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Lincolnway Energy announces its audited financial results for the fiscal year 2015

 December 18, 2015 - 4:25 PM EST

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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

Lincolnway Energy logo

 

Gross Profit

$

5,616,324

EBITDA

$

10,379,474

Net Income

$

2,651,564

 

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

Lincolnway Energy, LLC

Statement of Operations

For the Years Ended September 30, 2015 and 2014

2015

2014

Revenue

$        115,927,769

$        147,334,193

Cost of goods sold

110,311,445

125,501,344

Gross Profit

5,616,324

21,832,849

General and administrative expenses

2,952,005

3,771,961

Operating income 

2,664,319

18,060,888

Other income (expense):

interest income

21,981

20,803

Interest expense

(34,736)

(55,163)

(12,755)

(34,360)

Net income 

$             2,651,564

$          18,026,528

Weighted average units outstanding

42,049

42,049

Net income per unit - basic and diluted

$                    63.06

$                 428.70

EBITDA

$           10,379,474

$          25,526,226

 

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

September 30, 2015

September 30, 2014

Assets

Cash and cash equivalents

$                              250

$                        30,273

Cash equivalents - repurchase account

1,502,248

22,948,115

Derivative financial instruments

746,178

487,078

Trade and other accounts receiveable

3,977,264

1,543,599

Inventories

3,957,973

4,738,106

Prepaid expense and other

404,180

362,495

Total current assets

10,588,093

30,109,666

Net property and equipment

37,638,404

31,991,348

Other assets

838,849

646,623

Total Assets

$                49,065,346

$                62,747,637

Liabilities and Member's Equity

Current Liabilities

Checks in excess of bank balance

$                  1,656,923

$                                 -

Accounts payable and accrued expenses

5,109,440

4,566,981

Current maturities of notes payable

54,280

53,153

Total current liabilities

6,820,643

4,620,134

Total long term liabilities

1,218,312

1,881,851

Total member's equity

41,026,391

56,245,652

Total Liabilities and Memember's Equity

$                49,065,346

$                62,747,637

Logo - http://photos.prnewswire.com/prnh/20150511/215230LOGO

 

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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