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UPDATE 1-Aventine Renewable posts 2nd-quarter net loss
Thu Jul 31, 2008 7:08pm EDT


LOS ANGELES, July 31 (Reuters) - Ethanol maker Aventine Renewable Energy Holdings Inc (AVR.N: Quote, Profile, Research, Stock Buzz) reported a quarterly net loss on Thursday due to losses on investment securities.

The net loss was $1.9 million, or 5 cents per share, in the second quarter, compared with a profit of $12.6 million, or 30 cents per share, a year ago.

Excluding the loss from auction-rate securities, the company earned 16 cents a share. On that basis, Wall Street analysts, on average, expected earnings of 12 cents per share, according to Reuters Estimates.

Aventine liquidated all of its remaining auction-rate securities during the quarter, the company said, raising $97.1 million in the sale. In February, the company had warned that it may have to delay construction on two new plants because some of its assets had unexpectedly become tied up in auction- rate securities that it could not sell.

Revenue was $601.6 million in the second quarter, compared with $394.9 million last year. The company sold 220.3 million gallons of ethanol during the quarter, compared with 158.7 million last year.

Corn costs during the quarter rose to $5.38 per bushel compared with $3.99 per bushel last year.

Aventine also said it would buy the 21.58 percent of Nebraska Energy LLC it does not already own by issuing 1 million shares of common stock. (Reporting by Nichola Groom; editing by Jeffrey Benkoe and Andre Grenon)






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