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Improved quarterly gross profit to $7.0 million, compared to loss of $4.9 million in second quarter 2012
Increased operating income to $3.8 million, compared to a loss of $8.0 million in second quarter 2012
Achieved consolidated net income of $1.1 million, compared to loss of $10.0 million in second quarter 2012
Improved Adjusted EBITDA to $6.6 million, compared to a loss of $1.5 million in second quarter 2012
Extended all remaining Plant debt due in 2013 to 2016
Retired or repaid approximately $13.5 million in debt
Began producing and selling corn oil at Magic Valley plant
SACRAMENTO, Calif., July 24, 2013 (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- and six-months ended June 30, 2013.
Neil Koehler, the company's president and CEO, stated: "For the second quarter of 2013, we significantly increased our gross profit, operating income, net income and adjusted EBITDA. These improvements were driven by better market conditions, more favorable ethanol pricing, our continued focus on operating efficiencies and our increased plant ownership position. We also improved our balance sheet by extending all remaining plant debt due in 2013 to 2016, and we retired or repaid approximately $13.5 million in debt."
"We made significant progress on our objectives to diversify our revenues and feedstock. In June, we began producing and selling corn oil at our Magic Valley plant, and we expect to begin production of corn oil at our Stockton plant in the third quarter of 2013. We continue to diversify our feedstock as we increase our blend of sorghum sourced from local, Midwest and international markets. We believe these efforts, combined with our focus on reducing the carbon intensity of ethanol we produce, will support profitable growth."