SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 4, 2015
PACIFIC ETHANOL, INC.
(Exact name of registrant as specified in its charter)
| Delaware |
|
000-21467 |
|
41-2170618 |
| (State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
| 400 Capitol Mall, Suite 2060 |
|
|
| Sacramento, California |
|
95814 |
| (Address of principal executive offices) |
|
(Zip Code) |
| Registrant’s
telephone number, including area code: |
(916) 403-2123 |
| |
| (Former name or former address, if changed since last report) |
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results
of Operations and Financial Condition.
On November 4, 2015, Pacific
Ethanol, Inc. (the “Company”) issued a press release announcing certain results of operations for the three and nine
months ended September 30, 2015. A copy of the press release is furnished (not filed) as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated herein by reference.
The information furnished
in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K is not incorporated by
reference into any filings of Pacific Ethanol, Inc. made under the Securities Act of 1933, as amended, or the Exchange Act, whether
made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation language in the filing
unless specifically stated so therein.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
| Number | Description |
| | | |
| | 99.1 | Press Release dated November 4, 2015 |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| Date: November 4, 2015 |
PACIFIC ETHANOL, INC. |
| |
|
| |
By: |
/s/ CHRISTOPHER W. WRIGHT |
| |
|
Christopher W. Wright
Vice President, General Counsel
& Secretary |
EXHIBITS FILED
WITH THIS REPORT
| Number | Description |
| | | |
| | 99.1 | Press Release dated November 4, 2015 |
Exhibit 99.1
| Company IR Contact: |
IR Agency Contact: |
Media Contact: |
| Pacific Ethanol, Inc. |
Becky Herrick |
Paul Koehler |
| 916-403-2755 |
LHA |
Pacific Ethanol, Inc. |
| 866-508-4969 |
415-433-3777 |
916-403-2790 |
| Investorrelations@pacificethanol.com |
|
paulk@pacificethanol.com |
Pacific
Ethanol Reports Third Quarter 2015 Results
– Net sales grew 38% over the third
quarter of 2014 –
– Record total gallons sold for
the third quarter of 2015 at 211.6 million –
– GAAP net loss per share was $0.36
and adjusted net loss per share was $0.18 –
– Adjusted EBITDA was $2.4 million
–
– Reflects first quarter of consolidating
Aventine operations –
Sacramento,
CA, November 4, 2015 – Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer and marketer of low-carbon renewable
fuels in the United States, reported its financial results for the three- and nine-months ended September 30, 2015.
Neil Koehler, the company’s president
and CEO, stated: “Our third quarter of 2015 results were impacted by the lower production margin environment and one-time
expenses related to our recent acquisition of the Aventine assets. We made great strides at integrating and improving the new
production facilities and are beginning to see the benefits of this important acquisition. We remain focused on optimizing all
of our assets, expanding our ethanol marketing, and building on our success of implementing plant improvement and yield enhancement
initiatives. We are well positioned to expand our market share and improve our financial results.”
Financial Results for the Three Months
Ended September 30, 2015
Net sales were $380.6 million for the third
quarter of 2015, an increase of 38% when compared to $275.6 million for the third quarter of 2014.
Cost of goods sold was $388.0 million for
the third quarter of 2015 and included $8.7 million in purchase accounting adjustments. These one-time, largely non-cash adjustments
were related to the company’s acquisition of Aventine Renewable Energy, which closed on July 1, 2015. Cost of goods sold
for the third quarter of 2014 was $257.6 million.
Gross loss was $7.4 million for the third
quarter of 2015, compared a gross profit of $18.0 million for the third quarter of 2014, reflecting a decrease in production margins
compared to the prior year.
Selling, general and administrative (“SG&A”)
expenses were $7.4 million for the third quarter of 2015, compared to $4.4 million for the third quarter of 2014.
Operating loss for the third quarter of
2015 was $14.8 million, compared to operating income of $13.6 million for the third quarter of 2014.
Interest expense, net for the third quarter
of 2015 was $5.2 million, compared to $1.1 million for the third quarter of 2014.
Provision for income taxes for the third
quarter of 2015 was a benefit of $3.9 million, compared to an expense of $3.2 million for the third quarter of 2014.
Net loss available to common stockholders
for the third quarter of 2015 was $15.0 million, or $0.36 per diluted share, and includes $8.7 million in purchase accounting adjustments.
This compares to net income available to common stockholders of $3.7 million, or $0.15 per diluted share, for the third quarter
of 2014.
