x
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Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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|
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For the fiscal year ended December 31, 2010
|
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o
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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Commission file number 000-50254
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
x
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Smaller Reporting Company
o
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(Do not check if a smaller reporting company)
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Page No.
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|
|
|
|
|
|
|
|
|
|
ü
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Availability and costs of raw materials, particularly corn and natural gas;
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ü
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Changes in the price and market for ethanol, distillers grains and corn oil;
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ü
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Our ability to maintain liquidity and maintain our risk management positions;
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ü
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Decreases in the price of gasoline or decreased gasoline demand;
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ü
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Changes in the availability and cost of credit;
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ü
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Changes and advances in ethanol production technology;
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ü
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The effectiveness of our risk management strategy to offset increases in the price of our raw materials and decreases in the prices of our products;
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ü
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Overcapacity within the ethanol industry causing supply to exceed demand;
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ü
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Our ability to market and our reliance on third parties to market our products;
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ü
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The decrease or elimination of governmental incentives which support the ethanol industry;
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ü
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Changes in the weather or general economic conditions impacting the availability and price of corn;
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ü
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Our ability to generate free cash flow to invest in our business and service our debt;
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ü
|
Changes in plant production capacity or technical difficulties in operating the plant;
|
ü
|
Changes in our business strategy, capital improvements or development plans;
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ü
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Our ability to retain key employees and maintain labor relations;
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ü
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Our liability resulting from litigation;
