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Pacific Ethanol, Inc. On Wednesday October 26, 2011, 4:10 pm
• Achieved record net sales and total gallons sold for the quarter
• Sequential net sales growth of 27%
• Sequential increase in total gallons sold of 22%
• Grew operating income to $4.7 million from $1.2 million in the third quarter of 2010
• Increased EPS to $0.12 from a loss of $1.10 in the third quarter of 2010
• Improved Adjusted EBITDA to $2.9 million from $0.9 million in the third quarter of 2010
• Provides update on its senior convertible notes
SACRAMENTO, Calif., Oct. 26, 2011 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (Nasdaq:PEIX - News), the leading marketer and producer of low-carbon renewable fuels in the Western United States, reported its financial results for the three- and nine-month periods ended September 30, 2011.
Neil Koehler, the company's president and CEO, stated: "In the third quarter, we again delivered record net sales and total gallons sold driven by the continued execution of our diversified business strategy. 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. Further building on our growth strategy, after the close of the quarter, we secured a management agreement with ZeaChem that leverages our expertise in renewable fuel production to operate and maintain its cellulosic biorefinery. This agreement is significant in that it represents our first operations and maintenance arrangement beyond the Pacific Ethanol plants."
Financial Results for the Three Months Ended September 30, 2011
Net sales were at an all-time high of $271.6 million for the third quarter of 2011, compared to $46.0 million for the third quarter of 2010. Total gallons sold were 122.6 million for the third quarter of 2011, a sequential increase of 22% from the second quarter of 2011 and an increase of 71% over the 71.5 million gallons sold in the third quarter of 2010. The increase in net sales was primarily driven by the fact that the company did not consolidate the results of the Pacific Ethanol plants in the third quarter of 2010. The increase in total gallons sold was primarily due to continued strength in the company's marketing business and a 54% increase in average sales price per gallon. In addition, the company's third quarter 2011 results include the impact of the Stockton plant's operations whereas it was idled during the third quarter of 2010.
Gross profit was $8.2 million for the third quarter of 2011, compared to $4.0 million in the third quarter of 2010. The increase in gross profit was attributable to an improved commodity margin environment and the contribution from the three Pacific Ethanol plants that were operational during the period. SG&A expenses, including professional fees, were $3.5 million in the third quarter of 2011, compared to $2.7 million for the third quarter of 2010, with the increase primarily due to the consolidation of the Pacific Ethanol plants. Operating income for the third quarter of 2011 increased to $4.7 million from $1.2 million for the same period in 2010 primarily due to an improved commodity margin environment.
During the third quarter of 2011, the company recorded aggregate non-cash gains of $4.1 million for quarterly fair value adjustments on its convertible notes and warrants.
Net income available to common stockholders for the third quarter of 2011 was $4.0 million, compared to a net loss of $12.9 million for the third quarter of 2010, which included a loss on the company's investment in Front Range Energy, LLC of $12.1 million. Adjusted EBITDA, which excludes the company's fair value adjustments on its convertible notes and warrants and loss on its investment in Front Range Energy, LLC, improved to $2.9 million for the third quarter of 2011 from $0.9 million in the third quarter of 2010.
Financial Results for the Nine Months Ended September 30, 2011
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…