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Exhibit 99.1

 

 

IR Agency Contact:	Company IR Contact	Media Contact:
Becky Herrick	Pacific Ethanol, Inc.	Paul Koehler
Lippert / Heilshorn & Assoc.	916-403-2755	Pacific Ethanol, Inc.
415-433-3777	866-508-4969	503-235-8241
Investorrelations@pacificethanol.net		paulk@pacificethanol.net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

		Three Months Ended March 31,
		2011				2010
Net sales		$	173,148			$	71,290
Cost of goods sold			170,584				74,338
Gross profit (loss)			2,564				(3,048	)
Selling, general and administrative expenses			4,188				3,156
Loss from operations			(1,624	)			(6,204	)
Fair value adjustments on convertible notes and warrants			926				—
Loss on extinguishment of debt			—				(1,616	)
Interest expense, net			(3,638	)			(1,592	)
Other expense			(343	)			(45	)
Loss before reorganization costs and provision for income taxes			(4,679	)			(9,457	)
Reorganization costs			—				(1,439	)
Provision for income taxes			—				—
Net loss			(4,679	)			(10,896	)
Net loss attributed to noncontrolling interest in variable interest entity			4,697				—
Net income (loss) attributed to Pacific Ethanol, Inc.		$	18			$	(10,896	)
Preferred stock dividends		$	(312	)		$	(790	)
Loss available to common stockholders		$	(294	)		$	(11,686	)
Net loss per share, basic and diluted		$	(0.00	)		$	(0.20	)
Weighted-average shares outstanding, basic and diluted			95,072				57,877

 

		March 31,				December 31,
ASSETS		2011				2010
		(unaudited)				*
Current Assets:
Cash and cash equivalents		$	8,450			$	8,736
Accounts receivable, net			32,340				25,855
Inventories			18,483				17,306
Prepaid inventory			2,281				2,715
Other current assets			2,361				2,712
Total current assets			63,915				57,324
Property and equipment, net			166,351				168,976
Other Assets:
Intangible assets, net			5,151				5,382
Other assets			2,243				2,401
Total other assets			7,394				7,783
Total Assets		$	237,660			$	234,083

 

		March 31,				December 31,
LIABILITIES AND STOCKHOLDERS’ EQUITY		2011				2010
		(unaudited)				*
Current Liabilities:
Accounts payable – trade		$	8,182			$	6,472
Accrued liabilities			2,694				3,251
Current portion – long-term debt			32,171				38,108
Total current liabilities			43,047				47,831
Long-term debt, net of current portion			89,629				84,981
Accrued preferred dividends			6,362				6,050
Other liabilities			6,604				7,406
Total Liabilities			145,642				146,268
Commitments and Contingencies
Stockholders’ Equity (Deficit):
Pacific Ethanol Inc. Stockholders’ Equity (Deficit):
Preferred stock, $0.001 par value; 10,000 shares authorized; Series A: 1,684 shares authorized; 0 shares issued and outstanding as of March 31, 2011 and December 31, 2010;    Series B: 1,581 and 2,110 shares authorized; 927 and 1,456 shares issued and outstanding as of March 31, 2011 and December 31, 2010, respectively			1				1
Common stock, $0.001 par value; 300,000 shares authorized; 108,431 and 90,427 shares issued and outstanding as of March 31, 2011 and December 31, 2010, respectively			108				90
Additional paid-in capital			513,722				504,546
Accumulated deficit			(512,088	)			(511,794	)
Total Pacific Ethanol Inc. Stockholders’ Equity (Deficit)			1,743				(7,157	)
Noncontrolling interest in variable interest entity			90,275				94,972
Total Stockholders’ Equity			92,018				87,815
Total Liabilities and Stockholders’ Equity		$	237,660			$	234,083

 

 

		Three Months Ended March 31,
(in thousands) (unaudited)		2011				2010
Net income (loss) attributed to Pacific Ethanol, Inc.		$	18			$	(10,896	)
Adjustments:
Interest expense*			1,534				1,592
Interest income*			—				—
Fair value adjustments on convertible debt and warrants			(926	)			—
Depreciation and amortization expense*			824				2,860
Total adjustments			1,432				4,452
Adjusted EBITDA		$	1,450			$	(6,444	)

		Three Months Ended March 31,
(unaudited)		2011				2010
Ethanol production gallons sold (in millions)			36.9				19.7
Ethanol third party gallons sold (in millions)			47.7				39.0
Total ethanol gallons sold (in millions)			84.6				58.7
Ethanol average sales price per gallon		$	2.53			$	1.83
Corn cost – CBOT equivalent		$	6.63			$	3.70
Total co-product tons sold (in thousands)			340.6				196.6
Co-product return % (1)			22.7%				21.0%