|
ü
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Competition from alternative fuels and alternative fuel additives; and
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ü
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Other factors described elsewhere in this report.
|
Fiscal Year
|
Percentage of Revenue
from Sales of Ethanol
|
|
Ended December 31, 2010
|
84
|
%
|
Ended December 31, 2009
|
83
|
%
|
Ended December 31, 2008
|
86
|
%
|
Fiscal Year
|
Percentage of Revenue
from Sales of Distillers Grains
|
|
Ended December 31, 2010
|
13
|
%
|
Ended December 31, 2009
|
16
|
%
|
Ended December 31, 2008
|
14
|
%
|
Company
|
|
Current Capacity
(MMgy)
|
|
|
Under Construction/Expansions
(MMgy)
|
|
POET Biorefining
|
|
1,629
|
|
|
—
|
|
Archer Daniels Midland
|
|
1,750
|
|
|
—
|
|
Valero Renewable Fuels
|
|
1,130
|
|
|
—
|
|
Green Plains Renewable Energy
|
|
680
|
|
|
—
|
|
Quarter
|
|
Low Price
|
|
High Price
|
|
Average Price
|
|
Number of
Units Traded
|
|||||||
First Quarter 2009
|
|
$
|
1.90
|
|
|
$
|
1.90
|
|
|
$
|
1.90
|
|
|
5,000
|
|
Second Quarter 2009
|
|
1.04
|
|
|
1.04
|
|
|
1.04
|
|
|
5,000
|
|
|||
Third Quarter 2009
|
|
1.25
|
|
|
1.70
|
|
|
1.39
|
|
|
15,000
|
|
|||
Fourth Quarter 2009
|
|
0.99
|
|
|
1.11
|
|
|
1.06
|
|
|
31,235
|
|
|||
First Quarter 2010
|
|
1.15
|
|
|
1.35
|
|
|
1.21
|
|
|
32,000
|
|
|||
Second Quarter 2010
|
|
1.11
|
|
|
1.15
|
|
|
1.14
|
|
|
51,500
|
|
|||
Third Quarter 2010
|
|
0.99
|
|
|
1.10
|
|
|
1.02
|
|
|
136,950
|
|
|||
Fourth Quarter 2010
|
|
1.00
|
|
|
1.02
|
|
|
1.01
|
|
|
70,000
|
|
Statement of Operations Data:
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
||||||||||
Revenues
|
|
$
|
96,395,789
|
|
|
$
|
90,340,642
|
|
|
$
|
111,778,588
|
|
|
$
|
103,739,699
|
|
|
$
|
103,889,412
|
|
Cost of Revenues
|
|
86,289,732
|
|
|
81,659,486
|
|
|
125,413,056
|
|
|
80,977,667
|
|
|
50,792,418
|
|
|||||
Gross Profit (Loss)
|
|
10,106,057
|
|
|
8,681,156
|
|
|
(13,634,468
|
)
|
|
22,762,032
|
|
|
53,096,994
|
|
|||||
Operating Expense
|
|
2,922,059
|
|
|
(2,957,809
|
)
|
|
(3,534,274
|
)
|
|
(3,721,813
|
)
|
|
(3,938,845
|
)
|
|||||
Income (Loss) From Operations
|
|
7,183,998
|
|
|
5,723,347
|
|
|
(17,168,742
|
)
|
|
19,040,219
|
|
|
49,158,149
|
|
|||||
Other Expense
|
|
(401,281
|
)
|
|
(793,658
|
)
|
|
(656,303
|
)
|
|
(695,043
|
)
|
|
(1,008,300
|
)
|
|||||
Other Income (Expense)
|
|
261,845
|
|
|
(54,920
|
)
|
|
1,211,596
|
|
|
(339,971
|
)
|
|
121,719
|
|
|||||
Noncontrolling Interest in Subsidiary Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,235,776
|
)
|
|||||
Net Income (Loss)
|
|
$
|
7,044,562
|
|
|
$
|
4,874,769
|
|
|
$
|
(16,613,449
|
)
|
|
$
|
18,005,205
|
|
|
$
|
46,035,792
|
|
Capital Units Outstanding
|
|
29,620,000
|
|
|
29,620,000
|
|
|
29,620,000
|
|
|
29,620,000
|
|
|
29,620,000
|
|
|||||
Net Income Per Capital Unit
|
|
$
|
0.24
|
|
|
$
|
0.16
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.61
|
|
|
$
|
1.55
|
|
Cash Distributions per Capital Unit
|
|
$
|
0.10
|
|
|
$
|
—
|
|
|
$
|
0.05
|
|
|
$
|
0.6
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
||||||||||
Working Capital
|
|
$
|
6,031,369
|
|
|
$
|
2,372,783
|
|
|
$
|
(3,068,598
|
)
|
|
$
|
16,054,455
|
|
|
$
|
17,220,709
|
|
Net Property, Plant & Equipment
|
|
29,760,568
|
|
|
32,445,979
|
|
|
34,531,667
|
|
|
35,345,093
|
|
|
35,695,754
|
|
|||||
Total Assets
|
|
62,178,421
|
|
|
58,625,220
|
|
|
58,206,448
|
|
|
73,554,744
|
|
|
72,381,310
|
|
|||||
Long-Term Obligations
|
|
1,181,410
|
|
|
3,923,596
|
|
|
5,664,276
|
|
|
5,077,137
|
|
