Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Lincolnway Energy, LLC | lwe10-qq2pressrelease20140.htm |
Nevada, Iowa ----- April 23, 2014 Lincolnway Energy, LLC (“ Lincolnway ”) announced its unaudited financial results for the three months ended March 31, 2014.
Results for the Second Quarter of Fiscal Year 2014
Net Income - | $ | 4,274,431 | |
Gross Profit - | $ | 5,050,374 | |
EBITDA - | $ | 6,092,352 | |
Lincolnway reported net income of $4.3 million, or $101.65 per unit, for the three months ended March 31, 2014, compared to a net loss of $(1.8) million, or $(43.19) per unit, for the three months ended March 31, 2013.
Gross profit for the three months ended March 31, 2014 was $5.1 million, compared to a Gross profit (loss) of $(1.0) million for the three months ended March 31, 2013.
EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization was $6.1 million for the three months ended March 31, 2014, compared to $0.1 million for the three months ended March 31, 2013.
Eric Hakmiller, Lincolnway's President and CEO stated, “this quarter Lincolnway Energy saw significant margin expansion that allowed us to book some of the best sales margins we have seen in recent years. Operationally, we were able to produce with good yields and did a good job of managing our rail fleet in a very difficult rail environment. The combination of these factors led to an excellent result”.
During the second quarter of Fiscal Year 2014, Lincolnway produced 13.9 million gallons of ethanol. Hakmiller commented - "Our focus continues to be to produce gallons as efficiently as possible. The installation of the ICM Selective Milling Technology™ (SMT) process at the end of the quarter will further increase our ability to maximize yields and push profitability going forward.”
About Lincolnway Energy, LLC:
Lincolnway is located on approximately 160 acres in Nevada, Iowa, operating a 57.75 million gallon per year ethanol plant. Lincolnway began producing ethanol in May, 2006 and sells its ethanol, distiller's grains, corn syrup, and corn oil in the continental United States, Mexico and the Pacific Rim.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). Such statements are identified by terms such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,” “plans,” or similar language. In connection with these safe-harbor provisions, Lincolnway has identified in its Annual Report on Form 10-K important factors that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of Lincolnway, including, without limitation, the risk and nature of Lincolnway's business, and the effects of general economic conditions on Lincolnway. The forward-looking statements contained in this Press Release are included in the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Lincolnway further cautions that such factors are not exhaustive or exclusive. Lincolnway does not undertake to update any forward-looking statement which may be made from time to time by or on behalf of Lincolnway.
Financial Results
LINCOLNWAY ENERGY, LLC Statements of Operations Unaudited | |||||||
Three Months Ended | Three Months Ended | ||||||
March 31, 2014 | March 31, 2013 | ||||||
(Unaudited) | |||||||
Revenues (Notes 2 and 6) | $ | 36,494,001 | $ | 47,474,370 | |||
Cost of goods sold | 31,443,627 | 48,484,016 | |||||
Gross profit (loss) | 5,050,374 | (1,009,646 | ) | ||||
General and administrative expenses | 776,590 | 783,544 | |||||
Operating income (loss) | 4,273,784 | (1,793,190 | ) | ||||
Other income (expense): | |||||||
Interest income | 2,660 | 1,040 | |||||
Interest expense | (2,013 | ) | (23,985 | ) | |||
647 | (22,945 | ) | |||||
Net income (loss) | $ | 4,274,431 | $ | (1,816,135 | ) | ||
Weighted average units outstanding | 42,049 | 42,049 | |||||
Net income (loss) per unit - basic and diluted | $ | 101.65 | $ | (43.19 | ) | ||
EBITDA | $ | 6,092,352 | $ | 135,193 | |||
Management uses EBITDA, a non-GAAP measure, to measure the Lincolnway’s financial performance and to internally manage its business. Management believes that EBITDA provides useful information to investors as a measure of comparison with peer and other companies. EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with generally accepted accounting principles. EBITDA calculations may vary from company to company. Accordingly, our computation of EBITDA may not be comparable with a similarly-titled measure of another company.
Statistical Information
Three Months Ended | |||||
March 31, 2014 | March 31, 2013 | ||||
Quantity | Quantity | ||||
Statistical Information (unaudited) | |||||
Ethanol sold (gallons in thousands) | 13,805 | 14,907 | |||
Dry Distiller's Grains sold (tons) | 36,072 | 40,620 | |||
Corn Ground (bushels) | 4,975,261 | 5,099,062 | |||
Summary Balance Sheets
March 31, 2014 | September 30, 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 5,983,280 | $ | 1,936,800 | |||
Derivative financial instruments | 82,115 | 431,476 | |||||
Trade and other accounts receivable | 5,981,703 | 5,300,204 | |||||
Inventories | 4,611,706 | 5,342,199 | |||||
Prepaid expenses and other | 306,220 | 325,880 | |||||
Total current assets | $ | 16,965,024 | $ | 13,336,559 | |||
Net property and equipment | 31,286,605 | 30,865,651 | |||||
Other assets | 782,068 | 796,520 | |||||
Total Assets | $ | 49,033,697 | $ | 44,998,730 | |||
LIABILITIES AND MEMBERS' EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable and accrued expenses | $ | 4,389,451 | $ | 3,867,553 | |||
Current maturities of notes payable | 477,598 | 477,049 | |||||
Total current liabilities | $ | 4,867,049 | $ | 4,344,602 | |||
Total long term liabilities | 1,941,900 | 2,435,004 | |||||
Total members' equity | 42,224,748 | 38,219,124 | |||||
Total Liabilities and Members' Equity | $ | 49,033,697 | $ | 44,998,730 | |||
Contact:
Neal Greenberg, Interim CFO
Lincolnway Energy, LLC
515.817.0160