0001140361-17-019690.txt : 20170511 0001140361-17-019690.hdr.sgml : 20170511 20170511151659 ACCESSION NUMBER: 0001140361-17-019690 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170511 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170511 DATE AS OF CHANGE: 20170511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lincolnway Energy, LLC CENTRAL INDEX KEY: 0001350420 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL ORGANIC CHEMICALS [2860] IRS NUMBER: 201118105 STATE OF INCORPORATION: IA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51764 FILM NUMBER: 17833941 BUSINESS ADDRESS: STREET 1: 59511 W. LINCOLN HIGHWAY CITY: NEVADA STATE: IA ZIP: 50201 BUSINESS PHONE: 515-817-0153 MAIL ADDRESS: STREET 1: 59511 W. LINCOLN HIGHWAY CITY: NEVADA STATE: IA ZIP: 50201 8-K 1 form8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported)
May 11, 2017 (May 11, 2017)

LINCOLNWAY ENERGY, LLC
(Exact Name of Registrant as Specified in Its Charter)

IOWA
000-51764
20-1118105
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

59511 W. Lincoln Highway, Nevada, Iowa
  
50201
(Address of Principal Executive Offices)
  
(Zip Code)
 
(515) 232-1010
(Registrant’s Telephone Number, Including Area Code)
 
      
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
Item 2.02.
Results of Operations and Financial Condition

On May 11, 2017, Lincolnway Energy, LLC (the “Company”) issued a press release announcing results for the three months-ended March 31, 2017.  A copy of the press release is attached hereto as Exhibit 99.1.
 
The information in this current Report on Form 8-K, including Exhibit 99.1, shall be deemed “furnished,” not “filed,” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in the filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.
Financial Statements and Exhibits

(d)
Exhibits

Exhibit
Number
Description
99.1
Press Release dated May 11, 2017
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
LINCOLNWAY ENERGY, LLC
  
       
Date: May 11, 2017
By:
/s/ Eric Hakmiller
  
   
Eric Hakmiller
  
   
President and Chief Executive Officer
  
 
Exhibit Index

Exhibit
Number
Description
Press Release dated May 11, 2017
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
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
 
Gross Profit -
  
$
1,131,926
  
Net Income -
    
299,746
  
EBITDA -
  
$
1,258,465
  

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)

   
2017
    
2016
  
             
Revenue
  
$
27,316,985
    
$
22,463,582
  
Cost of goods sold
    
26,185,059
      
24,502,618
  
Gross profit (loss)
    
1,131,926
      
(2,039,036
)
                 
General and administrative expenses
    
826,092
      
669,318
  
Operating income (loss)
    
305,834
      
(2,708,354
)
                 
Other income (expense):
                
Interest income
    
498
      
1,006
  
Interest expense
    
(6,586
)
    
(18,020
)
     
(6,088
)
    
(17,014
)
                 
Net income (loss)
  
$
299,746
    
$
(2,725,368
)
                 
Weighted average units outstanding
    
42,049
      
42,049
  
                 
Net income (loss) per unit - basic and diluted
  
$
7.13
    
$
(64.81
)
 
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:

   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
   
2017
    
2016
    
2017
    
2016
  
Net income
  
$
299,746
    
$
(2,725,368
)
  
$
2,717,276
    
$
(4,090,074
)
Interest income
    
(498
)
    
(1,006
)
    
(983
)
    
(2,313
)
Interest expense
    
6,586
      
18,020
      
29,374
      
27,073
  
Depreciation and amortization
    
952,631
      
1,729,442
      
1,876,580
      
3,404,974
  
                                 
EBITDA
  
$
1,258,465
    
$
(978,912
)
  
$
4,622,247
    
$
(660,340
)
 
Summary Balance Sheet

   
March 31, 2017
    
September 30, 2016
  
   
(unaudited)
        
ASSETS
            
Cash and cash equivalents
  
$
351,055
    
$
613,139
  
Derivative financial instruments
    
364,706
      
497,677
  
Trade and other accounts receivable
    
2,896,003
      
3,088,958
  
Inventories
    
5,274,878
      
5,726,606
  
Prepaid expenses and other
    
290,467
      
388,567
  
Total current assets
  
$
9,177,109
    
$
10,314,947
  
Net property and equipment
    
38,099,084
      
34,929,124
  
Other assets
    
827,884
      
841,367
  
Total assets
  
$
48,104,077
    
$
46,085,438
  
                 
LIABILITIES AND MEMBERS' EQUITY
                
Current liabilities
                
Accounts payable and accrued expenses
    
3,800,235
      
5,021,484
  
Current maturities of notes payable
    
-
      
27,571
  
Total current liabilities
    
3,800,235
      
5,049,055
  
Total long term liabilities
    
4,092,776
      
3,542,593
  
Total members' equity
    
40,211,066
      
37,493,790
  
Total Liabilities and Members' Equity
  
$
48,104,077
    
$
46,085,438
  

Contact:
Kris Strum, Director of Finance
Lincolnway Energy, LLC
515.817.0153