Adjusted net loss was $7.5 million, or
$0.18 per diluted share, for the third quarter of 2015, compared to adjusted net income of $8.1 million, or $0.33 per diluted share,
in the third quarter of 2014.
Adjusted EBITDA was $2.4 million for the
third quarter of 2015, compared to $15.5 million for the third quarter of 2014.
Cash and cash equivalents were $53.1 million
at September 30, 2015, compared to $62.1 million at December 31, 2014.
Financial Results for the Nine Months
Ended September 30, 2015
Net sales were $814.4 million for the first
nine months of 2015, compared to $851.3 million for the same period of 2014.
Gross loss was $2.1 million for the first
nine months of 2015, compared to a gross profit of $90.1 million for the same period of 2014.
SG&A expenses were $16.3 million and
included approximately $1.4 million in acquisition-related expenses for the first nine months of 2015, compared to SG&A expenses
of $12.4 million for the same period of 2014.
Operating loss for the first nine months
of 2015 was $18.5 million, compared to operating income of $77.7 million for the same period of 2014.
Net loss available to common stockholders
was $19.0 million for the first nine months of 2015, or $0.63 per diluted share, compared to net income available to common stockholders
of $7.8 million, or $0.35 per diluted share, for the same period of 2014.
Adjusted net loss was $11.7 million, or
$0.39 per diluted share, for the first nine months of 2015, compared to adjusted net income of $50.0 million, or $2.26 per diluted
share, for the same period of 2014.
Adjusted EBITDA was $5.1 million for the
first nine months of 2015, compared to $78.7 million for the same period of 2014.
Q3 Results Conference Call
Management will host a conference call
at 8:00 a.m. PT/11:00 a.m. ET on November 5, 2015. Neil Koehler, Chief Executive Officer, and Bryon McGregor, Chief Financial Officer,
will deliver prepared remarks followed by a question and answer session. The webcast for the call can be accessed from Pacific
Ethanol's website at www.pacificethanol.com. Alternatively, you may dial the following number up to ten minutes prior to the scheduled
conference call time: (877) 847-6066. International callers should dial 00-1-(970) 315-0267. The pass code will be 69485612#.
If you are unable to participate on
the live call, the webcast will be archived for replay on Pacific Ethanol's website for one year. In addition, a telephonic
replay will be available at 2:00 p.m. Eastern Time on Thursday, November 5, 2015 through 11:59 p.m. Eastern Time on Thursday,
November 12, 2015. To access the replay, please dial (855) 859-2056. International callers should dial 00-1-(404) 537-3406.
The pass code will be 69485612#.
Use of Non-GAAP Measures
Management believes that certain financial
measures not in accordance with generally accepted accounting principles ("GAAP") are useful measures of operations.
The company defines Adjusted Net Income (Loss) as unaudited income (loss) available to common stockholders before fair value adjustments
and warrant inducements, purchase accounting adjustments and gain (loss) on extinguishments of debt. The company defines Adjusted
EBITDA as unaudited net income (loss) attributed to Pacific Ethanol before interest, provision for income taxes, purchase accounting
adjustments, depreciation and amortization and fair value adjustments and warrant inducements. Tables are provided at the end of
this release that provide a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to their most directly comparable
GAAP measures. Management provides these non-GAAP measures so that investors will have the same financial information that management
uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted Net Income
(Loss) and Adjusted EBITDA are not measures of financial performance under GAAP, and should not be considered alternatives to net
income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities
as an indicator of cash flows or as a measure of liquidity. Adjusted Net Income (Loss) and Adjusted EBITDA have limitations as
analytical tools and you should not consider these measures in isolation or as a substitute for analysis of the company's results
as reported under GAAP.
