Business
Alto Ingredients Reports Third Quarter 2021 Results
Third Quarter Net Loss of $3.5 million and Positive Adjusted EBITDA of $3.0 millionSubsequent to Quarter-End, the Company Sold its Stockton, CA
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"Third Quarter Net Loss of $3.5 million and Positive Adjusted EBITDA of $3.0 millionSubsequent to Quarter-End, the Company Sold its Stockton, CA FacilityCompany is Now Term Debt Free SACRAMENTO, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer of specialty alcohols and essential ingredients, reported its financial results for the third quarter ended September 30, 2021. “In the third quarter we made significant progress in advancing our strategic initiatives, expanding our essential ingredients business and improving our infrastructure,” said Mike Kandris, CEO of Alto Ingredients. “We launched an enhanced protein project through the installation of Harvesting Technology’s patented CoPromax™ system at our Magic Valley, Idaho facility. At our Pekin campus, we made significant progress on a number of initiatives. We completed our yeast expansion project and will have our upgraded feed dryers operational by year end. We also finished expanding the capacity of our corn oil production and significantly improved the efficiency and reliability of our Pekin wet mill to further support customer demand long term. We are also working on extending the certifications we obtained at the end of 2020 from our ICP distillery to our Pekin wet mill. We expect to complete this effort by the end of this year and by doing so, provide unique redundancy across the entire Pekin campus and further surety of quality supply to our customers. “Subsequent to quarter end, on November 8th we announced the sale of our Stockton, California fuel-grade ethanol facility, completing the realignment of our fuel-grade ethanol operations we began 21 months ago. The proceeds from these asset sales were integral to our strategy and contributed to the retirement of approximately $150 million dollars in term debt over this same period – thus achieving our stated goal to prepay this expensive and restrictive term debt by year end 2021. “We have completed or are on track to complete this year a number of projects that will increase our annual EBITDA by $18.5 million starting in 2022. Long-term, we will continue to build on our specialty alcohols and essential ingredients business, focusing our resources on driving profitable growth and progressing our strategic initiatives.” “Net sales were $306 million, up approximately $100 m...