LAKE AREA CORN PROCESSORS LLC - 10-Q Quarterly Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

COMMISSION FILE NO. 0-50254

LAKE AREA CORN PROCESSORS, LLC
(Exact name of registrant as specified in its charter)

SOUTH DAKOTA		46-0460790
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

46269 SD Hwy. 34, P.O. Box 100, Wentworth, South Dakota 57075
(Address of principal executive offices)

(605) 483-2676
(Issuer’s telephone number)


(Former name, former address and former fiscal year, if changed since last report)

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 2, 2005, the issuer had 29,620,000 Class A capital units outstanding.

LAKE AREA CORN PROCESSORS, LLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31,			December 31,			March 31,
	2005			2004 *			2005
							(proforma)
ASSETS

CURRENT ASSETS
Cash	$	6,272		$	2,207,504		$	123,272
Receivables
Ethanol - related party	5,071,372			4,037,263			5,071,372
Distiller’s grains	574,141			501,501			574,141
Incentives	62,233			244,867			62,233
Inventory
Raw materials	641,213			613,521			641,213
Finished goods	692,104			940,132			692,104
Parts inventory	698,810			611,736			698,810
Work in process	501,314			358,489			501,314
Investment in commodity contracts	772,182			749,832			772,182
Prepaid expenses	267,541			89,022			267,541
Total current assets	9,287,182			10,353,867			9,404,182

PROPERTY AND EQUIPMENT
Land	106,394			106,394			106,394
Land improvements	2,280,805			2,280,805			2,280,805
Buildings	7,439,179			7,439,179			7,439,179
Equipment	31,592,551			31,539,548			31,592,551
Construction in progress	746,289			580,853			746,289
	42,165,218			41,946,779			42,165,218
Less accumulated depreciation	(7,638,429		)	(7,083,923		)	(7,638,429		)
Net property and equipment	34,526,789			34,862,856			34,526,789

OTHER ASSETS
Guarantee premium	431,623			455,762			431,623
Other	348,000			392,955			348,000
Total other assets	779,623			848,717			779,623

	$	44,593,594		$	46,065,440		$	44,710,594

* Derived from audited financial statements

See Notes to Unaudited Consolidated Financial Statements

LAKE AREA CORN PROCESSORS, LLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31,		December 31,		March 31,
	2005		2004 *		2005
					(proforma)
LIABILITIES AND MEMBERS’ EQUITY

CURRENT LIABILITIES
Outstanding checks in excess of bank balance	$	556,348	$	—	$	556,348
Accounts payable	2,993,507		4,545,911		2,993,507
Accounts payable - related party	378,589		299,384		378,589
Accounts payable - construction - related party	—		270,028		—
Distributions payable	—


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CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Balance Sheets		2
Statements of Operations		4
Statements of Cash Flows		5
Notes to Financial Statements		6