Aventine reports Q3 $6.6M loss, says turning corner

November 14, 2010 |

In Illinois, Aventine released its results for the third quarter, reporting a net loss of $6.6 million, compared to a net income of $13.9 million or $0.32 per diluted share, for the same period of 2009. Revenues were $97.5 million for the third quarter of 2010 compared to $118.1 million for the third quarter of 2009.

Tom Manuel, Aventine’s Chief Executive Officer, said, “While the third quarter of 2010 was a period of low but improving margins, it was also a period of growth and transition as the new management team was complemented, the acquisition of the Canton, Illinois facility was consummated and we raised an additional $50 million under our existing indenture. We are on schedule and under budget to complete construction of the new plants in Aurora, Nebraska and Mt. Vernon, Indiana and have staffed the Mt. Vernon facility and expect to begin production in mid-November 2010. While the Aurora West facility in Nebraska will be completed in the fourth quarter of 2010, start-up is being deferred until early 2011 when we expect the weather to be more amenable.”

Total gallons of ethanol sold were 41.5 million in Q3’10, versus 55.5 million in Q3’09, primarily reflecting a decrease in equity production of 8.4 million gallons. The reduction in equity production between 2010 and 2009 is primarily attributable to the shutdown of the company’s Nebraska plant primarily during the months of July and August 2010 for mechanical improvements, and extended during a period of depressed margins

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Category: Fuels

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