Exhibit 99.1
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NEWS RELEASE |
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Contacts:
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Claire A. Hart, Senior Vice President |
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Alon USA Energy, Inc. |
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972-367-3649 |
FOR IMMEDIATE RELEASE |
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Investors: Jack Lascar/Sheila Stuewe |
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DRG&E / 713-529-6600 |
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Media: Blake Lewis |
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Lewis Public Relations |
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214-635-3020 |
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Ruth Sheetrit |
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SMG Public Relations |
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011-972-547-555551 |
Alon USA Reports Fourth Quarter and Full Year 2009 Results
Declares Quarterly Cash Dividend
Company schedules conference call for March 3, 2010 at 10:00 A.M. Eastern
DALLAS, TEXAS, March 2, 2010 Alon USA Energy, Inc. (NYSE: ALJ) (Alon) today
announced results for the quarter and year ended December 31, 2009. Alon had a net loss, excluding
special items, of ($65.4) million, or ($1.39) per share, for the fourth quarter of 2009, compared
to net income, excluding special items, of $65.1 million, or $1.39 per share, for the same period
last year. On a GAAP basis, net loss for the fourth quarter of 2009 was ($90.6) million, or
($1.93) per share, compared to net income of $60.9 million, or $1.30 per share, for the same period
last year.
Alon reported a net loss, excluding special items, of ($82.7) million, or ($1.77) per share,
for the year ended December 31, 2009, compared to net income, excluding special items, of $6.6
million, or $0.14 per share, for the same period last year. On a GAAP basis, net loss for the year
ended December 31, 2009, was ($115.2) million, or ($2.46) per share, compared to net income of
$82.9 million, or $1.77 per share, for the year ended December 31, 2008.
Jeff Morris, Alons CEO, commented, At the end of 2009, we converted preferred stock of our
Krotz Springs subsidiary into Alon common stock at a conversion price of over $14.00 per common
share. The conversion increased total stockholders equity by approximately $106 million and in
effect created a gain of approximately $55 million that is not reflected in our financial
statements with a non-cash expense of approximately $21 million that is included in our financial
statements. Our availability under our credit facilities was approximately $150 million at year
end. In addition, we were able to obtain, with the support of our majority shareholder, a $60
million credit facility for three years to be used in our operations. Also, we improved our
liquidity by selling two thirds of our investment in Holly Energy Partners (HEP) for
approximately $23 million in January 2010. At year end our tax receivable was approximately $65
million and, to date, we have received refunds of approximately $31 million. Even in this
challenging environment we were able to maintain our net debt to total capitalization by reducing
net debt during 2009 by approximately $189 million.
Alon Refining Krotz Springs successfully issued $216.5 million of senior secured notes in
October 2009 and completed the exchange of substantially all these notes with publicly registered
notes in February 2010. In connection with the issuance of the senior secured notes, we prepaid in
full the outstanding obligations under the Krotz Springs term loan. As a result, we incurred a
non-cash pre-tax charge of approximately $20 million for the write-off of unamortized costs on the
Krotz Springs term loan in the fourth quarter of 2009.
In January 2010, we started up the alkylation unit at our Big Spring refinery that had been
inactive for almost two years, negatively impacting our 2009 margins on average, by approximately
$1.80 per barrel or pre-tax income of approximately $40 million. For our California refineries,
we are pursuing the purchase of the Bakersfield refinery from Big West of California, LLC, a
subsidiary of Flying J, Inc. as an alternative solution to convert our vacuum gas oil production
into gasoline and distillate products. Our Krotz Springs refinery was
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