Pacific Ethanol, Inc. Issues Corrections to Tables in March 1, 2007 Press Release

SACRAMENTO, Calif., Mar. 2 /PRNewswire-FirstCall/ -- Pacific Ethanol, Inc. (NASDAQ GM: PEIX), announced today that the tabular information attached to the press release setting forth the Company's results for the three and twelve month periods ended December 31, 2006, contained transcription errors. Corrected tables follow:


                            Pacific Ethanol, Inc.

              Consolidated Statements of Operations (Unaudited)

                                        Three Months           Year Ended
                                           Ended,              December 31,
                                   ----------------------  -------------------
    (In thousands, except          12/31/2006  12/31/2005     2006      2005
     per share data)               ----------  ----------   --------  --------

    Net sales                      $  80,553   $  36,067   $ 226,356  $ 87,599
    Cost of goods sold                68,805      34,749     201,527    84,444
                                   ----------  ----------   --------  --------
    Gross profit                      11,748       1,318      24,829     3,155

    Selling, general, and
     administrative expenses          11,350       6,037      24,641    12,638
                                   ----------  ----------   --------  --------
    Income (loss) from operations        398     (4,719)         188   (9,483)
    Other income (expense), net          256       (396)       3,426     (440)

    Non-controlling interest in
     variable interest entity        (3,756)        -        (3,756)      -
                                   ----------  ----------   --------  --------
    Loss before provision for
     income taxes                    (3,102)     (5,115)       (142)   (9,923)
    Provision for income taxes           -          -           -         -
                                   ----------  ----------   --------  --------

    Net loss                       $ (3,102)   $ (5,115)    $  (142)  $(9,923)
                                   ==========  ==========   ========  ========
    Preferred stock dividends        (1,050)        -        (2,998)      -
                                   ==========  ==========   ========  ========
    Deemed dividend on preferred
     stock                               -          -       (84,000)      -
                                   ==========  ==========   ========  ========
    Loss available to common
     stockholders                    (4,152)     (5,115)    (87,140)   (9,923)
                                   ==========  ==========   ========  ========
    Net loss per share, basic
     and diluted                   $  (0.11)   $  (0.18)    $ (2.50)  $ (0.40)
                                   ==========  ==========   ========  ========
    Weighted average shares
     outstanding, basic and diluted   39,266      28,699      34,855    25,066



                            Pacific Ethanol, Inc.

                         Consolidated Balance Sheets

                          (In Thousands, Unaudited)

                                                           December 31,
                                                 -----------------------------
             ASSETS                                   2006            2005
            -------                               -----------     ------------

    Current Assets:
      Cash and cash equivalents                   $    44,053     $      4,521
      Investments in marketable securities             39,119            2,750
      Accounts receivable (including $1,188
       and $938 as of December 31, 2006 and 2005,
       respectively, from a related party)             29,322            4,948
      Restricted cash                                   1,567              -
      Notes receivable -- related party                   -                136
      Inventories                                       7,595              363
      Prepaid expenses                                  1,053              627
      Prepaid inventory                                 2,029            1,349
      Derivative instruments                              551              -
      Other current assets                              1,756               86
                                                  -----------     ------------
       Total current assets                           127,045           14,780
                                                  -----------     ------------
    Property and Equipment, Net                       196,156           23,208
                                                  -----------     ------------
    Other Assets:
      Restricted cash                                  24,851              -
      Deposits and advances                             9,040               14
      Goodwill                                         85,307            2,566
      Intangible assets, net                           10,155            7,569
      Other assets                                      1,266               48
                                                  -----------     ------------
        Total other assets                            130,619           10,197
                                                  -----------     ------------

    Total Assets                                  $   453,820     $     48,185
                                                  ===========     ============


                            Pacific Ethanol, Inc.

