This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
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%
"Pacific Ethanol achieved significant milestones in 2010, including strengthening our balance sheet while preserving the company's equity value and renewing the growth of our core businesses of producing and marketing low carbon renewable fuels," stated Neil Koehler, the company's president and CEO. "In addition to continuing to deliver superior logistics and value to its customers, Kinergy maintained its strong growth in marketed ethanol gallons. During the fourth quarter, we resumed production at the 60 million gallon Stockton facility. Our objective is to resume operations to an annual rate of 200 million gallons at all four Pacific Ethanol Plants to best position the company to meet the increasing demand for low-carbon ethanol in the Western United States."