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) |
March 9, 2016 |
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 March 9, 2016, Pacific
Ethanol, Inc. issued a press release announcing certain results of operations for the three and twelve months ended December 31,
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 March 9, 2016 |
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: March 9, 2016 |
PACIFIC ETHANOL, INC. |
|
|
|
By: /S/ CHRISTOPHER W. WRIGHT |
|
Christopher W. Wright |
|
Vice President, General Counsel and Secretary |
EXHIBITS FILED WITH THIS
REPORT
Number |
Description |
|
|
99.1 |
Press Release dated March 9, 2016 |
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 Fourth
Quarter and Year-end 2015 Results
– Acquisition of Midwest assets contributed
to 4Q15 net sales growth of 47% over prior year and record 4Q15 total gallons sold of 213.5 million –
– GAAP net loss per share was $0.03,
adjusted net income per share was $0.02 and
Adjusted EBITDA was $9.0 million for 4Q15 –
Sacramento, CA,
March 9, 2016 – 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 twelve months ended December 31, 2015.
Neil Koehler, president and CEO, stated: “In
2015, we made significant progress in positioning the company for long-term growth. We completed our acquisition of Aventine in
July, more than doubling our production capacity. Our expanded footprint is demonstrating operating benefits. The diversification
of geography, technology, feedstocks and products strengthens our performance across margin cycles and provides a strong platform
for growth.
“Looking ahead, we remain focused on improving our performance
through further lowering production costs, expanding sales of higher value ethanol and co-products and reducing the carbon intensity
of our ethanol.
“In the first quarter of 2016, we are moderating production
levels to match supply and demand. While the demand for ethanol continues to grow, current industry ethanol inventories remain
high. We are confident that the fundamentals of ethanol as a valuable source of octane and carbon reductions will support continued
growth in demand and improved production margins.”
Financial Results for the Three Months Ended
December 31, 2015
Net sales were $376.8 million for the fourth
quarter of 2015, an increase of 47% when compared to $256.2 million for the fourth quarter of 2014.
Cost of goods sold was $367.2 million for
the fourth quarter of 2015, compared to $237.8 million for the fourth quarter of 2014.
Gross profit was $9.5 million for the fourth
quarter of 2015, compared a gross profit of $18.4 million for the fourth quarter of 2014, reflecting a decrease in production
margins compared to the prior year.
Selling, general and administrative ("SG&A")
expenses were $7.1 million for the fourth quarter of 2015, compared to $4.7 million for the fourth quarter of 2014.
Operating income for the fourth quarter of
2015 was $0.5 million, compared to $13.6 million for the fourth quarter of 2014.
Interest expense, net for the fourth quarter
of 2015 was $5.4 million, compared to $1.1 million for the fourth quarter of 2014.
Provision (benefit) for income taxes for
the fourth quarter of 2015 was a benefit of $3.9 million. This compares to an expense of $1.5 million for the fourth quarter of
2014.
Net loss available to common stockholders for
the fourth quarter of 2015 was $1.1 million, or $0.03 per diluted share, and includes a non-cash $2.0 million asset impairment
charge related to the write-off of accounting and information technology systems in connection with the company’s integration
of Aventine’s business. This compares to net income available to common stockholders of $11.9 million, or $0.48 per diluted
share, for the fourth quarter of 2014.
Adjusted net income was $0.7 million, or $0.02
per diluted share, for the fourth quarter of 2015, compared to adjusted net income of $9.7 million, or $0.39 per diluted share,
in the fourth quarter of 2014.
Adjusted EBITDA was $9.0 million for the fourth
quarter of 2015, compared to $16.3 million for the fourth quarter of 2014.
Cash and cash equivalents were $52.7 million
at December 31, 2015, compared to $62.1 million at December 31, 2014.
Financial Results for the Twelve Months
Ended December 31, 2015
Net sales were $1.2 billion for the full year
2015, compared to $1.1 billion for the same period of 2014.
Gross profit was $7.4 million for the full
year 2015, compared to a gross profit of $108.5 million for the same period of 2014.
SG&A expenses were $23.4 million and included
approximately $1.4 million in acquisition-related expenses for the full year 2015, compared to SG&A expenses of $17.1 million
for the same period of 2014.
Operating loss for the full year 2015 was $18.0
million, compared to operating income of $91.4 million for the same period of 2014.
