SG&A expenses were $4.0 million in the first quarter of 2013, compared to $3.4 million for the first quarter of 2012. The increase in SG&A is primarily due to one-time professional expenses associated with the completion of the company's senior note transaction.
Consolidated net loss was $6.6 million in the first quarter of 2013, a 53% reduction, from a consolidated net loss of $14.0 million for the first quarter of 2012.
Loss available to common stockholders for the first quarter of 2013 was $5.8 million, compared to $5.3 million for the first quarter of 2012. Adjusted EBITDA was $0.4 million for the first quarter of 2013, compared to negative $2.5 million in the first quarter of 2012.
The company's cash balance was $4.2 million at March 31, 2013, compared to a cash balance of $7.6 million at December 31, 2012. The company used approximately $4.0 million of its cash to pay down a portion of its senior notes and purchase additional plant debt and ownership interests.
Q1 Results Conference Call
Management will host a conference call at 8:00 a.m. Pacific Time / 11:00 a.m. Eastern Time on Thursday, May 9, 2013. Neil Koehler, Chief Executive Officer, and Bryon McGregor, Chief Financial Officer, will deliver prepared remarks followed by a question and answer session.
The webcast for the call can be accessed from Pacific Ethanol's website at
. Alternatively, you may dial the following number up to ten minutes prior to the scheduled conference call time: (877) 847-6066. International callers should dial 00-1-(970) 315-0267. The pass code will be 64256238#. If you are unable to participate on the live call, the webcast will be archived for replay on Pacific Ethanol's website for one year. In addition, a telephonic replay will be available at 2:00 p.m. Eastern Time on Thursday, May 9, 2013 through 11:59 p.m. Eastern Time on Thursday, May 16, 2013. To access the replay, please dial (855) 859-2056. International callers should dial 00-1-(404) 537-3406. The pass code will be 64256238#.
Reconciliation of Adjusted EBITDA to Net Loss
Management believes that certain financial measures not in accordance with generally accepted accounting principles ("GAAP") are useful measures of operations. The company defines Adjusted EBITDA as unaudited earnings before interest, taxes, depreciation and amortization and warrant inducements and fair value adjustments. The table at the end of this release provides a reconciliation of Adjusted EBITDA to net loss attributed to Pacific Ethanol, Inc. Management provides an Adjusted EBITDA measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP, and should not be considered an alternative to net loss or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of the company's results as reported under GAAP.