I was unable to join the conversation about questions for the CC tomorrow because I ran out of allotted posts for the day.
I did run the numbers reported in the earnings report for delivered corn cost, average price for ethanol sales, co-product revenue and total production. Did anyone notice that the co-product return was a whopping 39.5%? They absolutely KILLED their own production margin model numbers ($1.22/gal using their default co-product and corn basis numbers of 30% and $1.28/bushel). I then took off for Nat Gas, Transportation, Plant/Overhead, using the Q4 2013 numbers in the PEIX Operating Metric spreadsheet, and added in the credit numbers from the spreadsheet as well.
Assuming the numbers in the Operating Metrics spreadsheet are close and don't leave anything out, the plant gross profit numbers are very very good. There was a very substantial cost somewhere. Even if Kinergy only broke even, the reduction in Gross Revenue is very sizeable. I wonder if it might of been the pay down of the credit facility. Again I have no idea whether that might be a feasible explanation,as my knowledge is very limited about what can be charged against operating costs. I'll try to get through on the CC tomorrow, but as I'll be calling from Canada, I'm not prepared to sit on hold forever while my cell phone provider makes a small fortune, on the off chance my call/questions might be accepted.
As for NOL's the Q1 10-Q has something to say about that. It might be worth the time to read for anyone who has questions about what they did or didn't do. I'm not going to offer up what's already explained. That's all I'm going to say on that subject, caps or no caps.
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