Net loss available to common stockholders was
$20.1 million for the full year 2015, or $0.60 per diluted share, compared to net income available to common stockholders of $19.4
million, or $0.86 per diluted share, for the same period of 2014.
Adjusted net loss was $11.0 million, or $0.33
per diluted share, for the full year 2015, compared to adjusted net income of $59.3 million, or $2.62 per diluted share, for the
same period of 2014.
Adjusted EBITDA was $14.1 million for the full
year 2015, compared to $95.0 million for the same period of 2014.
Q4 Results Conference Call
Management will host a conference call at 8:00
a.m. PT/11:00 a.m. ET on March 10, 2016. 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 5933247#.
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, March 10, 2016 through 11:59 p.m. Eastern Time on Thursday, March 17, 2016.
To access the replay, please dial (855) 859-2056. International callers should dial 00-1-(404) 537-3406. The pass code will be
5933247#.
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 net income (loss) available to common stockholders before fair value
adjustments and warrant inducements, purchase accounting adjustments, asset impairments and loss on extinguishments of debt. The
company defines Adjusted EBITDA as unaudited net income (loss) attributed to Pacific Ethanol before interest, provision (benefit)
for income taxes, asset impairments, purchase accounting adjustments, fair value adjustments and warrant inducements, and depreciation
and amortization. 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 advance its position as an 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 Pacific Ethanol’s 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; growth for these products; intentions concerning reducing production to
better match supply and demand; expectations regarding improvements in operating efficiencies, production costs, and carbon
intensity of ethanol produced; 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; fluctuations in the price of oil and gasoline; 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; changes in generally accepted accounting
principles; successful compliance with governmental regulations applicable to Pacific Ethanol’s facilities, products
and/or businesses; changes in 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 November 6, 2015.
[Tables Follow]
PACIFIC ETHANOL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share
data)
| |
Three Months Ended December 31, | | |
Years Ended December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
Net sales | |
$ | 376,757 | | |
$ | 256,152 | | |
$ | 1,191,176 | | |
$ | 1,107,412 | |
Cost of goods sold | |
| 367,234 | | |
| 237,774 | | |
| 1,183,766 | | |
| 998,927 | |
Gross profit | |
| 9,523 | | |
| 18,378 | | |
| 7,410 | | |
| 108,485 | |
Selling, general and administrative expenses | |
| 7,068 | | |
| 4,731 | | |
| 23,412 | | |
| 17,108 | |
Asset impairments | |
| 1,970 | | |
| – | | |
| 1,970 | | |
| – | |
Income (loss) from operations | |
| 485 | | |
| 13,647 | | |
| (17,972 | ) | |
| 91,377 | |
Fair value adjustments and warrant inducements | |
| 228 | | |
| 2,205 | | |
| 1,641 | | |
| (37,532 | ) |
Interest expense, net | |
| (5,407 | ) | |
| (1,068 | ) | |
| (12,594 | ) | |
| (9,438 | ) |
Loss on extinguishments of debt | |
| – | | |
| – | | |
| – | | |
| (2,363 | ) |
Other income (expense), net | |
| 2 | | |
| (171 | ) | |
| 18 | | |
| (905 | ) |
Income (loss) before provision for income taxes | |
| (4,692 | ) | |
| 14,613 | | |
| (28,907 | ) | |
| 41,139 | |
Provision (benefit) for income taxes | |
| (3,939 | ) | |
| 1,508 | | |
| (10,034 | ) | |
| 15,137 | |
Consolidated net income (loss) | |
| (753 | ) | |
| 13,105 | | |
| (18,873 | ) | |
| 26,002 | |
