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Text: But first, I'll review the safe harbor disclosure.
As such, actual results may vary materially from expectations.
I have joining me on the call today, Stuart Rose, Executive Chairman of the Board; and Zafar Rizvi, Chief Executive Officer.
Sales for the quarter increased approximately 6.7%, primarily reflecting higher year-over-over ethanol pricing.
Sales were based upon 65.9 million gallons this year versus 72.6 million gallons in the prior year fourth quarter.
Sales for the full year were based upon 235.3 million gallons this year versus 285.8 million gallons in the prior year.
The reduced ethanol gallons were primarily at the NuGen plant due to the impact of the wet weather interrupting rail service in the spring and ultimately fewer corn acres planted near the facility and the resulting impact on affordable corn in that area.
Gross profit for the ethanol and by-products segment increased for the fourth quarter from $5.4 million to $8.1 million, primarily due to improved crush spreads in the early part of the fourth quarter, which fell off as the quarter progressed.
The refined coal segment had a gross loss of $1.5 million for this year's fourth quarter versus $3.2 million for the prior year with the decrease reflecting lower demand at the facility.
SG&A expense increased for the fourth quarter from $4.5 million to $5.6 million, largely due to higher ethanol freight charges recorded in SG&A due to certain contract terms.
The Company recorded income from its unconsolidated equity investment of $1 million for the fourth quarter of this year versus the loss of $646,000 in the prior year.
This improvement is consistent with ethanol industry conditions during those quarters.
We recognized tax benefit of $3.4 million in this year's fourth quarter versus a benefit of $4.6 million in the prior year's fourth quarter.
The refined coal segment contributed a benefit of $1.5 million this year versus $4.8 million in the prior year fourth quarter, reflecting the aforementioned lower demand at the facility.
This resulted in net income for the fourth quarter increasing from $1.4 million to $4.4 million and the diluted earnings per share increasing from $0.17 to $0.70.
During the current quarter, ethanol, the whole operation is running at a loss, mostly caused by ethanol.
Among the reasons that ethanol is running at a loss was a bad harvest in part of the country, as Doug explained.
Low oil prices, low ethanol prices, COVID-19 outbreak -- resulting in low crush spread.
In terms of refined coal, the plants are running -- currently running idle.
We believe that's due to low natural gas prices and lower-than-expected demand.
The price of coal now in our opinion is making it uneconomical to run the refined coal operation.
On the good side of that, we have no need for the tax credits at this time.
So, it's not something that would definitely need running.
In terms of our Company itself, we saved our cash, which currently looks like a very, very good move.
Consolidated cash is about $205 million.
Uses of this cash, which we're now -- we're certainly now actively looking at include possible buybacks, about 350,000 shares remain authorized.
Right now, our stock is selling at a price that possibly makes that attractive, depending where it is on any given day.
We're also looking at carbon capture possibilities in Illinois.
We're still always looking at new businesses.
This is the same company that 10 years ago sold TVs.
So, we're certainly capable if this is prolonged in the ethanol business of making a pivot.
And we're looking if an ethanol plant -- a very good word comes along at a very bargain price, we would consider it.
Zafar Rizvi, our Chief Executive Officer, will now discuss further the ethanol business and the overall business.
As I mentioned in our previous three calls, a challenging environment has continued throughout the last year.
The Company faced several issues due to weather-related problems, which delayed the planting of corn and resulted in an unexpected delay in the harvest.
Commodity prices in 2019 was subject to significant volatility.
We've struggled to obtain an adequate supply of corn at NuGen facility in South Dakota, where production has fallen off historic levels and resulted in the higher last corn basis.
Our production at this plant was interrupted, including no operation in October due to corn availability.
We entered fiscal 2020 facing continued challenges, including the recent decline in the crude and ethanol market, a decline in the price, and the emergence of the COVID-19 pandemic, all of which resulted in decrease in the fuel demand and the negative impact on the crush margins.
The federal government and various state governments are issuing advisory for social distance and working remotely from home, if possible.
We are taking every steps to keep our employees safe and are following Center for Disease Control and Prevention and state and federal guideline.
As I mentioned previously, our NuGen plant faced many challenges last fiscal year in response to COVID-19 and the challenging industry environment, we decided last week to keep the plant [Indecipherable] until the threat of COVID-19 is reduced and the crush margin increased.
We are in the process of evaluating further to take similar steps for One Earth Energy since the Governor of Illinois has issued stay at home orders and the crush margin has declined.
That's largely we are expecting a loss in the ethanol segment in the first and probably second quarter of 2020, if the threat of COVID-19 is not diminished and market conditions will not improve.
On top of these challenges, we are experiencing continued uncertainty because of the trade disputes and the small refinery exemption.
In 2019, ethanol export decreased to [Phonetic] 1.5 billion gallon compared to 1.7 billion gallon in 2018.
Total ethanol production in 2019 was 15.8 billion gallons compared to 16.1 billion gallons in 2018.
U.S. export of distiller grains in 2019 was 10.79 million metric tons, down 9.23% from 2018.
Let me discuss a little bit about what else we are doing as Stuart mentioned earlier.
We are working with the University of Illinois to explore a carbon sequestration project at One Earth Energy.
The plant produces approximately 500,000 ton of very clean carbon dioxide.
Geologically mapping characterization and modeling have been demonstrated that storage potential in the Mt. Simon storage complex in the density [Phonetic] of the One Earth Energy facility is expected to have excellent reservoir quality.
The Mt. Mt. Simon Sandstones are a proven storage reservoir according to University of Illinois analysis.
We have completed a feasibility study, conducting seismic testing, and have purchased extra land for the project.
However, we are in the very early stage of this project.
The University of Illinois has applied for the grant, and we are in the process of removing state and federal laws for bonding [Phonetic].
At this very beginning stage, we cannot predict yet whether we will be able to implement this carbon sequestration project.
In summary, in spite of very difficult and challenging environment, we were still able to produce a net profit for the year as well as the fourth quarter for the ethanol segment.
I will give back the floor to Stuart Rose for his additional comments.
In conclusion, we're going through difficult times.
It's probably as bad as I've ever seen in the ethanol business.
With corn prices and corn availability, oil going down, COVID-19, a lot of things hitting us at the same time, but we have an experienced management team.
We know how to pivot when we have to.
We have lots of cash.
We have what we feel is the best people to handle these times and we will do our best to handle these times.
We hope to come out it better than ever.
We should -- but we'll see in these uncertain times.
It's like I said, very difficult right now.
Now, I'll leave the floor open to questions.

user
compname reports fourth quarter diluted earnings per share of $0.70.
q4 earnings per share $0.70.
operating environment remains severely challenged at this time.

assistant