Aventine announces loss on securities impairment; sales up 17 percent, beats analyst expectations

In Illinois, Aventine Renewable Energy announced a quarterly loss of $10.8 million after recording a $21.6 million impairment charge for a short-term investment in auction-rate securities that was reclassified as long-term. Excluding the charge, Aventine earned $10.8 million, or 26 cents per share, down from $14.9 million in the corresponding period last year.

Analysts polled by Thompson Financial had expected earnings of 8 cents per share. Revenues for the quarter rose 16.7 percent to $509.9 million, beating analyst expectations of $480 million. Shares of Aventine fell 2.05 percent on the news.

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