Council Bluffs, Iowa ----- August 7, 2019 Southwest Iowa Renewable Energy, LLC (“SIRE” or the "Company") announced its unaudited financial results for the three and nine months ended June 30, 2019.
Results for the Third Quarter of Fiscal 2019 (Amounts in $ and 000's, except Book Value per Unit)
Three Months Ended June 30, 2019
Three Months Ended June 30, 2018
Nine Months Ended June 30, 2019
Nine Months Ended June 30, 2018
Gross Margin (Loss)
Balance at June 30, 2019
Balance at September 30, 2018
Book Value (Members' Equity)
Book Value per basic unit *
*net of distributions
Mike Jerke, SIRE's President and CEO stated, “Continuing the trend of previous quarters, we continue to see very tight margins. Corn prices have increased by over 5.1% per bushel in 2019 as compared to Fiscal 2018, and ethanol prices in the U.S. remain below last year's levels by 5.3%. Our ethanol volume sold increased 1.4% as compared to the first nine months of Fiscal 2018. Overall, our ethanol revenue is down 4.2% as compared to last year. So far during our Fiscal 201, foreign exports for the industry have decreased 7.1% during October 2018 to April 2019 (latest data available from U.S. Energy Information Administration). The industry has become dependent on continued export demand to offset the EPA induced shift in demand due to small refinery waivers. U.S. demand could eventually improve with expansion of E15 sales per the EPA's recent regulator revisions effective June 1, 2019. Our distiller grains have also seen increased price and demand improvement in Fiscal 2019 as compared to Fiscal 2018."
During the third quarter of Fiscal 2019, SIRE produced 30.3 million gallons of ethanol, compared to 29.9 million gallons during the third quarter of Fiscal 2018. For the first nine months of Fiscal 2019, SIRE produced 96.6 millions gallons of ethanol, compared to 93.5 million gallons in the first nine months of Fiscal 2018. Jerke commented - "We continue to evaluate and implement new production technology to expand our income stream. We are focused on running the plant efficiently, increasing our ethanol yield, with a balance of optimizing the yield and profit, and at the same time scrutinizing our expenses. We have lowered fixed, variable and general and administrative expenses as
The following information was filed by Southwest Iowa Renewable Energy, Llc (SWIOU) on Wednesday, August 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-K Annual Report Accession Number: 0001424844-19-000013 Submitted to the SEC: Fri Dec 20 2019 8:38:46 PM EST Accepted by the SEC: Fri Dec 20 2019 Period: Monday, September 30, 2019 Industry: Industrial Organic Chemicals