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, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIALS

Restricted Net AssetsAt December 31, 2016, the Company had approximately $287,200,000 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.

 

Pacific Ethanol, Inc.

Condensed Financial Information of the Registrant

Balance Sheets - Parent Company Only

(in thousands)

 

     December 31,  
    2016     2015  
Cash and cash equivalents   $ 11,060     $ 20,618  
Receivables from subsidiaries     7,203       14,505  
Other current assets     6,442       11,361  
Total current assets     24,705       46,484  
                 
Property and equipment, net     1,433       1,695  
                 
Investments in subsidiaries     363,401       301,416  
Pacific Ethanol West plant receivable     58,766       41,763  
Other assets     1,110       838  
Total other assets     423,277       344,017  
Total Assets   $ 449,415     $ 392,196  
                 
Accounts payable and accrued liabilities   $ 1,758     $ 1,963  
Payables to subsidiaries     1,568       13,230  
Accrued PE Op Co. purchase     3,829       3,828  
Other current liabilities     183        
Total current liabilities     7,338       19,021  
                 
Long Term debt, net     53,360        
Warrant liabilities at fair value     651       273  
Deferred tax liabilities     52       1,174  
Other liabilities     124       184  
Total Liabilities     61,525       20,652  
                 
Preferred stock     1       1  
Common stock     40       39  
Non-voting common stock     4       4  
Additional paid-in capital     922,698       902,843  
Accumulated other comprehensive income (expense)     (2,620 )     1,040  
Accumulated deficit     (532,233 )     (532,383 )
Total Pacific Ethanol, Inc. stockholders' equity     387,890       371,544  
Total Liabilities and Stockholders' Equity   $ 449,415     $ 392,196  

 

Pacific Ethanol, Inc.

Condensed Financial Information of the Registrant

Statements of Operations - Parent Company Only

(in thousands)

 

 

    Years Ended December 31,  
    2016     2015     2014  
                   
Management fees from subsidiaries   $ 12,968     $ 9,857     $ 12,731  
Selling, general and administrative expenses     14,491       14,336       12,779  
Asset impairment           1,970        
Loss from operations     (1,523 )     (6,449 )     (48 )
Fair value adjustments and warrant inducements     (557 )     1,641       (37,532 )
Interest income     5,964       5,739       4,753  
Interest expense     (240 )     (27 )     (1,813 )
Loss on extinguishments of debt                 (2,363 )
Other income     1,931              
Income (loss) before provision for income taxes     5,575       904       (37,003 )
Provision (benefit) for income taxes     (981 )     (10,034 )     15,137  
Income (loss) before equity in earnings of subsidiaries     6,556       10,938       (52,140 )
Equity in earnings (losses) of subsidiaries     (5,137 )     (29,724 )     73,429  
Consolidated net income (loss)   $ 1,419     $ (18,786 )   $ 21,289  

 

Pacific Ethanol, Inc.

Condensed Financial Information of the Registrant

Statements of Cash Flows - Parent Company Only

(in thousands)

 

 

    2016     2015     2014  
Operating Activities:                        
Net income (loss)   $ 1,419     $ (18,786 )   $ 21,289  
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:                        
Equity in earnings (losses) of subsidiaries     5,137       29,724       (73,429 )
Depreciation and amortization     727       390       126  
Fair value adjustments     557       (1,641 )     35,260  
Loss on extinguishments of debt                 2,363  
Asset impairment           1,970        
Deferred income taxes     (1,122 )     (14,260 )     5,128  
Amortization of debt discount     10             1,674  
Changes in operating assets and liabilities:                        
Accounts receivables     7,302       (5,958 )     (7,001 )
Other assets     4,647       (4,139 )     1,365  
AP and accruals     (3,741 )     604       (587 )
Accounts payable with subsidiaries     (9,385 )     11,179       5,846  
Net cash provided by (used in) provided by operating activities   $ 5,551     $ (917 )   $ (7,966 )
                         
Investing Activities:                        
Additions to property and equipment   $ (465 )   $ (1,483 )   $ (455 )
Purchases of investments in subsidiaries                 (6,000 )
Investments in subsidiaries     (50,886 )            
Purchase of PE OP Co. debt     (17,003 )           (17,038 )
Net cash used in investing activities   $ (68,354 )   $ (1,483 )   $ (23,493 )
                         
Financing Activities:                        
Proceeds from issuance of senior notes   $ 53,350     $     $  
Proceeds from exercise of warrants     1,164       368       43,676  
Preferred stock dividends     (1,269 )     (1,265 )     (3,459 )
Proceeds from equity raise                 26,073  
Payment on related party note                 (750 )
Payments on senior notes                 (13,984 )
Net cash provided by (used in) financing activities   $ 53,245     $ (897 )   $ 51,556  
Net increase (decrease) increase in cash and equivalents     (9,558 )     (3,297 )     20,097  
Cash and equivalents at beginning of period     20,618       23,915       3,818  
Cash and equivalents at ending of period   $ 11,060     $ 20,618     $ 23,915