Lincolnway Energy announces its audited financial results for the fiscal year 2015

Dec 18, 2015, 16:25 ET from Lincolnway Energy, LLC

NEVADA, Iowa, Dec. 18, 2015 /PRNewswire/ -- 

Results for the Fiscal Year 2015

 

Gross Profit

$

5,616,324

EBITDA

$

10,379,474

Net Income

$

2,651,564

 

Lincolnway reported net income of $2.7 million, or $63.06 per unit, for the fiscal year ended September 30, 2015, compared to net income of $18.1 million, or $428.70 per unit, for the fiscal year ended September 30, 2014.

Gross profit for the fiscal year 2015 was $5.6 million, compared to a gross profit of $21.8 million for the fiscal year 2014.

EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $10.4 million for the fiscal year ended September 30, 2015, compared to $25.5 million for the fiscal year ended September 30, 2014.

Eric Hakmiller, Lincolnway's President and CEO stated, "This year was transformative for Lincolnway Energy.  We have spent the last couple of years developing a strategy to move this facility to the forefront of the industry in terms of efficiency and this year we saw the beginning of the execution of this strategy.  We are running cleaner and more efficiently than ever before and look to position ourselves for profitability as the margins in the market continue to tighten."

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

Statement of Operations

For the Years Ended September 30, 2015 and 2014






2015


2014

Revenue

$        115,927,769


$        147,334,193

Cost of goods sold

110,311,445


125,501,344

Gross Profit

5,616,324


21,832,849





General and administrative expenses

2,952,005


3,771,961

Operating income 

2,664,319


18,060,888





Other income (expense):




interest income

21,981


20,803

Interest expense

(34,736)


(55,163)


(12,755)


(34,360)





Net income 

$             2,651,564


$          18,026,528





Weighted average units outstanding

42,049


42,049





Net income per unit - basic and diluted

$                    63.06


$                 428.70





EBITDA

$           10,379,474


$          25,526,226

 

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


September 30, 2015


September 30, 2014

Assets




Cash and cash equivalents

$                              250


$                        30,273

Cash equivalents - repurchase account

1,502,248


22,948,115

Derivative financial instruments

746,178


487,078

Trade and other accounts receiveable

3,977,264


1,543,599

Inventories

3,957,973


4,738,106

Prepaid expense and other

404,180


362,495

Total current assets

10,588,093


30,109,666

Net property and equipment

37,638,404


31,991,348

Other assets

838,849


646,623

Total Assets

$                49,065,346


$                62,747,637





Liabilities and Member's Equity




Current Liabilities




Checks in excess of bank balance

$                  1,656,923


$                                 -

Accounts payable and accrued expenses

5,109,440


4,566,981

Current maturities of notes payable

54,280


53,153

Total current liabilities

6,820,643


4,620,134

Total long term liabilities

1,218,312


1,881,851

Total member's equity

41,026,391


56,245,652

Total Liabilities and Memember's Equity

$                49,065,346


$                62,747,637

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SOURCE Lincolnway Energy, LLC



RELATED LINKS

http://www.lincolnwayenergy.com