| Quarter Ended |
3/31/2021 Financial Report
FINANCIAL HIGHLIGHTS
- 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.
UNAUDITED
| 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 |
Balance Sheets |
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 |
| Please be sure to keep Siouxland Ethanol updated on your contact information. This helps ensure you receive your distribution check, tax & other pertinent information timely. Thank you! |
