x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | |
For the quarterly period ended | April 30, 2013 | |
OR | ||
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 NUMBER 000-51177 |
Iowa | 02-0575361 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
1822 43rd Street SW, Mason City, Iowa 50401 | ||||
(Address of principal executive offices) | ||||
(641) 423-8525 | ||||
(Registrant's telephone number, including area code) |
Large Accelerated Filer o | Accelerated Filer o |
Non-Accelerated Filer x | Smaller Reporting Company o |
Page Number | |
ASSETS | April 30, 2013 | October 31, 2012 | ||||||
(Unaudited) | ||||||||
Current Assets | ||||||||
Accounts receivable | $ | 8,182,429 | $ | 6,733,711 | ||||
Other receivables | 764,005 | 860,725 | ||||||
Derivative instruments | 2,285,371 | 414,646 | ||||||
Inventory | 13,122,148 | 9,893,958 | ||||||
Prepaid expenses and other | 1,564,438 | 1,312,326 | ||||||
Total current assets | 25,918,391 | 19,215,366 | ||||||
Property and Equipment | ||||||||
Land and land improvements | 11,262,333 | 11,262,333 | ||||||
Building and grounds | 25,761,752 | 25,761,752 | ||||||
Grain handling equipment | 13,457,627 | 13,457,627 | ||||||
Office equipment | 320,345 | 320,345 | ||||||
Plant and process equipment | 79,693,676 | 75,454,525 | ||||||
Construction in progress | 223,055 | 1,482,255 | ||||||
130,718,788 | 127,738,837 | |||||||
Less accumulated depreciation | 61,356,481 | 56,617,389 | ||||||
Net property and equipment | 69,362,307 | 71,121,448 | ||||||
Other Assets | ||||||||
Investments | 24,196,714 | 23,602,518 | ||||||
Grant receivable, net of current portion | 1,517,342 | 1,457,420 | ||||||
Debt issuance costs, net of accumulated amortization (2013 $32,437; 2012 $26,635) | 67,009 | 50,312 | ||||||
Total other assets | 25,781,065 | 25,110,250 | ||||||
Total Assets | $ | 121,061,763 | $ | 115,447,064 | ||||
LIABILITIES AND MEMBERS' EQUITY | April 30, 2013 | October 31, 2012 | ||||||
(Unaudited) | ||||||||
Current Liabilities | ||||||||
Outstanding checks in excess of bank balance | $ | 653,166 | $ | 360,338 | ||||
Current portion long-term debt | 81,605 | 34,454 | ||||||
Accounts payable | 5,458,828 | 6,705,426 | ||||||
Accrued expenses | 916,259 | 951,126 | ||||||
Deferred revenue | 464,379 | 415,345 | ||||||
Total current liabilities | 7,574,237 | 8,466,689 | ||||||
Long-term Liabilities | ||||||||
Deferred compensation | 190,447 | 243,122 | ||||||
Long-term debt, net of current maturities | 25,032,144 | 2,742,744 | ||||||
Deferred revenue, net of current portion | 1,776,289 | 1,300,513 | ||||||
Total long-term liabilities | 26,998,880 | 4,286,379 | ||||||
Commitments and Contingencies | ||||||||
Members' Equity (19,883,000 and 24,460,000 units issued and outstanding, respectively) | 86,488,646 | 102,693,996 | ||||||
Total Liabilities and Members’ Equity | $ | 121,061,763 | $ | 115,447,064 | ||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||
April 30, 2013 | April 30, 2012 | April 30, 2013 | April 30, 2012 | ||||||||||||
Revenues | $ | 93,880,209 | $ | 79,018,996 | $ | 179,288,371 | $ | 163,387,273 | |||||||
Cost of Goods Sold | 91,745,943 | 78,168,358 | 178,119,660 | 155,589,702 | |||||||||||
Gross Profit | 2,134,266 | 850,638 | 1,168,711 | 7,797,571 | |||||||||||
Operating Expenses | 548,657 | 549,222 | 1,320,040 | 1,216,201 | |||||||||||
Operating Income (Loss) | 1,585,609 | 301,416 | (151,329 | ) | 6,581,370 | ||||||||||
Other Income (Expense) | |||||||||||||||
Other income | 39,735 | 162,167 | 39,735 | 162,957 | |||||||||||
Interest expense | (170,389 | ) | (55,521 | ) | (293,622 | ) | (110,407 | ) | |||||||
Equity in net income of investments | 1,103,452 | 405,470 | 1,199,866 | 3,659,151 | |||||||||||
Total | 972,798 | 512,116 | 945,979 | 3,711,701 | |||||||||||
Net Income | $ | 2,558,407 | $ | 813,532 | $ | 794,650 | $ | 10,293,071 | |||||||
Basic & diluted net income per unit | $ | 0.13 | $ | 0.03 | $ | 0.04 | $ | 0.42 | |||||||
Weighted average units outstanding for the calculation of basic & diluted net income per unit | 19,883,000 | 24,460,000 | 21,408,666 | 24,460,000 | |||||||||||
Distributions Per Unit | $ | — | $ | — | $ | — | $ | 0.65 | |||||||
Six Months Ended | Six Months Ended | ||||||
April 30, 2013 | April 30, 2012 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 794,650 | $ | 10,293,071 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 4,744,894 | 4,472,552 | |||||
Unrealized (gain) on risk management activities | (1,870,725 | ) | (397,085 | ) | |||
Amortization of deferred revenue | (226,518 | ) | (215,966 | ) | |||
Accretion of interest on grant receivable | (59,923 | ) | (91,008 | ) | |||
Earnings in excess of distributions from investments | (594,196 | ) | (1,234,501 | ) | |||
Deferred compensation expense | 15,216 | 39,059 | |||||
Change in assets and liabilities | |||||||
Accounts receivable | (1,448,718 | ) | 10,408,347 | ||||
Inventory | (3,228,190 | ) | (1,775,711 | ) | |||
Prepaid expenses and other | (155,392 | ) | (81,210 | ) | |||
Accounts payable | (1,077,797 | ) | 461,299 | ||||
Accrued expenses | (34,867 | ) | (6,634 | ) | |||
Deferred compensation payable | (67,891 | ) | (158,743 | ) | |||
