PEIX -
Shareholders reacted favorably to Pacific Ethanol’s first-quarter earnings report Wednesday, which showed the company has narrowed its loss and boosted sales.
Pacific Ethanol (Nasdaq: PEIX) reported a first-quarter loss of $4.7 million compared to a loss of $10.9 million for first-quarter 2010.
“In the first quarter of 2011 we built on the strong foundation established in 2010 as we narrowed our loss from $11.7 million in the first quarter of 2010 to near break even this quarter, despite a challenging margin environment,” company president and chief executive officer Neil Koehler said in a statement.
The net loss available to common stockholders for the first quarter was $294,000, compared to a net loss of $11.7 million for the three-month period a year earlier.
Pacific Ethanol increased total gallons sold for the seventh consecutive quarter for a compound annual growth rate of 66 percent. Its 60-million-gallon Stockton plant, which resumed production last year, contributed to the overall boost in gallons sold and gross profit.
“We look forward to building on this momentum in the months ahead,” Koehler added.
Revenue was $173 million for the quarter compared to $71.3 million for first-quarter 2010. Pacific Ethanol sold 84.6 million gallons in the quarter, an increase of 25.9 million gallons over the 58.7 million gallons sold in first-quarter 2010.
Pacific Ethanol recorded a non-cash gain of $900,000 for fair value adjustments on convertible notes and warrants, representing the company’s quarterly fair value adjustments. The company said it anticipates that it will revalue the notes and warrants ...
Shareholders reacted favorably to Pacific Ethanol’s first-quarter earnings report Wednesday, which showed the company has narrowed its loss and boosted sales.
Pacific Ethanol (Nasdaq: PEIX) reported a first-quarter loss of $4.7 million compared to a loss of $10.9 million for first-quarter 2010.
“In the first quarter of 2011 we built on the strong foundation established in 2010 as we narrowed our loss from $11.7 million in the first quarter of 2010 to near break even this quarter, despite a challenging margin environment,” company president and chief executive officer Neil Koehler said in a statement.
The net loss available to common stockholders for the first quarter was $294,000, compared to a net loss of $11.7 million for the three-month period a year earlier.
Pacific Ethanol increased total gallons sold for the seventh consecutive quarter for a compound annual growth rate of 66 percent. Its 60-million-gallon Stockton plant, which resumed production last year, contributed to the overall boost in gallons sold and gross profit.
“We look forward to building on this momentum in the months ahead,” Koehler added.
Revenue was $173 million for the quarter compared to $71.3 million for first-quarter 2010. Pacific Ethanol sold 84.6 million gallons in the quarter, an increase of 25.9 million gallons over the 58.7 million gallons sold in first-quarter 2010.
Pacific Ethanol recorded a non-cash gain of $900,000 for fair value adjustments on convertible notes and warrants, representing the company’s quarterly fair value adjustments. The company said it anticipates that it will revalue the notes and warrants on a quarterly basis through the end of the year.
Pacific Ethanol gained 8 cents, or 20.5 percent, in after hours trading Wednesday to 47 cents a share.
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Read more: Pacific Ethanol reports smaller loss for Q1 | Sacramento Business Journal
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