|
6,921,695
|
|
|||||
Member's Equity
|
|
48,097,148
|
|
|
43,733,907
|
|
|
38,859,138
|
|
|
56,953,587
|
|
|
56,720,382
|
|
|||||
Book Value Per Capital Unit
|
|
$
|
1.62
|
|
|
$
|
1.48
|
|
|
$
|
1.31
|
|
|
$
|
1.92
|
|
|
$
|
1.91
|
|
|
|
2010
|
|
2009
|
||||||||||
Income Statement Data
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Revenue
|
|
$
|
96,395,789
|
|
|
100.0
|
|
|
$
|
90,340,642
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of Revenues
|
|
86,289,732
|
|
|
89.5
|
|
|
81,659,486
|
|
|
90.4
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Gross Profit
|
|
10,106,057
|
|
|
10.5
|
|
|
8,681,156
|
|
|
9.6
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Operating Expense
|
|
2,922,059
|
|
|
3.0
|
|
|
2,957,809
|
|
|
3.3
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Income from Operations
|
|
7,183,998
|
|
|
7.5
|
|
|
5,723,347
|
|
|
6.3
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Other Income (Expense)
|
|
(139,436
|
)
|
|
(0.1
|
)
|
|
(848,578
|
)
|
|
(0.9
|
)
|
||
|
|
|
|
|
|
|
|
|
||||||
Net Income
|
|
7,044,562
|
|
|
7.3
|
|
|
4,874,769
|
|
|
5.4
|
|
|
|
2009
|
|
2008
|
||||||||||
Income Statement Data
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Revenue
|
|
$
|
90,340,642
|
|
|
100.0
|
|
|
$
|
111,778,588
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of Revenues
|
|
81,659,486
|
|
|
90.4
|
|
|
125,413,056
|
|
|
112.2
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Gross Profit (Loss)
|
|
8,681,156
|
|
|
9.6
|
|
|
(13,634,468
|
)
|
|
(12.2
|
)
|
||
|
|
|
|
|
|
|
|
|
||||||
Operating Expense
|
|
2,957,809
|
|
|
3.3
|
|
|
3,534,274
|
|
|
3.2
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Income (Loss) from Operations
|
|
5,723,347
|
|
|
6.3
|
|
|
(17,168,742
|
)
|
|
(15.4
|
)
|
||
|
|
|
|
|
|
|
|
|
||||||
Other Income (Expense)
|
|
(848,578
|
)
|
|
(0.9
|
)
|
|
555,293
|
|
|
0.5
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Net Income (Loss)
|
|
4,874,769
|
|
|
5.4
|
|
|
(16,613,449
|
)
|
|
(14.9
|
)
|
|
|
Year ended December 31,
|
||||||
|
|
2010
|
|
2009
|
||||
Net cash from operating activities
|
|
$
|
5,017,112
|
|
|
$
|
2,015,584
|
|
Net cash (used for) investing activities
|
|
(63,601
|
)
|
|
(1,033,331
|
)
|
||
Net cash (used for) financing activities
|
|
(4,680,773
|
)
|
|
(1,105,704
|
)
|
|
|
Year ended December 31,
|
||||||
|
|
2009
|
|
2008
|
||||
Net cash from operating activities
|
|
$
|
2,015,584
|
|
|
$
|
6,495,595
|
|
Net cash (used for) investing activities
|
|
(1,033,331
|
)
|
|
(3,110,513
|
)
|
||
Net cash (used for) financing activities
|
|
(1,105,704
|
)
|
|
(3,257,687
|
)
|
|
|
Payment Due By Period
|
||||||||||||||||||
Contractual Cash Obligations
|
|
Total
|
|
Less than One Year
|
|
One to Three Years
|
|
Three to Five Years
|
|
After Five Years
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-Term Debt Obligations
|
|
$
|
2,647,149
|
|
|
$
|
1,813,494
|
|
|
$
|
676,120
|
|
|
$
|
157,535
|
|
|
$
|
—
|
|
Estimated Interest on Long-Term Debt
|
|
252,264
|
|
|
196,722
|
|
|
52,455
|
|
|
3,087
|
|
|
—
|
|
|||||
Operating Lease Obligations
|
|
390,000
|
|
|
390,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase Obligations
|
|
19,754,127
|
|
|
19,754,127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other Long-Term Liabilities
|
|
147,793
|
|
|
52,382
|
|
|
86,685
|
|
|
8,076
|
|
|
650
|
|
|||||
Total Contractual Cash Obligations
|
|
$
|
23,191,333
|
|
|
$
|
22,206,725
|
|
|
$
|
815,260
|
|
|
$
|
168,698
|
|
|
$
|
650
|
|
Year Ended
|
|
Fair Value
|
|
Effect of Hypothetical Adverse Change - Market Risk
