Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 8,914 $ 8,736
Accounts receivable, net of allowance for doubtful accounts of $24 and $287, respectively 28,140 25,855
Inventories 16,131 17,306
Prepaid inventory 9,239 2,715
Other current assets 4,324 2,712
Total current assets 66,748 57,324
Total property and equipment, net 159,617 168,976
Other Assets:    
Intangible assets, net 4,458 5,382
Other assets 1,653 2,401
Total other assets 6,111 7,783
Total Assets (a) 232,476 [1] 234,083 [1]
Current Liabilities:    
Accounts payable – trade 5,519 6,472
Accrued liabilities 2,713 3,251
Current portion – long-term debt (including $750 and $0 due to a related party, respectively, and $0 and $38,108 at fair value, respectively) 750 38,108
Total current liabilities 8,982 47,831
Long-term debt, net of current portion (including $0 and $1,250 due to related parties, respectively) 93,689 84,981
Accrued preferred dividends 7,315 6,050
Other liabilities 3,226 7,406
Total Liabilities (b) 113,212 [2] 146,268 [2]
Commitments and contingencies (Notes 1, 5, 6 and 12)      
Preferred stock      
Common stock, $0.001 par value; 300,000,000 shares authorized; 86,631,664 and 12,918,144 shares issued and outstanding as of December 31, 2011 and 2010, respectively 87 13
Additional paid-in capital 556,871 504,623
Accumulated deficit (509,985) (511,794)
Total Pacific Ethanol, Inc. Stockholders’ Equity (Deficit) 46,974 (7,157)
Noncontrolling interest in variable interest entities 72,290 94,972
Total stockholders’ equity 119,264 87,815
Total Liabilities and Stockholders’ Equity 232,476 234,083
Series B Preferred Stock [Member]
    
Current Liabilities:    
Preferred stock $ 1 $ 1
[1] Assets of the consolidated variable interest entity that can only be used to settle obligations of that entity were $173,606 and $183,652 as of December 31, 2011 and 2010, respectively.
[2] Liabilities of the consolidated variable interest entity for which creditors do not have recourse to the general credit of the Company were $76,478 and $74,939 as of December 31, 2011 and 2010, respectively.