Lincolnway Releases fiscal year financial results

By Erin Voegele | December 22, 2015

Lincolnway Energy LLC has released financial results for the fiscal year ending Sept. 30, reporting net income of $2.7 million, or $63.06 per unit, down from $18.1 million, or $428.70 per unit, for the prior fiscal year.

Gross profit was $5.6 million, down from $21.8 million during the previous year. EBITDA was $10.4 million, down from $25.5 million for the fiscal year ended Sept. 30, 2014.

“This year was transformative for Lincolnway Energy,” said Eric Hakmiller, president and CEO of 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.”

An annual report filed with the U.S. Securities and Exchange Commission indicates Lincolnway Energy has a nameplate capacity of approximately 50 MMgy, or 4.17 million gallons per month. During the most recent year, the plant exceeded nameplate capacity by approximately 18 percent, producing an estimated 58.91 million gallons of ethanol, or 163,236 gallons per day. When compared to the fiscal year ended Sept. 30, 2014, production was up 0.6 percent. According to the SEC filing, the plant is expected to produce at a similar or higher level during the current fiscal year.

For the most recent fiscal year, Lincolnway Energy estimates it generated 78 percent of its revenue from ethanol, 19 percent from distillers grains, less than 2 percent from corn oil and less than 1 percent from carbon dioxide. During the previous fiscal year, the plant generated 78 percent of its revenue from ethanol, with 20 percent attributed to distillers grains, less than 2 percent to corn oil and less than 1 percent to carbon dioxide. During the current fiscal year ending Sept. 30, 2016, Lincolnway Energy said it expects from the sale of ethanol to account for approximately 75 percent of revenues.