Total volume of ethanol gallons sold increased 50% for the fourth quarter of 2010 and increased 57% for all of 2010, compared to the same periods in 2009
Adjusted EBITDA increased 124% for the fourth quarter of 2010 to $2.2 million from $1.0 million in the fourth quarter of 2009
SACRAMENTO, Calif., March 28, 2011 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (Nasdaq:PEIX), the leading West Coast marketer and producer of low-carbon renewable fuels, reported its financial results for the quarter and year ended December 31, 2010.2010 Business Highlights
- Resumed production at the Magic Valley facility in January 2010
- Led the Pacific Ethanol Plants out of bankruptcy in June 2010
- Closed the following four transactions on October 6, 2010:
- Raised $35.0 million in cash in a convertible note and warrant financing transaction;
- Sold ownership interest in Front Range Energy LLC ("Front Range") for $18.5 million in cash;
- Purchased a 20% ownership interest in the four Pacific Ethanol Plants for $23.3 million in cash; and
- Retired approximately $17.0 million in corporate debt.
- Increased Kinergy's working capital line of credit from $10.0 million to up to $20.0 million
- Resumed production at the Stockton facility in December 2010
- Grew Kinergy's volume of marketed ethanol by 57%
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