Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
 9 Months Ended
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Operating Activities:    
Consolidated net income (loss) $ (18,120,000) $ 12,897,000
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 15,103,000 9,775,000
Deferred income taxes (120,000) 191,000
Loss on extinguishments of debt 0 2,363,000
Fair value adjustments (1,413,000) 37,465,000
Amortization of debt discount 383,000 1,815,000
Amortization of deferred financing fees 178,000 1,139,000
Inventory valuation 0 722,000
Non-cash compensation 1,465,000 1,311,000
Derivative instruments 1,552,000 700,000
Bad debt expense (recoveries) (357,000) (40,000)
Changes in operating assets and liabilities, net of effects from acquisition of Aventine:    
Accounts receivable (5,980,000) 4,862,000
Inventories (205,000) 2,401,000
Other current assets (1,399,000) 962,000
Prepaid inventory 495,000 1,734,000
Accounts payable and accrued expenses (9,020,000) (2,047,000)
Net cash provided by (used in)operating activities (17,438,000) 76,250,000
Investing Activities:    
Net cash from Aventine acquisition 18,756,000 0
Additions to property and equipment (17,680,000) (9,996,000)
Purchase of cash collateralized letters of credit (4,574,000) 0
Purchases of PE Op Co. ownership 0 (6,000,000)
Net cash used in investing activities (3,498,000) (15,996,000)
Financing Activities:    
Proceeds from equity offering 0 26,073,000
Proceeds from exercise of warrants 368,000 42,656,000
Principal Payments on senior notes 0 (13,984,000)
Principal payments on related party note 0 (750,000)
Parent purchases of Plant Owners' debt 0 (17,038,000)
Net proceeds from (payments on) Kinergy's line of credit 29,718,000 (5,570,000)
Principal Payments on Plant Owners' borrowings (13,833,000) (35,378,000)
Payments on capital leases (3,399,000) (3,772,000)
Debt issuance costs 0 (440,000)
Preferred stock dividends paid (946,000) (946,000)
Net cash provided by (used in) financing activities 11,908,000 (9,149,000)
Net increase (decrease) in cash and cash equivalents (9,028,000) 51,105,000
Cash and cash equivalents at beginning of period 62,084,000 5,151,000
Cash and cash equivalents at end of period 53,056,000 56,256,000
Supplemental Information:    
Interest paid 6,043,000 5,606,000
Income taxes paid 0 10,470,000
Noncash financing and investing activities:    
Reclass of warrant liability to equity upon warrant exercises 72,000 40,884,000
Reclass of noncontrolling interests to APIC upon acquisitions of ownership positions in PE Op Co. 560,000 80,000
Accrued payment for ownership positions in PE Op Co. 3,828,000 0
Assets acquired in acquisition of Aventine:    
Cash and cash equivalents 18,756,000  
Accounts receivables 10,430,000  
Inventories 29,483,000  
Other current assets 10,480,000  
Property and equipment 312,781,000  
Net deferred tax assets 10,021,000  
Other assets 750,000  
Liabilities assumed in acquisition of Aventine:    
Accounts payable and accrued expenses 27,233,000  
Term debt 142,744,000  
Line of credit 13,721,000  
Pension plan liabilities 8,518,000  
Other noncurrent liabilities 25,913,000  
Net assets acquired in acquisition of Aventine 174,472,000  
Common stock issued in acquisition of Aventine 174,572,000  
Preferred stock dividends paid in common stock $ 0 $ 1,463,000