Net cash (used in) provided by operating activities | (3,209,457 | ) | 21,713,470 | ||||
Cash Flows from Investing Activities | |||||||
Capital expenditures | (2,648,750 | ) | (3,068,513 | ) | |||
Net cash (used in) investing activities | (2,648,750 | ) | (3,068,513 | ) | |||
Cash Flows from Financing Activities | |||||||
Increase in outstanding checks in excess of bank balance | 292,828 | — | |||||
Proceeds from long-term debt | 22,353,435 | — | |||||
Payments for long-term debt | (16,884 | ) | (52,469 | ) | |||
Payments for offering costs | (22,500 | ) | — | ||||
Redemption of membership units | (17,000,000 | ) | — | ||||
Distributions to members | — | (15,899,000 | ) | ||||
Payments received on deferred contract | 251,328 | — | |||||
Net cash provided by (used in) financing activities | 5,858,207 | (15,951,469 | ) | ||||
Net Increase in Cash and Equivalents | — | 2,693,488 | |||||
Cash and Equivalents – Beginning of Period | — | 485,088 | |||||
Cash and Equivalents – End of Period | $ | — | $ | 3,178,576 | |||
Supplemental Cash Flow Information | |||||||
Interest paid net of capitalized interest (2013 $50,878; 2012 $0) | $ | 236,549 | $ | 49,225 | |||
Supplemental Schedule of Non Cash Activities | |||||||
Accounts Payable related to Construction in Process & Capital Expenditures | $ | 497,895 | $ | 532,905 |
Balance - October 31, 2012 | $ | 102,693,996 | |
Redemption of 4,577,000 membership units | (17,000,000 | ) | |
Net Income | 794,650 | ||
Balance - April 30, 2013 | $ | 86,488,646 |
April 30, 2013 | October 31, 2012 | |||||||
Raw Materials | $ | 7,041,634 | $ | 3,049,045 | ||||
Work in Process | 2,259,779 | 2,449,296 | ||||||
Finished Goods | 3,820,735 | 4,395,617 | ||||||
Totals | $ | 13,122,148 | $ | 9,893,958 |
Three Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Sales ethanol, distiller grains & corn oil | $ | 94,910,000 | $ | 78,820,000 | $ | 180,620,000 | $ | 161,634,000 | ||||||||
Marketing fees | 150,000 | 200,000 | 296,000 | 338,000 | ||||||||||||
As of | April 30, 2013 | October 31, 2012 | ||||||||||||||
Amount due from marketer of ethanol, distiller grains & corn oil | $ | 8,141,000 | $ | 6,216,000 |
Income Statement Classification | Realized Gain (Loss) | Unrealized Gain (Loss) | Total Gain (Loss) | |||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Commodity Contracts for the | Revenue | $ | (596,000 | ) | $ | (284,000 | ) | $ | (880,000 | ) | ||||
three months ending April 30, 2013 | Cost of Goods Sold | (1,248,000 | ) | (857,000 | ) | (2,105,000 | ) | |||||||
Total | $ | (1,844,000 | ) | $ | (1,141,000 | ) | $ | (2,985,000 | ) | |||||
Commodity Contracts for the | Revenue | $ | 293,000 | $ | 106,000 | $ | 399,000 | |||||||
three months ending April 30, 2012 | Cost of Goods Sold | (225,000 | ) | (46,000 | ) | (271,000 | ) | |||||||
Total | $ | 68,000 | $ | 60,000 | $ | 128,000 | ||||||||
Commodity Contracts for the | Revenue | $ | (462,000 | ) | $ | (574,000 | ) | $ | (1,036,000 | ) | ||||
six months ending April 30, 2013 | Cost of Goods Sold | (393,000 | ) | (828,000 | ) | (1,221,000 | ) | |||||||
Total | $ | (855,000 | ) | $ | (1,402,000 | ) | $ | (2,257,000 | ) | |||||
Commodity Contracts for the | Revenue | $ | 68,000 | $ | 2,023,000 | $ | 2,091,000 | |||||||
six months ending April 30, 2012 | Cost of Goods Sold | (92,000 | ) | (1,626,000 | ) | (1,718,000 | ) | |||||||
Total | $ | (24,000 | ) | $ | 397,000 | $ | 373,000 |
Balance Sheet Classification | April 30, 2013 | October 31, 2012 | ||||||||
Futures and option contracts through May 2013 | ||||||||||
In gain position | $ | 396,000 | $ | 486,000 | ||||||
In loss position | (2,289,000 | ) | (977,000 | ) | ||||||
Cash held by broker | 4,178,000 | 906,000 | ||||||||
Current Asset | $ | 2,285,000 | $ | 415,000 |
Commitments Through | Amount | |||||
Corn - fixed price | March 2014 | $ | 26,569,000 | |||
Corn - basis contract | June 2013 | 11,579,000 |
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Derivative financial instruments | ||||||||||||||
April 30, 2013 | ||||||||||||||
Assets | $ | 396,000 | — | $ | 396,000 | — | ||||||||
Liabilities | (2,289,000 | ) | — | (2,289,000 | ) | — | ||||||||
October 31, 2012 | ||||||||||||||
Assets | $ | 486,000 | — | $ | 486,000 | — | ||||||||
Liabilities | (977,000 | ) | — | (977,000 | ) | — |
Balance Sheet | 3/31/2013 | 9/30/2012 | ||||||||||||||
Current Assets | $ | 259,003 | $ | 224,095 | ||||||||||||
Other Assets | 297,583 | 313,018 | ||||||||||||||
Current Liabilities | 165,220 | 163,804 | ||||||||||||||
Long-term Debt | 75,729 | 40,396 | ||||||||||||||
Members’ Equity | 315,638 | 332,913 | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Income Statement | 3/31/2013 | 3/31/2012 | 3/31/2013 | 3/31/2012 | ||||||||||||
Revenue | $ | 225,713 | $ | 245,250 | $ | 489,447 | $ | 545,075 | ||||||||
Gross Profit | 14,535 | 11,418 | 21,945 | 60,231 | ||||||||||||
Net Income | 9,743 | 5,942 | 12,572 | 48,651 |
• | Changes in the availability and price of corn and natural gas; |
• | Our ability to profitably operate the ethanol plant, including the sale of distiller grains and corn oil, and maintain a positive spread between the selling price of our products and our raw material costs; |
