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Pacific Ethanol Management Discusses Q2 2012 Results - Earnings Call Transcript

Please note that information in this call speaks only as of today, August 14, 2012, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay.

Before we begin, I will review the company's Safe Harbor statement. Management's comments today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Information about potential factors that could affect the company's financial results is available in the company's risk factors as updated in the company's SEC filings.

With the exception of historical information, the matters discussed in this conference call, including without limitation, the ability of Pacific Ethanol to continue as the leading marketer and producer of low-carbon renewable fuels in the Western United States; the ability of Pacific Ethanol to improve in the outcomes of various aspects of its business including margins, profitability, costs, yields, risk management, raw material supplies and debt structure at the operating plant level; expected improvements in commodity margins and commodity in ethanol demand; the success and effects of Pacific Ethanol's implementation of corn oil separation; and the increase in success of higher ethanol blends are all forward-looking statements and considerations and involve a number of risks and uncertainties. The actual future results of Pacific Ethanol could differ from those statements.

Pacific Ethanol refers to you to the Risk Factors section contained in its Form 10-Q to be filed with the Securities and Exchange Commission today, August 14, 2012.

Also, please note that the company uses financial measures not in accordance with Generally Accepted Accounting Principles, commonly known as GAAP, to monitor the financial performance of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported financial results as determined in accordance with GAAP. The company defines adjusted EBITDA as unaudited earnings before interest, taxes, depreciation and amortization and fair value adjustments. To support the company's review of non-GAAP information later in this call, a reconciling table is included in the press release the company issued this afternoon.

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