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Pacific Ethanol Inc. has a market cap of $35.63 million; its shares were traded at around $0.51 with and P/S ratio of 0.11. PEIX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:Under the Plan, we removed the Plants Owners assets of $175.0 million and liabilities of $294.4 million from our balance sheet, resulting in a net gain of $119.4 million for the three months ended June 30, 2010.
Effective January 1, 2010, we adopted the new guidance to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidations, which resulted in our conclusion that, under the FASB s guidance, we are no longer the primary beneficiary and, effective January 1, 2010, we prospectively adopted the guidance resulting in a deconsolidation of the financial results of Front Range. Upon deconsolidation, on January 1, 2010, we removed $62.6 million of assets and $12.7 million of liabilities from our consolidated balance sheet and recorded a cumulative debit adjustment to retained earnings of $1.8 million. The periods presented in this report prior to the effective date of the deconsolidation continue to include related balances associated with Front Range. Effective January 1, 2010, we account for our investment in Front Range under the equity method, with equity earnings recorded in other income (expense) in the consolidated statements of operations.
Our average sales price per gallon decreased 5% to $1.67 for the three months ended June 30, 2010 from an average sales price per gallon of $1.75 for the three months ended June 30, 2009. This decrease in average sales price per gallon is consistent with the average CBOT price per gallon, which decreased 5% to $1.58 for the three months ended June 30, 2010 from $1.66 for the three months ended June 30, 2009.
Our average sales price per gallon increased 3% to $1.74 for the six months ended June 30, 2010 from an average sales price per gallon of $1.69 for the six months ended June 30, 2009. This increase in average sales price per gallon is also consistent with the average CBOT price per gallon, which increased 2% to $1.65 for the six months ended June 30, 2010 from $1.62 for the six months ended June 30, 2009.
SG&A decreased $3.1 million to $3.2 million for the three months ended June 30, 2010 as compared to $6.3 million for the same period in 2009, primarily due to the following factors:
SG&A decreased $7.6 million to $6.3 million for the six months ended June 30, 2010 as compared to $13.9 million for the same period in 2009, primarily due to the following factors:
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