• | The effect our hedging activities have on our financial performance and cash flows; |
• | Ethanol, distiller grains and corn oil supply exceeding demand and corresponding price reductions; |
• | Our ability to generate free cash flow to invest in our business, service our debt and satisfy the financial covenants contained in our credit agreement with our lender; |
• | Changes in our business strategy, capital improvements or development plans; |
• | Changes in plant production capacity or technical difficulties in operating the plant; |
• | Changes in general economic conditions or the occurrence of certain events causing an economic impact in the agriculture, oil or automobile industries; |
• | Lack of transport, storage and blending infrastructure preventing our products from reaching high demand markets; |
• | Changes in federal and/or state laws and environmental regulations (including the Renewable Fuel Standard, implementation of E15 or any federal and/or state ethanol tax incentives); |
• | Changes and advances in ethanol production technology; |
• | Competition from alternative fuel additives; |
• | Changes in interest rates or the lack of credit availability; and |
• | Our ability to retain key employees and maintain labor relations. |
2013 | 2012 | ||||||||||
Income Statement Data | Amount | % | Amount | % | |||||||
Revenue | $ | 93,880,209 | 100.0 | $ | 79,018,996 | 100.0 | |||||
Cost of Goods Sold | 91,745,943 | 97.7 | 78,168,358 | 98.9 | |||||||
Gross Profit | 2,134,266 | 2.3 | 850,638 | 1.1 | |||||||
Operating Expenses | 548,657 | 0.6 | 549,222 | 0.7 | |||||||
Operating Income | 1,585,609 | 1.7 | 301,416 | 0.4 | |||||||
Other Income | 972,798 | 1.0 | 512,116 | 0.6 | |||||||
Net Income | $ | 2,558,407 | 2.7 | $ | 813,532 | 1.0 |
2013 | 2012 | |||||||||||
Income Statement Data | Amount | % | Amount | % | ||||||||
Revenue | $ | 179,288,371 | 100.0 | $ | 163,387,273 | 100.0 | ||||||
Cost of Goods Sold | 178,119,660 | 99.3 | 155,589,702 | 95.2 | ||||||||
Gross Profit | 1,168,711 | 0.7 | 7,797,571 | 4.8 | ||||||||
Operating Expenses | 1,320,040 | 0.7 | 1,216,201 | 0.7 | ||||||||
Operating Income (Loss) | (151,329 | ) | (0.1 | ) | 6,581,370 | 4.0 | ||||||
Other Income | 945,979 | 0.5 | 3,711,701 | 2.3 | ||||||||
Net Income | $ | 794,650 | 0.4 | $ | 10,293,071 | 6.3 |
Six Months Ended April 30 | |||||||
2013 | 2012 | ||||||
Net cash (used in) provided by operating activities | $ | (3,209,457 | ) | $ | 21,713,470 | ||
Net cash (used in) investing activities | (2,648,750 | ) | (3,068,513 | ) | |||
Net cash provided by (used in) financing activities | 5,858,207 | (15,951,469 | ) |
Estimated Volume Requirements for the next 12 months (net of forward and futures contracts) | Unit of Measure | Hypothetical Adverse Change in Price | Approximate Adverse Change to Income | ||||||||
Natural Gas | 3,190,000 | MMBTU | 10% | $ | 1,282,000 | ||||||
Ethanol | 90,638,000 | Gallons | 10% | $ | 21,617,000 | ||||||
Corn | 29,104,000 | Bushels | 10% | $ | 20,972,000 |
(a) | The following exhibits are filed as part of this report. |
Exhibit No. | Exhibit | ||
31.1 | Certificate Pursuant to 17 CFR 240.13a-14(a)* | ||
31.2 | Certificate Pursuant to 17 CFR 240.13a-14(a)* | ||
32.1 | Certificate Pursuant to 18 U.S.C. Section 1350* | ||
32.2 | Certificate Pursuant to 18 U.S.C. Section 1350* | ||
101 | The following financial information from Golden Grain Energy, LLC's Quarterly Report on Form 10-Q for the quarter ended April 30, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheets as of April 30, 2013 and October 31, 2012, (ii) Statements of Operations for the three and six months ended April 30, 2013 and 2012, (iii) Statements of Cash Flows for the six months ended April 30, 2013 and 2012, and (iv) the Notes to Condensed Financial Statements.** |
GOLDEN GRAIN ENERGY, LLC | |||
Date: | June 13, 2013 | /s/ Walter Wendland | |
Walter Wendland | |||
President and Chief Executive Officer | |||
(Principal Executive Officer) | |||
Date: | June 13, 2013 | /s/ Christine Marchand | |
Christine Marchand | |||
Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | June 13, 2013 | /s/ Walter Wendland | |
Walter Wendland, President and Chief Executive Officer (Principal Executive Officer) |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant, as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | June 13, 2013 | /s/ Christine Marchand | |
Christine Marchand, Chief Financial Officer (Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Walter Wendland | |
Walter Wendland | |
President and Chief Executive Officer | |
Dated: | June 13, 2013 |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Christine Marchand | |
Christine Marchand | |
Chief Financial Officer | |
Dated: | June 13, 2013 |
Investments
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS Condensed, combined unaudited financial information of the Company’s investment in Absolute Energy, Homeland Energy Solutions, Guardian Energy and RPMG is as follows (in 000’s)
