17. PARENT COMPANY FINANCIALS (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Balance Sheets - Parent Company Only |
| |
|
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 |
|
|
| Statements Of Operations Parent Company Only |
| |
|
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 |
|
|
| Statements Of Cash Flows Parent Company Only |
| |
|
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 |
|
|