I think the investors are due for some unpleasant CGS surprises down the road. If one does a rollforward of gallons produced, gallons sold and ending inventory from 2011 to 2013Q1, they will find that the ending inventory is 6,567 gallons of #6, zero gallons of #2 and 1,160 gallons of naphtha. This finished goods ending inventory is valued at $70,244 on the balance sheet which is a valuation of over $9 per gallon. If we value #6 at reported cost of $1.73 and naphtha at market of a buck, the finished goods valuation is $12,521 versus the $70,244 reported on the balance sheet.
As previously suggested, it may be a bit early to proclaim positive margins.
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