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
Jun. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 5,666 $ 8,914
Accounts receivable, net 24,279 28,140
Inventories 16,303 16,131
Prepaid inventory 6,030 9,239
Other current assets 1,720 4,324
Total current assets 53,998 66,748
Property and equipment, net 155,457 159,617
Intangible assets, net 3,996 4,458
Other assets 1,580 1,653
Total other assets 5,576 6,111
Total Assets** 215,031 232,476 [1]
Current Liabilities:    
Accounts payable - trade 8,200 5,519
Accrued liabilities 2,818 2,713
Accrued preferred dividends 7,315 7,315
Current portion - long-term debt (including $750 to related party) 40,075 750
Total current liabilities 58,408 16,297
Long-term debt, net of current portion 59,694 93,689
Other liabilities 1,871 3,226
Total Liabilities** 119,973 113,212 [2]
Stockholders' Equity:    
Common stock, $0.001 par value; 300,000,000 shares authorized; 86,801,993 and 86,631,664 shares issued and outstanding as of June 30, 2012 and December 31, 2011, 87 87
Additional paid-in capital 557,318 556,871
Accumulated deficit (518,197) (509,985)
Total Pacific Ethanol, Inc. Stockholders' Equity 39,209 46,974
Noncontrolling interest in variable interest entity 55,849 72,290
Total Stockholders' Equity 95,058 119,264
Total Liabilities and Stockholders' Equity 215,031 232,476
SeriesAPreferredStockMember
    
Stockholders' Equity:    
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 June 30, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of June 30, 2012 and December 31, 2011; liquidation preference of $25,390 as of June 30, 2012 0 0
SeriesBPreferredStockMember
    
Stockholders' Equity:    
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 June 30, 2012 and December 31, 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of June 30, 2012 and December 31, 2011; liquidation preference of $25,390 as of June 30, 2012 $ 1 $ 1
[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 Pacific Ethanol, Inc. were $84,311 and $76,478 as of March 31, 2012 and December 31, 2011, respectively