Pacific Ethanol reports loss in third quarter
11/13/2012 12:00 AM
11/13/2012 8:22 AM
Sacramento-based Pacific Ethanol Inc. reported a net loss of $6.3 million, or 5 cents a share, for the third quarter ended Sept. 30, compared with net income of $4 million, or 12 cents a share, in 2011.
PEI said quarterly sales totaled $215.9 million, down from $271.6 million a year ago. The decline was attributed to a lower average price per gallon of ethanol sold and a reduction in gallons sold.
PEI said it sold 107.3 million gallons in the quarter, down from 122.6 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 late-September stock offering that pumped $11 million into PEI and facilitated the payoff of the unsecured notes.
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