Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 4,981 $ 8,914
Accounts receivable, net (net of allowance for doubtful accounts of $26 and $24, respectively) 29,122 28,140
Inventories 14,437 16,131
Prepaid inventory 7,199 9,239
Other current assets 2,473 4,324
Total current assets 58,212 66,748
Property and equipment, net 157,610 159,617
Other Assets:    
Intangible assets, net 4,227 4,458
Other assets 1,600 1,653
Total other assets 5,827 6,111
Total Assets** 221,649 [1] 232,476 [1]
Current Liabilities:    
Accounts payable – trade 8,497 5,519
Accrued liabilities 2,852 2,713
Current portion – long-term debt due to related party 750 750
Total current liabilities 12,099 8,982
Long-term debt, net of current portion 93,718 93,689
Accrued preferred dividends 7,315 7,315
Other liabilities 3,151 3,226
Total Liabilities** 116,283 [2] 113,212 [2]
Commitments and Contingencies (Notes 4, 5 and 7)      
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2012 and December 31, 2011; liquidation preference of $25,390 as of March 31, 2012 1 1
Common stock, $0.001 par value; 300,000,000 shares authorized; 86,803,932 and 86,631,664 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively 87 87
Additional paid-in capital 557,279 556,871
Accumulated deficit (515,253) (509,985)
Total Pacific Ethanol, Inc. Stockholders’ Equity 42,114 46,974
Noncontrolling interest in variable interest entity 63,252 72,290
Total Stockholders’ Equity 105,366 119,264
Total Liabilities and Stockholders’ Equity $ 221,649 $ 232,476
[1] Assets of the consolidated variable interest entity that can only be used to settle obligations of that entity were $166,625 and $173,606 as of March 31, 2012 and December 31, 2011, respectively.
[2] Liabilities of the consolidated variable interest entity for which creditors do not have recourse to the general credit of the Company were $84,311 and $76,478 as of March 31, 2012 and December 31, 2011, respectively.