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%.