Net (income) loss attributed to noncontrolling interests | |
| – | | |
| (587 | ) | |
| 87 | | |
| (4,713 | ) |
Net income (loss) attributed to Pacific Ethanol | |
$ | (753 | ) | |
$ | 12,518 | | |
$ | (18,786 | ) | |
$ | 21,289 | |
Preferred stock dividends | |
$ | (319 | ) | |
$ | (319 | ) | |
$ | (1,265 | ) | |
$ | (1,265 | ) |
Income allocated to participating securities | |
$ | – | | |
$ | (314 | ) | |
$ | – | | |
$ | (585 | ) |
Income (loss) available to common stockholders | |
$ | (1,072 | ) | |
$ | 11,885 | | |
$ | (20,051 | ) | |
$ | 19,439 | |
Net income (loss) per share, basic | |
$ | (0.03 | ) | |
$ | 0.49 | | |
$ | (0.60 | ) | |
$ | 0.93 | |
Net income (loss) per share, diluted | |
$ | (0.03 | ) | |
$ | 0.48 | | |
$ | (0.60 | ) | |
$ | 0.86 | |
Weighted-average shares outstanding, basic | |
| 42,052 | | |
| 24,055 | | |
| 33,173 | | |
| 20,810 | |
Weighted-average shares outstanding, diluted | |
| 42,052 | | |
| 24,633 | | |
| 33,173 | | |
| 22,669 | |
PACIFIC ETHANOL, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value)
| |
December 31, | |
ASSETS | |
2015 | | |
2014 | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 52,712 | | |
$ | 62,084 | |
Accounts receivable, net | |
| 61,346 | | |
| 34,612 | |
Inventories | |
| 60,820 | | |
| 18,550 | |
Prepaid inventory | |
| 5,973 | | |
| 11,595 | |
Income tax receivables | |
| 10,654 | | |
| 8,121 | |
Other current assets | |
| 6,437 | | |
| 2,983 | |
Total current assets | |
| 197,942 | | |
| 137,945 | |
Property and equipment, net | |
| 464,960 | | |
| 155,302 | |
Other Assets: | |
| | | |
| | |
Intangible assets, net | |
| 2,678 | | |
| 2,786 | |
Other assets | |
| 9,563 | | |
| 1,863 | |
Total other assets | |
| 12,241 | | |
| 4,649 | |
Total Assets | |
$ | 675,143 | | |
$ | 297,896 | |
PACIFIC ETHANOL, INC.
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited, in thousands, except par value)
| |
December 31, | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
2015 | | |
2014 | |
Current Liabilities: | |
| | | |
| | |
Accounts payable – trade | |
$ | 30,520 | | |
$ | 13,122 | |
Accrued liabilities | |
| 10,072 | | |
| 6,203 | |
Current portion – capital leases | |
| 4,248 | | |
| 4,077 | |
Current portion – long-term debt | |
| 17,003 | | |
| – | |
Accrued PE Op Co. purchase | |
| 3,828 | | |
| – | |
Other current liabilities | |
| 7,238 | | |
| 2,045 | |
Total current liabilities | |
| 72,909 | | |
| 25,447 | |
| |
| | | |
| | |
Long-term debt, net of current portion | |
| 204,324 | | |
| 34,533 | |
Capital leases, net of current portion | |
| 4,183 | | |
| 2,055 | |
Warrant liabilities | |
| 273 | | |
| 1,986 | |
Deferred tax liabilities | |
| 1,174 | | |
| 15,434 | |
Other liabilities | |
| 20,736 | | |
| 459 | |
Total Liabilities | |
| 303,599 | | |
| 79,914 | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Pacific Ethanol, Inc. Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, $0.001 par value; 10,000 shares authorized;
Series A: no shares issued and outstanding as of December 31, 2015 and 2014
Series B: 927 shares issued and outstanding as of December 31, 2015 and 2014 | |
| 1 | | |
| 1 | |
Common stock, $0.001 par value; 300,000 shares authorized; 38,975 and 24,500 shares issued and outstanding as of December 31, 2015 and 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 December 31, 2015 and 2014, respectively | |
| 4 | | |
| – | |
Additional paid-in capital | |
| 902,843 | | |
| 725,813 | |
Accumulated other comprehensive income | |
| 1,040 | | |
| – | |
Accumulated deficit | |
| (532,383 | ) | |
| (512,332 | ) |
Total Pacific Ethanol, Inc. Stockholders’ Equity | |
| 371,544 | | |
| 213,507 | |
Noncontrolling interests | |
| – | | |
| 4,475 | |
Total Stockholders’ Equity | |
| 371,544 | | |
| 217,982 | |
Total Liabilities and Stockholders’ Equity | |
$ | 675,143 | | |
