Green Plains (GPRE) 8-K Green Plains Reports First Quarter 2017 Financial Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

Green Plains Reports First Quarter 2017 Financial Results

• Net loss of $3.6 million, or $(0.09) per diluted share

• EBITDA of $43.8 million, up $49.6 million from prior year’s first quarter

• Solid performance fromnon-ethanol segments

OMAHA, Neb., May 1, 2017 (GLOBE NEWSWIRE) - Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the first quarter of 2017. Net loss attributable to the company was $3.6 million, or $(0.09) per diluted share, for the first quarter of 2017 compared with net loss of $24.1 million, or $(0.63) per diluted share, for the same period in 2016. Revenues were $887.7 million for the first quarter of 2017 compared with $749.2 million for the same period last year.

“We reported a nearly $50 million improvement in EBITDA year over year despite a seasonally soft first quarter,” said Todd Becker, president and chief executive officer. “We had solid earnings contributions from ournon-ethanol businesses during the quarter, with both Green Plains Cattle and Fleischmann’s Vinegar reporting record quarters. We continue to diversify our revenue and income streams with a more balanced portfolio of businesses to minimize the impact of a soft ethanol quarter.”

During the first quarter, Green Plains produced 326.4 million gallons of ethanol compared with 247.0 million gallons for the same period in 2016. The consolidated ethanol crush margin was $37.7 million, or $0.12 per gallon, for the first quarter of 2017 compared with $4.1 million, or $0.02 per gallon, for the same period in 2016. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil production, plus intercompany storage, transportation and other fees, net of related expenses.

“U.S. ethanol exports have started 2017 stronger than any year on record and we have continued to focus on international markets, exporting approximately 20% of our production in the first quarter,” Becker added. “Global demand for each of the products we produce, whether ethanol, corn oil or distillers grains, is strong and we are well positioned to benefit from these opportunities.”

“We believe that 2017 could develop into a favorable year for ethanol margins as the forward curve is stronger going into the summer driving season compared with 2016. Our focus is to drive free cash flow in the current environment and further strengthen our balance sheet in 2017.”

Recent Developments

• On April 25, 2017, Green Plains Cattle Company LLC entered into an asset purchase agreement to acquire two cattle-feeding operations for $36.7 million, excluding working capital. The transaction includes feed yards located in Leoti, Kan. and Yuma, Colo., adding combined cattle capacity of 155,000 head to the company’s operations, supported by a multi-year offtake agreement with Cargill Meat Solutions. The transaction is expected to be completed in May 2017 and be accretive to 2017 earnings. On April 28, 2017, Green Plains Cattle entered into an amendment of its senior secured asset-based revolving credit facility used to finance the working capital for all of the cattle feedlot operations. The amendment increases the maximum commitment from $100 million to $200 million until July 31, 2017, when it increases to $300 million. The maturity date was extended from October 31, 2017 to April 30, 2020

• On April 12, 2017, Green Plains entered into a privately negotiated agreement with a holder, on behalf of certain beneficial owners, of the company’s 3.25% Convertible Senior Notes due 2018. Under the agreement, approximately 1.3 million shares of the company’s common stock were exchanged for approximately $24.1 million in aggregate principal amount of the 2018 notes.

• In March 2017, Green Plains Cattle purchased a 30,000 head cattle feeding operation located approximately 20 miles from Green Plains’ Hereford, Texas ethanol facility.

Results of Operations

Consolidated revenues increased $138.5 million for the three months ended March 31, 2017, compared with the same period in 2016. Revenues were impacted by an increase in ethanol, corn oil and cattle volumes sold, plus the addition of Fleischmann’s Vinegar during the fourth quarter of 2016. This was partially offset by a decrease in grain trading activity volumes and lower average realized prices for grain and cattle.

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Operating income increased $40.0 million for the three months ended March 31, 2017, compared with the same period last year primarily due to increased margins on ethanol and cattle production. Interest expense increased $7.7 million for the three months ended March 31, 2017, compared with the same period in 2016, primarily due to higher average debt outstanding and borrowing costs. Income tax benefit was $2.4 million for the three months ended March 31, 2017, compared with $14.9 million for the same period in 2016.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the first quarter of 2017 was $43.8 million compared with $(5.8) million for the same period last year.

Segment Information

During the fourth quarter of 2016, management restructured its operating segments. The four segments are: (1) ethanol production, which includes ethanol, distillers grains and corn oil production, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading, (3) food and ingredients, which includes the vinegar, cattle feedlot and food-grade corn oil operations and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership, and agribusiness and energy services segments and eliminated upon consolidation. Third party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment. Prior periods have been reclassified to conform to the revised segment presentation.

