Pacific Ethanol posts loss for quarter, year

Published: Friday, Mar. 29, 2013 - 12:00 am | Page 6B
Last Modified: Monday, Apr. 1, 2013 - 7:34 am

Citing unfavorable industry conditions and lower prices per gallons sold, Sacramento-based Pacific Ethanol Inc. reported sizable losses for the quarter and year ended Dec. 31.

The ethanol producer and marketer reported a quarterly loss of $5.8 million, compared with a loss of $2.4 million in the fourth quarter of 2011.

PEI said quarterly sales totaled $215.9 million, down from $271.6 million in the year-ago period. It sold 107.3 million gallons in the quarter, down from 122.6 million in 2011.

Sales for all of 2012 totaled $816 million, down from $901.2 million in 2011.

For all of 2012, PEI lost $20.3 million, compared with a profit of $1.8 million in 2011.

The firm recently repaid $10 million in loans that were used to help buy back a 67 percent stake in its four production plants. That came on the heels of a September stock offering that generated $11 million for the payoff of unsecured notes.

Call The Bee's Mark Glover, (916) 321-1184.

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