|
||||
December 31, 2010
|
|
$
|
6,535,668
|
|
|
$
|
653,567
|
|
December 31, 2009
|
|
3,562,370
|
|
|
356,237
|
|
||
December 31, 2008
|
|
21,607,078
|
|
|
2,160,708
|
|
|
Page
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
|
|
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Operations
|
|
Consolidated Statements of Changes in Members' Equity
|
|
Consolidated Statements of Cash Flows
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
2010
|
|
2009
|
||||
ASSETS
|
|
|
|
||||
|
|
|
|
||||
CURRENT ASSETS
|
|
|
|
||||
Cash
|
$
|
637,804
|
|
|
$
|
365,066
|
|
Accounts receivable
|
4,114,940
|
|
|
3,456,380
|
|
||
Other receivables
|
188,959
|
|
|
276,273
|
|
||
Inventory
|
10,063,208
|
|
|
7,580,174
|
|
||
Due from broker
|
3,725,998
|
|
|
1,494,653
|
|
||
Derivative financial instruments
|
73,800
|
|
|
—
|
|
||
Prepaid expenses
|
126,523
|
|
|
167,954
|
|
||
Total current assets
|
18,931,232
|
|
|
13,340,500
|
|
||
|
|
|
|
||||
PROPERTY AND EQUIPMENT
|
|
|
|
||||
Land
|
676,097
|
|
|
676,097
|
|
||
Land improvements
|
2,665,358
|
|
|
2,665,358
|
|
||
Buildings
|
8,088,853
|
|
|
8,088,853
|
|
||
Equipment
|
40,799,589
|
|
|
40,768,265
|
|
||
|
52,229,897
|
|
|
52,198,573
|
|
||
Less accumulated depreciation
|
(22,469,329
|
)
|
|
(19,752,594
|
)
|
||
Net property and equipment
|
29,760,568
|
|
|
32,445,979
|
|
||
|
|
|
|
||||
OTHER ASSETS
|
|
|
|
||||
Goodwill
|
10,395,766
|
|
|
10,395,766
|
|
||
Investments
|
2,856,445
|
|
|
2,345,300
|
|
||
Other
|
234,410
|
|
|
97,675
|
|
||
Total other assets
|
13,486,621
|
|
|
12,838,741
|
|
||
|
|
|
|
||||
TOTAL ASSETS
|
$
|
62,178,421
|
|
|
$
|
58,625,220
|
|
|
|
|
|
|
2010
|
|
2009
|
|
2008
|
||||||
|
|
|
|
|
|
||||||
REVENUES
|
$
|
96,395,789
|
|
|
$
|
90,340,642
|
|
|
$
|
111,778,588
|
|
|
|
|
|
|
|
||||||
COSTS OF REVENUES
|
86,289,732
|
|
|
81,659,486
|
|
|
125,413,056
|
|
|||
|
|
|
|
|
|
||||||
GROSS PROFIT (LOSS).
|
10,106,057
|
|
|
8,681,156
|
|
|
(13,634,468
|
)
|
|||
|
|
|
|
|
|
||||||
OPERATING EXPENSES
|
2,922,059
|
|
|
2,957,809
|
|
|
3,534,274
|
|
|||
|
|
|
|
|
|
||||||
INCOME (LOSS) FROM OPERATIONS
|
7,183,998
|
|
|
5,723,347
|
|
|
(17,168,742
|
)
|
|||
|
|
|
|
|
|
||||||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Interest and other income
|
31,379
|
|
|
106,854
|
|
|
54,522
|
|
|||
Equity in net income of investments
|
230,466
|
|
|
(161,774
|
)
|
|
1,157,074
|
|
|||
Interest and other expense
|
(401,281
|
)
|
|
(793,658
|
)
|
|
(656,303
|
)
|
|||
Total other income (expense)
|
(139,436
|
)
|
|
(848,578
|
)
|
|
555,293
|
|
|||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
7,044,562
|
|
|
$
|
4,874,769
|
|
|
$
|
(16,613,449
|
)
|
|
|
|
|
|
|
||||||
Basic and diluted earnings (loss) per unit
|
$
|
0.24
|
|
|
$
|
0.16
|
|
|
$
|
(0.56
|
)
|
|
|
|
|
|
|
||||||
Weighted average number of units outstanding for the calculation of basic & diluted earnings (loss) per unit
|
29,620,000
|
|
|
29,620,000
|
|
|
29,620,000
|
|
|||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Capital Units
|
|
Additional
|
|
Retained
|
|
|
|||||||||||
|
Units
|
|
Amount
|
|
Paid-In Capital
|
|
Earnings
|
|
Total
|
|||||||||
Balance, December 31, 2007
|
29,620,000
|
|
|
$
|
14,810,000
|
|
|
$
|
96,400
|
|
|
$
|
42,047,187
|
|
|
$
|
56,953,587
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,613,449
|
)
|
|
(16,613,449
|
)
|
||||
Distributions paid ($.05 per capital unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,481,000
|
)
|
|
(1,481,000
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, December 31, 2008
|
29,620,000
|
|
|
