Pacific Ethanol releases quarterly results

By | May 09, 2008
In its delayed fourth-quarter filing with the U.S. Securities and Exchange Commission on March 27, California-based Pacific Ethanol Inc. announced a $14.7 million loss for 2007 and a need for immediate funding to recover from those losses. Less than two weeks later, the company received $40 million in the form of stock sales and announced it would begin production at its 50 MMgy ethanol plant in Burley, Idaho, in the near future.

Losses in 2007 were attributed to high feedstock prices and a lag in ethanol demand. The company expects that increased blending mandates on the West Coast in upcoming years will remedy the problem.