This Day On The Street
Continue to site
ADVERTISEMENT
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

Pacific Ethanol, Inc. Reports Second Quarter 2012 Financial Results

  • Achieved significant milestones on corporate objectives:
  • Purchased additional 33% ownership in Pacific Ethanol plants, bringing total ownership to 67%
  • Amended plant credit agreement, extending maturity date on $46.7 million in loans and improving liquidity in plant operations
  • Implemented corn oil separation technology in first of four plants

SACRAMENTO, Calif., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (Nasdaq:PEIX), the leading marketer and producer of low-carbon renewable fuels in the Western United States, reported its financial results for the three months ended June 30, 2012.

Neil Koehler, the company's president and CEO, stated: "During the second quarter, we made significant progress on our 2012 strategic objectives. We acquired an additional 33% ownership interest in the plants at a discount to our last purchase price and at an even greater discount to replacement cost, and we now hold a 67% ownership interest. We amended the plant credit agreement, which provides additional liquidity for plant operations. In addition, we will diversify our revenue stream in production with the implementation of corn oil separation at the first of our four plants."

"In response to the current adverse market conditions for production of ethanol, we have moderated production at the Pacific Ethanol plants to better optimize plant efficiencies and meet our customers' needs. Looking ahead, the underlying industry fundamentals remain sound and we expect results to improve in the second half of the year."

Financial Results for the Three Months Ended June 30, 2012

Net sales were $205.4 million for the second quarter of 2012, compared to $214.6 million for the second quarter of 2011. Total gallons sold were 116.6 million for the second quarter of 2012, an increase of 16% over the 100.6 million gallons sold in the second quarter of 2011. The decline in net sales was attributable to a lower average price per gallon of ethanol sold.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs