Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Activities:      
Consolidated net income (loss) $ (18,873) $ 26,002 $ (1,162)
Adjustments to reconcile consolidated net income (loss) to cash provided by (used in) operating activities:      
Depreciation and amortization of intangibles 23,632 13,186 12,136
Fair value adjustments (1,641) 35,260 227
Loss on extinguishments of debt 0 2,363 3,035
Asset impairments 1,970 0 0
Deferred income taxes (2,023) 5,129 0
Inventory valuation 509 970 8
Change in fair value on commodity derivative instruments 542 808 1,821
Amortization of deferred financing costs 272 1,217 2,009
Amortization of debt discounts 716 1,815 1,272
Noncash compensation 2,019 1,838 1,724
Bad debt expense (recovery) (354) (42) 169
Loss on disposals of assets 0 439 0
Interest expense added to plant owners' debt 0 0 4,745
Interest on convertible debt paid with stock 0 0 111
Changes in operating assets and liabilities, net of effects from acquisition of Aventine:      
Accounts receivable (15,950) 726 (9,414)
Inventories (13,296) 3,866 (2,150)
Prepaid expenses and other assets 58 (7,818) (2,340)
Prepaid inventory 5,622 720 (6,893)
Accounts payable and accrued expenses (10,045) 1,853 8,889
Net cash provided by (used in) operating activities (26,842) 88,332 14,187
Investing Activities:      
Additions to property and equipment (20,507) (13,259) (3,993)
Net cash from acquisition of Aventine 18,756 0 0
Purchase of cash collateralized letters of credit (4,574) 0 0
Purchases of PE Op Co. ownership interests 0 (6,000) (2,340)
Net cash used in investing activities (6,325) (19,259) (6,333)
Financing Activities:      
Net proceeds from common stock and warrants 0 26,073 0
Proceeds from warrant exercises 368 43,676 2,064
Proceeds from senior notes and warrants 0 0 22,192
Proceeds from convertible notes and warrants 0 0 14,000
Proceeds from plant borrowings 0 0 7,000
Net proceeds (payments) on Kinergy's line of credit 43,584 (1,512) (669)
Payments on plant borrowings (13,833) (39,792) (17,115)
Purchase of plant owners' debt 0 (17,038) (27,088)
Payments on senior unsecured notes 0 (13,984) (6,208)
Debt issuance costs 0 (438) (1,560)
Payment on related party note 0 (750) 0
Preferred stock dividend payments (1,265) (3,459) (1,265)
Payments on capital leases (5,059) (4,916) (1,640)
Net cash provided by (used in) financing activities 23,795 (12,140) (10,289)
Net increase (decrease) in cash and cash equivalents (9,372) 56,933 (2,435)
Cash and cash equivalents at beginning of period 62,084 5,151 7,586
Cash and cash equivalents at end of period 52,712 62,084 5,151
Supplemental Information:      
Interest paid 11,685 6,596 7,515
Income taxes (received) paid (5,710) 17,930 0
Noncash financing and investing activities:      
Preferred stock dividends paid in common stock 0 1,463 2,192
Accrued payment for ownership positions of PE Op Co. 3,828 0 0
Capital leases added to plant and equipment 1,864 0 12,829
Original discount on senrior and convertible debt 0 0 8,558
Purchase of sugar inventory with note 0 0 5,000
Reclass of warrant liability to equity upon warrant exercises 72 41,486 260
Reclass of noncontrolling interest to APIC upon acquisitions of ownership interests in New PE Holdco 560 (79) 11,940
Debt extinguished with issuance of common stock 0 0 16,000
Common Stock issued in Aventine acquisition (see Note 2) $ 174,573 $ 0 $ 0