Pacific Ethanol's Q4 net sales reach $134m

US-based renewable fuels producer Pacific Ethanol released its fourth quarter and year-end 2010 financial results on 28 March 2011. The company sold 50% more ethanol gallons in the fourth quarter of 2010 and increase 57% for all of 2010, compared to the same periods in 2009.

Net sales were $134.2 million (€95 million) for the fourth quarter of 2010, compared to $87.9 million for the fourth quarter of 2009. Total gallons increased by 25.5 million gallons, from 50.5 million gallons sold in Q4 2009 to 76 million sold in the same period in 2010.

These increases in net sales can be largely attributed to the resumed operation of the Magic Valley plant in January 2010, after it was lying idle for much of the previous year.

Pacific Ethanol's operating loss for the fourth quarter of 2010 decreased from 2009 figures for the same period. This improved from $253.1 million in Q4 2009 to $2.9 million for the same period in 2010.

For the year ended 31 December 2010, net sales were $328.3 million, up from the $316.6 million in 2009. The total number of gallons sold in 2009 increased by 98.9 million gallons in 2010, going from 172.7 million gallons to 271.6 million gallons.

Net income available to common stockholders for 2010 was $71 million, which included a $119.4 million non-cash gain from bankruptcy exit, a $12.1 million non-cash loss on the company's investment in Front Range, and $11.7 million in net fair value adjustments from the company's ethanol plant assets.

'Pacific Ethanol achieved significant milestones in 2010, including strengthening our balance sheet while preserving the company's equity value and renewing the growth of our core businesses of producing and marketing low carbon renewable fuels,' says the company's president and CEO Neil Koehler. 'In addition to continuing to deliver superior logistics and value to its customers, Kinergy maintained its strong growth in marketed ethanol gallons.

'During the fourth quarter, we resumed production at the 60 million gallon Stockton facility. Our objective is to resume operations to an annual rate of 200 million gallons at all four Pacific Ethanol plants to best position the company to meet the increasing demand for low-carbon ethanol in the Western United States.'