May 14, 2008

VeraSun posts net sales of US$516 million in Q1

VeraSun Energy Corporation posted on May 12 total net sales of US$516.5 million for the first quarter of 2008, up 257 percent from US$114.5 million last year.

The company's net income amounted to US$7.573, up from a loss of US$312,000 the previous year.

Donald Endres, VeraSun CEO, said the company continues to execute on its long-term growth strategy with significantly higher production, resulting in increased revenues and earnings.

Endres also pointed out that VeraSun commissioned its production facility at Bloomingburg, Ohio during the quarter, adding another 110 million gallons of production capacity.

VeraSun completed a merger with US BioEnergy on April 1 that gave it 11 new operating facilities with a combined ethanol production capacity in excess of one billion gallons.

Five additional facilities also are under construction. By the end of the year when the new plants are finished, the company expects to have an annual production capacity of approximately 1.64 billion gallons.

Endres noted that demand for ethanol continues to increase throughout the country.

VeraSun is one of the leading producers of ethanol in the US. It maintains five production facilities in the Midwest, four more facilities are under construction and scheduled to begin production in 2008.