The Company recorded equity in net income from investments related to the entities described above of approximately $1,103,000 and $1,200,000 for the three and six months ended April 30, 2013, respectively. For the three and six months ended April 30, 2012 the Company recorded equity in net income from these entities of approximately $405,000 and $3,659,000, respectively. |
Statement of Operations (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Revenues | $ 93,880,209 | $ 79,018,996 | $ 179,288,371 | $ 163,387,273 |
Cost of Goods Sold | 91,745,943 | 78,168,358 | 178,119,660 | 155,589,702 |
Gross Profit | 2,134,266 | 850,638 | 1,168,711 | 7,797,571 |
Operating Expenses | 548,657 | 549,222 | 1,320,040 | 1,216,201 |
Operating Income (Loss) | 1,585,609 | 301,416 | (151,329) | 6,581,370 |
Other Income (Expense) | ||||
Other income | 39,735 | 162,167 | 39,735 | 162,957 |
Interest expense | (170,389) | (55,521) | (293,622) | (110,407) |
Equity in net income of investments | 1,103,452 | 405,470 | 1,199,866 | 3,659,151 |
Other Income (Expense) | 972,798 | 512,116 | 945,979 | 3,711,701 |
Net Income | $ 2,558,407 | $ 813,532 | $ 794,650 | $ 10,293,071 |
Basic & diluted net income per unit | $ 0.13 | $ 0.03 | $ 0.04 | $ 0.42 |
Weighted average units outstanding for the calculation of basic & diluted net income (loss) per unit | 19,883,000 | 24,460,000 | 21,408,666 | 24,460,000 |
Distributions Per Unit | $ 0 | $ 0 | $ 0 | $ 0.65 |
Inventory
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 30, 2013
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Inventory [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | INVENTORY Inventory consisted of the following as of April 30, 2013 and October 31, 2012:
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Summary of Significant Accounting Policies (Details)
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6 Months Ended |
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Apr. 30, 2013
gal
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Product Information [Line Items] | |
Equity Method Investments, Number of Entities | 4 |
Ethanol [Member]
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|
Product Information [Line Items] | |
Annual Production Capacity | 110,000,000 |
Accounting Policies
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6 Months Ended |
---|---|
Apr. 30, 2013
|
|
Summary of Significant Accounting Policies [Abstract] | |
Accounting Estimates | Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. |
Cash and Equivalents | Cash and Equivalents The Company's cash balances are maintained in bank depositories and periodically exceeded federally insured limits during the year. The Company has not experienced any losses in connection with these balances. |
Receivables | Receivables Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at face amount with no allowance for doubtful accounts due to the historical collection rates on these accounts. |
Investments | Investments The Company has less than a 20% investment interest in four unlisted companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's income statement and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The fiscal years of Renewable Products Marketing Group, LLC (RPMG), Guardian Eagle, LLC and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC and Homeland Energy Solutions, LLC end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's income statement for the three months ended April 30, 2013 for all companies is based on the investee's results for the quarter ended March 31, 2013. |
Revenue and Cost Recognition | Revenue and Cost Recognition Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers. This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned. Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold. |
Inventory | Inventory Inventories are generally valued at the lower of weighted average cost or market. In the valuation of inventories and purchase commitments, market is based on current replacement values except that it does not exceed net realizable values and is not less than net realizable values reduced by allowances for approximate normal profit margin. |
Property and Equipment | Property & Equipment The Company incurred site selection and plan development costs on the proposed site that were capitalized. Significant additions, betterments and costs to acquire land options are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. Property and equipment are stated at costs. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 5 and 40 years. The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Investment in commodities contracts, derivative instruments and hedging activities | Investment in commodities contracts, derivative instruments and hedging activities The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. We occasionally also enter into derivative contracts to hedge our exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments. Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker. |
Net income (loss) per unit | Net income per unit Basic and diluted net income per unit are computed using the weighted-average number of Class A and B units outstanding during the period. |
