EX-99.1 2 exhibit991lwepressrelease2.htm EXHIBIT 99.1 Exhibit 99.1 LWE Press Release 20150218




Nevada, Iowa ----- February 17, 2015 Lincolnway Energy, LLC (“ Lincolnway ”) announced its unaudited financial results for the three months ended December 31, 2014.

Results for the 1st Quarter Fiscal Year 2015


Gross Profit -
2,588,490

EBITDA -
3,731,589

Net Income -
$
1,723,899


Lincolnway reported net income of $1.7 million, or $41.00 per unit, for the three months ended December 31, 2014, compared to a net loss of $.3 million, or $6.39 per unit, for the three months ended December 31, 2013.

Gross profit for the three months ended December 31, 2014 was $2.6 million, compared to a gross profit of $.6 million for the three months ended December 31, 2013.

EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $3.7 million for the three months ended December 31, 2014, compared to $1.6 million for the three months year ended December 31, 2013.

Eric Hakmiller, Lincolnway's President and CEO stated, “We are very happy to post a solid result for the first quarter of 2015. This was the first quarter where we operated the new natural gas boiler and we were very satisfied with the impact it made on our earnings.  The fiscal year 2015 is looking like a more challenging year in terms of margins and so our success will be driven by these kinds of efficiency projects."

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 December 31, 2014 and 2013
 
 
 
 
 
2014
 
2013
 
(Unaudited)
 
 
 
 
 
 
Revenue
$
30,020,963

 
$
34,755,136

Cost of goods sold
27,432,473

 
34,132,002

Gross profit
2,588,490

 
623,134

 
 
 
 
General and administrative expenses
862,799

 
874,534

Operating income (loss)
1,725,691

 
(251,400
)
 
 
 
 
Other income (expense):
 
 
 
Interest income
11,169

 
2,791

Interest expense
(12,961
)
)
(20,198
)
 
(1,792
)
)
(17,407
)
 
 
 
 
Net income (loss)
$
1,723,899

 
$
(268,807
)
 
 
 
 
Weighted average units outstanding
42,049

 
42,049

 
 
 
 
Net income (loss) per unit - basic and diluted
$
41

 
$
(6.39
)
 
 
 
 
EBITDA
$
3,742,758

 
$
1,606,345


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



 
December 31, 2014
 
September 30, 2014
 
(unaudited)
 
 
ASSETS
 
 
 
Cash and cash equivalents
$
250

 
$
30,273

Cash equivalents - repurchase account
8,927,515

 
22,948,115

Derivative financial instruments
757,496

 
487,078

Trade and other accounts receivable
3,505,837

 
1,543,599

Inventories
4,562,332

 
4,738,106

Prepaid expenses and other
354,038

 
362,495

Total current assets
18,107,468

 
30,109,666

Net property and equipment
34,293,212

 
31,991,348

Other assets
865,151

 
646,623

Total Assets
$
53,265,831

 
$
62,747,637

 
 
 
 
LIABILITIES AND MEMBERS' EQUITY
 
 
 
Current Liabilities
 
 
 
Accounts payable and accrued expenses
$
7,053,638

 
$
4,566,981

Current settlement payable, related party
425,000

 
0

Current maturities of notes payable
26,716

 
53,153

Total current liabilities
7,505,354

 
4,620,134

Total long term liabilities
1,456,851

 
1,881,851

Total members' equity
44,303,626

 
56,245,652

Total Liabilities and Members' Equity
$
53,265,831

 
$
62,747,637



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