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 June 30, 2004

 

COMMISSION FILE NO. 333-75804

 

 

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

(Exact Name of Registrant as Specified in its Charter)

 

 

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.  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 July 31, 2004, the registrant had 28,258,500 capital units outstanding.

 

 

PART I – FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

AND SUBSIDIARY

 

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2004 AND 2003

 

 

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

AND SUBSIDIARY

 

Table of Contents

 

FINANCIAL STATEMENTS
Consolidated Balance Sheets as of June 30, 2004 (unaudited), and December 31, 2003
Consolidated Statements of Operations (unaudited)
Consolidated Statements of Cash Flows (unaudited)
Notes to Consolidated Financial Statements (unaudited)

 

 

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

		June 30, 2004			December 31, 2003*
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	208,031		$	529,697
Trade accounts receivable, less allowance for uncollectible accounts - June 30, 2004 - $273,878, December 31, 2003 - $273,878		25,797,041			23,530,989
Inventories		14,397,114			10,776,402
Margin deposits		1,665,861			—
Prepaid expenses		380,756			516,419
Assets held for sale - Building		2,322,561			2,322,561
Total current assets		44,771,364			37,676,068
PROPERTY AND EQUIPMENT		50,652,914			50,250,024
Less accumulated depreciation		(19,878,780		)	(18,424,405		)
		30,774,134			31,825,619
OTHER ASSETS
Investments		4,077,875			3,970,102
Notes receivable, members		481,710			481,710
Goodwill		7,401,245			7,401,245
Patents		296,465			246,599
Other, net		15,030			15,721
		12,272,325			12,115,377
		$	87,817,823		$	81,617,064

 

*  Derived from audited financial statements

 

(continued on next page)

 

 

		June 30, 2004			December 31, 2003*
LIABILITIES AND MEMBERS’ EQUITY
CURRENT LIABILITIES
Excess of outstanding checks over bank balance		$	6,592,487		$	2,388,936
Current maturities of long-term debt		978,974			976,117
Note Payable - Seasonal loan		12,864,767			-
Accounts payable		1,273,021			1,883,200
Accrued commodity purchases		13,275,877			21,492,404
Accrued expenses		1,690,652			1,385,864
Accrued interest		66,242			50,316
Total current liabilities		36,742,020			28,176,837
LONG-TERM LIABILITIES
Long-term debt, less current maturities		18,005,342			17,543,141
Deferred compensation		122,591			121,301
		18,127,933			17,664,442
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY		687,068			1,045,195
COMMITMENTS		—			—
MEMBERS’ EQUITY
Class A units, no par value 28,258,500 units issued and outstanding		32,260,802			34,730,590
		$	87,817,823		$	81,617,064

 

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

 

1

 

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2004 AND 2003

 

		Three Months Ended June 30:						Six Months Ended June 30:
		2004			2003			2004			2003
NET REVENUE		$	71,177,940		$	60,062,503		$	129,391,116		$	103,996,166
COST OF REVENUE
Cost of product sold		59,891,905			53,219,521			111,100,916			88,985,376
Production		3,589,902			3,564,203			7,074,049			7,331,901
Freight and rail		4,590,549			3,498,388			8,202,212			6,921,308
Brokerage fees		84,540			48,387			145,811