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (PEIX) is the leading
producer and marketer of low-carbon renewable fuels in the Western United States. With the addition of four Midwestern ethanol
plants in July 2015, Pacific Ethanol more than doubled the scale of its operations, entered new markets, and expanded its mission
to be the industry leader in the production and marketing of low carbon renewable fuels. Pacific Ethanol owns and operates eight
ethanol production facilities, four in the Western states of California, Oregon and Idaho, and four in the Midwestern states of
Illinois and Nebraska. The plants have a combined production capacity of 515 million gallons per year, produce over one million
tons per year of ethanol co-products such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers
solubles, corn gluten meal, corn germ, corn oil, distillers yeast and CO2. Pacific Ethanol markets and distributes ethanol
and co-products domestically and internationally. Pacific Ethanol’s subsidiary, Kinergy Marketing LLC, markets all ethanol
for the Pacific Ethanol plants as well as for third parties, with over 800 million gallons of ethanol marketed annually based on
historical volumes. Pacific Ethanol’s subsidiary, Pacific Ag. Products LLC, markets wet and dry distillers grains. For more
information please visit www.pacificethanol.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
Statements and information
contained in this communication that refer to or include the Pacific Ethanol’s estimated or anticipated future results or
other non-historical expressions of fact are forward-looking statements that reflect Pacific Ethanol’s current perspective
of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied
by words such as “anticipate,” “believe,” “plan,” “could,” “should,”
“estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,”
“may,” “might,” “will,” “possible,” “potential,” “predict,”
“project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited
to, market conditions, including the supply of and demand for ethanol and co-products, as well as margins and statements about
the benefits of the Aventine acquisition, including future financial and operating results, synergies and cost savings that may
result from the acquisition; and Pacific Ethanol’s other plans, objectives, expectations and intentions. It is important
to note that Pacific Ethanol’s plans, objectives, expectations and intentions are not predictions of actual performance.
Actual results may differ materially from Pacific Ethanol’s current expectations depending upon a number of factors affecting
Pacific Ethanol’s business and risks associated with acquisition transactions. These factors include, among others, adverse
economic and market conditions, including for ethanol and its co-products; raw material costs, including ethanol production input
costs; changes in governmental regulations and policies; and insufficient capital resources. These factors also include, among
others, the inherent uncertainty associated with financial and other projections; integration of Aventine and the ability to recognize
the anticipated synergies and benefits of the Aventine acquisition; the anticipated size of the markets and continued demand for
Pacific Ethanol’s products; the impact of competitive products and pricing; the risks and uncertainties normally incident
to the ethanol production and marketing industries; the difficulty of predicting the timing or outcome of pending or future litigation
or government investigations; changes in generally accepted accounting principles; successful compliance with governmental regulations
applicable to Pacific Ethanol’s facilities, products and/or businesses; changes in the laws and regulations; changes in tax
laws or interpretations that could increase Pacific Ethanol’s consolidated tax liabilities; the loss of key senior management
or staff; and other events, factors and risks previously and from time to time disclosed in Pacific Ethanol’s filings with
the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section
contained in the Company’s Form 10-Q filed with the Securities and Exchange Commission on August 10, 2015.
[Tables Follow]
PACIFIC ETHANOL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per
share data)
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| Net sales | |
$ | 380,622 | | |
$ | 275,573 | | |
