Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIALS.

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PARENT COMPANY FINANCIALS.
12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIALS.
16. PARENT COMPANY FINANCIALS.

 

Restricted Net AssetsAt December 31, 2017, the Company had approximately $302,900,000 of net assets at its subsidiaries that were not available to be transferred to Pacific Ethanol in the form of dividends, distributions, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

 

Parent company financial statements for the periods covered in this report are set forth below.

 

    December 31,  
    2017     2016  
ASSETS            
Current Assets:                
Cash and cash equivalents   $ 5,314     $ 11,060  
Receivables from subsidiaries     3,138       7,203  
Other current assets     1,631       6,442  
Total current assets     10,083       24,705  
                 
Property and equipment, net     1,071       1,433  
                 
Other Assets:                
Investments in subsidiaries     359,680       363,401  
Pacific Ethanol West plant receivable     58,766       58,766  
Other assets     1,565       1,110  
Total other assets     420,011       423,277  
Total Assets   $ 431,165     $ 449,415  
                 
Current Liabilities:                
Accounts payable and accrued liabilities   $ 2,218     $ 1,758  
Payable to subsidiaries     625       1,568  
Accrued PE Op Co. purchase     3,828       3,828  
Other current liabilities     245       184  
Total current liabilities     6,916       7,338  
Long-term debt, net     67,530       53,360  
Warrant liabilities at fair value           651  
Deferred tax liabilities     224       52  
Other liabilities     56       124  
Total Liabilities     74,726       61,525  
                 
Stockholders’ Equity:                
Preferred stock     1       1  
Common and non-voting common stock     44       44  
Additional paid-in capital     927,090       922,698  
Accumulated other comprehensive loss     (2,234 )     (2,620 )
Accumulated deficit     (568,462 )     (532,233 )
Total Pacific Ethanol, Inc. stockholders’ equity     356,439       387,890  
Total Liabilities and Stockholders’ Equity   $ 431,165     $ 449,415  

 

    Years Ended December 31,  
    2017     2016     2015  
Management fees from subsidiaries   $ 11,904     $ 12,968     $ 9,857  
Selling, general and administrative expenses     18,185       14,491       14,336  
Asset impairment                 1,970  
Loss from operations     (6,281 )     (1,523 )     (6,449 )
Fair value adjustments     473       (557 )     1,641  
Interest income     4,793       5,964       5,739  
Interest expense     (5,829 )     (240 )     (27 )
Other income (expense), net     (95 )     1,931        
Income (loss) before provision for income taxes     (6,939 )     5,575       904  
Provision (benefit) for income taxes     (321 )     (981 )     (10,034 )
Income (loss) before equity in earnings of subsidiaries     (6,618 )     6,556       10,938  
Equity in losses of subsidiaries     (28,346 )     (5,137 )     (29,724 )
Consolidated net income (loss)   $ (34,964 )   $ 1,419     $ (18,786 )

 

    For the Years Ended December 31,  
    2017     2016     2015  
Operating Activities:                        
Net income (loss)   $ (34,964 )   $ 1,419     $ (18,786 )
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:                        
Equity in losses of subsidiaries     28,346       5,137       29,724  
Dividends from subsidiaries     3,500              
Depreciation and amortization     830       727       390  
Fair value adjustments     (473 )     557       (1,641 )
Asset impairment                 1,970  
Deferred income taxes     169       (1,122 )     (14,260 )
Amortization of debt discounts     636       10        
Changes in operating assets and liabilities:                        
Accounts receivables     4,065       7,302       (5,958 )
Other assets     4,356       4,647       (4,139 )
Accounts payable and accrued expenses     3,859       (3,741 )     604  
Accounts payable with subsidiaries     (943 )     (9,385 )     11,179  
Net cash provided by (used in) operating activities   $ 9,381     $ 5,551     $ (917 )
Investing Activities:                        
Additions to property and equipment   $ (468 )   $ (465 )   $ (1,483 )
Investments in subsidiaries     (28,126 )     (50,886 )      
Purchase of PE OP Co. debt           (17,003 )      
Net cash used in investing activities   $ (28,594 )   $ (68,354 )   $ (1,483 )
Financing Activities:                        
Proceeds from issuances of senior notes   $ 13,530     $ 53,350     $  
Proceeds from warrant stock option exercises     1,202       1,164       368  
Preferred stock dividend payments     (1,265 )     (1,269 )     (1,265 )
Net cash provided by (used in) financing activities   $ 13,467     $ 53,245     $ (897 )
Net decrease in cash and cash equivalents     (5,746 )     (9,558 )     (3,297 )
Cash and cash equivalents at beginning of period     11,060       20,618       23,915  
Cash and cash equivalents at end of period   $ 5,314     $ 11,060     $ 20,618