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Pacific Ethanol, Inc. Reports Second Quarter 2012 Financial Results

Stocks in this article: PEIX

(Tables follow)

PACIFIC ETHANOL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
         
  Three Months Ended Six Months Ended
  June 30, June 30,
  2012 2011 2012 2011
         
Net sales $205,447 $214,593 $403,166 $387,741
Cost of goods sold 210,347 213,310 415,543 383,894
Gross profit (loss) (4,900) 1,283 (12,377) 3,847
Selling, general and administrative expenses 3,124 4,059 6,502 8,247
Loss from operations (8,024) (2,776) (18,879) (4,400)
Fair value adjustments 1,285 1,929 1,252 2,855
Interest expense, net (3,093) (3,628) (6,002) (7,266)
Other expense, net (200) (200) (394) (543)
Loss before provision for income taxes (10,032) (4,675) (24,023) (9,354)
Provision for income taxes  —
Consolidated net loss (10,032) (4,675) (24,023) (9,354)
Net loss attributed to noncontrolling interest in variable interest entity 7,403 5,425 16,441 10,122
Net income (loss) attributed to Pacific Ethanol $(2,629) $750 $(7,582) $768
Preferred stock dividends $(315) $(315) $(630) $(627)
Income (loss) available to common stockholders $(2,944) $435 $(8,212) $141
Net income (loss) per share, basic and diluted $(0.03) $0.03 $(0.10) $0.01
Weighted-average shares outstanding, basic and diluted 86,386 16,768 86,304 15,183
 
 
PACIFIC ETHANOL, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value)
  June 30, December 31,
ASSETS 2012 2011
Current Assets:    
Cash and cash equivalents $5,666 $8,914
Accounts receivable, net  24,279 28,140
Inventories 16,303 16,131
Prepaid inventory 6,030 9,239
Other current assets 1,720 4,324
Total current assets 53,998 66,748
Property and equipment, net 155,457 159,617
Other Assets:    
Intangible assets, net 3,996 4,458
Other assets 1,580 1,653
Total other assets 5,576 6,111
Total Assets $215,031 $232,476
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current Liabilities:    
Accounts payable – trade $8,200 $5,519
Accrued liabilities 2,818 2,713
 Accrued preferred dividends 7,315 7,315
Current portion – long-term debt 40,075 750
Total current liabilities 58,408 16,297
     
Long-term debt, net of current portion 59,694 93,689
Other liabilities 1,871 3,226
Total Liabilities 119,973 113,212
     
Stockholders' Equity:    
Pacific Ethanol, Inc. Stockholders' Equity:    
Preferred stock, $0.001 par value; 10,000 shares authorized;    
Series A: 0 shares issued and outstanding as of    
June 30, 2012 and December 31, 2011    
 Series B: 927 shares issued and outstanding as of    
June 30, 2012 and December 31, 2011
Common stock, $0.001 par value; 300,000 shares authorized;    
86,802 and 86,632 shares issued and outstanding as of June 30, 2012 and    
December 31, 2011, respectively  87 87
Additional paid-in capital 557,318 556,871
Accumulated deficit (518,197) (509,985)
Total Pacific Ethanol, Inc. Stockholders' Equity 39,209 46,974
Noncontrolling interest in variable interest entity 55,849 72,290
Total Stockholders' Equity 95,058 119,264
Total Liabilities and Stockholders' Equity $215,031 $232,476
       
Reconciliation of Adjusted EBITDA to Net Income (Loss)      
         
  Three Months Ended Six Months Ended
  June 30, June 30,
(in thousands) (unaudited)  2012 2011 2012 2011
Net income (loss) attributed to Pacific Ethanol $(2,629) $750 $(7,582) $768
Adjustments:        
 Interest expense* 1,193 1,447 2,342 2,981
 Interest income* (3) (3)
 Fair value adjustments (1,285) (1,929) (1,252) (2,855)
 Depreciation and amortization expense* 1,195 897 2,433 1,769
 Total adjustments 1,100 415 3,520 1,895
Adjusted EBITDA $(1,529) $1,165 $(4,062) $2,663
________________        
* Adjusted for noncontrolling interest in variable interest entity.
         
         
Commodity Price Performance        
  Three Months Ended Six Months Ended
  June 30, June 30,
 (unaudited)  2012 2011 2012 2011
 Ethanol production gallons sold (in millions) 37.2 38.1 72.5 75.0
 Ethanol third party gallons sold (in millions) 79.4 62.5 158.9 110.1
 Total ethanol gallons sold (in millions) 116.6 100.6 231.4 185.1
         
 Ethanol average sales price per gallon $2.30 $2.79 $2.32 $2.67
 Corn cost – CBOT equivalent $6.10 $7.30 $6.28 $6.96
         
 Total co-product tons sold (in thousands) 342.2 353.6 647.6 694.2
 Co-product return % (1) 26.6% 22.3% 25.6% 22.5%
________________        
 (1) Co-product revenue as a percentage of delivered cost of corn.
CONTACT:  Company IR Contact:
          Pacific Ethanol, Inc.
          916-403-2755
          866-508-4969
          Investorrelations@pacificethanol.net
         
          IR Agency Contact:
          Becky Herrick
          LHA
          415-433-3777
         
          Media Contact:
          Paul Koehler
          Pacific Ethanol, Inc.
          503-235-8241
          paulk@pacificethanol.net

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