Lincolnway Energy, LLC announces Third Quarter 2014 Earnings Results - News, Weather and Sports for Lincoln, NE; KLKNTV.com

Lincolnway Energy, LLC announces Third Quarter 2014 Earnings Results

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SOURCE Lincolnway Energy, LLC

NEVADA, Iowa, July 16, 2014 /PRNewswire/ -- Lincolnway Energy, LLC ("Lincolnway") announced its unaudited financial results for the three and nine months ended June 30, 2014.

Lincolnway Energy logo

Results for the Third Quarter of Fiscal Year 2014

Net Income -

$

7,795,526


Gross Profit -

$

8,794,502


Lincolnway reported a $9.8 million net income improvement for the three months ended June 30, 2014 from the three months ended June 30, 2013. Net income for the three months ended June 30, 2014 was $7.8 million, or $185.39 per unit, compared to a net loss of $(2.0) million, or $(47.78) per unit, for the three months ended June 30, 2013.

Gross profit for the three months ended June 30, 2014 was $8.8 million, compared to a Gross (loss) of $(1.2) million for the three months ended June 30, 2013.

Additionally, Lincolnway reported a $19.3 million net income improvement for the nine months ended June 30, 2014 from the nine months ended June 30, 2013. Net income for the nine months ended June 30, 2014 was $11.8 million, or $280.65 per unit, compared to a net loss of $(7.5) million, or $(179.51) per unit, for the nine months ended June 30, 2013.

Eric Hakmiller, Lincolnway's President and CEO stated, "The plant performance was very strong this quarter which coupled with good margin led to the strengths of our results.  We relied heavily on both good daily volumes and good margin management to achieve this outcome.  Commercially, we benefited from the approach taken by Gavilon, our DDGS marketer, which allowed us to position ourselves well in that market."

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


Nine Months
Ended


Nine Months
Ended


June 30, 2014


June 30, 2013


June 30, 2014


June 30, 2013


(Unaudited)



(Unaudited)









Revenues

$

38,991,719


$

40,894,385


$

110,240,856


$

135,781,429

Cost of goods sold

30,197,217


42,111,656


95,772,846


140,784,344

Gross profit (loss)

8,794,502


(1,217,271)


14,468,010


(5,002,915)









General and administrative expenses

988,111


751,843


2,639,235


2,418,085

Operating income (loss)

7,806,391


(1,969,114)


11,828,775


(7,421,000)









Other income (expense):








Interest income

5,644


1,097


11,095


2,985

Interest expense

(16,509)


(41,158)


(38,720)


(130,332)


(10,865)


(40,061)


(27,625)


(127,347)









Net income (loss)

$

7,795,526


$

(2,009,175)


$

11,801,150


$

(7,548,347)









Weighted average units outstanding

42,049


42,049


42,049


42,049









Net income (loss) per unit - basic and diluted

$

185.39


$

(47.78)


$

280.65


$

(179.51)

 

Summary Balance Sheets



June 30, 2014


September 30, 2013


(unaudited)



ASSETS




Cash and cash equivalents

$

14,025,319


$

1,936,800

Derivative financial instruments

1,516,117


431,476

Trade and other accounts receivable

4,629,719


5,300,204

Inventories

5,535,616


5,342,199

Prepaid expenses and other

407,821


325,880

  Total current assets

$

26,114,592


$

13,336,559

Net property and equipment

31,081,401


30,865,651

Other assets

655,391


796,520

  Total Assets

$

57,851,384


$

44,998,730





LIABILITIES AND MEMBERS' EQUITY




Current Liabilities




Accounts payable and accrued expenses

$

5,462,773


$

3,867,553

Current maturities of notes payable

451,437


477,049

  Total current liabilities

$

5,914,210


$

4,344,602

Total long term liabilities

1,916,900


2,435,004

Total members' equity

50,020,274


38,219,124

  Total Liabilities and Members' Equity

$

57,851,384


$

44,998,730

 

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