$ | 297,896 | |
Reconciliation of Adjusted Net Income (Loss)
to Net Income (Loss)
| |
Three Months Ended December 31, | | |
Years Ended December 31, | |
(in thousands except per share data) (unaudited) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Net income (loss) available to common stockholders | |
$ | (1,072 | ) | |
$ | 11,885 | | |
$ | (20,051 | ) | |
$ | 19,439 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Fair value adjustments and warrant inducements | |
| (228 | ) | |
| (2,205 | ) | |
| (1,641 | ) | |
| 37,532 | |
Asset impairments | |
| 1,970 | | |
| – | | |
| 1,970 | | |
| – | |
Purchase accounting adjustments | |
| – | | |
| – | | |
| 8,700 | | |
| – | |
Loss on extinguishments of debt | |
| – | | |
| – | | |
| – | | |
| 2,363 | |
Total adjustments | |
| 1,742 | | |
| (2,205 | ) | |
| 9,029 | | |
| 39,895 | |
Adjusted net income (loss) | |
$ | 670 | | |
$ | 9,680 | | |
$ | (11,022 | ) | |
$ | 59,334 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted net income (loss) per share - diluted | |
$ | 0.02 | | |
$ | 0.39 | | |
$ | (0.33 | ) | |
$ | 2.62 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding, diluted | |
| 42,052 | | |
| 24,633 | | |
| 33,173 | | |
| 22,669 | |
Reconciliation of Adjusted EBITDA to Net
Income (Loss)
| |
Three Months Ended December 31, | | |
Years Ended December 31, | |
(in thousands) (unaudited) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Net income (loss) attributed to Pacific Ethanol | |
$ | (753 | ) | |
$ | 12,518 | | |
$ | (18,786 | ) | |
$ | 21,289 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Interest expense* | |
| 5,402 | | |
| 967 | | |
| 12,424 | | |
| 8,490 | |
Provision (benefit) for income taxes* | |
| (5,939 | ) | |
| 1,637 | | |
| (12,034 | ) | |
| 15,109 | |
Asset impairments | |
| 1,970 | | |
| – | | |
| 1,970 | | |
| – | |
Purchase accounting adjustments | |
| – | | |
| – | | |
| 8,700 | | |
| – | |
Fair value adjustments and warrant inducements | |
| (228 | ) | |
| (2,205 | ) | |
| (1,641 | ) | |
| 37,532 | |
Depreciation and amortization expense* | |
| 8,529 | | |
| 3,413 | | |
| 23,448 | | |
| 12,581 | |
Total adjustments | |
| 9,734 | | |
| 3,812 | | |
| 32,867 | | |
| 73,712 | |
Adjusted EBITDA | |
$ | 8,981 | | |
$ | 16,330 | | |
$ | 14,081 | | |
$ | 95,001 | |
________________
* Adjusted for noncontrolling interests.
Commodity Price Performance
| |
Three Months Ended December 31, | | |
Years Ended December 31, | |
(unaudited) | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
Production gallons sold (in millions) | |
| 117.5 | | |
| 50.4 | | |
| 319.2 | | |
| 183.5 | |
Ethanol third party gallons sold (in millions) | |
| 96.0 | | |
| 84.2 | | |
| 382.3 | | |
| 329.7 | |
Total ethanol gallons sold (in millions) | |
| 213.5 | | |
| 134.6 | | |
| 701.5 | | |
| 513.2 | |
| |
| | | |
| | | |
| | | |
| | |
Ethanol average sales price per gallon | |
$ | 1.66 | | |
$ | 2.15 | | |
$ | 1.68 | | |
$ | 2.48 | |
Average CBOT ethanol price per gallon | |
$ | 1.50 | | |
$ | 1.80 | | |
$ | 1.51 | | |
$ | 2.07 | |
| |
| | | |
| | | |
| | | |
| | |
Corn cost – CBOT equivalent | |
$ | 3.72 | | |
$ | 3.67 | | |
$ | 3.77 | | |
$ | 4.21 | |
Average basis | |
$ | 0.35 | | |
$ | 1.30 | | |
$ | 0.52 | | |
$ | 1.24 | |
Delivered cost of corn | |
$ | 4.07 | | |
$ | 4.97 | | |
$ | 4.29 | | |
$ | 5.45 | |
| |
| | | |
| | | |
| | | |
| | |
Total co-product tons sold (1) (in thousands) | |
| 701.3 | | |
| 395.2 | | |
| 2,099.4 | | |
| 1,496.0 | |
Co-product return % (2) | |
| 35.7% | | |
| 28.5% | | |
| 35.8% | | |
| 32.5% | |
________________
(1) Includes corn oil.
(2) Co-product revenue as a percentage of delivered cost of corn.
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Alto Ingredients (NASDAQ:PEIX)
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