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Posted on  

November 30, 2000

High Plains Projects Profitable Year;Will Continue to Operate Portales Plant Through March

High Plains Corporation announced at its annual shareholders meeting that the Company projects good profitability for the fiscal year. Earnings per share of approximately $.12 are expected for the current (second fiscal) quarter, with similar results projected for the third fiscal quarter ending March 31, 2001.

"Both fuel and industrial ethanol markets are very strong, and even with the forward sales we locked in early in the year, we are taking advantage of higher spot pricing on a significant portion of our current shipments," said Gary Smith, President and CEO. "It's great to be in a situation where our biggest problem is trying to find more gallons to deliver. With this bull market in mind, we have negotiated an extension of the closing on our contract for the sale of our Portales, New Mexico production facility, allowing us to continue to own and operate that facility through March of 2001," continued Smith. "While we still believe this sale is good for the Company in the long term, we are pleased to have the additional production, and the anticipated profitability, of the plant for another full quarter," he stated.

The Company also announced that crude glycerol has been produced from its pilot facility located at the Colwich, Kansas plant, but that the membrane filter will not yet handle adequate volumes to justify a full production-scale upgrade. High Plains continues to work with equipment suppliers to refine the filter design, which is anticipated to be the only major obstacle in obtaining a process guarantee. The Company has previously stated that an adequate process guarantee would be a prerequisite to its decision to continue with this project. Smith confirmed that the Company, "continues to work on the glycerol project, and believes the expected returns will justify the investment if full production-scale volumes can be processed. Progress on the project will be reported again in February," commented Smith.



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