14,810,000
|
|
|
96,400
|
|
|
23,952,738
|
|
|
38,859,138
|
|
||||
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,874,769
|
|
|
4,874,769
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, December 31, 2009
|
29,620,000
|
|
|
14,810,000
|
|
|
96,400
|
|
|
28,827,507
|
|
|
43,733,907
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
7,044,562
|
|
|
7,044,562
|
|
||||
Equity adjustment in investee
|
—
|
|
|
—
|
|
|
—
|
|
|
280,679
|
|
|
280,679
|
|
||||
Distributions paid ($.10 per capital unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,962,000
|
)
|
|
(2,962,000
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, December 31, 2010
|
29,620,000
|
|
|
$
|
14,810,000
|
|
|
$
|
96,400
|
|
|
$
|
33,190,748
|
|
|
$
|
48,097,148
|
|
|
|
Balance Sheet Classification
|
|
December 31, 2010
|
|
December 31, 2009
|
||||
Forward contracts
|
|
Current Assets
|
|
$
|
73,800
|
|
|
$
|
—
|
|
Futures and options contracts
|
|
(Current Liabilities)
|
|
(2,527,175
|
)
|
|
(551,420
|
)
|
||
Forward contracts
|
|
(Current Liabilities)
|
|
—
|
|
|
(59,571
|
)
|
|
|
Statement of Operations
|
|
Years Ended December 31,
|
||||||||||
|
|
Classification
|
|
2010
|
|
2009
|
|
2008
|
||||||
Net realized and unrealized gains (losses) related to sales contracts:
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Futures and options contracts
|
|
Revenues
|
|
$
|
252,938
|
|
|
$
|
(1,487,368
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||
Net realized and unrealized gains (losses) related to purchase contracts:
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Futures and options contracts
|
|
Cost of Revenues
|
|
$
|
(6,912,347
|
)
|
|
$
|
720,608
|
|
|
$
|
(15,542,120
|
)
|
Forward contracts
|
|
Cost of Revenues
|
|
$
|
133,371
|
|
|
$
|
38,341
|
|
|
$
|
(9,052,358
|
)
|
Land improvements
|
40 years
|
Equipment
|
5 - 20 years
|
Buildings
|
40 years
|
|
|
2010
|
|
2009
|
||||
Raw Materials
|
|
$
|
6,100,759
|
|
|
$
|
5,049,737
|
|
Finished Goods
|
|
2,233,676
|
|
|
855,745
|
|
||
Work in process
|
|
821,897
|
|
|
679,817
|
|
||
Parts inventory
|
|
906,876
|
|
|
994,875
|
|
||
|
|
$
|
10,063,208
|
|
|
$
|
7,580,174
|
|
|
|
RPMG
|
|
PGVP (unaudited)
|
||||||||||||
|
|
12/31/2010
|
|
|
12/31/2009
|
|
|
12/31/2010
|
|
|
12/31/2009
|
|
||||
Current Assets
|
|
$
|
125,291,437
|
|
|
$
|
104,251,285
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other Assets
|
|
405,396
|
|
|
527,470
|
|
|
8,500,000
|
|
|
8,500,000
|
|
||||
Current Liabilities
|
|
105,780,199
|
|
|
88,638,769
|
|
|
6,404
|
|
|
5,509
|
|
||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Member's equity
|
|
19,916,634
|
|
|
16,139,986
|
|
|
8,493,596
|
|
|
8,494,491
|
|
||||
Revenue
|
|
1,790,452,547
|
|
|
1,668,159,966
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss)
|
|
2,737,451
|
|
|
3,703,030
|
|
|
(895
|
)
|
|
(1,484
|
)
|
Years Ending December 31,
|
|
Amount
|
||
2011
|
|
$
|
1,813,494
|
|
2012
|
|
387,489
|
|
|
2013
|
|
288,631
|
|
|
2014
|
|
143,827
|
|
|
2015
|
|
13,708
|
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
December 31, 2010
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
73,800
|
|
|
$
|
—
|
|
|
$
|
73,800
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
(2,527,175
|
)
|
|
$
|
(2,527,175
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2009
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
610,991
|
|
|
$
|
551,420
|
|
|
$
|
59,571
|
|
|
$
|
—
|
|
Year Ending December 31,
|
|
Amount
|
|
|
2011
|
|
$
|
206,000
|
|
Year Ending December 31,
|
|
Amount
|
|
|
2011
|
|
$
|
390,000
