Pacific Ethanol slips to USD 6.3m net loss in Q3

Nov 13, 2012 - US ethanol producer Pacific Ethanol Inc (NASDAQ:PEIX) moved on Monday to a third-quarter net loss of some USD 6.3 million (EUR 5m) versus a net profit of USD 4 million a year earlier.

The company also slipped to a net loss per share of USD 0.05 versus earnings per share of USD 0.12 in July to September 2011.

Net sales dropped to USD 215.9 million from USD 271.6 million, due to a decline in the sales price and in the quantities sold.

Third-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the third quarter of 2012 were negative at USD 900,000, compared to a positive EBITDA of USD 2.9 million.

In the first nine months of the year, Pacific Ethanol plunged into a net loss of USD 14.5 million on revenues of USD 619 million, against a net profit of USD 4.2 million on revenues of USD 659.4 million for the same period in 2011.

Neil Koehler, Pacific Ethanol's president and chief executive, attributed the lower revenues and the net loss to overall challenges in the sector that caused margins to contract considerably.

(USD 1 = EUR 0.787)

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