UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended March 31, 2004
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 of Other Jurisdiction of |
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(I.R.S. Employer |
100 Caspian Avenue, Post Office Box 500, Volga, South Dakota 57071
(Address of Principal Executive Offices)
(605) 627-9240
(Registrant’s Telephone Number)
Indicate by check mark 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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).
Yes o No ý
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. Yeso 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 May 14, 2004, the registrant had 28,258,500 capital units outstanding.
2
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS
MARCH 31, 2004 AND 2003
3
SOUTH
DAKOTA SOYBEAN PROCESSORS, LLC
AND SUBSIDIARY
Table of Contents
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FINANCIAL STATEMENTS |
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Consolidated Balance Sheets as of March 31, 2004 (unaudited), and December 31, 2003 |
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4
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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March 31, |
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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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$ |
337,296 |
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$ |
529,697 |
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Trade accounts receivable, less allowance for uncollectible accounts - March 31, 2004 - $273,878, December 31, 2003 - $273,878 |
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21,388,471 |
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23,530,989 |
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Inventories |
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12,906,570 |
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10,776,402 |
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Margin deposits |
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1,477,424 |
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— |
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Prepaid expenses |
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538,052 |
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516,419 |
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Assets held for sale - Building |
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2,322,561 |
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2,322,561 |
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Total current assets |
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38,970,374 |
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37,676,068 |
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PROPERTY AND EQUIPMENT |
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50,471,520 |
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50,250,024 |
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Less accumulated depreciation |
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(19,150,733 |
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(18,424,405 |
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31,320,787 |
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31,825,619 |
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OTHER ASSETS |
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Investments |
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4,077,875 |
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3,970,102 |
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Notes receivable, members |
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481,710 |
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481,710 |
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Goodwill |
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7,401,245 |
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7,401,245 |
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Patents |
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273,922 |
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246,599 |
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Other, net |
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14,526 |
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15,721 |
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12,249,278 |
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12,115,377 |
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$ |
82,540,439 |
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$ |
81,617,064 |
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*Derived from audited financial statements
(continued on next page)
5
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March 31, |
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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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$ |
5,564,854 |
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$ |
2,388,936 |
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Current maturities of long-term debt |
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3,598,701 |
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976,117 |
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Note Payable - Seasonal loan |
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1,935,892 |
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— |
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Accounts payable |
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1,423,498 |
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1,883,200 |
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Accrued commodity purchases |
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18,974,011 |
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21,492,404 |
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Accrued expenses |
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1,445,167 |
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1,385,864 |
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Accrued interest |
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49,553 |
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50,316 |
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Total current liabilities |
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32,991,676 |
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28,176,837 |
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LONG-TERM LIABILITIES |
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Long-term debt, less current maturities |
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17,997,910 |
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17,543,141 |
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Deferred compensation |
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119,213 |
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121,301 |
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18,117,123 |
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17,664,442 |
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MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY |
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855,192 |
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1,045,195 |
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COMMITMENTS |
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— |
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— |
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MEMBERS’ EQUITY |
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Class A units, no par value 28,258,500 units issued and outstanding |
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30,576,448 |
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34,730,590 |
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$ |
82,540,439 |
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$ |
81,617,064 |
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See Accompanying Notes to Consolidated Financial Statements (Unaudited)
6
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2004 AND 2003
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March 31, |
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March 31, |
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NET REVENUE |
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$ |
58,213,176 |
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$ |
43,933,663 |
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COST OF REVENUE |
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Cost of product sold |
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51,209,011 |
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35,881,208 |
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Production |
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3,484,147 |
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3,652,345 |
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Freight and rail |
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3,611,663 |
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3,422,608 |
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Brokerage fees |
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61,271 |
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65,649 |
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Total cost of revenue |
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58,366,092 |
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43,021,810 |
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GROSS PROFIT (LOSS) |
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(152,916 |
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911,853 |
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OPERATING EXPENSES |
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Administration |
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924,850 |
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867,764 |
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