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2010
|
|
2009
|
|
2008
|
||||||
|
|
|
|
|
|
|
||||||
Sales ethanol
|
|
$
|
80,384,553
|
|
|
$
|
76,313,982
|
|
|
$
|
96,258,317
|
|
Sales distillers grains
|
|
7,934,785
|
|
|
6,183,806
|
|
|
2,843,819
|
|
|||
|
|
|
|
|
|
|
||||||
Marketing fees ethanol
|
|
212,080
|
|
|
197,985
|
|
|
193,360
|
|
|||
Marketing fees distillers grains
|
|
96,596
|
|
|
88,533
|
|
|
33,748
|
|
|||
|
|
|
|
|
|
|
||||||
Amounts due included in accounts receivable
|
|
3,504,400
|
|
|
2,973,282
|
|
|
2,049,739
|
|
Years Ending December 31,
|
|
Amount
|
||
2011
|
|
$
|
52,382
|
|
2012
|
|
52,145
|
|
|
2013
|
|
34,540
|
|
|
2014
|
|
3,923
|
|
|
2015
|
|
4,153
|
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
Year ended December 31, 2010
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
22,838,763
|
|
|
$
|
20,245,683
|
|
|
$
|
24,502,954
|
|
|
$
|
28,808,389
|
|
Gross profit
|
|
3,356,683
|
|
|
1,703,097
|
|
|
1,916,291
|
|
|
3,129,986
|
|
||||
Income from operations
|
|
2,596,673
|
|
|
995,094
|
|
|
1,237,184
|
|
|
2,355,047
|
|
||||
Net income
|
|
2,546,687
|
|
|
962,841
|
|
|
1,213,113
|
|
|
2,321,921
|
|
||||
Basic and diluted earnings per unit
|
|
0.09
|
|
|
0.03
|
|
|
0.04
|
|
|
0.08
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Year ended December 31, 2009
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
20,975,004
|
|
|
$
|
22,487,000
|
|
|
$
|
20,705,138
|
|
|
$
|
26,173,500
|
|
Gross profit
|
|
38,588
|
|
|
1,030,400
|
|
|
1,255,086
|
|
|
6,357,082
|
|
||||
Income (loss) from operations
|
|
(663,874
|
)
|
|
283,257
|
|
|
568,372
|
|
|
5,535,592
|
|
||||
Net income (loss)
|
|
(1,250,020
|
)
|
|
182,653
|
|
|
375,551
|
|
|
5,566,585
|
|
||||
Basic and diluted earnings (loss) per unit
|
|
(0.04
|
)
|
|
0.01
|
|
|
0.01
|
|
|
0.19
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Year ended December 31, 2008
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
26,478,012
|
|
|
$
|
29,916,456
|
|
|
$
|
31,200,349
|
|
|
$
|
24,183,771
|
|
Gross profit (loss)
|
|
12,049,847
|
|
|
11,643,197
|
|
|
(20,416,898
|
)
|
|
(16,910,614
|
)
|
||||
Income (loss) from operations
|
|
10,948,791
|
|
|
10,654,549
|
|
|
(21,252,764
|
)
|
|
(17,519,318
|
)
|
||||
Net income (loss)
|
|
10,736,498
|
|
|
10,502,321
|
|
|
(21,359,855
|
)
|
|
(16,492,413
|
)
|
||||
Basic and diluted earnings (loss) per unit
|
|
0.36
|
|
|
0.35
|
|
|
(0.72
|
)
|
|
(0.55
|
)
|
Exhibit No.
|
Exhibit
|
|
Filed Herewith
|
|
Incorporated by Reference
|
|
2.1
|
|
Plan of Reorganization.
|
|
|
|
Filed as Exhibit 2.1 on the registrant's Form S-4 filed with the Commission on August 2, 2001 and incorporated by reference herein.
|
3.1
|
|
Articles of organization of the registrant.
|
|
|
|
Filed as Exhibit 3.1 on the registrant's Form S-4 filed with the Commission on August 2, 2001 and incorporated by reference herein.
|
3.2
|
|
Amended and restated operating agreement of the registrant.
|
|
|
|
Filed as Exhibit 3.6 on the registrant's Form 10-K filed with the Commission on March 31, 2005 and incorporated by reference herein.
|
3.3
|
|
First amendment to the amended and restated operating agreement of the registrant.
|
|
|
|
Filed as Exhibit 99.1 on the registrant's Form 8-K filed with the Commission on March 19, 2007 and incorporated by reference herein.
|
10.1
|
|
Twelfth Amendment to the Construction Loan Agreement dated January 12, 2009 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 99.1 on the registrant's Form 8-K filed with the Commission on January 20, 2009 and incorporated by reference herein.