GREEN PLAINS INC.

SEGMENT OPERATIONS

(unaudited, in thousands)

	Three Months Ended March 31,
	2017			2016			% Var.
Revenues:
Ethanol production	$	621,375		$	528,328			17.6	%
Agribusiness and energy services		177,803			167,553			6.1
Food and ingredients		98,060			58,748			66.9
Partnership		27,229			23,789			14.5
Intersegment eliminations		(36,783	)		(29,214	)		25.9
	$	887,684		$	749,204			18.5	%
Gross margin:
Ethanol production	$	22,237		$	(6,170	)		*	%
Agribusiness and energy services		11,409			8,138			40.2
Food and ingredients		15,025			(506	)		*
Partnership		27,229			23,789			14.5
Intersegment eliminations		(112	)		(734	)		(84.7	)
	$	75,788		$	24,517			*	%
Operating income (loss):
Ethanol production	$	(6,598	)	$	(29,565	)		(77.7	)%
Agribusiness and energy services		6,369			3,737			70.4
Food and ingredients		9,626			(1,363	)		*
Partnership		16,619			13,071			27.1
Intersegment eliminations		(75	)		(698	)		(89.3	)
Corporate activities		(8,549	)		(7,828	)		9.2
	$	17,392		$	(22,646	)		*	%
Depreciation and amortization:
Ethanol production	$	20,342		$	15,780			28.9	%
Agribusiness and energy services		660			306			115.7
Food and ingredients		2,880			271			*
Partnership		1,254			1,217			3.0
Corporate activities		947			571			65.8
	$	26,083		$	18,145			43.7	%

* Percentage variance not considered meaningful.

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GREEN PLAINS INC.

OPERATING DATA BY PRODUCT

(unaudited, in thousands)

	Three Months Ended March 31,
	2017		2016		% Var.
Ethanol production
Ethanol (gallons)		326,426		246,955		32.2	%
Distillers grains (equivalent dried tons)		877		646		35.8
Corn oil (pounds)		75,356		59,839		25.9
Corn consumed (bushels)		113,485		86,531		31.1
Agribusiness and energy services
Domestic ethanol sold (gallons)		293,750		277,156		6.0
Export ethanol sold (gallons)		65,845		49,005		34.4
		359,595		326,161		10.3
Food and ingredients
Company-owned cattle on feed (daily average head)		63		61		4.2
Partnership
Storage and throughput (gallons)		321,082		247,510		29.7

GREEN PLAINS INC.

CONSOLIDATED CRUSH MARGIN

(unaudited)

	Three Months Ended March 31,						Three Months Ended March 31,
	2017			2016			2017			2016
	($ in thousands)						($ per gallon produced)
Ethanol production:
Operating loss	$	(6,598	)	$	(29,565	)	$	(0.02	)	$	(0.12	)
Depreciation and amortization		20,342			15,780			0.07			0.07
Total ethanol production		13,744			(13,785	)		0.05			(0.05	)
Intercompany fees, net:
Storage and logistics (partnership)		16,863			13,137			0.05			0.05
Marketing and agribusiness fees (agribusiness and energy services)		7,120			4,721			0.02			0.02
Consolidated crush margin	$	37,727		$	4,073		$	0.12		$	0.02

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Liquidity and Capital Resources

On March 31, 2017, Green Plains had $295.4 million in total cash and cash equivalents, and $129.2 million available under revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding was $1,124.8 million, including $335.7 million outstanding under working capital revolvers and other short-term borrowing arrangements for the agribusiness and energy services, and the food and ingredients segments at March 31, 2017.

Conference Call Information

On May 2, 2017, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss first quarter 2017 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 888.228.5279 and 913.312.0942, respectively. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation can be accessed on Green Plains’ website athttp://investor.gpreinc.com/events.cfm. A transcript of the conference call will also be made available on the company’s website as soon as practicable.

Non-GAAP Financial Measures

Management uses earnings before interest, income taxes, depreciation and amortization, or EBITDA, and consolidated ethanol crush margin to measure the company’s financial performance and to internally manage its businesses. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with generally accepted accounting principles (GAAP). Thesenon-GAAP calculations may vary from company to company. Accordingly, the company’s computation of EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feedlots, food ingredients, and commodity marketing and logistics services. The company is the second largest consolidated owner of ethanol production facilities in the world with 17 dry mill plants, producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visitwww.gpreinc.com.

