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Lincolnway Energy announces its audited financial results for the fiscal year 2015
NEVADA, Iowa, Dec. 18, 2015 /PRNewswire/ --
Results for the Fiscal Year 2015
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Gross Profit
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$
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5,616,324
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EBITDA
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$
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10,379,474
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Net Income
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$
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2,651,564
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Lincolnway reported net income of $2.7 million, or $63.06 per unit, for the fiscal year ended September 30, 2015, compared to net income of $18.1 million, or $428.70 per unit, for the fiscal year ended September 30, 2014.
Gross profit for the fiscal year 2015 was $5.6 million, compared to a gross profit of $21.8 million for the fiscal year 2014.
EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $10.4 million for the fiscal year ended September 30, 2015, compared to $25.5 million for the fiscal year ended September 30, 2014.
Eric Hakmiller, Lincolnway's President and CEO stated, "This year was transformative for Lincolnway Energy. We have spent the last couple of years developing a strategy to move this facility to the forefront of the industry in terms of efficiency and this year we saw the beginning of the execution of this strategy. We are running cleaner and more efficiently than ever before and look to position ourselves for profitability as the margins in the market continue to tighten."
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
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Lincolnway Energy, LLC
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Statement of Operations
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For the Years Ended September 30, 2015 and 2014
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2015
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2014
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Revenue
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$ 115,927,769
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$ 147,334,193
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Cost of goods sold
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110,311,445
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125,501,344
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Gross Profit
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5,616,324
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21,832,849
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General and administrative expenses
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2,952,005
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3,771,961
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Operating income
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2,664,319
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18,060,888
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Other income (expense):
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interest income
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21,981
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20,803
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Interest expense
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(34,736)
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(55,163)
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(12,755)
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(34,360)
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Net income
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$ 2,651,564
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$ 18,026,528
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Weighted average units outstanding
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42,049
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42,049
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Net income per unit - basic and diluted
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$ 63.06
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$ 428.70
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EBITDA
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$ 10,379,474
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$ 25,526,226
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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.
Summary Balance Sheets
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September 30, 2015
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September 30, 2014
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Assets
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Cash and cash equivalents
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$ 250
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$ 30,273
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Cash equivalents - repurchase account
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1,502,248
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22,948,115
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Derivative financial instruments
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746,178
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487,078
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Trade and other accounts receiveable
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3,977,264
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1,543,599
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Inventories
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3,957,973
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4,738,106
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Prepaid expense and other
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404,180
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362,495
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Total current assets
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10,588,093
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30,109,666
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Net property and equipment
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37,638,404
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31,991,348
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Other assets
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838,849
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646,623
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Total Assets
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$ 49,065,346
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$ 62,747,637
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Liabilities and Member's Equity
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Current Liabilities
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Checks in excess of bank balance
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$ 1,656,923
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$ -
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Accounts payable and accrued expenses
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5,109,440
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4,566,981
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Current maturities of notes payable
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54,280
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53,153
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Total current liabilities
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6,820,643
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4,620,134
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Total long term liabilities
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1,218,312
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1,881,851
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Total member's equity
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41,026,391
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56,245,652
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Total Liabilities and Memember's Equity
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$ 49,065,346
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$ 62,747,637
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lincolnway-energy-announces-its-audited-financial-results-for-the-fiscal-year-2015-300195423.html
SOURCE Lincolnway Energy, LLC
Source: PR Newswire
(December 18, 2015 - 4:25 PM EST)
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