03/31/2019 Financial Report
- Comparison of operations three months ended:
- Ethanol netbacks were down approximately 7% compared to same quarter of prior year. However, higher plant production along with better prices received on co-product sales allowed revenues to remain steady.
- Gross profits down with reduced crush margins, the result of lower ethanol netbacks along with an 8% increase in cost of corn.
- Comparison of operations six months ended:
- Total revenues increased primarily due to ~10% increase in plant outputs along with increased prices on co-product sold over the same prior fiscal period.
- Gross profits down over prior fiscal period, the result of continued lower ethanol prices and increased cost of corn.
- Working capital and members’ equity down primarily due to the two distributions paid to our owners over the last six months totaling $13.64MM ($3,750/unit).
- Ethanol yield continues strong performance with a slight increase over same quarter 2018.
- 5 units traded during the quarter ending 3/31/2019 averaging $26,500/unit.
|Summary of Operations||3 Months Ended 03/31/2019||3 Months Ended 03/31/2018||6 Months Ended 03/31/2019||6 Months Ended 03/31/2018|
|Total Revenues||$ 37,929,913||$ 37,469,800||$ 74,638,560||$ 71,920,331|
|Gross Profit||$ 4,366,014||$ 5,389,163||$ 5,852,065||$ 8,823,235|
|Net Income||$ 3,805,169||$ 4,768,410||$ 4,764,306||$ 7,755,311|
|Net Income / Unit||$ 1,046||$ 1,311||$ 1,310||$ 2,132|
|Distribution/Unit||$ 750||$ 1,700||$ 750||$ 1,700|
|Balance Sheets||As of 03/31/2019||As of 09/30/2018|
|Current Assets||$ 38,649,264||$ 45,102,160|
|Total Assets||$ 94,164,013||$ 95,960,464|
|Current Liabilities||$ 13,482,804||$ 6,266,432|
|Long-Term Liabilites||$ 1,631,856||$ 1,688,249|
|Members' Equity||$ 79,049,353||$ 88,005,783|
|Book Value / Unit||$ 21,729||$ 24,191|
|Key Metrics||3 Months Ended 03/31/2019||3 Months Ended 03/31/2018|
|Ethanol Yield (Gal/bu)||3.03||3.00|
|BTU / Gal||20,721||22,621|
|KW / Gal||.51||.53|
|Corn Oil (Lbs/bu)||.99||.92|
|Ethanol Production (Gal / day)||263,092||235,803|
|Ethanol Production MGY||92.9||83.2|
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