|
10.2
|
|
Revolving Promissory Note dated January 12, 2009 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 99.2 on the registrant's Form 8-K filed with the Commission on January 20, 2009 and incorporated by reference herein.
|
10.3
|
|
Promissory Note (Term Note 5 Reducing Revolver) dated January 12, 2009 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 99.3 on the registrant's Form 8-K filed with the Commission on January 20, 2009 and incorporated by reference herein.
|
10.4
|
|
Distillers Grains Marketing Agreement dated July 15, 2008 between RPMG, Inc. and Dakota Ethanol, L.L.C. +
|
|
|
|
Filed as Exhibit 10.1 on the registrant's Form 10-Q filed with the Commission on August 14, 2008 and incorporated by reference herein.
|
10.5
|
|
Contribution Agreement between Renewable Products Marketing Group, LLC and Dakota Ethanol, L.L.C. dated April 1, 2007.
|
|
|
|
Filed as Exhibit 10.1 on the registrant's Form 10-Q filed with the Commission on August 14, 2007 and incorporated by reference herein.
|
10.6
|
|
Member Ethanol Fuel Marketing Agreement between Renewable Products Marketing Group, LLC and Dakota Ethanol, L.L.C. dated April 1, 2007.
|
|
|
|
Filed as Exhibit 10.2. on the registrant's Form 10-Q filed with the Commission on August 14, 2007 and incorporated by reference herein.
|
10.7
|
|
Addendum to Water Purchase Agreement dated February 28, 2007 between Big Sioux Community Water Systems, Inc. and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10.1 on the registrant's Form 10-K filed with the Commission on March 30, 2007.
|
10.8
|
|
Eighth Amendment to the Construction Loan Agreement dated June 30, 2006 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10.2 on the registrant's Form 10-Q filed with the Commission on August 14, 2006 and incorporated by reference herein.
|
10.9
|
|
Sixth Amendment to the Construction Loan Agreement dated March 23, 2006 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10.1 on the registrant's Form 10-Q filed with the Commission on May 15, 2006 and incorporated by reference herein.
|
10.10
|
|
Risk Management Agreement dated November 28, 2005 between FCStone, LLC and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10.1 on the registrant's Form 8-K filed with the Commission on December 2, 2005 and incorporated by reference herein.
|
10.11
|
|
Distillers Grain Marketing Agreement dated November 28, 2005 between Commodity Specialists Company and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10.2 on the registrant's Form 8-K filed with the Commission on December 2, 2005 and incorporated by reference herein.
|
10.12
|
|
Fourth Amendment to Construction Loan Agreement dated April 22, 2005 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10. 1 on the registrant's Form 10-Q filed with the Commission on May 16, 2005 and incorporated by reference herein.
|
10.13
|
|
Revolving Promissory Note dated April 21, 2005 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
|
|
|
|
Filed as Exhibit 10.2 on the registrant's Form 10-Q filed with the Commission on May 16, 2005 and incorporated by reference herein.
|
10.14
|
|
Employment Agreement between Scott Mundt and Dakota Ethanol, L.L.C. dated October 17, 2005.
|
|
|
|
Filed as Exhibit 10.9 on the registrant's Form 10-K filed with the Commission on March 30, 2006 and incorporated by reference herein.
|
10.15
|
|
Thirteenth Amendment to the Construction Loan Agreement dated March 31, 2009 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
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Filed as Exhibit 10.15 on the registrant's Form 10-K filed with the Commission on March 31, 2009 and incorporated by reference herein.
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10.16
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Employment Agreement between Scott Mundt and Dakota Ethanol, L.L.C. dated April 1, 2009
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Filed as Exhibit 10.1 on the registrant's Form 10-Q filed with the Commission on May 15, 2009 and incorporated by reference herein.
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10.17
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First Amended and Restated Construction Loan Agreement dated June 18, 2009 between First National Bank of Omaha and Dakota Ethanol, L.L.C.
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Filed as Exhibit 10.1 on the registrant's Form 10-Q filed with the Commission on August 12, 2009 and incorporated by reference herein.
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10.18
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Corn Oil Marketing Agreement dated August 11, 2009 between RPMG, Inc. and Dakota Ethanol, L.L.C. +
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Filed as Exhibit 10.2 on the registrant's Form 10-Q filed with the Commission on August 12, 2009 and incorporated by reference herein.
