Meldungen 18.11.2008

Pacific Ethanol: Adjustment to Third Quarter 2008 Financial Results

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Pacific Ethanol, Inc., the leading West Coast-based marketer and producer of ethanol, announced an adjustment to its previously reported financial results for the quarter ended September 30, 2008.

The Company previously reported a non-cash asset impairment charge of $26.6 million related to its suspended Imperial Valley ethanol plant construction project, which represented $43.8 million in property and equipment less $17.2 million in construction-related liabilities. The Company increased its impairment charge by $14.3 million to a total of $40.9 million. The increase represents impairment on the gross amount of $43.8 million in property and equipment less estimated future undiscounted cash flows. This increase will result in future non-cash gains to the extent the Company is discharged from its construction-related liabilities.

The Company's independent registered public accounting firm has completed its review of the Company's financial statements for the period and the Company expects to file its Form 10-Q for the period on November 17, 2008.

The Company's updated Consolidated Statements of Operations and Balance Sheets are set forth below.

About Pacific Ethanol, Inc.

Pacific Ethanol is the largest West Coast-based marketer and producer of ethanol. Pacific Ethanol has ethanol plants in Madera and Stockton, California; Boardman, Oregon; and Burley, Idaho. Pacific Ethanol also owns a 42% interest in Front Range Energy, LLC which owns an ethanol plant in Windsor, Colorado. Central to Pacific Ethanol's growth strategy is its destination business model, whereby each respective ethanol plant achieves lower process and transportation costs by servicing local markets for both fuel and feed. Pacific Ethanol has achieved its goal of 220 million gallons per year of ethanol production capacity in 2008 and has the goal to increase total production capacity to 420 million gallons per year in 2010. In addition, Pacific Ethanol is working to identify and develop other renewable fuel technologies, such as cellulose-based ethanol production and bio-diesel.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Pacific Ethanol could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability of Pacific Ethanol to obtain additional debt or equity financing, including additional working capital financing, or absent new sources of financing, the ability of Pacific Ethanol to reschedule or restructure its indebtedness; the ability of Pacific Ethanol to successfully capitalize on its internal growth initiatives; the ability of Pacific Ethanol to operate its plants at their planned production capacities; the price of ethanol relative to the price of corn and other production inputs; the price of ethanol relative to the price of gasoline; and the factors contained in the "Risk Factors" section of Pacific Ethanol's Form 10-K filed with the Securities and Exchange Commission on March 27, 2008 and the "Risk Factors" section of Pacific Ethanol's Form 10-Q for the quarterly period ended September 30, 2008 to be filed with the Securities and Exchange Commission.

                               (tables follow)

               (unaudited, in thousands, except per share data)

                                Three Months Ended         Nine Months Ended
                                   September 30,             September 30,
                                 2008         2007         2008         2007

    Net sales                 $183,980     $118,118     $543,489     $331,123
    Cost of goods sold         204,265      113,359      547,673      299,902
    Gross profit (loss)        (20,285)       4,759       (4,184)      31,221
    Selling, general and
     administrative expenses     6,731        5,920       24,275       23,742
    Impairment of asset group   40,900           --       40,900           --
    Impairment of goodwill          --           --       87,047           --
    Income (loss) from
     operations                (67,916)      (1,161)    (156,406)       7,479
    Other income (expense),
     net                        (2,774)        (998)      (4,184)         312
    Income (loss) before
     noncontrolling interest
     in variable interest
     entity                    (70,690)      (2,159)    (160,590)       7,791
    Noncontrolling interest in
     variable interest entity    1,523       (2,683)      47,939       (7,502)
    Net income (loss) before
     provision for income
     taxes                     (69,167)      (4,842)    (112,651)         289
    Provision for income taxes      --           --           --           --
    Net income (loss)         $(69,167)     $(4,842)   $(112,651)        $289
    Preferred stock dividends    $(807)     $(1,050)     $(3,296)     $(3,150)
    Deemed dividend on
     preferred stock               $--          $--        $(761)         $--
    Loss available to common
     stockholders             $(69,974)     $(5,892)   $(116,708)     $(2,861)

    Net loss per share, basic   $(1.23)      $(0.15)      $(2.44)      $(0.07)

    Net loss per share,
     diluted                    $(1.23)      $(0.15)      $(2.44)      $(0.07)
    Weighted-average shares
     outstanding, basic and
     diluted                    56,717       39,928       47,791       39,833

                            PACIFIC ETHANOL, INC.
                         CONSOLIDATED BALANCE SHEETS
                                (in thousands)

                                                  September 30,   December 31,
                        ASSETS                           2008           2007
                                                    (unaudited)           *
    Current Assets:
      Cash and cash equivalents                        $13,979         $5,707
      Investments in marketable securities               7,452         19,353
      Accounts receivable, net                          30,837         28,034
      Restricted cash                                   12,152            780
      Inventories                                       33,279         18,540
      Prepaid expenses                                   1,828          1,498
      Prepaid inventory                                  2,403          3,038
      Derivative instruments                               195          1,613
      Other current assets                               3,884          3,630
        Total current assets                           106,009         82,193
    Property and equipment, net                        537,833        468,704

    Other Assets:
      Goodwill                                              --         88,168
      Intangible assets, net                             5,766          6,324
      Other assets                                       9,689          6,211
        Total other assets                              15,455        100,703
    Total Assets                                      $659,297       $651,600

    * Amounts derived from the audited financial statements for the year ended
      December 31, 2007.

                            PACIFIC ETHANOL, INC.
                       (in thousands, except par value)

                                                  September 30,   December 31,
           LIABILITIES AND STOCKHOLDERS' EQUITY          2008          2007
                                                    (unaudited)          *
    Current Liabilities:
      Accounts payable - trade                         $21,613        $22,641
      Accrued liabilities                               14,248          8,526
      Accounts payable and accrued liabilities -
       construction-related                             34,308         55,203
      Contract retentions                                  948          5,358
      Other liabilities - related parties                  212            900
      Current portion - notes payable                   46,407         11,098
      Short-term note payable                            1,500          6,000
      Derivative instruments                            10,350         10,353
        Total current liabilities                      129,586        120,079

    Notes payable, net of current portion              234,537        151,188
    Other liabilities                                    3,493          1,965
    Total Liabilities                                  367,616        273,232
    Commitments and Contingencies
    Noncontrolling interest in variable interest
     entity                                             47,936         96,082
    Stockholders' Equity:
      Preferred stock, $0.001 par value; 10,000 shares
      Series A: 0 and 5,316 shares issued and
       outstanding as of September 30, 2008 and
       December 31, 2007, respectively
      Series B: 2,346 and 0 shares issued and
       outstanding as of September 30, 2008 and
       December 31, 2007, respectively                       2              5
      Common stock, $0.001 par value; 100,000 shares
       authorized; 57,779 and 40,606 shares issued
       and outstanding as of September 30, 2008 and
       December 31, 2007, respectively                      58             41
    Additional paid-in capital                         478,231        402,932
    Accumulated other comprehensive income (loss)          471         (2,383)
    Accumulated deficit                               (235,017)      (118,309)
      Total stockholders' equity                       243,745        282,286
    Total Liabilities and Stockholders' Equity        $659,297       $651,600

    * Amounts derived from the audited financial statements for the year ended
      December 31, 2007.

Source: Pacific Ethanol, Inc.



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