WASHINGTON (dpa-AFX) - Pacific Ethanol Inc. (PEIX) Thursday reported a wider loss for the first quarter, as an increase in revenues were more than offset by lower margins. Following the news, shares of the company slipped 16 percent in after-hours trade.
Net loss available to common stockholders for the first quarter of 2012 was $5.3 million or $0.06 per share, compared to $0.3 million or $0.02 per share in the first quarter last year.
Net sales for the quarter grew 14 percent to $197.7 million from $173.1 million in the first quarter last year. Total gallons sold increased 36 percent to 114.8 million.
Cost of goods sold for the quarter increased to $205.2 million from $170.6 million last year.
Chief Executive Neil Koehler said, 'While our bottom line was impacted by a compressed margin environment during the quarter, we remain focused on diligently managing our costs, increasing operating efficiencies and co-product revenues, and expanding our business operations to take advantage of extraordinary opportunities in the biofuels industry.'
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