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Pacific Ethanol (PEIX) Posts Disappointing Third-Quarter Results
Pacific Ethanol released its third-quarter results today. First, the good news: net sales increased compared to the third quarter 2007, from $118 million to $183 million this year. Now, the bad news: losses increased, too, from $5.9 million or .15/diluted share last year to $54.9 million or .98/diluted share this year.
The increase in losses despite the increase in sales was caused by a number of factors including high corn prices and the company’s suspended Imperial Valley project, which created "a non-cash asset impairment of $26.6 million associated with the company’s suspended Imperial Valley project, which represents the net of $43.8 million in property and equipment and $17.2 million in construction-related liabilities. "
Neil Koehler, Pacific Ethanol’s President and CEO, commented on the results, saying
"We saw unprecedented volatility in the corn and ethanol markets during the quarter and are disappointed with the resulting impact on margins. With the recent election results, we expect continued strong support for the Renewable Fuels Standard and the economic development, energy independence and carbon dioxide reductions that ethanol provides."
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