Alto Ingredients Inc (ALTO)

[Rule_62]

Q4 numbers. Remember,these numbers do not incorporate operating overhead, taxes, etc. They simply reflect the difference in value between materials in vs material out.

I have the Q4 production margin coming in @ $0.847

I have the quarterly differential between California and Nebraska ethanol (where Kinergy buys ethanol for re-sale) @ $0.284. The big question here is how much does it cost Kinergy to cover transportation and operating overhead? This is the 1st quarter I've tracked this so I have no comparison to last quarter.

There are some encouraging highlights, looking ahead to the merger. I did track the USDA average margin for Nebraska plants and it came in @ $0.99 for Q4. I didn't track Illinois last quarter, but I have noticed that the USDA reported margins tend to trend somewhat higher than Nebraska (last week Illinois was $0.87 vs $0.75 for Nebraska. I had PEIX coming in @ $0.47).

Keep in mind that the USDA numbers for Illinois are based on DDGS, and don't include corn oil. The Nebraska USDA numbers are based on WDGS and also don't incorporate corn oil. Anyone happen to know the details for the different Aventine plants in terms of corn oil and distillers grains?