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Non-Tech : $2 or higher gas - Can ethanol make a comeback?
DAR 17.52-1.4%1:08 PM EDT

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From: Glenn Petersen4/1/2006 1:53:48 AM
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Some highlights from the Aventine Renewable Energy Holdings, Inc. S-1:

Business Overview

We are a leading producer and marketer of ethanol in the United States. Through our production facilities, marketing alliances with other producers and purchase and resale operations, we marketed and distributed 529.8 million gallons of ethanol in 2005. For the year ended December 31, 2005, we sold approximately 13.4% of the total ethanol volume in the United States. We market and distribute ethanol to many of the leading energy companies in the United States, including BP Products North America, Inc., ConocoPhillips Company, Chevron Corporation, Royal Dutch Shell, Marathon Oil and Valero Marketing and Supply Company. We have strong national distribution capabilities and lease space where our ethanol is blended with our customers' gasoline. In addition to producing ethanol, our facilities also produce several co-products, such as corn gluten feed and corn germ and bio-products, such as brewers' yeast, which generate incremental revenue and offset a portion of our corn costs. Our revenue and operating income for the year ended December 31, 2005 were $935.5 million and $65.9 million, respectively.


Summary results for three-year period ending December 31, 2005:

Revenues
2005: $935.5 million
2004: $858.9 million
2003: $404.4 million

Net income
2005: $32.2 million
2004: $29.4 million
2003: $11.0 million

EBITDA
2005: $67.6 million
2004: $51.3 million
2003: $19.7 million

Gallons of ethanol sold
2005: 547.4 million
2004: 499.5 million
2003: 458.8 million

Average gross price per gallon
2005: $1.87
2004: $1.54
2003: $1.35

Approximately 39.6% of the stock is controlled by Aventine Holdings LLC, an affiliate of Morgan Stanley. Note that Morgan Stanley is one of the underwriters for Verasun Energy.

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