Pacific Ethanol revenues, operating income up sharply in Q4 2011

February 28, 2012 |

In California, Pacific Ethanol reported annual revenues of $901.2 million and net income of $1.8 million, up from revenues of $328.3 million and net income of $71.0 million in 2010. Net income in 2010 included a non-cash gain from bankruptcy exit of $119.4 million. Adjusted EBITDA for 2011 was $5.3 million, an improvement from a loss of $10.1 million for 2010.

For the fourth quarter, net sales increased 80% to $241.8 million, with gross profit was $7.4 million and a net loss of $2.4 million, compared to a net loss of $12.1 million for Q4 2010.

Neil Koehler, the company’s president and CEO, stated: “We are proud of our achievements in 2011. We reported record growth, increased our ownership in the Pacific Ethanol plants and repaid in full $35 million of convertible debt. We grew operating income significantly compared to last year and continued to diligently manage our costs. These accomplishments illustrate the strength of our business model and lay the foundation for profitable growth in 2012.”

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