Sacramento-based Pacific Ethanol, one of the country’s largest producers of low-carbon renewable fuels, today reported its financial results for the three and 12 months ended Dec. 31, 2015.

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For the three months ended Dec. 31, 2015, Pacific Ethanol’s net sales were $376.8 million, an increase of 47 percent compared to the company’s net sales of $256.2 million posted for the fourth quarter of 2014.

Cost of goods sold was $367.2 million during Q4, compared to $237.8 million for the fourth quarter of 2014.

Gross profit was $9.5 million for the fourth quarter of 2015, compared a gross profit of $18.4 million for the fourth quarter of 2014, reflecting a decrease in production margins compared to the prior year.

Selling, general and administrative expenses were $7.1 million for the most recent quarter, compared to $4.7 million for the fourth quarter of 2014.

Operating income for Q4 was about $500,000, compared to $13.6 million for the fourth quarter of 2014.

Net loss available to common stockholders for the fourth quarter of 2015 was $1.1 million, or $0.03 per diluted share, and includes a non-cash $2 million asset impairment charge related to the write-off of accounting and information technology systems in connection with the company’s integration of Aventine’s business. This compares to net income available to common stockholders of $11.9 million, or $0.48 per diluted share, for the fourth quarter of 2014.

Adjusted net income was about $700,000, or $0.02 per diluted share, for the fourth quarter of 2015, compared to adjusted net income of $9.7 million, or $0.39 per diluted share, in the fourth quarter of 2014.

Pacific Ethanol’s net sales were $1.2 billion for the full year 2015, compared to $1.1 billion for the same period of 2014.

Gross profit was $7.4 million for the full year 2015, compared to a gross profit of $108.5 million for the same period of 2014.

Operating loss for the full year 2015 was $18 million, compared to operating income of $91.4 million for the same period of 2014.

Net loss available to common stockholders was $20.1 million for the full year 2015, or $0.60 per diluted share, compared to net income available to common stockholders of $19.4 million, or $0.86 per diluted share, for the same period of 2014.

Adjusted net loss was $11 million, or $0.33 per diluted share, for the full year 2015, compared to adjusted net income of $59.3 million, or $2.62 per diluted share, for the same period of 2014.

Commenting on the results, Neil Koehler, president and CEO, said, “In 2015, we made significant progress in positioning the company for long-term growth. We completed our acquisition of Aventine in July, more than doubling our production capacity. Our expanded footprint is demonstrating operating benefits. The diversification of geography, technology, feedstocks and products strengthens our performance across margin cycles and provides a strong platform for growth.”

“Looking ahead,” Koehler added, “we remain focused on improving our performance through further lowering production costs, expanding sales of higher value ethanol and co-products and reducing the carbon intensity of our ethanol.”

“In the first quarter of 2016, we are moderating production levels to match supply and demand,” Koehler said. “While the demand for ethanol continues to grow, current industry ethanol inventories remain high. We are confident that the fundamentals of ethanol as a valuable source of octane and carbon reductions will support continued growth in demand and improved production margins.”

Pacific Ethanol trades on the NASDAQ under the ticker symbol PEIX. The company’s stock closed at $4.21 on Wednesday and was up more than 7 percent after hours on the company’s upbeat comments.