Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 9,832 $ 8,736
Accounts receivable, net (net of allowance for doubtful accounts of $108 and $287, respectively) 34,281 25,855
Inventories 20,851 17,306
Prepaid inventory 6,141 2,715
Other current assets 2,057 2,712
Total current assets 73,162 57,324
Property and equipment, net 164,483 168,976
Other Assets:    
Intangible assets, net 4,920 5,382
Other assets 2,135 2,401
Total other assets 7,055 7,783
Total Assets** 244,700 234,083
Current Liabilities:    
Accounts payable – trade 9,853 6,472
Accrued liabilities 2,783 3,251
Current portion – long-term debt (including $1,250 and $0, due to related parties, and $25,134 and $38,108 at fair value, respectively) 26,384 38,108
Total current liabilities 39,020 47,831
Long-term debt, net of current portion (including $0 and $1,250, due to related parties, respectively) 100,190 84,981
Accrued preferred dividends 6,677 6,050
Other liabilities 2,723 7,406
Total Liabilities** 148,610 146,268
Commitments and Contingencies (Notes 4, 5 and 7)    
Pacific Ethanol, Inc. Stockholders’ Equity (Deficit):    
Common stock, $0.001 par value; 300,000,000 shares authorized; 19,510,999 and 12,918,144 shares issued and outstanding as of June 30, 2011 and December 31, 2010, respectively 20 13
Additional paid-in capital 522,872 504,623
Accumulated deficit (511,653) (511,794)
Total Pacific Ethanol, Inc. Stockholders’ Equity (Deficit) 11,240 (7,157)
Noncontrolling interest in variable interest entity 84,850 94,972
Total Stockholders’ Equity 96,090 87,815
Total Liabilities and Stockholders’ Equity 244,700 234,083
Preferred Stock [Member]
    
Pacific Ethanol, Inc. Stockholders’ Equity (Deficit):    
Preferred stock 0 0
Series B Preferred Stock [Member]
    
Pacific Ethanol, Inc. Stockholders’ Equity (Deficit):    
Preferred stock $ 1 $ 1