$ | 814,419 | | |
$ | 851,260 | |
| Cost of goods sold | |
| 388,002 | | |
| 257,587 | | |
| 816,532 | | |
| 761,153 | |
| Gross profit (loss) | |
| (7,380 | ) | |
| 17,986 | | |
| (2,113 | ) | |
| 90,107 | |
| Selling, general and administrative expenses | |
| 7,446 | | |
| 4,392 | | |
| 16,344 | | |
| 12,377 | |
| Income (loss) from operations | |
| (14,826 | ) | |
| 13,594 | | |
| (18,457 | ) | |
| 77,730 | |
| Fair value adjustments and warrant inducements | |
| 1,202 | | |
| (4,378 | ) | |
| 1,413 | | |
| (39,737 | ) |
| Interest expense, net | |
| (5,167 | ) | |
| (1,133 | ) | |
| (7,187 | ) | |
| (8,370 | ) |
| Loss on extinguishments of debt | |
| – | | |
| – | | |
| – | | |
| (2,363 | ) |
| Other income (expense), net | |
| 203 | | |
| (172 | ) | |
| 16 | | |
| (734 | ) |
| Income (loss) before provision for income taxes | |
| (18,588 | ) | |
| 7,911 | | |
| (24,215 | ) | |
| 26,526 | |
| Provision (benefit) for income taxes | |
| (3,925 | ) | |
| 3,163 | | |
| (6,095 | ) | |
| 13,629 | |
| Consolidated net income (loss) | |
| (14,663 | ) | |
| 4,748 | | |
| (18,120 | ) | |
| 12,897 | |
| Net (income) loss attributed to noncontrolling interests | |
| – | | |
| (723 | ) | |
| 87 | | |
| (4,126 | ) |
| Net income (loss) attributed to Pacific Ethanol | |
$ | (14,663 | ) | |
$ | 4,025 | | |
$ | (18,033 | ) | |
$ | 8,771 | |
| Preferred stock dividends | |
$ | (319 | ) | |
$ | (319 | ) | |
$ | (946 | ) | |
$ | (946 | ) |
| Net income (loss) available to common stockholders | |
$ | (14,982 | ) | |
$ | 3,706 | | |
$ | (18,979 | ) | |
$ | 7,825 | |
| Net income (loss) per share, basic | |
$ | (0.36 | ) | |
$ | 0.16 | | |
$ | (0.63 | ) | |
$ | 0.40 | |
| Net income (loss) per share, diluted | |
$ | (0.36 | ) | |
$ | 0.15 | | |
$ | (0.63 | ) | |
$ | 0.35 | |
| Weighted-average shares outstanding, basic | |
| 41,861 | | |
| 22,986 | | |
| 30,170 | | |
| 19,713 | |
| Weighted-average shares outstanding, diluted | |
| 41,861 | | |
| 24,307 | | |
| 30,170 | | |
| 22,073 | |
PACIFIC ETHANOL, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value)
| | |
September 30, | | |
December 31, | |
| ASSETS | |
2015 | | |
2014 | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 53,056 | | |
$ | 62,084 | |
| Accounts receivable, net | |
| 51,379 | | |
| 34,612 | |
| Inventories | |
| 48,238 | | |
| 18,550 | |
| Income tax receivables | |
| 14,097 | | |
| – | |
| Prepaid inventory | |
| 11,100 | | |
| 11,595 | |
| Other current assets | |
| 5,084 | | |
| 12,710 | |
| Total current assets | |
| 182,954 | | |
| 139,551 | |
| Property and equipment, net | |
| 472,632 | | |
| 155,302 | |
| Other Assets: | |
| | | |
| | |
| Intangible assets, net | |
| 2,566 | | |
| 2,786 | |
| Other assets | |
| 9,882 | | |
| 1,863 | |
| Total other assets | |
| 12,448 | | |
| 4,649 | |
| Total Assets | |
$ | 668,034 | | |
$ | 299,502 | |
PACIFIC ETHANOL, INC.
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited, in thousands, except par value)
| | |
September 30, | | |
December 31, | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
2015 | | |
2014 | |
| |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable – trade | |
$ | 41,447 | | |
$ | 13,122 | |
| Accrued liabilities | |
| 5,846 | | |
| 6,203 | |
| Current portion – capital leases | |
| 4,217 | | |
| 4,077 | |
| Current portion – long-term debt | |
| 17,003 | | |
| – | |
| Other current liabilities | |
| 7,120 | | |
| 2,045 | |
| Total current liabilities | |
| 75,633 | | |
| 25,447 | |
| | |
| | | |
| | |
| Long-term debt, net of current portion | |
| 190,166 | | |
| 34,533 | |
| Capital leases, net of current portion | |
| 5,279 | | |
| 2,055 | |
| Warrant liabilities at fair value | |
| 501 | | |
| 1,986 | |
| Deferred tax liabilities | |
| 5,293 | | |
| 17,040 | |
| Other liabilities | |
| 20,451 | | |
| 459 | |
| Total Liabilities | |
| 297,323 | | |
| 81,520 | |
| | |
| | | |
| | |
| Stockholders’ Equity: | |
| | | |
| | |
| Pacific Ethanol, Inc. Stockholders’ Equity: | |
| | | |
| | |
| Preferred stock, $0.001 par value; 10,000 shares authorized; | |
| | | |
| | |
| Series A: 0 shares issued and outstanding as of September 30, 2015 and December 31, 2014 | |
| | | |
| | |
| Series B: 927 shares issued and outstanding as of September 30, 2015 and December 31, 2014 | |
| 1 | | |
| 1 | |
| Common stock, $0.001 par value; 300,000 shares authorized; 38,986 and 24,499 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | |
