Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Lincolnway Energy, LLC | form8k.htm |
Exhibit 99.1
Nevada, Iowa ----- August 10, 2018 Lincolnway Energy, LLC (“ Lincolnway ”) announced its unaudited financial results for the three months ended June 30, 2018.
Results for the 3rd Quarter Fiscal Year 2018
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Gross Profit -
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$
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867,856
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||
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Net Income -
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322,504
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|||
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EBITDA -
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$
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1,416,130
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Lincolnway reported net income of $322,504, or $7.67 per unit, for the three months ended June 30, 2018, compared to net loss of approximately $960,823, or -$22.85 per unit, for the three months ended June 30, 2017.
Gross profit for the three months ended June 30, 2018 was $867,856, compared to a gross loss of $80,718 for the three months ended June 30, 2017.
EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $1,416,310 for the three months ended June 30, 2018, compared to $65,799 for the three months ended June 30, 2017.
Eric Hakmiller, Lincolnway's President and CEO stated, - “This was a good quarter after a tough winter. We have focused on efficiency gains all year. We are happy to see these efforts begin to pay off like this.”
About Lincolnway Energy, LLC:
Lincolnway is located on approximately 160 acres in Nevada, Iowa, operating a 50 million gallon per year ethanol plant. Lincolnway began producing ethanol in May, 2006.
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
For the Three Months Ended June 30, 2018 and 2017
(Unaudited)
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2018
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2017
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|||||||
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Revenue
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$
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27,100,886
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$
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26,292,741
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||||
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Cost of goods sold
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26,233,030
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26,373,459
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||||||
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Gross profit (loss)
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867,856
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(80,718
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)
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|||||
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General and administrative expenses
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735,719
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841,842
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||||||
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Operating income (loss)
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132,137
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(922,560
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)
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|||||
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Other income (expense):
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||||||||
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Interest income
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19,516
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680
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||||||
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Interest expense
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(28,675
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)
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(38,943
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)
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||||
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Other Income
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199,526
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-
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||||||
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190,367
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(38,263
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)
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||||||
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Net income (loss)
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$
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322,504
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$
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(960,823
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)
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|||
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Weighted average units outstanding
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42,049
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42,049
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||||||
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Net income (loss) per unit - basic and diluted
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$
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7.67
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$
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(22.85
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)
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|||
Management uses EBITDA, a non-GAAP measure, to measure 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.
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2018
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2017
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|||||||
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Net income (Loss)
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$
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322,504
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$
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(960,823
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)
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|||
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Interest income
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(19,516
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)
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(680
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)
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||||
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Interest expense
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28,675
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38,943
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||||||
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Depreciation and amortization
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1,084,467
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988,359
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EBITDA
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$
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1,416,130
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$
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65,799
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Summary Balance Sheet
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June 30, 2018
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September 30, 2017
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(unaudited)
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ASSETS
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||||||||
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Cash and cash equivalents
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$
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446,659
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$
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690,513
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||||
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Derivative financial instruments
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360,517
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428,666
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||||||
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Trade and other accounts receivable
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3,070,744
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3,229,474
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||||||
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Inventories
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4,965,924
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5,684,729
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||||||
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Prepaid expenses and other
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309,478
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375,787
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||||||
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Total current assets
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$
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9,153,322
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$
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10,409,169
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Net property and equipment
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48,423,433
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39,945,183
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||||||
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Other assets
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828,695
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818,971
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Total assets
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$
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58,405,450
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$
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51,173,323
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||||
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LIABILITIES AND MEMBERS' EQUITY
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||||||||
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Current liabilities
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||||||||
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Accounts payable and accrued expenses
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3,706,726
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5,232,725
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||||||
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Total long term liabilities
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14,769,997
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3,942,960
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Total members' equity
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39,928,727
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41,997,638
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||||||
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Total Liabilities and Members' Equity
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$
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58,405,450
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$
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51,173,323
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||||
Contact:
Kris Strum, Director of Finance
Lincolnway Energy, LLC
515.817.0153