You are correct,
Another statistic taken from close study, shows that it takes 1 gallon of fuel to produce 1.2 gallons of Ethanol. This also does not take into account the reduced fuel economy that ethanol burning vehicles suffer because of the low flash point of ethanol.
The equivalent energy yield compared to fossil fuels easily pushes the yield of Ethanol below a 1 to 1 ratio.
The whole ethanol fuel notion is just objectionable in so many ways. But hey! If you want to make your own corn whiskey there should be some real bargains in bankrupt distilleries.