AVENTINE RENEWABLE ENERGY HOLDINGS INC

CIK:0001285043|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Net sales	$ 200,515	$ 198,104
Cost of goods sold	(209,472)	(192,736)
Gross profit (loss)	(8,957)	5,368
Selling, general and administrative expenses	(6,687)	(9,417)
Other expenses	(700)	(1,196)
Operating loss	(16,344)	(5,245)
Interest income	8	21
Interest expense	(6,428)	(5,322)
Gain (loss) on derivative transactions, net	(89)	890
Loss on available-for-sale securities	(85)
Loss on early retirement of debt		(9,399)
Other non-operating income (expense)	153	(18)
Loss before income taxes	(22,785)	(19,073)
Income tax benefit (expense)	286	(188)
Net loss	$ (22,499)	$ (19,261)
Loss per common share - basic, restated - see Note 3 (in dollars per share)	$ (2.57)	$ (2.24)
Basic weighted-average number of shares, restated - see Note 3 (in shares)	8,764	8,593
Loss per common share - diluted, restated - see Note 3 (in dollars per share)	$ (2.57)	$ (2.24)
Diluted weighted-average number of common and common equivalent shares, restated - see Note 3 (in shares)	8,764	8,593

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Operating Activities
Net loss	$ (22,499)	$ (19,261)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on early retirement of debt		9,399
Depreciation and amortization	7,141	5,809
Stock-based compensation expense	(251)	1,702
Unrealized/realized loss on available-for-sale securities	85
Loss on renewable identification numbers	22
Changes in operating assets and liabilities:
Accounts receivable, net	779	(5,920)
Income tax receivable	(241)	42
Inventories	7,413	(7,020)
Prepaid expenses and other current assets	634	3,596
Other assets		(947)
Accounts payable	(2,703)	(6,022)
Other liabilities	(3,638)	869
Net cash used in operating activities	(13,258)	(17,753)
Investing Activities
Additions to property, plant and equipment, net	(1,948)	(7,892)
Net cash used in investing activities	(1,948)	(7,892)
Financing Activities
Repayment of senior secured notes		(155,000)
Repayment of term loan	(563)	(500)
Restricted cash		165,750
Penalty on early retirement of debt		(7,750)
Payments on capital lease obligations	(70)	(554)
Payments on mortgage note	(8)	(8)
Debt issuance costs	(44)
Proceeds from warrants exercised		5
Net cash (used in) provided by financing activities	(685)	1,943
Net decrease in cash and equivalents	(15,891)	(23,702)
Cash and equivalents at beginning of the period	36,105	34,533
Cash and equivalents at end of the period	$ 20,214	$ 10,831

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 20,214	$ 36,105
Short-term investments	106	191
Accounts receivable, net of allowance for doubtful accounts of $119 in 2012 and $174 in 2011	15,799	16,578
Inventories	35,885	43,297
Income taxes receivable	245	4
Prepaid expenses and other current assets	7,098	7,732
Total current assets	79,347	103,907
Property, plant and equipment, net	291,577	295,599
Other assets	13,982	14,732
Total assets	384,906	414,238
Current liabilities:
Current maturities of long-term debt	2,284	2,283
Current obligations under capital leases	307	348
Accounts payable	11,563	14,266
Accrued liabilities	4,066	3,621
Other current liabilities	8,752	12,817
Total current liabilities	26,972	33,335
Long-term debt	213,823	214,051
Deferred tax liabilities	2,078	2,078
Other long-term liabilities	6,046	6,093
Total liabilities	248,919	255,557
Stockholders' equity:
Common stock, par value $0.001 per share (15,000,000 shares authorized; 8,346,271 shares outstanding, net of 74,841 shares held in treasury at both March 31, 2012 and December 31, 2011)	8	8
Preferred stock (5,000,000 shares authorized; no shares issued or outstanding)
Additional paid-in capital	231,493	231,744
Accumulated deficit	(91,353)	(68,854)
Accumulated other comprehensive loss	(4,161)	(4,217)
Total stockholders' equity	135,987	158,681
Total liabilities and stockholders' equity	$ 384,906	$ 414,238