Environmental liabilities | Environmental liabilities The Company's operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdiction in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company's liability is probable and the costs can be reasonably estimated. No expense or liability has been recorded as of April 30, 2013 or October 31, 2012 for environmental liabilities. |
Fair Value of Financial Instruments | Fair Value of financial instruments Financial instruments include cash and equivalents, receivables, accounts payable, accrued expenses, long-term debt and derivative instruments. The fair value of derivative financial instruments is based on quoted market prices. The fair value of the long-term debt is estimated based on level 3 inputs based on the current anticipated interest rate which management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and the other market factors. Due to the variable nature of the interest rate charged against the debt, the fair value of the debt approximates carrying value. The fair value of other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments. |
Risks and Uncertainties | Risks and Uncertainties The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol, distiller grains and corn oil to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the first six months of 2013, ethanol sales accounted for approximately 75% of total revenue, distiller grains sales accounted for approximately 22% of total revenue and corn oil sales accounted for approximately 3% of total revenue while corn costs averaged approximately 84.0% of cost of goods sold. The Company's operating and financial performance is largely driven by the prices at which ethanol sells and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities. |
Reclassification | Reclassification Certain items in the cash flow statement for the period ended April 30, 2012 have been reclassified to conform to the 2013 classification. The changes were made to agree with the classification used in the April 30, 2013 financial statements. |
Inventory (Details) (USD $)
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Apr. 30, 2013
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Oct. 31, 2012
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Inventory [Abstract] | ||
Raw Materials | $ 7,041,634 | $ 3,049,045 |
Work in Process | 2,259,779 | 2,449,296 |
Finished Goods | 3,820,735 | 4,395,617 |
Inventory | $ 13,122,148 | $ 9,893,958 |
Summary of Significant Accounting Policies Concentration Risk (Details)
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3 Months Ended | 6 Months Ended | 3 Months Ended | |
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Apr. 30, 2013
Sales Revenue, Product Line [Member]
Ethanol [Member]
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Apr. 30, 2013
Sales Revenue, Product Line [Member]
Distillers Grains [Member]
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Apr. 30, 2013
Sales Revenue, Product Line [Member]
Corn Oil [Member]
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Apr. 30, 2013
Cost of Goods, Total [Member]
Corn [Member]
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Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 75.00% | 22.00% | 3.00% | 84.00% |
Risk Management Derivative Instruments - Balance Sheet Location (Details) (USD $)
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Apr. 30, 2013
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Oct. 31, 2012
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Derivatives, Fair Value [Line Items] | ||
Derivative Instruments | $ 2,285,371 | $ 414,646 |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Liability [Member]
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Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Current | (2,289,000) | (977,000) |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | Other Current Assets [Member]
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||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Current | 396,000 | 486,000 |
Restricted Cash and Cash Equivalents | 4,178,000 | 906,000 |
Derivative Instruments | $ 2,285,000 | $ 415,000 |
Employee Benefit Plan (Details) (USD $)
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3 Months Ended | 6 Months Ended | ||||||
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Apr. 30, 2013
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Oct. 31, 2012
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Apr. 30, 2013
Phantom Share Units (PSUs) [Member]
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Apr. 30, 2012
Phantom Share Units (PSUs) [Member]
|
Apr. 30, 2013
Phantom Share Units (PSUs) [Member]
|
Apr. 30, 2012
Phantom Share Units (PSUs) [Member]
|
Oct. 31, 2011
Phantom Share Units (PSUs) [Member]
|
Apr. 30, 2013
Deferred Phantom Unit Compensation Plan [Member]
Phantom Share Units (PSUs) [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-Based Compensation, Percentage of Net Income | 1.00% | |||||||
Allocated Share-based Compensation Expense | $ 0 | $ 15,000 | $ 39,000 | $ 15,000 | ||||
