Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Lincolnway Energy, LLC | form8k.htm |
Exhibit 99.1
Nevada, Iowa ----- May 11, 2017 Lincolnway Energy, LLC (“ Lincolnway ”) announced its unaudited financial results for the three months ended March 31, 2017.
Results for the 2nd Quarter Fiscal Year 2017
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Gross Profit -
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$
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1,131,926
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||
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Net Income -
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299,746
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|||
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EBITDA -
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$
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1,258,465
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Lincolnway reported net income of $299,746, or $7.13 per unit, for the three months ended March 31, 2017, compared to net loss of $2.7 million, or -$64.81 per unit, for the three months ended March 31, 2016.
Gross profit for the three months ended March 31, 2017 was $1.1 million, compared to a gross loss of $2.0 million for the three months ended March 31, 2016.
EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $1.3 million for the three months ended March 31, 2017, compared to -$1.0 million for the three months ended March 31, 2016.
Eric Hakmiller, Lincolnway's President and CEO stated, - “We are experiencing a dramatically better performing plant which we owe a lot of credit to our very dedicated staff and some changes we have made to our process. The markets have been very tough but we have been able to navigate them successfully to our fourth consecutive positive quarter”.
About Lincolnway Energy, LLC:
Lincolnway is located on approximately 160 acres in Nevada, Iowa, operating a 50 million gallon per year ethanol plant. Lincolnway began producing ethanol in May, 2006.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). Such statements are identified by terms such as “may,” “will,” “should,” “expects,” “anticipates,” “estimates,” “plans,” or similar language. In connection with these safe-harbor provisions, Lincolnway has identified in its Annual Report on Form 10-K important factors that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of Lincolnway, including, without limitation, the risk and nature of Lincolnway's business, and the effects of general economic conditions on Lincolnway. The forward-looking statements contained in this Press Release are included in the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Lincolnway further cautions that such factors are not exhaustive or exclusive. Lincolnway does not undertake to update any forward-looking statement which may be made from time to time by or on behalf of Lincolnway.
Financial Results
LINCOLNWAY ENERGY, LLC
Statements of Operations
For the Three Months Ended March 31, 2017 and 2016
(Unaudited)
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2017
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2016
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|||||||
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Revenue
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$
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27,316,985
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$
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22,463,582
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||||
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Cost of goods sold
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26,185,059
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24,502,618
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||||||
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Gross profit (loss)
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1,131,926
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(2,039,036
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)
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|||||
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General and administrative expenses
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826,092
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669,318
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||||||
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Operating income (loss)
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305,834
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(2,708,354
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)
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|||||
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Other income (expense):
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||||||||
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Interest income
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498
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1,006
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||||||
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Interest expense
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(6,586
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)
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(18,020
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)
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||||
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(6,088
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)
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(17,014
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)
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|||||
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Net income (loss)
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$
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299,746
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$
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(2,725,368
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)
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|||
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Weighted average units outstanding
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42,049
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42,049
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||||||
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Net income (loss) per unit - basic and diluted
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$
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7.13
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$
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(64.81
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)
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|||
Management uses EBITDA, a non-GAAP measure, to measure Lincolnway’s financial performance and to internally manage its business. Management believes that EBITDA provides useful information to investors as a measure of comparison with peer and other companies. EBITDA should not be considered an alternative to, or more meaningful than, net income or cash flow as determined in accordance with generally accepted accounting principles. EBITDA calculations may vary from company to company. Accordingly, our computation of EBITDA may not be comparable with a similarly-titled measure of another company. The following sets forth the reconciliation of net income (loss) to EBITDA for the periods indicated:
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Three Months Ended
March 31,
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Six Months Ended
March 31,
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|||||||||||||||
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2017
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2016
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2017
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2016
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|||||||||||||
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Net income
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$
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299,746
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$
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(2,725,368
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)
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$
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2,717,276
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$
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(4,090,074
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)
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||||||
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Interest income
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(498
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)
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(1,006
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)
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(983
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)
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(2,313
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)
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||||||||
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Interest expense
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6,586
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18,020
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29,374
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27,073
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||||||||||||
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Depreciation and amortization
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952,631
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1,729,442
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1,876,580
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3,404,974
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||||||||||||
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EBITDA
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$
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1,258,465
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$
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(978,912
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)
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$
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4,622,247
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$
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(660,340
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)
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||||||
Summary Balance Sheet
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March 31, 2017
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September 30, 2016
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|||||||
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(unaudited)
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ASSETS
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||||||||
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Cash and cash equivalents
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$
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351,055
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$
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613,139
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||||
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Derivative financial instruments
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364,706
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497,677
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||||||
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Trade and other accounts receivable
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2,896,003
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3,088,958
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||||||
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Inventories
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5,274,878
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5,726,606
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||||||
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Prepaid expenses and other
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290,467
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388,567
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||||||
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Total current assets
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$
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9,177,109
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$
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10,314,947
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||||
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Net property and equipment
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38,099,084
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34,929,124
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||||||
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Other assets
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827,884
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841,367
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||||||
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Total assets
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$
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48,104,077
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$
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46,085,438
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||||
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LIABILITIES AND MEMBERS' EQUITY
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||||||||
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Current liabilities
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||||||||
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Accounts payable and accrued expenses
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3,800,235
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5,021,484
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||||||
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Current maturities of notes payable
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-
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27,571
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||||||
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Total current liabilities
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3,800,235
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5,049,055
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||||||
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Total long term liabilities
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4,092,776
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3,542,593
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||||||
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Total members' equity
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40,211,066
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37,493,790
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||||||
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Total Liabilities and Members' Equity
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$
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48,104,077
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$
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46,085,438
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||||
Contact:
Kris Strum, Director of Finance
Lincolnway Energy, LLC
515.817.0153