Lincolnway Energy, LLC announces its unaudited financial results for the three months ended June 30, 2015

Aug 12, 2015, 11:38 ET from Lincolnway Energy, LLC

NEVADA, Iowa, Aug. 12, 2015 /PRNewswire/ -- Lincolnway Energy, LLC (" Lincolnway ") announces its unaudited financial results for the three months ended June 30, 2015.

Results for the 3rd Quarter Fiscal Year 2015

Gross Profit -

$

1,263,086

EBITDA -

2,722,859

Net Income -

$

598,806




Lincolnway reported net income of $.6 million, or $14.24 per unit, for the three months ended June 30, 2015, compared to net income of $7.8 million, or $185.39 per unit, for the three months ended June 30, 2014.

Gross profit for the three months ended June 30, 2015 was $1.3 million, compared to a gross profit of $8.8 million for the three months ended June 30, 2014.

EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $2.7 million for the three months ended June 30, 2015, compared to $9.7 million for the three months year ended June 30, 2014.

Eric Hakmiller, Lincolnway's President and CEO stated, "The quarter started out strong and faded at the end as gasoline demand could not keep up with the supply of ethanol.  We are very happy with the cost containment projects we completed in the last year; they are going to be very helpful in this more challenging margin environment."

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, 2015 and 2014

(Unaudited)






2015


2014









Revenue

$

29,047,061


$

38,991,719

Cost of goods sold

27,783,975


30,197,217

Gross profit

1,263,086


8,794,502





General and administrative expenses

667,769


988,111

Operating income

595,317


7,806,391





Other income (expense):




Interest income

3,754


5,644

Interest expense

(265)


(16,509)


3,489


(10,865)





Net income

$

598,806


$

7,795,526





Weighted average units outstanding

42,049


42,049





Net income per unit - basic and diluted

$

14.24


$

185.39











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.

Summary Balance Sheets


June 30, 2015


September 30, 2014


(unaudited)



ASSETS




Cash and cash equivalents

$                  250


$               30,273

Cash equivalents – repurchase account

4,434,823


22,948,115

Derivative financial instruments

_


487,078

Trade and other accounts receivable

3,226,308


1,543,599

Inventories

4,518,651


4,738,106

Prepaid expenses and other

459,597


362,495

Total current assets

12,639,629


30,109,666

Net property and equipment

37,620,770


31,991,348

Other assets

847,617


646,623

Total Assets

$      51,108,016


$        62,747,637





LIABILITIES AND MEMBERS' EQUITY




Current Liabilities




Accounts payable and accrued expenses

$        4,450,179


$          4,566,981

Current settlement payable, related party

425,000


_

Derivative financial instrument

141,366


_

Current maturities of notes payable

26,998


53,153

Total current liabilities

5,043,543


4,620,134

Total long term liabilities

1,417,897


1,881,851

Total members' equity

44,646,576


56,245,652

Total Liabilities and Members' Equity

$      51,108,016


$        62,747,637

 

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SOURCE Lincolnway Energy, LLC



RELATED LINKS

http://www.lincolnwayenergy.com