Deferred compensation | 190,447 | 243,122 | 190,000 | 190,000 | 243,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 9,300 | $ 9,300 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,700 |
Summary of Significant Accounting Policies Prpoperty and Equipment (Details) (Property, Plant and Equipment, Other Types [Member])
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6 Months Ended |
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Apr. 30, 2013
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Minimum [Member]
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Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 |
Maximum [Member]
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Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 40 |
Statement of Cash Flows Parenthetical (USD $)
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6 Months Ended | |
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Apr. 30, 2013
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Apr. 30, 2012
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Capitalized interest | $ 50,878 | $ 0 |
Statement of Changes in Members' Equity Parenthetical
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6 Months Ended |
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Apr. 30, 2013
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Partners' Capital Account, Units, Redeemed | 4,577,000 |
Bank Financing
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6 Months Ended |
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Apr. 30, 2013
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Bank Financing [Abstract] | |
Bank Financing | BANK FINANCING The Company has entered into a master loan agreement with Farm Credit Services of America (FLCA) which includes a revolving term loan and a seasonal revolving loan with original maximum borrowings of $30,000,000 and $5,000,000 and maturing on February 1, 2019 and February 1, 2020, respectively. Interest on the term loan is payable monthly at 3.15% above the one-month LIBOR (3.35% as of April 30, 2013). The borrowings are secured by substantially all the assets of the Company. On December 26, 2012, the Company executed an amended credit agreement that increased the total loan availability from $22.5 million to $35 million. The revolving term loan maximum borrowings are reduced by $2,500,000 on a semi-annual basis starting in August 2013. In addition, the Company is subject to certain financial covenants including but not limited to minimum working capital and net worth requirements and limitations on distributions. Failure to comply with the protective loan covenants or maintain the required financial ratios may cause acceleration of the outstanding principal balances on the loans and/or imposition of fees or penalties. As of April 30, 2013, the Company had approximately $25.0 million outstanding and $10.0 million total additional available to borrow under the credit agreement. The Company has other notes payable of approximately $68,000 and $154,000 outstanding as of April 30, 2013 and October 31, 2012, respectively. |
Summary of Significant Accounting Policies
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6 Months Ended |
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Apr. 30, 2013
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Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as permitted by such rules and regulations. These financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's audited financial statements for the year ended October 31, 2012, contained in the Company's annual report on Form 10-K for 2012. In the opinion of management, the interim condensed financial statements reflect all adjustments considered necessary for fair presentation. The adjustments made to these statements consist only of normal recurring adjustments. Nature of Business Golden Grain Energy, LLC (Golden Grain Energy) is approximately a 110 million gallon annual production ethanol plant near Mason City, Iowa. The Company sells its production of ethanol, distiller grains with solubles and corn oil primarily in the continental United States. Organization Golden Grain Energy is organized as an Iowa limited liability company. The members' liability is limited as specified in Golden Grain Energy's operating agreement and pursuant to the Iowa Revised Uniform Limited Liability Company Act. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. Cash and Equivalents The Company's cash balances are maintained in bank depositories and periodically exceeded federally insured limits during the year. The Company has not experienced any losses in connection with these balances. Receivables Credit sales are made primarily to one customer and no collateral is required. The Company carries these accounts receivable at face amount with no allowance for doubtful accounts due to the historical collection rates on these accounts. Investments The Company has less than a 20% investment interest in four unlisted companies in related industries. These investments are being accounted for by the equity method of accounting under which the Company's share of net income is recognized as income in the Company's income