Lincolnway Energy, LLC Announces Results for Three Months Ended June 30, 2018

 

 

Lincolnway Energy, LLC Announces Results for Three Months Ended June 30, 2018
Lincolnway Energy, LLC Announces Results for Three Months Ended June 30, 2018

NEVADA, Iowa, Aug. 10, 2018 /PRNewswire/ -- Lincolnway Energy, LLC (" Lincolnway ") announced its unaudited financial results for the three months ended June 30, 2018.

Results for the 3rd Quarter Fiscal Year 2018

Gross Profit -

$          867,856

Net Income -

322,504

EBITDA -

$

1,416,130

Lincolnway reported net income of $322,504, or $7.67 per unit, for the three months ended June 30, 2018, compared to net loss of approximately $960,823, or -$22.85 per unit, for the three months ended June 30, 2017.

Gross profit for the three months ended June 30, 2018 was $867,856, compared to a gross loss of $80,718 for the three months ended June 30, 2017.

EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $1,416,310 for the three months ended June 30, 2018, compared to $65,799 for the three months ended June 30, 2017.

Eric Hakmiller, Lincolnway's President and CEO stated, "This was a good quarter after a tough winter. We have focused on efficiency gains all year. We are happy to see these efforts begin to pay off like this."

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 June 30, 2018 and 2017

(Unaudited)







2018



2017











Revenue

$

27,100,886



$

26,292,741

Cost of goods sold

26,233,030



26,373,459

Gross profit (loss)

867,856



(80,718)






General and administrative expenses

735,719



841,842

Operating income (loss)

132,137



(922,560)






Other income (expense):





Interest income

19,516



680

Interest expense

(28,675)



(38,943)

 Other Income

199,526



-


190,367



(38,263)






Net income (loss)

$

322,504



$

(960,823)






Weighted average units outstanding

42,049



42,049






Net income (loss) per unit - basic and diluted

$

7.67



$

(22.85)

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.



2018


2017

Net income (Loss)


$322,504


$(960,823)

Interest income


(19,516)


(680)

Interest expense


28,675


38,943

Depreciation and amortization


1,084,467


988,359






EBITDA


$1,416,130


$65,799

 

Summary Balance Sheet



June 30, 2018


September 30, 2017


(unaudited)



ASSETS




Cash and cash equivalents

$                            446,659


$                         690,513

Derivative financial instruments

360,517


428,666

Trade and other accounts receivable

3,070,744


3,229,474

Inventories

4,965,924


5,684,729

Prepaid expenses and other

309,478


375,787

      Total current assets

$                         9,153,322


$                    10,409,169

Net property and equipment

48,423,433


39,945,183

Other assets

828,695


818,971

      Total assets

$                       58,405,450


$                    51,173,323





LIABILITIES AND MEMBERS' EQUITY




Current liabilities




       Accounts payable and accrued expenses

3,706,726


5,232,725

Total long term liabilities

14,769,997


3,942,960

Total members' equity

39,928,727


41,997,638

       Total Liabilities and Members' Equity

$                       58,405,450


$                    51,173,323

 

View original content:http://www.prnewswire.com/news-releases/lincolnway-energy-llc-announces-results-for-three-months-ended-june-30-2018-300695410.html

SOURCE Lincolnway Energy, LLC

This article was written by cool news network.

 

 

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