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VeraSun Revenues Exceed $1 Billion for Quarter
US - Ethanol producer, VeraSun Energy Corporation, increased revenues by 499 per cent in the second quarter of the year compared to the second quarter of 2007.Revenue reached $1.015 billion, and EBITDA for the quarter increased to $73 million as compared to $33 million for the same quarter in 2007.
"VeraSun exceeded one billion dollars in revenues this quarter," said VeraSun CEO Donald L. Endres.
"More importantly, our large scale allowed us to capture $73 million in EBITDA, more than double last year, in a challenging operating environment."
During the quarter, VeraSun completed the merger with US BioEnergy effective from 1 April, adding five facilities and 420 million gallons to operations.
The company also completed construction at its Hankinson, North Dakota, Welcome, Minnesota and Hartley, Iowa biorefineries, with a combined capacity of 330 million gallons per year.
Upon completion of two additional ethanol production facilities in Dyersville, Iowa and Janesville, Minnesota, the company expects to have a capacity of 1.64 billion gallons of ethanol through 16 production facilities by the end of 2008.
"Ethanol is playing an increasingly important and strategic role in our country's fuel supply," Endres added. "Ethanol continues to trade at a deep discount to gasoline providing a significant economic incentive for refiners and gasoline marketers to develop new markets."
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