3/31/2021 Financial Report
- Comparison of operations for three months ended:
- Total revenues increased nearly 36% quarter over quarter on improving ethanol and co-product prices; even though production rates were down ~ 11% over same quarter of prior year. Average quarterly ethanol netbacks were ~41% higher than prior year.
- Gross profits increased nearly $7.0MM quarter over quarter. While the corn market continued an upward trend, our crush margins still improved ~54% quarter over quarter. Average cost per bushel of corn was ~17% higher quarter over quarter.
- Net Income for the March ’21 quarter includes $736,500 received under the recently enacted PPP second draw program.
- No distributions were declared/paid during the March ’21 quarter.
- Comparison of operations for the six months ended:
- The strong second quarter results noted above pushed fiscal YTD revenues to a ~7% increase over the same prior fiscal period.
- While recent crush margins improved substantially, our fiscal YTD gross profits lagged the same prior fiscal period by ~$2.3MM.
- 40 units traded during the quarter ending 3/31/2021, at an average sale price of $23,763/unit.
|Summary of Operations||3 Months Ended 3/31/2021||3 Months Ended 3/31/2020||6 Months Ended 3/31/2021||6 Months Ended 3/31/2020|
|Total Revenues||$ 50,526,220||$ 37,260,546||$ 88,403,458||$ 82,320,336|
|Gross Profit (Loss)||$ 4,348,375||$ (2,618,763)||$ 103,310||$ 2,430,838|
|Net Income (Loss)||$ 4,350,859||$ (3,396,829)||$ 223,365||$ 940,931|
|Net Income (Loss)/Unit||$ 1,232||$ (934)||$ 63||$ 259|
|Distribution/Unit||N/A||$ 1,000||$ 1,000||$ 2,250|
|As of 3/31/2021||As of 9/30/2020|
|Current Assets||$ 28,660,325||$ 30,954,954|
|Total Assets||$ 98,487,010||$ 100,627,593|
|Current Liabilities||$ 5,785,475||$ 7,868,887|
|Long-Term Liabilites||$ 7,144,116||$ 1,454,652|
|Members' Equity||$ 85,557,419||$ 91,304,054|
|Book Value / Unit||$ 24,224||$ 25,097|
|Key Metrics||3 Months Ended 3/31/2021||3 Months Ended 3/31/2020|
|Ethanol Yield (Gal/bu)||3.01||3.07|
|Corn Oil (Lbs/bu)||1.01||1.05|
|Ethanol Production (Gal/day)||261,850||273,061|
|Ethanol Production MGY||92.4||96.4|
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