Posts Tagged ‘ethanol’

Pacific Ethanol, Inc. (PEIX) reports record net sales in Q3

Monday, October 31st, 2011

Shares of renewable fuel producer Pacific Ethanol, Inc. (Nasdaq: PEIX) were up as much as 26 percent from Friday’s closing price in morning trading on Monday.

Last week, the Sacramento-based company PEIX announced record net sales for the third quarter. Sales grew to $271.6 million for the third quarter of 2011, up from net sales of $46 million a year ago. Net income in Q3 soared to $4 million, compared to a net loss of $12.9 million for the third quarter a year ago, which included a loss on the company’s investment in Front Range Energy, LLC of $12.1 million.

For the nine months ended September 30, 2011, net sales were $659.4 million, compared to $194.1 million in the same period in 2010. For the nine months ended September 30, 2011, net income available to common stockholders was $4.2 million, compared to $83.2 million in the same period in 2010, which included a non-cash gain from bankruptcy exit of $119.4 million and a loss on the company’s investment in Front Range Energy, LLC of $12.1 million.

“In the third quarter, we again delivered record net sales and total gallons sold driven by the continued execution of our diversified business strategy,” said Pacific Ethanol, Inc.’s president and CEO Neil Koehler in an October 26 press release. “We recorded the ninth consecutive quarter of growth in total gallons sold, bringing our compound annual growth rate to 75 percent over that period. Most importantly, we generated strong operating income and achieved profitability during the quarter.”

Shares of Pacific Ethanol PEIX are down about 38 percent over the past three months.

Pacific Ethanol, Inc. (PEIX) – Buzz Stock of the Day

Wednesday, June 30th, 2010

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Shares of Pacific Ethanol, Inc. (Nasdaq: PEIX) were up almost 60 percent from Tuesday’s close in morning trading on Wednesday, after the company said that four of its wholly-owned ¬†subsidiaries had emerged from bankruptcy.

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“We believe that our business is well positioned for growth,” said Pacific Ethanol president and CEO, Neil Koehler in a statement. “With the California plants capable of producing the lowest carbon ethanol in the United States, we are now focused on a plan to restart these facilities to provide much needed ethanol to meet California’s Low Carbon Fuel Standard.”

The plant subsidiaries, which are now owned by a newly formed holding company, will continue to be staffed, managed and operated by Pacific Ethanol under a fee and profit-sharing arrangement negotiated with the owners of the newly formed holding company.

Pacific Ethanol, Inc. eliminated approximately $290 million in debt and other liabilities from its balance sheet. The bankruptcy did not affect the Company’s ownership structure and the Company continues to be owned by its existing common and preferred stockholders. The Company also has an exclusive option to purchase up to a 25 percent equity interest in the new holding company for up to $30 million in cash, which is exercisable for a period of 90 days from June 29, 2010.