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IR Agency Contact:
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Company IR Contact
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Media Contact:
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Becky Herrick
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Pacific Ethanol, Inc.
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Paul Koehler
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Lippert / Heilshorn & Assoc.
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916-403-2755
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Pacific Ethanol, Inc.
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415-433-3777
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866-508-4969
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503-235-8241
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Investorrelations@pacificethanol.net
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paulk@pacificethanol.net
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·
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Resumed production at the Magic Valley facility in January 2010
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·
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Led the Pacific Ethanol Plants out of bankruptcy in June 2010
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·
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Closed the following four transactions on October 6, 2010:
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o
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Raised $35.0 million in cash in a convertible note and warrant financing transaction;
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o
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Sold ownership interest in Front Range Energy LLC (“Front Range”) for $18.5 million in cash;
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o
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Purchased a 20% ownership interest in the four Pacific Ethanol Plants for $23.3 million in cash; and
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o
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Retired approximately $17.0 million in corporate debt.
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·
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Increased Kinergy’s working capital line of credit from $10.0 million to up to $20.0 million
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·
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Resumed production at the Stockton facility in December 2010
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·
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Grew Kinergy’s volume of marketed ethanol by 57%
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Three Months Ended
December 31,
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Years Ended
December 31,
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|||||||||||||||
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2010
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2009
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2010
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2009
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|||||||||||||
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Net sales
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$ | 134,245 | $ | 87,875 | $ | 328,332 | $ | 316,560 | ||||||||
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Cost of goods sold
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133,260 | 86,484 | 329,143 | 338,607 | ||||||||||||
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Gross profit (loss)
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985 | 1,391 | (811 | ) | (22,047 | ) | ||||||||||
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Selling, general and administrative expenses
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3,891 | 4,315 | 12,956 | 21,458 | ||||||||||||
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Asset impairments
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— | 250,188 | — | 252,388 | ||||||||||||
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Loss from operations
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(2,906 | ) | (253,112 | ) | (13,767 | ) | (295,893 | ) | ||||||||
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Loss on investment in Front Range
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— | — | (12,146 | ) | — | |||||||||||
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Loss on extinguishments of debt
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— | — | (2,159 | ) | — | |||||||||||
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Gain from write-off of liabilities
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— | 14,232 | — | 14,232 | ||||||||||||
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Fair value adjustments on convertible debt and warrants
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(11,736 | ) | — | (11,736 | ) | — | ||||||||||
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Interest expense
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(3,160 | ) | (1,864 | ) | (6,261 | ) | (13,771 | ) | ||||||||
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Other income (expense), net
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1,746 | (358 | ) | 297 | (1,666 | ) | ||||||||||
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Loss before reorganization costs, gain from bankruptcy exit and income taxes
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(16,056 | ) | (241,102 | ) | (45,772 | ) | (297,098 | ) | ||||||||
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Reorganization costs
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— | (1,744 | ) | (4,153 | ) | (11,607 | ) | |||||||||
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Gain from bankruptcy exit
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— | — | 119,408 | — | ||||||||||||
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Provision for income taxes
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— | — | — | — | ||||||||||||
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Net income (loss)
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(16,056 | ) | (242,846 | ) | 69,483 | (308,705 | ) | |||||||||
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Net income (loss) attributed to noncontrolling interest in variable interest entities
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4,409 | (1,984 | ) | 4,409 | 552 | |||||||||||
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Net income (loss) attributed to Pacific Ethanol, Inc.
