Pacific Ethanol, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Asset Impairment Charge for the Fourth Quarter of 2015; Provides Tax Rate Guidance for the Full Year of 2016
March 09, 2016 at 04:05 pm EST
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Pacific Ethanol, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales of $376,757,000 against $256,152,000 a year ago. Income from operations was $485,000 against $13,647,000 a year ago. Loss before provision for income taxes was $4,692,000 against income of $14,613,000 a year ago. Consolidated net loss was $753,000 against net income of $13,105,000 a year ago. Net loss attributed to the company was $753,000 against net income of $12,518,000 a year ago. Diluted net loss per share was $0.03 against diluted net income of $0.48 a year ago. Adjusted net income was $670,000 or $0.02 per diluted share compared to $9,680,000 or $0.39 per diluted share a year ago. Adjusted EBITDA was $8,981,000 against $16,330,000 a year ago. Operating income for the fourth quarter of 2015 was $0.5 million, compared to $13.6 million for the fourth quarter of 2014. Total CapEx spend was under $3 million in the fourth quarter. In 2016, it currently intend to limit capital improvements to $24 million, majority of which it can and will adjust depending on changes in market conditions and capital resources.
For the year, the company reported net sales of $1,191,176,000 against $1,107,412,000 a year ago. Loss from operations was $17,972,000 against income from operations of $91,377,000 a year ago. Loss before provision for income taxes was $28,907,000 against income before provision for income tax of $41,139,000 a year ago. Consolidated net loss was $18,873,000 against consolidated net income of $26,002,000 a year ago. Net loss attributed to the company was $18,786,000 against net income attributed to the company of $21,289,000 a year ago. Diluted net loss per share was $0.60 against diluted net income per share of $0.86 a year ago. Adjusted net loss was $11,022,000 or $0.33 per diluted share compared to adjusted net income of $59,334,000 or $2.62 per diluted share a year ago. Adjusted EBITDA was $14,081,000 against $95,001,000 a year ago. Operating loss for the full year 2015 was $18.0 million, compared to operating income of $91.4 million for the same period of 2014.
For the quarter, the company reported asset impairment of $1,970,000.
The company provided tax rate guidance for the full year of 2016. In 2016, the company currently intend to limit capital improvements to $24 million, majority of which it can and will adjust depending on changes in market conditions and capital resources. The company expects normalized tax rate of 35% to 40%.
Alto Ingredients, Inc. produces and distributes renewable fuel and essential ingredients and is a producer of specialty alcohols in the United States. The Company's segments include Pekin Campus production, marketing and distribution and Western production. Pekin Campus production segment includes the production and sale of alcohols and essential ingredients produced at the Companyâs Pekin, Illinois campus. Its marketing and distribution segment includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties. Western production segment includes the production and sale of fuel-grade ethanol and essential ingredients produced the Companyâs two western production facilities. It produces specialty alcohols, fuel-grade ethanol and essential ingredients, focusing on various markets, such as health, home and beauty; food and beverage; essential ingredients, and renewable fuels.
Pacific Ethanol, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Asset Impairment Charge for the Fourth Quarter of 2015; Provides Tax Rate Guidance for the Full Year of 2016