Lincolnway highlights plant improvements in financial results

By Lincolnway Energy LLC | December 11, 2014

Lincolnway Energy LLC reported net income of $18.0 million, or $428.70 per unit, for the fiscal year ended Sept. 30, compared to a net loss of $7.2 million, or $171.52 per unit, for the fiscal year ended Sept. 30, 2013.

Gross profit for the fiscal year ended Sept. 30 was $21.8 million, compared to a gross loss of $3.8 million for the fiscal year ended Sept. 30, 2013.

EBITDA, which is defined as earnings before interest, income taxes, depreciation, and amortization, was $25.5 million for the fiscal year ended Sept. 30, compared to $0.7 million for the fiscal year ended Sept. 30, 2013.

Eric Hakmiller, Lincolnway's president and CEO stated, "We have been very happy with the performance of the business all year and the results that it brought us.  We have been able to reinvest in the plant and position ourselves to be a strong competitor going forward.” During fiscal year 2014, Lincolnway produced 56.8 million gallons of ethanol.

During the course of the year, Lincolnway was able to make some critical investments in the plant including the installation of a natural gas boiler.  This was the single largest capital investment in the plant's history.  Hakmiller commented, "For most of our existence we have run on a coal boiler and in the early years that was the cheapest form of energy for the plant.  With the revolution in U.S. energy production, which is producing record volumes and significantly reducing the cost of natural gas, we were happy to work with Alliant Energy, DuPont Cellulosic and Iowa State to build a pipeline and switch our boiler system to natural gas."

The Board of Directors of Lincolnway has approved a $325 per share distribution effective for members of record as of December 8, 2014, payable on or before December 19th.  Jeff Taylor, chairman of the board of Lincolnway stated "We are pleased to announce that the company experienced strong earnings the past year.  Our goal is to continue to work hard to build value in our company.”