Alto Ingredients Inc (ALTO)

[value1008]

Yes, I just read the entire thing; here's my comment on George Wan's article:

http://seekingalpha.com/article/2463155-pacific-ethanol-how-a-p-e-of-169-can-be-a-solid-buy?uprof=44

Terrific article, George, marking your second fine contribution to this ethanol sector recently.

The only disagreement I have with you here is your assumption about PEIX's diluted share count heading so high into 2015 and beyond. I think the days of more share-offerings and warrants are over for this company. The debt has been paid down to very low levels ($17M) and the cash is flowing into the coffers each month with these "boom times" for ethanol players like PEIX, REX (my favorite) and GPRE.

So it's very realistic, in my opinion, to model just over 26M fully diluted shares for PEIX going forward.

The only reason for them to significantly increase the sharecount would be for any huge capital expense (beyond the $16M capex they're planning for the next year) such as to acquire another ethanol plant (presumably out west somewhere).

Anyway, great job you did with this article.
You're a real whiz with those charts and spread-sheets.