Alto Ingredients Inc (ALTO)

[Rule_62]

I think the first set is combined PEIX + Aventine, prepared for Craig Hollum.



At first it's not very clear, but if you read the explanation as well as the footnote to the 1st table, it talks about PEIX and Aventine preparing this for Craig-Hallum. Here's a snippet from the footnote to the first table:

Adjusted EBITDA was used by management to provide additional information in order to provide them with an alternative method for assessing Pacific Ethanol’s and Aventine’s financial condition and operating results.

It was just a really lousy piece of writing.

The next three sets are PEIX stand-alone, Aventine stand-alone, and combined, as prepared for the PEIX board. There is still a discrepancy between the two combined sets, which is explained in the text as well as the follow-up footnotes.