UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACTION OF 1934 |
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For the quarterly period ended September 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
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SOUTH DAKOTA SOYBEAN PROCESSORS, LLC |
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(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, |
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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 November 13, 2002, the registrant had 14,129,250 capital units outstanding.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
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SOUTH
DAKOTA SOYBEAN
PROCESSORS, LLC
UNAUDITED FINANCIAL STATEMENTS
SEPTEMBER 30, 2002 AND 2001
SOUTH DAKOTA SOYBEAN
PROCESSORS, LLC
Table of Contents
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FINANCIAL STATEMENTS |
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SOUTH DAKOTA SOYBEAN
PROCESSORS, LLC
BALANCE SHEETS (UNAUDITED)
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September
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September 30, |
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December 31, |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
8,476 |
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$ |
4,008,089 |
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$ |
2,015,257 |
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Trade accounts receivable, less allowance for uncollectible accounts - September 2002 - $270,513; September 2001 - $196,513; December 31, 2001 - $226,513 |
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16,787,919 |
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10,018,707 |
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11,230,636 |
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Inventories |
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11,238,959 |
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3,464,273 |
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7,147,177 |
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Margin deposits |
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638,890 |
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1,046,636 |
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1,114,993 |
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Prepaid expenses |
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179,931 |
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141,632 |
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259,157 |
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Assets held for sale - Building |
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2,055,120 |
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— |
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Total current assets |
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30,909,295 |
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18,679,337 |
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21,767,220 |
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PROPERTY AND EQUIPMENT |
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48,420,273 |
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43,724,379 |
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44,579,625 |
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Less accumulated depreciation |
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(14,652,129 |
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(12,052,531 |
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(12,686,788 |
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33,768,144 |
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31,671,848 |
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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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5,875,414 |
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5,002,308 |
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Loan fees, net of amortization |
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21,697 |
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19,618 |
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18,603 |
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5,107,967 |
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5,895,032 |
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5,020,911 |
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$ |
69,785,406 |
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$ |
56,246,217 |
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$ |
58,680,968 |
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* Derived from audited financial statements
See Accompanying Notes to Financial Statements
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September
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September 30, |
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December 31, |
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LIABILITIES AND MEMBERS’ EQUITY |
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CURRENT LIABILITIES |
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Excess of outstanding checks over bank balance |
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$ |
4,043,583 |
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$ |
4,780,238 |
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1,576,968 |
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Note payable - Seasonal loan |
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5,442,091 |
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Current maturities of long-term debt |
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222,368 |
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3,154,294 |
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2,423,843 |
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Accounts payable |
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955,257 |
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564,529 |
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468,474 |
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Accrued commodity purchases |
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6,658,389 |
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5,443,571 |
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11,683,608 |
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Accrued expenses |
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1,614,749 |
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1,516,547 |
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1,362,595 |
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Accrued interest |
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74,793 |
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18,482 |
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39,677 |
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Total current liabilities |
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19,011,230 |
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15,477,661 |
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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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18,482,902 |
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4,598,534 |
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8,276,078 |
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Deferred compensation |
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105,768 |
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70,000 |
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70,000 |
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18,588,670 |
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4,668,534 |
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8,346,078 |
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COMMITMENTS |
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