09/30/2020 Financial Report
- Comparison of operations three months ended:
- Despite a nearly ~8% increase in production for the quarter over the prior fiscal quarter of 2019, overall revenues were down ~9% due to a 11% decrease in ethanol netbacks and an average 15% price decrease on co-product prices as compared to the same fiscal quarter 2019.
- Gross profit and net income were down ~37% quarter over quarter, respectively, from reduced crush margins primarily the result of the lower prices received noted above.
- Comparison of operations for the fiscal years ended:
- Revenues were down year over year the result of a combined ~3% reduction in overall sales volumes along with ~ 8% lower ethanol netbacks received. Coproduct prices remained relatively steady year over year.
- The reduced sales volumes year over year, along with reduced crush margins, again primarily the result of reduced ethanol netbacks, resulted in the nearly ~50% reduction in gross profit over fiscal year 2019.
- Working capital remains strong at ~$23.1MM.
- No units traded during the quarter ending September 30, 2020.
|Summary of Operations||3 Months Ended 9/30/2020||3 Months Ended 9/30/2019||Year Ended 9/30/2020||Year Ended 9/30/2019|
|Total Revenues||$ 39,256,407||$ 42,944,587||$ 144,869,582||$ 162,327,050|
|Gross Profit||$ 4,439,820||$ 7,009,503||$ 9,627,101||$ 19,100,731|
|Net Income||$ 4,078,405||$ 6,357,405||$ 8,119,579||$ 17,006,692|
|Net Income / Unit||$ 1,121||$1,748||$ 2,232||$ 4,675|
|Distribution/Unit||$ -||$ -||$ 2,250||$ 3,750|
|As of 9/30/2020||As of 9/30/2019|
|Current Assets||$ 30,954,953||$ 46,136,579|
|Total Assets||$ 100,627,591||$ 98,763,489|
|Current Liabilities||$ 7,868,885||$ 5,814,060|
|Long-Term Liabilites||$ 1,454,651||$ 1,579,454|
|Members' Equity||$ 91,304,055||$ 91,369,975|
|Book Value / Unit||$ 25,097||$ 25,115|
|Key Metrics||3 Months Ended 9/30/2020||3 Months Ended 9/30/2019|
|Ethanol Yield (Gal/bu)||3.04||3.01|
|BTU / Gal||20,632||20,195|
|KW / Gal||.55||.60|
|Corn Oil (Lbs/bu)||0.94||0.96|
|Ethanol Production (Gal / day)||272,442||264,325|
|Ethanol Production MGY||96.2||93.0|
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