Pacific Ethanol books record sales, positive EBITDA in Q2 2011

Jul 29, 2011 - US Pacific Ethanol Inc (NASDAQ:PEIX) posted record sales of USD 214.6 million (EUR 150m) for the second quarter of 2011 and announced positive earnings before interest, tax, depreciation and amortisation (EBITDA).

A year before revenues stood at USD 76.8 million. During the reporting period, the renewable fuel maker sold 100.6 million gallons (381 million litres) of renewable fuel, up 54% year-on-year.

Pacific Ethanol posted an adjusted EBITDA of USD 1.2 million compared with a negative result of USD 6.7 million a year earlier.

Net profit for the quarter fell to USD 435,000 from USD 107.8 million a year ago. The prior-year result included a USD-119.4-million gain from the company's bankruptcy exit.

"Overall ethanol market conditions continue to improve, as demonstrated by stronger producer margins in July and we are well-positioned to generate positive operating income," said Neil Koehler, president and chief executive of the company.

Pacific Ethanol saw revenue for the first half of the year reach USD 387.7 million, up from USD 148 million a year back.

Net profit stood at USD 141,000, down from USD 96.1 million.

(USD 1 = EUR 0.700)

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