The table below summarizes REG’s results for Q3 2012:
|REG Q3 2012 Revenue and Adjusted EBITDA Summary|
|(dollars and gallons in thousands)|
|Q3 2012||Q3 2011||Change|
|Cash flow from Operations||$6,168||$16,034||-62%|
|Adjusted EBITDA Margin||-0.7%||18.2%|
Balance Sheet and Liquidity
At September 30, 2012, REG had cash and cash equivalents of $88.3 million. Operating cash flow for the quarter was negatively impacted by a $10.6 million increase in accounts receivable and an $8.9 million reduction in accounts payable. Accounts receivable grew due to increasing sales volume during the quarter. The negative impacts were more than offset by a $19.3 million reduction in inventories. The inventory decline was balanced between a reduction in raw materials as REG drew down feedstock purchased in earlier periods at favorable prices and a reduction in finished goods.
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