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 ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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COMMISSION FILE NO. 333-66552 |
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LAKE AREA CORN 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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46-0460790 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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46269 SD Hwy. 34, P.O. Box 100, Wentworth, South Dakota 57075 |
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(Address of principal executive offices) |
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(605) 483-2676 |
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(Issuer’s telephone number) |
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(Former name, former address and former fiscal year, if changed since last report) |
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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 November 2, 2004, the issuer had 29,620,000 Class A capital units outstanding.
Transitional Small Business Disclosure Format (Check one): Yes o No ý
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
LAKE AREA CORN PROCESSORS, LLC
CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2004 AND 2003
LAKE AREA CORN PROCESSORS, LLC
Table of Contents
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CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
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LAKE AREA CORN PROCESSORS, LLC
CONSOLIDATED BALANCE SHEET (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 |
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$ |
68,121 |
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$ |
96,816 |
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Receivables |
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Ethanol - related party |
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5,037,299 |
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3,738,063 |
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Distillers grains |
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684,321 |
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468,301 |
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Incentives |
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179,791 |
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166,667 |
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Other |
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— |
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287,557 |
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Inventory |
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Raw materials |
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177,921 |
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1,890,282 |
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Finished goods |
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1,132,615 |
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568,527 |
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Parts inventory |
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660,975 |
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461,816 |
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Work in process |
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389,967 |
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508,742 |
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Investment in commodity contracts |
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729,411 |
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728,550 |
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Prepaid expenses |
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137,873 |
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97,276 |
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Total current assets |
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9,198,294 |
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9,012,597 |
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PROPERTY AND EQUIPMENT |
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Land |
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106,394 |
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106,394 |
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Land improvements |
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2,280,805 |
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2,238,975 |
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Buildings |
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7,414,314 |
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7,254,757 |
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Equipment |
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31,822,548 |
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31,276,838 |
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41,624,061 |
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40,876,964 |
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Less accumulated depreciation |
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(6,531,210 |
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(4,888,200 |
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Net property and equipment |
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35,092,851 |
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35,988,764 |
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OTHER ASSETS |
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Guarantee premium |
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482,129 |
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564,197 |
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Other |
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334,642 |
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432,497 |
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Total other assets |
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816,771 |
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996,694 |
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$ |
45,107,916 |
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$ |
45,998,055 |
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(continued on next page)
* Derived from audited financial statements
1
LAKE AREA CORN PROCESSORS, LLC
CONSOLIDATED BALANCE SHEET (UNAUDITED)
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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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Outstanding checks in excess of bank balance |
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$ |
1,924,567 |
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$ |
812,144 |
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Accounts payable |
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2,816,685 |
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4,584,254 |
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Accounts payable - related party |
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80,252 |
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289,312 |
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Accounts payable - construction - related party |
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— |
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95,520 |
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Corn contract liability |
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1,287,969 |
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— |
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Accrued liabilities |
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230,616 |
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289,669 |
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Revolving promissory note |
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3,000,000 |
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— |
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Current portion of guarantee payable |
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62,768 |
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62,195 |
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Current portion of notes payable |
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2,860,624 |
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2,995,344 |
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Total current liabilities |
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12,263,481 |
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9,128,438 |
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LONG-TERM LIABILITIES |
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Guarantee payable |
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482,201 |
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511,120 |
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Notes payable |
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10,410,025 |
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12,171,159 |
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Total long-term liabilities |
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10,892,226 |
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12,682,279 |
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MINORITY INTEREST |
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2,607,518 |
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2,863,277 |
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COMMITMENTS AND CONTINGENCIES |
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MEMBERS’ EQUITY |
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Capital units, $0.50 stated value, 29,620,000 units issued and outstanding |
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14,810,000 |
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14,810,000 |
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Additional paid-in capital |
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96,400 |
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96,400 |
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Retained earnings |
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4,438,291 |
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