Continuing a comeback after a bankruptcy filing six years ago, Pacific Ethanol Inc., which has a plant in Madera County, said Wednesday that it rang up a record profit in 2014.
PEI reported record net income of $20 million, or 88 cents a share, for all of 2014. The represented a major improvement compared with a loss of $2 million, or 17 cents a share, in 2013. In 2012, PEI reported a loss of $19 million.
Fourth-quarter net income was $12.2 million, or 50 cents a share, compared with a profit of $8.2 million, or 55 cents per share, in the final quarter of 2013.
The Sacramento-based ethanol producer also set annual records in net sales -- $1.1 billion in 2014, compared with $908.4 million in 2013 -- and operating income, $91.4 million last year versus $18.9 million for 2013.