statement and added to the investment account. Distributions or dividends received from the investments are treated as a reduction of the investment account. The fiscal years of Renewable Products Marketing Group, LLC (RPMG), Guardian Eagle, LLC and Guardian Energy Janesville, LLC end on September 30 and the fiscal years of Absolute Energy, LLC and Homeland Energy Solutions, LLC end on December 31. The Company consistently follows the practice of recognizing the net income based on the most recent reliable data. Therefore, the net income which is reported in the Company's income statement for the three months ended April 30, 2013 for all companies is based on the investee's results for the quarter ended March 31, 2013. Revenue and Cost Recognition Revenue from the sale of the Company's products is recognized at the time title to the goods and all risks of ownership transfer to the customers. This generally occurs upon shipment, loading of the goods or when the customer picks up the goods. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. Interest income is recognized as earned. Shipping costs incurred by the Company in the sale of ethanol, distiller grains and corn oil are not specifically identifiable and as a result, revenue from the sale of ethanol, distiller grains and corn oil are recorded based on the net selling price reported to the Company from its marketer. Railcar lease costs incurred by the Company in the sale and shipment of distiller grain products are included in cost of goods sold. Inventory Inventories are generally valued at the lower of weighted average cost or market. In the valuation of inventories and purchase commitments, market is based on current replacement values except that it does not exceed net realizable values and is not less than net realizable values reduced by allowances for approximate normal profit margin. Property & Equipment The Company incurred site selection and plan development costs on the proposed site that were capitalized. Significant additions, betterments and costs to acquire land options are capitalized, while expenditures for maintenance and repairs are charged to operations when incurred. Property and equipment are stated at costs. The Company uses the straight-line method of computing depreciation over the estimated useful lives between 5 and 40 years. The Company reviews its property and equipment for impairment whenever events indicate that the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Investment in commodities contracts, derivative instruments and hedging activities The Company evaluates its contracts to determine whether the contracts are derivative instruments. Certain contracts that meet the definition of a derivative may be exempted from derivative accounting and treated as normal purchases or normal sales if documented as such. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. The Company enters into short-term cash, option and futures contracts as a means of securing corn and natural gas for the ethanol plant and managing exposure to changes in commodity and energy prices. We occasionally also enter into derivative contracts to hedge our exposure to price risk as it relates to ethanol sales. As part of its risk management process, the Company uses futures and option contracts through regulated commodity exchanges or through the over-the-counter market to manage its risk related to pricing of inventories. All of the Company's derivatives, other than those excluded under the normal purchases and sales exclusion, are designated as non-hedge derivatives, with changes in fair value recognized in net income. Although the contracts are economic hedges of specified risks, they are not designated or accounted for as hedging instruments. Realized and unrealized gains and losses related to derivative contracts related to corn and natural gas are included as a component of cost of goods sold and derivative contracts related to ethanol are included as a component of revenues in the accompanying financial statements. The fair values of contracts are presented on the accompanying balance sheet as derivative instruments net of cash due from/to broker. Net income per unit Basic and diluted net income per unit are computed using the weighted-average number of Class A and B units outstanding during the period. Environmental liabilities The Company's operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdiction in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company's liability is probable and the costs can be reasonably estimated. No expense or liability has been recorded as of April 30, 2013 or October 31, 2012 for environmental liabilities. Fair Value of financial instruments Financial instruments include cash and equivalents, receivables, accounts payable, accrued expenses, long-term debt and derivative instruments. The fair value of derivative financial instruments is based on quoted market prices. The fair value of the long-term debt is estimated based on level 3 inputs based on the current anticipated interest rate which management believes would currently be available to the Company for similar