BRIEF: Pacific Ethanol reports 50 percent drop in revenue

Tue. May 12, 2009; Posted: 04:40 PM

May 12, 2009 (The Sacramento Bee - McClatchy-Tribune Information Services via COMTEX) -- PEIX | Quote | Chart | News | PowerRating -- Pacific Ethanol Inc. today reported a nearly 50 percent drop in revenue and warned again that it might have to file for bankruptcy.

The Sacramento ethanol maker, which said in late March that it was running perilously low on cash, will have to file for bankruptcy protection if it can't restructure its debts or "obtain sufficient liquidity in the very near term," it said in a filing with the Securities and Exchange Commission.

The quarterly revenue fell to $86.7 million from $161.5 million.

The company said its executives have been so busy scrambling for money, they had to delay Pacific Ethanol's first-quarter financial report to next Monday. In the meantime, its preliminary results showed the company lost $23.9 million in the quarter vs. a loss of $35.2 million a year earlier. The per-share loss came to 43 cents, down from 90 cents a year ago.

Like practically everyone in the industry, Pacific Ethanol has been hurt by falling ethanol prices and the high cost of corn, the main ingredient in the fuel additive.

Pacific Ethanol shares fell 5 cents, to 67 cents, in morning trading on the Nasdaq market.

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Call The Bee's Dale Kasler, (916) 321-1066.

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