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$ | (11,647 | ) | $ | (244,830 | ) | $ | 73,892 | $ | (308,153 | ) | |||||
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Preferred stock dividends
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$ | (501 | ) | $ | (807 | ) | $ | (2,847 | ) | $ | (3,202 | ) | ||||
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Income (loss) available to common stockholders
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$ | (12,148 | ) | $ | (245,637 | ) | $ | 71,045 | $ | (311,355 | ) | |||||
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Net income (loss) per share, basic
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$ | (0.14 | ) | $ | (4.30 | ) | $ | 0.97 | $ | (5.45 | ) | |||||
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Net income (loss) per share, diluted
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$ | (0.14 | ) | $ | (4.30 | ) | $ | 0.80 | $ | (5.45 | ) | |||||
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Weighted-average shares outstanding, basic
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85,414 | 57,188 | 73,600 | 57,084 | ||||||||||||
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Weighted-average shares outstanding, diluted
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85,414 | 57,188 | 93,647 | 57,084 | ||||||||||||
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December 31,
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December 31,
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|||||||
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ASSETS
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2010
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2009
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Current Assets:
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Cash and cash equivalents
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$ | 8,736 | $ | 17,545 | ||||
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Accounts receivable, net
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25,855 | 12,765 | ||||||
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Inventories
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17,306 | 12,131 | ||||||
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Prepaid inventory
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2,715 | 3,192 | ||||||
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Other current assets
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3,350 | 3,143 | ||||||
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Total current assets
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57,962 | 48,776 | ||||||
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Property and equipment, net
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168,976 | 243,733 | ||||||
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Other Assets:
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Intangible assets, net
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5,382 | 5,156 | ||||||
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Other assets
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1,763 | 1,154 | ||||||
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Total other assets
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7,145 | 6,310 | ||||||
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Total Assets
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$ | 234,083 | $ | 298,819 | ||||
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December 31,
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December 31,
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
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2010
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2009
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Current Liabilities:
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Accounts payable – trade
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$ | 6,472 | $ | 8,182 | ||||
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Accrued liabilities
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3,236 | 9,914 | ||||||
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Current portion – long-term debt
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38,108 | 77,364 | ||||||
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Derivative instruments
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15 | 971 | ||||||
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Total current liabilities
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47,831 | 96,431 | ||||||
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Long-term debt, net of current portion
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84,981 | 12,739 | ||||||
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Accrued preferred dividends
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6,050 | 3,202 | ||||||
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Other liabilities
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7,406 | 1,828 | ||||||
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Liabilities subject to compromise
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— | 242,417 | ||||||
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Total Liabilities
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146,268 | 356,617 | ||||||
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Stockholders’ Equity (Deficit):
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Pacific Ethanol, Inc. Stockholders’ Equity (Deficit):
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Preferred stock, $0.001 par value; 10,000 shares authorized;
Series A: 0 shares issued and outstanding as of December 31, 2010 and 2009;
Series B: 1,456 and 2,346 shares issued and outstanding as of December 31, 2010 and 2009, respectively
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1 | 2 | ||||||
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Common stock, $0.001 par value; 300,000 shares authorized; 90,427 and 57,470 shares issued and outstanding as of December 31, 2010 and 2009, respectively
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90 | 57 | ||||||
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Additional paid-in capital
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504,546 | 480,948 | ||||||
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Accumulated deficit
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(511,794 | ) | (581,076 | ) | ||||
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Total Pacific Ethanol, Inc. Stockholders’ Equity (Deficit)
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(7,157 | ) | (100,069 | ) | ||||
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Noncontrolling interest in variable interest entity
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94,972 | 42,271 | ||||||
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Total Stockholders’ Equity (Deficit)
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87,815 | (57,798 | ) | |||||
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Total Liabilities and Stockholders’ Equity (Deficit)
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$ | 234,083 | $ | 298,819 | ||||
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Three Months Ended
December 31,
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Years Ended
December 31,
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(in thousands) (unaudited)
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2010
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2009
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2010
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2009
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Net income (loss) attributed to Pacific Ethanol
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$ | (11,647 | ) | $ | (244,830 | ) | $ | 73,892 | $ | (308,153 | ) | |||||
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Adjustments:
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Interest expense*
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1,419 | 1,880 | 4,881 | 14,156 | ||||||||||||
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Interest income*
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— | (5 | ) | — | (77 | ) | ||||||||||
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Fair value adjustments on convertible debt and warrants
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11,736 | — | 11,736 | — | ||||||||||||
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Asset impairments
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— | 250,188 | — | 252,388 | ||||||||||||
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Loss on investment in Front Range
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— | — | 12,146 | — | ||||||||||||
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Gain from bankruptcy exit
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— | — | (119,408 | ) | — | |||||||||||
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Gain from write-off of liabilities
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— | (14,232 | ) | — | (14,232 | ) | ||||||||||
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Depreciation and amortization expense*
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655 | 7,965 | 6,611 | 31,833 | ||||||||||||
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Total adjustments
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13,810 | 245,796 | (84,034 | ) | 284,068 | |||||||||||
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Adjusted EBITDA
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$ | 2,163 | $ | 966 | $ | (10,142 | ) | $ | (24,085 | ) | ||||||
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Three Months Ended
December 31,
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Years Ended
December 31,
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(unaudited)
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2010
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2009
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2010
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2009
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Ethanol production gallons sold (in millions)
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26.2 | 21.2 | 69.4 | 86.4 | ||||||||||||
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Ethanol third party gallons sold (in millions)
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49.8 | 29.3 | 202.2 | 86.3 | ||||||||||||
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Total ethanol gallons sold (in millions)
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76.0 | 50.5 | 271.6 | 172.7 | ||||||||||||
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Ethanol average sales price per gallon
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$ | 2.34 | $ | 2.08 | $ | 1.96 | $ | 1.80 | ||||||||
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Corn cost – CBOT equivalent
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$ | 5.59 | $ | 4.18 | $ | 4.33 | $ | 3.98 | ||||||||
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Total co-product tons sold (in thousands)
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236.5 | 138.8 | 857.4 | 504.2 | ||||||||||||
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Co-product return % (1)
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20.6% | 23.9% | 21.3% | 24.6% |
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