3/31/2020 Financial Report
- Comparison of operations three months ended:
- Ethanol netbacks were down approximately 14% compared to same quarter of the prior year. However, higher plant production along with steady prices received on co-product sales, resulted in total revenues remaining steady.
- Gross profit was down substantially with a nearly 160% decrease over the same quarter of the prior year. Recent severe effects from the COVID-19 pandemic on fuel markets has put significant pressure on ethanol prices and created negative operating margins. These current market conditions also required an accounting adjustment of ~$2.8MM in inventory write downs at current quarter end, a primary factor for the $2.62MM gross loss.
- Comparison of operations six months ended:
- Total revenues increased primarily due to the ~6% increase in plant outputs along with slightly better average prices on ethanol and co-product sold over the same prior fiscal period.
- Gross profits down over prior fiscal period, the result of reduced crush margins primarily from higher corn prices, along with inventory write downs in the current quarter noted above.
- Working capital and members’ equity down due to the two distributions paid to our owners for the six months ended totaling $8.186MM.
- Ethanol and corn oil yields continue to show improvement over same quarter 2019.
- 14 units traded during the quarter ending 3/31/2020 averaging $27,214/unit.
|Summary of Operations||3 Months Ended 3/31/2020||3 Months Ended 3/31/2019||6 Months Ended 3/31/2020||6 Months Ended 3/31/2019|
|Total Revenues||$ 37,260,546||$ 37,929,913||$ 82,320,336||$ 74,638,560|
|Gross Profit||$ (2,618,763)||$ 4,366,014||$ 2,430,838||$ 5,852,065|
|Net Income||$ (3,396,829)||$ 3,805,169||$ 940,931||$ 4,764,306|
|Net Income / Unit||$ (934)||$ 1,046||$ 259||$ 1,310|
|Distribution/Unit||$ 1,000||$ 750||$ 2,250||$ 3,750|
|As of 3/31/2020||As of 9/30/2019|
|Current Assets||$ 24,951,449||$ 46,136,579|
|Total Assets||$ 95,690,341||$ 98,763,489|
|Current Liabilities||$ 10,049,881||$ 5,814,060|
|Long-Term Liabilites||$ 1,515,054||$ 1,579,454|
|Members' Equity||$ 84,125,406||$ 91,369,975|
|Book Value / Unit||$ 23,124||$ 25,115|
|Key Metrics||3 Months Ended 3/31/2020||3 Months Ended 3/31/2019|
|Ethanol Yield (Gal/bu)||3.07||3.03|
|BTU / Gal||20,890||20,721|
|KW / Gal||.50||.51|
|Corn Oil (Lbs/bu)||1.05||.99|
|Ethanol Production (Gal / day)||273,061||263,092|
|Ethanol Production MGY||96.4||92.9|
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