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Pacific Ethanol Inc. (PEIX) filed Quarterly Report for the period ended 2011-09-30.
Pacific Ethanol Inc. has a market cap of $18.2 million; its shares were traded at around $0.7077 .
This is the annual revenues and earnings per share of PEIX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PEIX.
Highlight of Business Operations:
Our average sales price per gallon increased 54% to $2.97 for the three months ended September 30, 2011 from an average sales price per gallon of $1.93 for the same period in 2010, which was in line with the increase in the average CBOT ethanol price per gallon for the comparable periods.Total volume of ethanol production gallons sold increased by 69.8 million gallons, or 162%, to 113.0 million gallons for the nine months ended September 30, 2011 as compared to 43.2 million gallons for the same period in 2010. The increase in production gallons sold is primarily due to the Stockton facility operating during the nine months ended September 30, 2011, whereas it was not operating during the same period in 2010. In addition, ethanol sold from the Pacific Ethanol Plants was classified as production gallons sold for the nine months ended September 30, 2011 and was classified as third party gallons sold for the three months ended September 30, 2010. Total volume of third party gallons sold increased by 42.4 million gallons, or 28%, to 194.8 million gallons for the nine months ended September 30, 2011 as compared to 152.4 million gallons for the same period in 2010. The increase in third party sales volume is primarily due to additional gallons sold through third-party ethanol marketing arrangements, including from the Keyes, California facility.
Our average sales price per gallon increased 54% to $2.79 for the nine months ended September 30, 2011 from an average sales price per gallon of $1.81 for the same period in 2010, consistent with the increase in the average CBOT ethanol price per gallon for the comparable periods.
Our gross margin increased to $8.2 million for the three months ended September 30, 2011 from $4.0 million for the same period in 2010 primarily due to higher sales volumes and improved commodity margins, primarily related to the spread between ethanol prices and corn and energy costs. Our gross margin increased to $12.0 million for the nine months ended September 30, 2011 from negative $1.8 million for the same period in 2010 primarily due to higher sales volumes and increased commodity margins, as noted above. Further, for the nine months ended September 30, 2011, we were able to offset approximately $1.5 million of our production costs due to elevated corn prices with proceeds from the California Ethanol Producer Incentive Program, which were recorded as reductions to cost of goods sold.
We believe that current and future available capital resources, revenues generated from operations, and other existing sources of liquidity, including our credit facilities, will be adequate to meet our anticipated working capital and capital expenditure requirements for at least the next twelve months. If, however, our capital requirements or cash flow vary materially from our current projections, if unforeseen circumstances occur, or if we require a significant amount of cash to fund future acquisitions, we may require additional financing. Our failure to raise capital, if needed, could restrict our growth, or hinder our ability to compete.
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