Green Plains Renewable Energy, Inc. (NASDAQ: GPRE)

– Record third quarter revenue of $361.7 million

– Diluted EPS of $0.22 up from $0.03 in second quarter of 2009

– Cash and cash equivalents balance of $69.1 million

Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) announced today its financial results for the quarter ended September 30, 2009. Green Plains reported revenues of $361.7 million, a 27% increase over the second quarter of 2009, and net income of $5.5 million, or $0.22 per diluted share.

"We experienced significant improvement in our Ethanol Production segment during the quarter," said Todd Becker, President and Chief Executive Officer. "We achieved a milestone by producing at 100% of operating capacity in the month of September, hitting our 480 million gallon annualized run rate shortly after we acquired and began operations at the two plants in Nebraska."

"Ethanol margins have continued to improve and we expect the Ethanol Production segment to generate better results in the fourth quarter. We had locked in margins on more than 78 million gallons of ethanol production by quarter-end, and consistent with our risk management strategy, we have continued to lock away additional production for the balance of 2009 and the first quarter of 2010," commented Becker.

Earnings before interest, income taxes, depreciation and amortization ("EBITDA") was $19.3 million for the quarter ended September 30, 2009. Green Plains had available liquidity of $112.6 million, including $69.1 million in cash and equivalents and $43.5 million available under committed loan agreements (subject to satisfaction of specified lending conditions and covenants) at September 30, 2009.

"Our strong cash flow for the quarter allowed us to continue to fully meet our obligations and add to our liquidity position. We are focused every day on cash flow and have built a solid balance sheet that we believe can withstand cyclical downturns," continued Becker. "Our diversified operating platform is working well and we believe the upcoming fourth quarter will highlight the full earnings capability of our business, particularly during the fall harvest period when the Agribusiness segment is expected to achieve better seasonal results."

For the nine months ended September 30, 2009, revenues were $867.5 million, with a net loss of $3.3 million or $0.13 per share. EBITDA for the nine months ended September 30, 2009 was $29.9 million.

Recent Business Highlights

– On October 14, 2009, Green Plains unveiled BioProcessAlgae, LLC’s Phase I Grower Harvester™ pilot project. BioProcessAlgae has completed the installation of Phase I of the multi-phase pilot project and algae production has commenced at the Company’s Shenandoah ethanol plant. BioProcessAlgae’s research team will collect production data over the next 120 days from the pilot project that will be instrumental in determining the scalability and functionality for future commercial deployment of the Grower Harvester technology.

– Green Plains Trade Group LLC, a wholly-owned subsidiary, entered into an agreement to provide third-party ethanol marketing services to Lincolnway Energy, LLC of Nevada, IA at the end of the third quarter. The Lincolnway Energy facility, which has been operational since May 2006, has an expected production capacity of approximately 55 million gallons of ethanol per year.

– For the third quarter of 2009, Green Plains’ Ethanol Production segment produced and sold a record 107.3 million gallons of ethanol, operating at 99.6% of the Company’s average daily operating capacity.

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