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10.19
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First Amendment to First Amended and Restated Construction Loan Agreement between Dakota Ethanol, L.L.C. and First National Bank of Omaha dated May 13, 2010.
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Filed as Exhibit 10.1 on the registrant's Form 10-Q filed with the Commission on August 13, 2010 and incorporated by reference herein.
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10.20
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Long Term Reducing Revolving Promissory Note between Dakota Ethanol, L.L.C. and First National Bank of Omaha dated May 13, 2010.
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Filed as Exhibit 10.2 on the registrant's Form 10-Q filed with the Commission on August 13, 2010 and incorporated by reference herein.
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10.21
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Operating Line of Credit Promissory Note between Dakota Ethanol, L.L.C. and First National Bank of Omaha dated May 13, 2010.
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Filed as Exhibit 10.3 on the registrant's Form 10-Q filed with the Commission on August 13, 2010 and incorporated by reference herein.
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10.22
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Member Ethanol Fuel Marketing Agreement between Dakota Ethanol, LLC and RPMG, Inc. dated March 26, 2010. +
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X
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Filed herewith
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31.1
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Certificate Pursuant to 17 CFR 240.13a-14(a)
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X
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Filed herewith
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31.2
|
|
Certificate Pursuant to 17 CFR 240.13a-14(a)
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X
|
|
Filed herewith
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32.1
|
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Certificate Pursuant to 18 U.S.C. Section 1350
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X
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Filed herewith
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32.2
|
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Certificate Pursuant to 18 U.S.C. Section 1350
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X
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Filed herewith
|
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LAKE AREA CORN PROCESSORS, LLC
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||
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|
||
Date:
|
March 30, 2011
|
/s/ Scott Mundt
|
|
|
Scott Mundt
|
||
|
President and Chief Executive Officer
(Principal Executive Officer)
|
||
|
|
||
Date:
|
March 30, 2011
|
/s/ Robbi Buchholtz
|
|
|
Robbi Buchholtz
|
||
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Date: March 30, 2011
|
/s/ Ronald Alverson
|
|
Ronald Alverson, Manager
|
|
|
Date: March 30, 2011
|
/s/ Todd Brown
|
|
Todd Brown, Manager
|
|
|
Date: March 30, 2011
|
/s/ Randy Hansen
|
|
Randy Hansen, Manager
|
|
|
Date: March 30, 2011
|
/s/ Rick Kasperson
|
|
Rick Kasperson, Manager
|
|
|
Date: March 30, 2011
|
/s/ Dale Thompson
|
|
Dale Thompson, Manager
|
|
|
Date: March 30, 2011
|
/s/ Brian Woldt
|
|
Brian Woldt, Manager
|
|
|
Date: March 30, 2011
|
/s/ Dave Wolles
|
|
Dave Wolles, Manager
|
|
|
•
|
Scheduling sufficient railcar, tank trucks and other transport;
|
•
|
Negotiating the rates and tariffs to be charged for delivery of production to the customer;
|
•
|
Promoting and advertising the sale of ethanol;
|
•
|
Tracking delivery;
|
•
|
Negotiation of all purchase agreements with consumers and any complaints in
connection therewith;
|
•
|
Accounting for all sales and related expenses and collection of accounts,
including any legal collection procedures as may be necessary; and
|
•
|
Hedging long and short ethanol positions for the benefit of all member
participants and non-member participants in the Corridor Marketing Model
|
|
RPMG, INC.
|
|
By:
/s/ Steven L. Dietz
|
|
Its:
COO
|
|
|
|
MEMBER:
|
|
By:
/s/ Scott Mundt
|
|
Its:
CEO
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
Date:
|
March 30, 2011
|
/s/ Scott Mundt
|
|
|
|
Scott Mundt,
Chief Executive Officer
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
Date:
|
March 30, 2011
|
/s/ Robbi Buchholtz
|
|
|
|
Robbi Buchholtz,
ChiefFinancial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
/s/ Scott Mundt
|
|
Scott Mundt,
|
|
Chief Executive Officer
|
|
Dated:
March 30, 2011
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
/s/ Robbi Buchholtz
|
|
Robbi Buchholtz,
|
|
Chief Financial Officer
|
|
Dated:
March 30, 2011
|