Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Operating Activities:    
Consolidated net loss $ (1,162) $ (43,355)
Adjustments to reconcile consolidated net loss to cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 12,136 12,205
Fair value adjustments 227 (1,954)
Loss on extinguishments of debt 3,035 0
Inventory valuation 8 816
Change in fair value on derivative instruments 1,821 (999)
Amortization of deferred financing fees 2,009 736
Amortization of debt discount 1,272 0
Non-cash compensation 1,724 806
Bad debt expense (recovery) 169 (6)
Interest expense added to Plant Owners' debt 4,745 3,542
Interest on convertible debt paid with stock 111 0
Changes in operating assets and liabilities:    
Accounts receivable (9,414) 2,095
Inventories (2,150) (929)
Prepaid expenses and other assets (2,340) 2,251
Prepaid inventory (6,893) 3,817
Accounts payable and accrued expenses 8,889 129
Net cash provided by (used in) operating activities 14,187 (20,846)
Investing Activities:    
Additions to property and equipment (3,993) (2,273)
Purchases of New PE Holdco ownership interests (2,340) (10,000)
Net cash used in investing activities (6,333) (12,273)
Financing Activities:    
Proceeds from senior notes and warrants 22,192 0
Proceeds from subordinated convertible notes and warrants 14,000 0
Proceeds from warrant exercises 2,064 0
Net proceeds from common stock and warrants 0 20,924
Proceeds from Plant Owners' borrowings 7,000 24,022
Payments on Plant Owners' borrowings (17,115) 0
Purchase of Plant Owners' debt (27,088) 0
Net proceeds (payments) on Kinergy’s line of credit (669) (721)
Payments on senior unsecured notes (6,208) (10,000)
Debt issuance costs (1,560) (1,166)
Preferred stock dividend payments (1,265) (1,268)
Payments on capital lease (1,640) 0
Net cash (used in) provided by financing activities (10,289) 31,791
Net increase in cash and cash equivalents (2,435) (1,328)
Cash and cash equivalents at beginning of period 7,586 8,914
Cash and cash equivalents at end of period 5,151 7,586
Supplemental Information:    
Interest paid 7,515 8,828
Noncash financing and investing activities:    
Preferred stock dividends paid in common stock 2,192 1,464
Notes issued for purchase of 33% ownership in New PEHC 0 10,000
Capital leases added to plant and equipment 12,829 0
Original discount on senrior and convertible debt 8,558 0
Purchase of sugar inventory with note 5,000 0
Reclass of warrant liability to equity upon warrant exercises 260 113
Reclass of noncontrolling interest to APIC upon acquisitions of ownership interests in New PE Holdco 11,940 7,646
Debt extinguished with issuance of common stock $ 16,000 $ 0