Pacific Ethanol Inc. (PEIX), one of the largest producers of ethanol in the U.S., just reported that in its just-completed September quarter revenues rose 490% year-over-year to $272 million from $46 million last September quarter, and earnings came in at 12c versus 3c in the prior June quarter, and a 6c loss in the prior year September quarter. The current quarter includes an aggregate non-cash gain of $4.1 million for quarterly fair value adjustments of its convertible notes and warrants, and after taking that and other unusual items out, the company would still be reporting positive earnings of just below 1c. While this is not as good as the headline of 12c, sequentially it is a big improvement over the 13c loss in the prior June quarter after taking out unusual items, and the 4c loss in the March quarter.
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