Sacramento ethanol producer/marketer Pacific Ethanol Inc. today reported record net sales and gallons sold in this year's third quarter.

Sales hit an all-time high of $271.6 million for the quarter ended Sept. 30, up dramatically from $46 million for the third quarter of 2010.

Gallons sold in the quarter were 122.6 million, up more than 70 percent from 71.5 million gallons in the year-ago period.

Net quarterly income was $4 million, compared with a loss of $12.9 million in the third quarter of 2010.

Last year's bottom line was depressed by the sale of PEI's minority ownership in a Colorado ethanol company. Pacific Ethanol's $18.5 million price of the Colorado investment was less than the $30.6 million "carrying value," based on its original 2006 cost.

PEI also recently announced an agreement where the company and its subsidiary, Pacific Ethanol Management Services Corp., will provide operations, maintenance and accounting services for ZeaChemInc.'s 250,000 gallon-a-year cellulosic integrated biorefinery in Boardman, Ore.

Lakewood, Colo.-based ZeaChem is a developer of biorefineries for the conversion of renewable biomass into sustainable fuels and chemicals. Financial terms of that deal were not disclosed.

source: sacbee


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