UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2010
LINCOLNWAY ENERGY, LLC
(Exact name of registrant as specified in its charter)
Iowa | 000-51764 | 20-1118105 |
(State or other jurisdiction of | (Commission | (IRS Employer |
incorporation) | File Number) | Identification No.) |
59511 W. Lincoln Highway, Nevada, Iowa | 50201 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (515) 232-1010 |
Not Applicable |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
Item 7.01 REGULATION FD DISCLOSURE.
Lincolnway Energy, LLC (the "Company") intends to announce its financial results for the year ended September 30, 2010 at a meeting of the Company's members to be held on November 9, 2010. The following information will be presented at the meeting.
Net income was $4.4 million for the year ended September 30, 2010, compared to a net loss of $6.4 million for the year ended September 30, 2009. Revenues were $114.4 million for the year ended September 30, 2010 compared to $110.2 million for the year ended September 30, 2009.
The following is statement of operations data for the years indicated:
Statements of Operations Data: | 2010 | 2009 | ||||||||||||||
Amount | % | Amount | % | |||||||||||||
Revenues | $ | 114,373,268 | 100.0 | $ | 110,223,531 | 100.0 | ||||||||||
Cost of goods sold | 106,744,081 | 93.3 | 113,576,938 | 103.0 | ||||||||||||
Gross profit(loss) | 7,629,187 | 6.7 | (3,353,407 | ) | (3.0 | ) | ||||||||||
General and administrative expense | 2,440,390 | 2.1 | 2,366,638 | 2.1 | ||||||||||||
Operating income(loss) | 5,188,797 | 4.6 | (5,720,045 | ) | (5.1 | ) | ||||||||||
Interest expense | (851,358 | ) | (0.7 | ) | (860,303 | ) | (0.8 | ) | ||||||||
Other income-interest | 25,019 | - | 165,007 | 0.1 | ||||||||||||
Net income(loss) | $ | 4,362,458 | 3.9 | $ | (6,415,341 | ) | (5.8 | ) |
Revenues increased $ 4.2 million for the year ended September 30, 2010 compared to the year ended September 30, 2009 primarily as a result of increased ethanol sales of 2.3 million gallons and a higher price that was received on average for the ethanol. Cost of goods sold decreased $6.9 million for the year ended September 30, 2010 compared to the year ended September 30, 2009 primarily as a result of a lower average price paid for corn for the year ended September 30, 2010 and a decrease in derivative losses related to corn costs for the year ended September 30, 2010 compared to the year ended September 30, 2009.
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The chart below presents key operating data with our ethanol production for the years indicated:
Operating Data: | 2010 | 2009 | ||||||
Ethanol sold | 55,121,401 | 52,821,525 | ||||||
Average gross price of ethanol sold | ||||||||
(dollars per gallon) | $ | 1.72 | $ | 1.67 | ||||
Dry distillers grain sold (tons) | 129,958 | 128,771 | ||||||
Average dry distillers grain sales price per ton | $ | 145.38 | $ | 154.74 | ||||
Average corn cost per bushel | $ | 3.59 | $ | 3.70 |
The chart below presents other financial data for the years indicated:
Other Financial Data: | 2010 | 2009 | ||||||
Working Capital | $ | 11,493,635 | $ | 6,670,560 | ||||
Long-Term Obligations | $ | 9,859,711 | $ | 14,938,584 | ||||
Members' Equity | $ | 52,239,260 | $ | 49,979,252 | ||||
Book Value per Member Unit | $ | 1,242 | $ | 1,189 | ||||
Cash distributions per unit | $ | 50.00 | $ | - | ||||
Depreciation and amortization expense | $ | 8,378,554 | $ | 8,367,309 |
As of September 30, 2010, the Company had $2.9 million in cash and cash equivalents. For the year ended September 30, 2010, $2.1 million was distributed to members and $8.8 million was paid on long-term borrowings. The Company also made purchases of $823,612 of property and equipment.
The information contained in this Current Report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall this Current Report or be incorporated by reference into a filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except only as may be expressly set forth by specific reference in any such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LINCOLNWAY ENERGY, LLC | |||
Date: November 9, 2010 | By: | /s/ Richard Brehm | |
Richard Brehm, President and | |||
Chief Executive Officer |
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