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
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating Activities:      
Consolidated net income (loss) $ 1,526 $ (18,873) $ 26,002
Adjustments to reconcile consolidated net income (loss) to cash provided by (used in) operating activities:      
Depreciation and amortization of intangibles 35,441 23,632 13,186
Fair value adjustments 557 (1,641) 35,260
Loss on extinguishment of debt 0 0 2,363
Asset impairment 0 1,970 0
Deferred income taxes (1,122) (2,023) 5,129
Inventory valuation 0 509 970
Change in fair value on commodity derivative instruments 1,984 542 808
Amortization of deferred financing costs 137 272 1,217
Amortization of debt discounts 2,322 716 1,815
Noncash compensation 2,616 2,019 1,838
Bad debt expense (recovery) 306 (354) (42)
Loss on disposals of assets 0 0 439
Interest expense added to plant term debt 9,451 0 0
Changes in operating assets and liabilities, net of effects from acquisition of Aventine in 2015:      
Accounts receivable (25,235) (15,950) 726
Inventories 750 (13,296) 3,866
Prepaid expenses and other assets 6,358 58 (7,818)
Prepaid inventory (3,973) 5,622 720
Accounts payable and accrued expenses 9,279 (10,045) 1,853
Net cash provided by (used in) operating activities 40,397 (26,842) 88,332
Investing Activities:      
Additions to property and equipment (19,171) (20,507) (13,259)
Proceeds (payments) for cash collateralized letters of credit 4,574 (4,574) 0
Net cash from acquisition of Aventine 0 18,756 0
Net cash used in investing activities (14,597) (6,325) (13,259)
Financing Activities:      
Proceeds from warrant exercises 1,164 368 43,676
Proceeds from Pekin and Pacific Aurora credit agreements 97,000 0 0
Proceeds from notes 53,350 0 0
Sales (purchases) of noncontrolling interests 30,000 0 (6,000)
Proceeds from assessment financing 2,096 0 0
Net proceeds from common stock and warrants 0 0 26,073
Net proceeds (payments) on Kinergy's line of credit (11,141) 43,584 (1,512)
Payments on plant borrowings (172,073) (13,833) (39,792)
Purchase of plant owners' debt 0 0 (17,038)
Payments on senior unsecured notes 0 0 (13,984)
Debt issuance costs (1,960) 0 (438)
Payment on related party note 0 0 (750)
Preferred stock dividend payments (1,269) (1,265) (3,459)
Payments on capital leases (7,089) (5,059) (4,916)
Net cash provided by (used in) financing activities (9,922) 23,795 (18,140)
Net increase (decrease) in cash and cash equivalents 15,878 (9,372) 56,933
Cash and cash equivalents at beginning of period 52,712 62,084 5,151
Cash and cash equivalents at end of period 68,590 52,712 62,084
Supplemental Information:      
Interest paid 11,168 11,685 6,596
Income taxes refunds (payments) 4,784 5,710 (17,930)
Noncash financing and investing activities:      
Preferred stock dividends paid in common stock 0 0 1,463
Accrued payment for ownership positions of PE Op Co. 0 3,828 0
Capital leases added to plant and equipment 0 1,864 0
Reclass of warrant liability to equity upon warrant exercises 179 72 41,486
Contribution of property and equipment for noncontrolling interest 16,500 0 0
Common stock issued in Aventine acquisition (see Note 2) $ 0 $ 174,573 $ 0