                         Consolidated Balance Sheets

                          (In Thousands, Unaudited)

                                                           December 31,
                                                 -----------------------------
        LIABILITIES AND STOCKHOLDERS' EQUITY         2006              2005
        ------------------------------------     ------------     ------------

    Current Liabilities:
      Current portion -- related party note
       payable                                   $    -           $      1,200
      Current portion -- notes payable                  4,125              -
      Accounts payable -- trade                        11,483            4,755
      Accounts payable -- related party                 3,884            6,412
      Accrued retention -- related party                5,538            1,450
      Accrued payroll                                     766              434
      Other accrued liabilities                         4,798            3,423
        Total current liabilities                      30,594           17,674
                                                  -----------     ------------

    Related-party notes payable, net of current
     portion                                             -               1,995
    Notes payable, net of current portion              28,970              -

    Deferred tax liability                              1,091              -

    Other liabilities                                     357              -
                                                  -----------     ------------
    Total Liabilities                                  61,012           19,669
                                                  -----------     ------------
    Non-controlling interest in variable
     interest entity                                   94,363              -
                                                  -----------     ------------
    Stockholders' Equity:
      Preferred stock, $0.001 par value;
        10,000 shares authorized; 5,250 and
        0 shares issued and outstanding as of
        December 31, 2006 and 2005, respectively            5              -
      Common stock, $0.001 par value; 100,000
        shares authorized; 40,269 and 28,874
        shares issued and outstanding as of
        December 31, 2006 and 2005, respectively           40               29
      Additional paid-in capital                      397,535           42,071
      Other comprehensive income                          545              -
      Accumulated deficit                            (99,680)         (13,584)
                                                  -----------     ------------
       Total stockholders' equity                     298,445           28,516
                                                  -----------     ------------
    Total Liabilities and Stockholders' Equity    $   453,820     $     48,185
                                                  ===========     ============



               Reconciliation of Adjusted EBITDA to Net Income


                                        Three Months           Year Ended
                                           Ended,              December 31,
                                   ----------------------  -------------------
    (In thousands) (unaudited)     12/31/2006  12/31/2005     2006      2005
    --------------------------     ----------  ----------   --------  --------

    Net income (loss)              $  (3,102)  $  (5,115)   $  (142)  $(9,923)
    Adjustments:
      Interest expense*                   906         179      1,381       511
      Interest income*                  (975)        (77)    (4,737)     (348)
      Income taxes                      -           -          -         -
       Non-cash compensation and
        consulting expense              3,922         312      6,248     2,062
       Depreciation and amortization
        expense*                        1,959         283      2,680       787
                                   ----------  ----------   --------  --------
         Total adjustments              5,812         697      5,572     3,012

    Adjusted EBITDA                $    2,710  $  (4,418)   $  5,430  $(6,911)
                                   ==========  ==========   ========  ========

    *Adjusted for non-controlling interest in variable interest entity.



                         Commodity Price Performance

                                        Three Months           Year Ended
                                           Ended,              December 31,
                                   ----------------------  -------------------
    (unaudited)                    12/31/2006  12/31/2005     2006      2005
    -----------------------------  ----------  ----------   --------  --------

    Ethanol sales (million gallons)      31.7        19.1      101.7      52.3

    Ethanol sales price per gallon $     2.26  $     1.89   $   2.28  $   1.67

    Delivered corn cost per bushel $     2.95  $     -      $   2.95  $   -
    Average basis                        0.51        -          0.51      -
                                   ----------  ----------   --------  --------
    Corn cost -- CBOT equivalent   $     2.44  $     -      $   2.44  $   -

    Co-product return % (1)             33.4%        -         33.4%      -

    Production commodity margin
     per gallon (2)                $     1.45  $     -      $   1.45  $   -

    (1) Co-product revenue as a percentage of delivered cost of corn
    (2) Ethanol sales price per gallon less net cost of corn (delivered cost
        of corn less co-product revenue)

SOURCE Pacific Ethanol, Inc.