Annual report pursuant to Section 13 and 15(d)

17. PARENT COMPANY FINANCIALS

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17. PARENT COMPANY FINANCIALS
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIALS

Pacific Ethanol, Inc.

Condensed Financial Information of the Registrant

Balance Sheets - Parent Company Only

(in thousands)

 

 

    December 31,  
    2015     2014  
             
Cash and cash equivalents   $ 20,618     $ 23,915  
Receivables from consolidated subsidiaries     14,505       8,547  
Other current assets     11,361       8,647  
Total current assets     46,484       41,109  
                 
Property and equipment, net     1,695       2,572  
                 
Investments in consolidated subsidiaries     301,416       154,134  
Pacific Ethanol West plant term debt     41,763       41,763  
Other assets     838       1,933  
Total other assets     344,017       197,830  
                 
Total Assets   $ 392,196     $ 241,511  
                 
Accounts payable and accrued liabilities   $ 1,963     $ 2,347  
Payables to consolidated subsidiaries     13,230       3,526  
Accrued PE Op Co. purchase     3,828       –  
Total current liabilities     19,021       5,873  
                 
Warrant liabilities at fair value     273       1,986  
Deferred tax liabilities     1,174       15,434  
Other liabilities     184       236  
Total Liabilities     20,652       23,529  
                 
Preferred stock     1       1  
Non-voting common stock     4       –  
Common stock     39       25  
Additional paid-in capital     902,843       725,813  
Accumulated other comprehensive income     1,040       –  
Accumulated deficit     (532,383 )     (512,332 )
Total Pacific Ethanol, Inc. stockholders' equity     371,544       213,507  
Noncontrolling interests     –       4,475  
Total stockholders' equity     371,544       217,982  
                 
Total Liabilities and Stockholders' Equity   $ 392,196     $ 241,511  

 

Pacific Ethanol, Inc.

Condensed Financial Information of the Registrant

Statements of Operations - Parent Company Only

(in thousands)

 

    Years Ended December 31,  
    2015     2014     2013  
                   
Management fees from subsidiaries   $ 9,857     $ 12,731     $ 9,837  
Selling, general and administrative expenses     (14,336 )     (12,779 )     (10,188 )
Asset impairments     (1,970 )     –       –  
Loss from operations     (6,449 )     (48 )     (351 )
Fair value adjustments and warrant inducements     1,641       (37,532 )     (1,013 )
Interest income     5,739       4,753       5,088  
Interest expense     (27 )     (1,813 )     (3,912 )
Loss on extinguishments of debt     –       (2,363 )     (9,481 )
Income (loss) before provision for income taxes     904       (37,003 )     (9,669 )
Provision for income taxes     –       –       –  
Income before equity earnings of subsidiaries     904       (37,003 )     (9,669 )
Equity earnings of consolidated subsidiaries     (19,690 )     58,292       8,888  
Consolidated net income (loss)   $ (18,786 )   $ 21,289     $ (781 )

 

Pacific Ethanol, Inc.

Condensed Financial Information of the Registrant

Statements of Cash Flows - Parent Company Only

(in thousands)

 

    Years Ended December 31,  
    2015     2014     2013  
Operating Activities:                        
Net income (loss)   $ (18,786 )   $ 21,289     $ (781 )
Adjustments to reconcile net income (loss) to cash used in operating activities:                        
Equity Earnings     19,690       (58,292 )     (8,888 )
Depreciation and amortization     390       126       104  
Fair value adjustments     (1,641 )     35,260       (648 )
Loss on extinguishments of debt     –       2,363       9,481  
Asset impairments     1,970       –       –  
Deferred income taxes     (14,260 )     5,128       –  
Amortization of debt discount     –       1,674       (179 )
Changes in operating assets and liabilities:                        
Accounts receivables     (5,958 )     (7,001 )     (495 )
Other assets     5,895       (13,772 )     828  
AP and accruals     604       (587 )     (1,358 )
Accounts payable with subsidiaries     11,179       5,846       1,724  
Net cash used in operating activities   $ (917 )   $ (7,966 )   $ (212 )
                         
Investing Activities:                        
Additions to property and equipment   $ (1,483 )   $ (455 )   $ (72 )
Purchase of PE OP Co. Ownership     –       (6,000 )     (2,340 )
Net cash used in Investing activities   $ (1,483 )   $ (6,455 )   $ (2,412 )
                         
Financing Activities:                        
Preferred stock Dividends   $ (1,265 )   $ (3,459 )   $ (1,265 )
Proceeds from Equity Raise     –       26,073       –  
Proceeds from issuance of senior notes     –       –       22,192  
Proceeds from issuance of convertible notes     –       –       14,000  
Payment on related party Note     –       (750 )     –  
Payments on senior notes     –       (13,984 )     (6,208 )
Purchase of PE OP Co. debt     –       (17,038 )     (27,088 )
Proceeds from exercise of warrants     368       43,676       2,064  
Net Cash (used in) provided by financing activities   $ (897 )   $ 34,518     $ 3,695  
                         
Net (decrease) increase in cash and equivalents     (3,297 )     20,097       1,071  
Cash and equivalents at beginning of period     23,915       3,818       2,747  
Cash and equivalents at ending of period   $ 20,618     $ 23,915     $ 3,818  

 

Restricted Net Assets – At December 31, 2015, the Company had approximately $164.0 million of net assets at its subsidiaries that were not available to be transferred to the Parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.