Earnings Call Excerpt
US BioEnergy Corp. (USBE)
Q4 2007 Earnings Call
March 17, 2008 11:00 am ET
Executives
Gordon Ommen - US BioEnergy CEO
Rich Atkinson - SVP and CFO
Analysts
Pavel Molchanov - Raymond James
Kelly Dougherty - Caylon Securities
Brian Milberg - Piper Jaffray
Presentation
Operator
Good morning, ladies and gentlemen. Welcome to the US BioEnergy's Yearend Results Call. On the call today is Gordon Ommen, US BioEnergy CEO; and Rich Atkinson, Senior Vice President and CFO. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions). The company will begin brief prepared remarks and then we'll open it up for a question-and-answer session.
Mr. Atkinson you may now begin.
Rich Atkinson
Thank you. This is Rich Atkinson, US BioEnergy's Chief Financial Officer. I'm joined this morning by Gordon Ommen, our Chief Executive Officer and I'd like to welcome all of you to our fourth quarter and full year 2007 Earnings Call.
Earlier this morning, we released financial results for the quarter and 12 months ended December 31st. Before getting started, I would like to remind you of the Safe Harbor disclosures regarding forward-looking statements that we make during this call, or that may be contained in our earnings release. The earnings release is available on our website at www.usbioenergy.net. The applicable Safe Harbor disclosures are presented at the end of that release and in our Form 10-K for the fiscal year ended December 31st, 2007, filed with the SEC this morning.
With that, I would like to turn the call over to Gordon Ommen.
Gordon Ommen
Thank you, Rich and welcome everyone to our call today. As you know by this time, we will soon be merging with VeraSun Energy. As a result, we expect this will be the last conference call US BioEnergy holds as a publicly traded company. I will start with a brief review of our financial and operating accomplishments and then update you on the progress of the merger.
In the February of 2008, we commenced operations at our Marion plant. This was the Millennium Ethanol Project we acquired in August. Now, including Marion, we have five operating plants with a combined production capacity of 420 million gallons per year. This compares with 250 million gallons of operating capacity at the end of 2006, representing a 68% increase year-over-year.
In addition to our five plants in production, we currently have three plants under construction. Our Hankinson plant is expected to start producing in the second quarter of 2008. Our Dyersville and Janesville facilities are expected to start producing ethanol in the second half of 2008. Hankinson, Dyersville and Janesville are all 110 million gallon facilities. Combining these with our operating plants will bring our production to 750 million gallons per year by year end.
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