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 September 30, 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 |
46-0462968 |
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(State
of Other Jurisdiction of |
(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 November 12, 2004, the registrant had 28,228,500 capital units outstanding.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
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 September 30, 2004 (unaudited), and December 31, 2003 |
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SOUTH
DAKOTA SOYBEAN PROCESSORS, LLC
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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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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$ |
8,812 |
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$ |
529,697 |
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Trade accounts receivable, less allowance for uncollectible accounts - September 30, 2004 - $276,987, December 31, 2003 - $273,878 |
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22,616,907 |
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23,530,989 |
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Inventories |
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9,922,214 |
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10,776,402 |
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Margin deposits |
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3,294,329 |
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— |
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Prepaid expenses |
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217,371 |
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516,419 |
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Assets held for sale - Building |
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— |
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2,322,561 |
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Total current assets |
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36,059,633 |
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37,676,068 |
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PROPERTY AND EQUIPMENT |
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51,166,220 |
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50,250,024 |
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Less accumulated depreciation |
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(20,548,248 |
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(18,424,405 |
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30,617,972 |
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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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Equity investment |
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2,509,071 |
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— |
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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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313,937 |
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246,599 |
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Other, net |
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301,335 |
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15,721 |
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15,085,173 |
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12,115,377 |
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$ |
81,762,778 |
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$ |
81,617,064 |
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* Derived from audited financial statements
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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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$ |
3,042,202 |
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$ |
2,388,936 |
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Current maturities of long-term debt |
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980,037 |
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976,117 |
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Note Payable - Seasonal loan |
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8,736,901 |
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— |
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Accounts payable |
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1,630,960 |
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1,883,200 |
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Accrued commodity purchases |
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8,322,939 |
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21,492,404 |
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Other liabilities - accrued loss on soybean contracts |
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4,035,308 |
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— |
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Accrued expenses |
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1,348,825 |
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1,385,864 |
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Accrued interest |
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75,805 |
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50,316 |
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Total current liabilities |
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28,172,977 |
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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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19,278,141 |
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17,543,141 |
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Deferred compensation |
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125,968 |
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121,301 |
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19,404,109 |
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17,664,442 |
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MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY |
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506,338 |
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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 |
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Units issued and outstanding: 9/30/04 - 28,228,500; 12/31/03 - 28,258,500 |
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33,679,354 |
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34,730,590 |
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$ |
81,762,778 |
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$ |
81,617,064 |
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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 NINE MONTH PERIODS ENDED SEPTEMBER 30, 2004 AND 2003
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Three Months Ended September 30: |
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Nine Months Ended September 30: |
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2004 |
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2003 |
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2004 |
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2003 |
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NET REVENUE |
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$ |
59,930,785 |
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$ |
48,954,474 |
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$ |
189,321,901 |
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$ |
152,950,640 |
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