issues of debt, taking into account the current credit risk of the Company and the other market factors. Due to the variable nature of the interest rate charged against the debt, the fair value of the debt approximates carrying value. The fair value of other current financial instruments is estimated to approximate carrying value due to the short-term nature of these instruments. Risks and Uncertainties The Company has certain risks and uncertainties that it will experience during volatile market conditions, which can have a severe impact on operations. The Company's revenues are derived from the sale and distribution of ethanol, distiller grains and corn oil to customers primarily located in the United States. Corn for the production process is supplied to the plant primarily from local agricultural producers and from purchases on the open market. For the first six months of 2013, ethanol sales accounted for approximately 75% of total revenue, distiller grains sales accounted for approximately 22% of total revenue and corn oil sales accounted for approximately 3% of total revenue while corn costs averaged approximately 84.0% of cost of goods sold. The Company's operating and financial performance is largely driven by the prices at which ethanol sells and the net expense of corn. The price of ethanol is influenced by factors such as supply and demand, weather, government policies and programs, and unleaded gasoline and the petroleum markets with ethanol selling, in general, for less than gasoline at the wholesale level. Excess ethanol supply in the market, in particular, puts downward pressure on the price of ethanol. The Company's largest cost of production is corn. The cost of corn is generally impacted by factors such as supply and demand, weather, government policies and programs. The Company's risk management program is used to protect against the price volatility of these commodities. Reclassification Certain items in the cash flow statement for the period ended April 30, 2012 have been reclassified to conform to the 2013 classification. The changes were made to agree with the classification used in the April 30, 2013 financial statements. |
Bank Financing (Details) (Farm Credit Services of America [Member], USD $)
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Apr. 30, 2013
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Oct. 31, 2012
|
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Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 35,000,000 | $ 22,500,000 |
Long-term Debt, Gross | 25,045,750 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 9,954,250 | |
Revolving Credit Facility [Member]
|
||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 30,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |
Debt Instrument, Interest Rate at Period End | 3.35% | |
Debt Instrument, Periodic Reduction | 2,500,000 | |
Seasonal Revolving Credit Facility [Member]
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Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 5,000,000 |
Commitments, Contingencies and Agreements (Details) (Investee [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
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Apr. 30, 2013
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Apr. 30, 2012
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Apr. 30, 2013
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Apr. 30, 2012
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Oct. 31, 2012
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Investee [Member]
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Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ 94,910 | $ 78,820 | $ 180,620 | $ 161,634 | |
Related Party Transaction, Expenses from Transactions with Related Party | 150 | 200 | 296 | 338 | |
Related Party Transaction, Due from (to) Related Party | $ 8,141 | $ 8,141 | $ 6,216 |
Investments (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
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Mar. 31, 2013
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Apr. 30, 2012
|
Mar. 31, 2012
|
Apr. 30, 2013
|
Mar. 31, 2013
|
Apr. 30, 2012
|
Mar. 31, 2012
|
Sep. 30, 2012
|
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Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investment, Current Assets | $ 259,003,000 | $ 259,003,000 | $ 224,095,000 | ||||||
Equity Method Investment, Other Assets | 297,583,000 | 297,583,000 | 313,018,000 | ||||||
Equity Method Investment, Current Liabilities | 165,220,000 | 165,220,000 | 163,804,000 | ||||||
Equity Method Investment, Long-term Debt | 75,729,000 | 75,729,000 | 40,396,000 | ||||||
Equity Method Investment, Members' Equity | 315,638,000 | 315,638,000 | 332,913,000 | ||||||
Equity Method Investment, Revenue | 225,713,000 | 245,250,000 | 489,447,000 | 545,075,000 | |||||
Equity Method Investment, Gross Profit | 14,535,000 | 11,418,000 | 21,945,000 | 60,231,000 | |||||
Equity Method Investment, Net Income | 9,743,000 | 5,942,000 | 12,572,000 | 48,651,000 | |||||
Income (Loss) from Equity Method Investments | $ 1,103,452 | $ 405,470 | $ 1,199,866 | $ 3,659,151 |