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, 2005
COMMISSION FILE NO. 333-75804
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
(Exact Name of Registrant as Specified in its Charter)
|
South Dakota |
|
46-0462968 |
|
(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.
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 May 13, 2005, the registrant had 30,228,750 capital units outstanding.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL
STATEMENTS
MARCH 31, 2005 AND 2004
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
Index to Financial Statements
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS |
|
|
|
|
|
|
|
FINANCIAL STATEMENTS |
|
|
|
|
Condensed Consolidated Balance Sheets as of March 31, 2005 (unaudited), and December 31, 2004 |
|
|
|
|
|
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements (unaudited) |
|
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
184,730 |
|
$ |
11,423 |
|
|
Trade accounts receivable, less allowance for uncollectible accounts of $28,000 |
|
15,437,128 |
|
17,452,118 |
|
||
|
Inventories (Note 2) |
|
9,473,988 |
|
8,601,502 |
|
||
|
Margin deposits |
|
— |
|
1,424,422 |
|
||
|
Prepaid expenses |
|
487,736 |
|
538,816 |
|
||
|
Total current assets |
|
25,583,582 |
|
28,028,281 |
|
||
|
|
|
|
|
|
|
||
|
PROPERTY AND EQUIPMENT |
|
51,492,678 |
|
51,398,225 |
|
||
|
Less accumulated depreciation |
|
(21,966,741 |
) |
(21,268,006 |
) |
||
|
Total property and equipment, net |
|
29,525,937 |
|
30,130,219 |
|
||
|
|
|
|
|
|
|
||
|
OTHER ASSETS |
|
|
|
|
|
||
|
Investments |
|
4,077,625 |
|
4,077,625 |
|
||
|
Equity investment in unconsolidated affiliate |
|
2,869,366 |
|
2,869,366 |
|
||
|
Notes receivable - members |
|
481,710 |
|
481,710 |
|
||
|
Patents, net |
|
6,834,688 |
|
6,900,047 |
|
||
|
Other, net |
|
9,745 |
|
12,640 |
|
||
|
Total other assets |
|
14,273,134 |
|
14,341,388 |
|
||
|
|
|
|
|
|
|
||
|
Total assets |
|
$ |
69,382,653 |
|
$ |
72,499,888 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements
F-2
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
(Unaudited) |
|
|
|
||
|
LIABILITIES AND MEMBERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
CURRENT LIABILITIES |
|
|
|
|
|
||
|
Excess of outstanding checks over bank balance |
|
$ |
2,432,291 |
|
$ |
3,411,975 |
|
|
Current maturities of long-term debt |
|
1,214,443 |
|
1,216,438 |
|
||
|
Accounts payable |
|
1,217,561 |
|
928,858 |
|
||
|
Accrued commodity purchases |
|
22,243,076 |
|
23,640,446 |
|
||
|
Margin deposit deficit |
|
2,394,034 |
|
— |
|
||
|
Accrued expenses |
|
1,673,219 |
|
1,646,228 |
|
||
|
Accrued interest |
|
39,367 |
|
49,471 |
|
||
|
Total current liabilities |
|
31,213,991 |
|
30,893,416 |
|
||
|
|
|
|
|
|
|
||
|
LONG-TERM LIABILITIES |
|
|
|
|
|
||
|
Long-term debt, less current maturities |
|
7,576,293 |
|
8,986,151 |
|
||
|
Deferred compensation |
|
121,312 |
|
129,345 |
|
||
|
Total long-term liabilities |
|
7,697,605 |
|
9,115,496 |
|
||
|
|
|
|
|
|
|
||
|
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY |
|
235,078 |
|
368,403 |
|
||
|
|
|
|
|
|
|
||
|
COMMITMENTS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
MEMBERS’ EQUITY |
|
|
|
|
|
||
|
Class A Units, no par value, 28,334,750 and 28,228,500 units issued and outstanding at March 31, 2005 and December 31, 2004, respectively |
|
30,235,979 |
|
32,122,573 |
|
||
|
|
|
|
|
|
|
||
|
Total liabilities and members’ equity |
|
$ |
69,382,653 |
|
$ |
72,499,888 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements
F-3
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2005 AND 2004
|
|
|
March 31, |
|
March 31, |
|
||
|
|
|
|
|
|
|
|
|
|
NET REVENUES |
|
$ |
46,151,560 |
|
$ |
58,213,176 |
|
|
|
|
|
|
|
|
||
|
COST OF REVENUES |
|
|
|
|
|
||
|
Cost of product sold |
|
37,685,424 |
|
51,209,011 |
|
||
|
Production |
|
3,963,398 |
|
3,484,147 |
|
||
|
Freight and rail |
|
5,333,591 |
|
3,611,663 |
|
||
|
Brokerage fees |
|
58,251 |
|
61,271 |
|
||
|
Total cost of revenues |
|
47,040,664 |
|
58,366,092 |
|
||
|
|
|
|
|
|
|
||
|
GROSS PROFIT (LOSS) |
|
(889,104 |
) |
(152,916 |
) |
||
|
|
|
|
|||||