Integration & Client ReportingE: dantem@ 973.524.0104 A video accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
Top Indiana school districts urge lawmakers to stop SB 1, warn of cuts to education
Some of Indiana's wealthiest and highest performing school districts are urging lawmakers to reverse course on a bill that could significantly impact their operations budget. Last week Hamilton Southeastern School District superintendent Pat Mapes sent an email to parents urging them to reach out to their lawmakers to share how much Senate Bill 1 could hurt the district's property tax revenues and ultimately the services they provide students. In the email Mapes said the bill, as it is currently amended, could have a significant impact on HSE and other school districts potentially leading to 'fewer academic programs, increased class sizes, and staff reductions – directly affecting the learning experience of our students,' the email said. SB 1 in its current version aims to limit how much local governments can increase property tax levies each year, which should curtail property tax increases, among other provisions. More on SB 1: Gov. Mike Braun threatens to not sign property tax relief bill passed by Senate Mapes also encouraged parents to reach out to their state legislators and 'ask them to find a way to provide tax relief without jeopardizing the future of our schools.' The district north of Indianapolis is poised to lose around $10.8 million in the next three calendar years if SB 1 is approved as is. HSE would be the district with the second-highest loss under the bill, just behind Fort Wayne Community Schools, which is set to lose $12.6 million in the next three years. Out of the Top 5 districts at risk of losing the most property tax revenue, three are school districts in Hamilton County, with Carmel Clay School District being the third most with a total loss of $9.4 million and Westfield-Washington School District with a total loss of $7.7 million. Those school districts are also typically listed as some of the top scorers on the state's standardized testing each year. Carmel Clay Superintendent Michael Beresford also posted a message to its social media pages on March 14 stating that SB 1, along with the state budget bill House Bill 1001, could impact the district's operations drastically. 'As the final versions of SB 1 & HB 1001 take shape, we want to emphasize how vital appropriate school funding is to maintain the qualify of education in CCS and across the state,' the post said. More Bills impacting schools: This IPS-charter school bill died in the first half of session. Now it's back. If SB 1 is approved in its current form, schools across the state are at risk of losing over $370 million in total property tax revenue over the next three years. However, Gov. Mike Braun has already said that he would not sign the bill in its current form saying it did not go far enough in providing relief to taxpayers as he initially set out to implement. The bill is awaiting a vote in the House Ways and Means Committee. The legislative session must end April 29. Keep up with school news: Sign up for Study Hall, IndyStar's free weekly education newsletter. IndyStar reporter Brittany Carloni contributed to this reporting. Contact IndyStar K-12 education reporter Caroline Beck at 317-618-5807 or CBeck@ Follow her on Twitter (X): @CarolineB_Indy. This article originally appeared on Indianapolis Star: HSE and Carmel schools urge lawmakers to halt SB 1, citing education cuts