About Green Plains Partners LP

Green Plains Partners LP (NASDAQ:GPP) is afee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visitwww.greenplainspartners.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation; risks related to closing and achieving anticipated results from acquisitions; risks associated with the joint venture to commercialize algae production and growth potential of the algal biomass industry; risks associated with the recent acquisitions of three ethanol plants and Fleischmann’s Vinegar; and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.

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Consolidated Financial Results

GREEN PLAINS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	March 31, 2017		December 31, 2016
ASSETS
Current assets
Cash and cash equivalents	$	256,468	$	304,211
Restricted cash		38,974		51,979
Accounts receivable, net		96,986		147,495
Inventories		464,994		422,181
Other current assets		62,456		74,710
Total current assets		919,878		1,000,576
Property and equipment, net		1,171,728		1,178,706
Other assets		329,540		327,210
Total assets	$	2,421,146	$	2,506,492
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	129,100	$	192,275
Accrued and other liabilities		46,147		67,473
Short-term notes payable and other borrowings		335,695		291,223
Current maturities of long-term debt		6,171		35,059
Other current liabilities		7,131		8,916
Current liabilities		524,244		594,946
Long-term debt		782,957		782,610
Other liabilities		145,296		149,745
Total liabilities		1,452,497		1,527,301
Stockholders’ equity
Total Green Plains stockholders’ equity		851,612		862,507
Noncontrolling interests		117,037		116,684
Total liabilities and stockholders’ equity	$	2,421,146	$	2,506,492

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share amounts)

	Three Months Ended March 31,
	2017			2016			% Var.
Revenues
Product	$	886,212		$	747,183			18.6	%
Service		1,472			2,021			(27.2	)
Total revenues		887,684			749,204			18.5
Costs and expenses
Cost of goods sold		811,896			724,687			12.0
Operations and maintenance		8,531			8,645			(1.3	)
Selling, general and administrative		23,782			20,373			16.7
Depreciation and amortization		26,083			18,145			43.7
Total costs and expenses		870,292			771,850			12.8
Operating income (loss)		17,392			(22,646	)		*
Other income (expense)
Interest income		364			410			(11.2	)
Interest expense		(18,496	)		(10,798	)		71.3
Other, net		10			(1,675	)		*
Total other expense		(18,122	)		(12,063	)		50.2
Loss before income taxes		(730	)		(34,709	)		(97.9	)
Income tax benefit		(2,381	)		(14,893	)		(84.0	)
Net income (loss)		1,651			(19,816	)		*
Net income attributable to noncontrolling interests		5,248			4,322			21.4
Net loss attributable to Green Plains	$	(3,597	)	$	(24,138	)		(85.1	)%
Earnings per share:
Net loss attributable to Green Plains - basic	$	(0.09	)	$	(0.63	)		(85.2	)%
Net loss attributable to Green Plains - diluted	$	(0.09	)	$	(0.63	)		(85.2	)%
Weighted average shares outstanding:
Basic		38,420			38,197
Diluted		38,420			38,197

* Percentage variance not considered meaningful.

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GREEN PLAINS INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited, in thousands)

	Three Months Ended March 31,
	2017			2016
Cash flows from operating activities:
Net income (loss)	$	1,651		$	(19,816	)
Noncash operating adjustments:
Depreciation and amortization		26,083			18,145
Deferred income taxes		(2,934	)		(20,387	)
Other		6,554			7,706
Net change in working capital		(69,766	)		(65,455	)
Net cash used by operating activities		(38,412	)		(79,807	)
Cash flows from investing activities:
Purchases of property and equipment		(14,902	)		(18,571	)
Acquisition of a business, net of cash acquired		(4,074	)		—
Distributions from (investments in) unconsolidated subsidiaries		(2,399	)		260
Net cash used by investing activities		(21,375	)		(18,311	)
Cash flows from financing activities:
Net proceeds (payments) - long-term debt		(32,145	)		50,053
Net proceeds - short-term borrowings		44,412			48,248
Other		(223	)		(1,608	)
Net cash provided by financing activities		12,044			96,693
Net change in cash and cash equivalents		(47,743	)		(1,425	)
Cash and cash equivalents, beginning of period		304,211			384,867
Cash and cash equivalents, end of period	$	256,468		$	383,442

GREEN PLAINS INC.

RECONCILIATIONS TONON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

	Three Months Ended March 31,
	2017			2016
Net income (loss)	$	1,651		$	(19,816	)
Interest expense		18,496			10,798
Income taxes		(2,381	)		(14,893	)
Depreciation and amortization		26,083			18,145
EBITDA	$	43,849		$	(5,766	)

Contact:Jim Stark | Vice President, Investor & Media Relations | 402.884.8700 |jim.stark@gpreinc.com

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