Gross loss was $4.9 million for the second quarter of 2012, compared to gross profit of $1.3 million in the second quarter of 2011. The decrease is attributable to unfavorable margins from the Pacific Ethanol plants. SG&A expenses were $3.1 million in the second quarter of 2012, compared to $4.1 million for the second quarter of 2011. Operating loss for the second quarter of 2012 was $8.0 million, compared to $2.8 million for the same period in 2011, primarily due to unfavorable commodity margins causing losses at the Pacific Ethanol plants.

Loss available to common stockholders for the second quarter of 2012 was $2.9 million, compared to income of $435,000 for the second quarter of 2011. Adjusted EBITDA was negative $1.5 million for the second quarter of 2012, compared to Adjusted EBITDA of positive $1.2 million in the second quarter of 2011.

The company's cash balance was $5.7 million at June 30, 2012, compared to a cash balance of $8.9 million at December 31, 2011.

Financial Results for the Six Months Ended June 30, 2012

For the six months ended June 30, 2012, net sales were $403.2 million, compared to $387.7 million for the same period in 2011. For the first six months of 2012, loss available to common stockholders was $8.2 million, compared to income available to common stockholders of $141,000 for the same period in 2011. Adjusted EBITDA for the first six months of 2012 was negative $4.1 million, compared to Adjusted EBITDA of positive $2.7 million for the first six months of 2011.

Q2 Results Conference Call

Management will host a conference call at 1:30 p.m. PT/4:30 p.m. ET on August 14, 2012. 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 www.pacificethanol.net . 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 14148481#.

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 7:30 p.m. Eastern Time on Tuesday, August 14, 2012 through 11:59 p.m. Eastern Time on Tuesday, August 21, 2012. To access the replay, please dial (855) 859-2056. International callers should dial 00-1-(404) 537-3406. The pass code will be 14148481#.

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