UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACTION OF 1934 |
For the quarterly period ended June 30, 2002
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
COMMISSION FILE NO. 333-75804
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
(Exact Name of Registrant as Specified in Its Charter)
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SOUTH DAKOTA |
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46-0462968 |
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(State
or Other Jurisdiction of |
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(I.R.S.
Employer |
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100 Caspian Avenue, Post Office Box 500, Volga, South Dakota 57071 |
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(Address of Principal Executive Offices) |
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(605) 627-9240 |
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(Registrant’s Telephone Number) |
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(not applicable) |
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(Former name, former address and former fiscal year, if changed since last report) |
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Check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes o No o
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:
On August 14, 2002, the registrant had 14,129,250 capital units outstanding.
SOUTH DAKOTA SOYBEAN PROCESSORS
Table of Contents
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1
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SOUTH DAKOTA SOYBEAN PROCESSORS
BALANCE SHEETS (UNAUDITED)
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June 30, |
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June 30, |
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December 31, |
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2002 |
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2001 |
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2001 * |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
3,449,060 |
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$ |
4,008,209 |
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$ |
2,015,257 |
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Trade accounts receivable, less allowance for uncollectible accounts - June 2002 -$255,513; June
2001 - $196,513; |
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11,818,383 |
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10,631,153 |
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11,230,636 |
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Inventories |
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14,198,535 |
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6,572,345 |
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7,147,177 |
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Margin deposits |
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454,385 |
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496,920 |
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1,114,993 |
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Prepaid expenses |
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184,743 |
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132,177 |
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259,157 |
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Total current assets |
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30,105,106 |
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21,840,804 |
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21,767,220 |
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PROPERTY AND EQUIPMENT |
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48,223,225 |
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43,206,038 |
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44,579,625 |
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Less accumulated depreciation |
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(13,983,300 |
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(11,823,432 |
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(12,686,788 |
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34,239,925 |
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31,382,606 |
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31,892,837 |
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OTHER ASSETS |
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Investments |
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5,086,270 |
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5,570,181 |
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5,002,308 |
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Loan fees, net of amortization |
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22,893 |
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20,632 |
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18,603 |
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5,109,163 |
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5,590,813 |
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5,020,911 |
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$ |
69,454,194 |
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$ |
58,814,223 |
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$ |
58,680,968 |
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*Derived from audited financial statements
See Accompanying Notes to Financial Statements
2
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June 30, |
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June 30, |
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December 31, |
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2002 |
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2001 |
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2001 * |
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LIABILITIES AND MEMBERS’ INVESTMENTS |
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CURRENT LIABILITIES |
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Excess of outstanding checks over bank balance |
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$ |
3,669,203 |
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$ |
3,214,460 |
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$ |
1,576,968 |
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Current maturities of long-term debt |
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222,391 |
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2,003,877 |
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2,423,843 |
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Accounts payable |
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859,013 |
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509,188 |
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468,474 |
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Income taxes payable |
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520,000 |
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— |
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— |
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Accrued commodity purchases |
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9,684,760 |
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7,127,859 |
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11,683,608 |
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Accrued expenses |
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2,109,103 |
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1,248,534 |
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1,362,595 |
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Accrued interest |
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45,759 |
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41,518 |
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39,677 |
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Total current liabilities |
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17,110,229 |
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14,145,436 |
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17,555,165 |
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LONG-TERM LIABILITIES |
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Long-term debt, less current maturities |
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16,322,124 |
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11,674,264 |
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8,276,078 |
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Deferred compensation |
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97,500 |
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36,000 |
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70,000 |
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16,419,624 |
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11,710,264 |
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8,346,078 |
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COMMITMENTS |
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— |
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— |
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— |
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MEMBERS’ INVESTMENTS |
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Preferred stock, par value $100 per share - Authorized, 80,000 shares Issued and outstanding, none |
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Membership stock, par value $100 per share - Authorized, 2,500 shares Issued and outstanding, June 2002 - 2,095 shares; June 2001 - 2,102 shares; December 2001 - 2,097 shares |
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209,500 |
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210,200 |
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209,700 |
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Equity stock, par value $.50 per share - Authorized, 59,500,000 sharesIssued and outstanding, 14,129,250 shares |
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7,064,625 |
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7,064,625 |
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7,064,625 |
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Additional paid-in-capital |
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13,776,412 |
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13,772,112 |
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