PEIX 1Q 2016 Earnings:
Financial Results for the Three Months Ended March 31, 2016
Net sales were $342.4 million for the first quarter of 2016, an increase of 66% when compared to $206.2 million for the first quarter of 2015.
Cost of goods sold was $341.3 million for the first quarter of 2016, compared to $207.2 million for the first quarter of 2015.
Gross profit was $1.1 million for the first quarter of 2016, compared a gross loss of $1.0 million for the first quarter of 2015.
Selling, general and administrative (SG&A) expenses were $8.3 million for the first quarter of 2016, compared to $4.9 million for the first quarter of 2015. SG&A expense was higher due to the acquisition of the Midwest assets and an increase in seasonal professional fees.
Operating loss for the first quarter of 2016 was $7.2 million, compared to $5.9 million for the first quarter of 2015.
Interest expense, net for the first quarter of 2016 was $6.2 million, compared to $1.0 million for the first quarter of 2015. This increase is attributable to the term debt assumed with the acquisition of Aventine.
There was no provision for income taxes recorded for the first quarter of 2016, whereas a $2.7 million benefit was recorded for the first quarter of 2015.
Net loss available to common stockholders for the first quarter of 2016 was $13.5 million, or $0.32 per share, compared to $4.7 million, or $0.19 per share, for the first quarter of 2015.
Adjusted net loss was $13.6 million for the first quarter of 2016, compared to adjusted net loss of $4.5 million in the first quarter of 2015.
Adjusted EBITDA was positive $1.6 million for the first quarter of 2016, compared to negative $2.7 million for the first quarter of 2015.
Cash and cash equivalents were $19.2 million at March 31, 2016, compared to $52.7 million at December 31, 2015.