| 39 | | |
| 25 | |
| Non-voting common stock, $0.001 par value; 3,553 shares authorized; 3,540 and no shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | |
| 4 | | |
| – | |
| Additional paid-in capital | |
| 901,978 | | |
| 725,813 | |
| Accumulated deficit | |
| (531,311 | ) | |
| (512,332 | ) |
| Total Pacific Ethanol, Inc. Stockholders’ Equity | |
| 370,711 | | |
| 213,507 | |
| Noncontrolling interests | |
| – | | |
| 4,475 | |
| Total Stockholders’ Equity | |
| 370,711 | | |
| 217,982 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 668,034 | | |
$ | 299,502 | |
Reconciliation of Adjusted Net Income
(Loss) to Net Income (Loss)
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| (in thousands) (unaudited) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| Net income (loss) available to common stockholders | |
$ | (14,982 | ) | |
$ | 3,706 | | |
$ | (18,979 | ) | |
$ | 7,825 | |
| Adjustments: | |
| | | |
| | | |
| | | |
| | |
| Fair value adjustments and warrant inducements | |
| (1,202 | ) | |
| 4,378 | | |
| (1,413 | ) | |
| 39,737 | |
| Purchase accounting adjustments | |
| 8,700 | | |
| – | | |
| 8,700 | | |
| | |
| Extinguishments of debt | |
| – | | |
| – | | |
| – | | |
| 2,363 | |
| Total adjustments | |
| 7,498 | | |
| 4,378 | | |
| 7,287 | | |
| 42,100 | |
| Adjusted net income (loss) | |
$ | (7,484 | ) | |
$ | 8,084 | | |
$ | (11,692 | ) | |
$ | 49,925 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted net income (loss) per share – diluted | |
$ | (0.18 | ) | |
$ | 0.33 | | |
$ | (0.39 | ) | |
$ | 2.26 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted-average shares outstanding, diluted | |
| 41,861 | | |
| 24,307 | | |
| 30,170 | | |
| 22,073 | |
Reconciliation of Adjusted EBITDA to
Net Income (Loss)
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| (in thousands) (unaudited) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| Net income (loss) attributed to Pacific Ethanol | |
$ | (14,663 | ) | |
$ | 4,025 | | |
$ | (18,033 | ) | |
$ | 8,771 | |
| Adjustments: | |
| | | |
| | | |
| | | |
| | |
| Interest expense* | |
| 5,158 | | |
| 928 | | |
| 7,022 | | |
| 7,523 | |
| Provision (benefit) for income taxes* | |
| (3,925 | ) | |
| 3,007 | | |
| (6,095 | ) | |
| 13,473 | |
| Purchase accounting adjustments | |
| 8,700 | | |
| – | | |
| 8,700 | | |
| – | |
| Fair value adjustments and warrant inducements | |
| (1,202 | ) | |
| 4,378 | | |
| (1,413 | ) | |
| 39,737 | |
| Depreciation and amortization expense* | |
| 8,355 | | |
| 3,116 | | |
| 14,919 | | |
| 9,168 | |
| Total adjustments | |
| 17,086 | | |
| 11,429 | | |
| 23,133 | | |
| 69,901 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
$ | 2,423 | | |
$ | 15,454 | | |
$ | 5,100 | | |
$ | 78,672 | |
________________
* Adjusted for noncontrolling interests.
Commodity Price Performance
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| (unaudited) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| West production gallons sold (in millions) | |
| 47.0 | | |
| 46.8 | | |
| 139.1 | | |
| 133.1 | |
| Central production gallons sold (in millions) | |
| 62.6 | | |
| – | | |
| 62.6 | | |
| – | |
| Ethanol third party gallons sold (in millions) | |
| 102.0 | | |
| 86.9 | | |
| 286.3 | | |
| 245.5 | |
| Total ethanol gallons sold (in millions) | |
| 211.6 | | |
| 133.7 | | |
| 488.0 | | |
| 378.6 | |
| | |
| | | |
| | | |
| | | |
| | |
| Average ethanol sales price per gallon | |
$ | 1.67 | | |
$ | 2.32 | | |
$ | 1.69 | | |
$ | 2.59 | |
| Average CBOT ethanol price per gallon | |
$ | 1.51 | | |
$ | 2.02 | | |
$ | 1.53 | | |
$ | 2.16 | |
| | |
| | | |
| | | |
| | | |
| | |
| Corn cost – CBOT equivalent | |
$ | 3.72 | | |
$ | 3.88 | | |
$ | 3.74 | | |
$ | 4.40 | |
| Average basis | |
$ | 0.37 | | |
$ | 1.27 | | |
$ | 0.62 | | |
$ | 1.22 | |
| Delivered corn cost | |
$ | 4.09 | | |
$ | 5.15 | | |
$ | 4.36 | | |
$ | 5.62 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total co-product tons sold (in thousands) | |
| 670.0 | | |
| 385.0 | | |
| 1,398.1 | | |
| 1,100.8 | |
| Co-product return % (1) | |
| 39.0% | | |
| 30.8% | | |
| 36.3% | | |
| 33.9% | |
______________
(1) Co-product revenue as a percentage
of delivered cost of corn.
####
Alto Ingredients (NASDAQ:PEIX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alto Ingredients (NASDAQ:PEIX)
Historical Stock Chart
From Apr 2023 to Apr 2024
