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.
Released March 2, 2007