Alto Ingredients Inc (ALTO)

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SACRAMENTO, Calif., July 31, 2019 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in the United States, reported its financial results for the three and six months ended June 30, 2019.

Neil Koehler, Pacific Ethanol’s president and CEO, stated, “We continue to operate efficiently in the current poor margin environment by reducing our operating costs and targeting yield improvements, energy reductions, lower carbon intensities and increased sales of high-quality alcohol and feed products. The end result is that while crush margins improved only slightly in the second quarter our loss available to shareholders was $8.0 million, an improvement from a loss of $13.2 million in the first quarter and our adjusted EBITDA increased significantly to a positive $7.2 million in the second quarter, up from a positive $1.6 million in the first quarter.

“We are encouraged by the EPA’s final ruling on E15 in June to allow year-round sale and use of higher ethanol blends. The market is already experiencing some incremental demand as a result of this ruling, with material growth expected in the years to come. Long term, we remain confident that the compelling cost, octane and carbon benefits of ethanol will drive both new domestic and export demand and we are taking the necessary steps to best position Pacific Ethanol to benefit when market conditions improve.”

Financial Results for the Three Months Ended June 30, 2019 Compared to 2018

Net sales were $346.3 million, compared to $410.5 million.
Total gallons sold of 213.0 million, compared to 227.4 million.
Total production gallons sold of 129.8 million, compared to 144.4 million.
Cost of goods sold was $342.3 million, compared to $411.8 million.
Gross profit was $4.0 million, compared to a gross loss of $1.3 million.
Selling, general and administrative expenses were $6.7 million, compared to $8.9 million.
Operating loss was $2.7 million, compared to $10.2 million.
Loss available to common stockholders was $8.0 million, or $0.17 per share, compared to $13.2 million, or $0.31 per share.
Adjusted EBITDA was $7.2 million compared to $1.0 million.
Cash and cash equivalents were $16.5 million at June 30, 2019, compared to $26.6 million at December 31, 2018.

Financial Results for the Six Months Ended June 30, 2019 Compared to 2018

Net sales were $702.1 million, compared to $810.5 million.
Cost of goods sold was $700.4 million, compared to $808.5 million.
Gross profit was $1.7 million, compared to $2.1 million.
Selling, general and administrative expenses were $14.9 million, compared to $18.2 million.
Operating loss was $13.3 million, compared to $16.1 million.
Loss available to common stockholders was $21.2 million, or $0.45 per share, compared to $21.4 million, or $0.50 per share.
Adjusted EBITDA was $8.8 million, compared to $6.7 million.

Second Quarter 2019 Results Conference Call

Management will host a conference call at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time on August 1, 2019. CEO Neil Koehler and CFO Bryon McGregor will deliver prepared remarks followed by a question and answer session.

The webcast for the call can be accessed from Pacific Ethanol's website at www.pacificethanol.com. Alternatively, you may dial the following number up to ten minutes prior to the scheduled conference call time: [phone]. International callers should dial 00-1 [phone]. The pass code will be 1557678. If you are unable to participate on the live call, the webcast will be archived for replay on Pacific Ethanol's website for one year. In addition, a telephonic replay will be available at 6:00 p.m. Eastern Time on Thursday, August 2, 2019, through 11:59 p.m. Eastern Time on Thursday, August 8, 2019. To access the replay, please dial [phone]. International callers should dial 00-1-[phone]. The pass code will be 1557678.