Pacific Ethanol reports first quarter profit loss

By Bryan Sims | May 09, 2008
Web exclusive posted May 22, 2008 at 11:02 a.m. CST

After delaying the announcement of its first-quarter earnings by a week, Sacramento, Calif.-based ethanol producer Pacific Ethanol Inc. posted a net loss of $35.2 million, compared with a loss of $3 million for the same quarter last year.

However, excluding a one-time impairment charge of 96 cents per share, the company posted an adjusted first-quarter profit of six cents per share.

For the quarter ending March 31, Pacific Ethanol reported net sales of $161.5 million, an increase of $62.3 million compared to $99.2 million during the first quarter of 2007. According to the company, "this increase in net sales is primarily due to a substantial increase in sales volume, which was partially offset by lower average sales prices."

Pacific Ethanol's sales volume increased by 21.7 million gallons, or 58 percent, to 59.2 million gallons, versus 37.5 million gallons for the same period last year. Average ethanol sales price decreased by 4 cents per gallon, or two percent, to $2.30 per gallons compared to an average sales price of $2.34 per gallon last year.

Revenue surged 61 percent to $161.5 million, exceeding Wall Street forecasts of $154.6 million.

Pacific Ethanol operates ethanol plants in Madera, Calif., Windsor, Calif., Boardman, Oregon, and Burley, Idaho. The company has an additional facility under construction in Stockton, Calif.

To view Pacific Ethanol's first quarter earnings report in its entirety, visit