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Name | Symbol | Market | Type |
---|---|---|---|
Red Trail Energy LLC (CE) | USOTC:REGX | OTCMarkets | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.80 | 0.00 | 01:00:00 |
x
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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For the quarterly period ended March 31, 2013
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OR
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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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For the transition period from to .
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COMMISSION FILE NUMBER 000-52033
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North Dakota
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76-0742311
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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3682 Highway 8 South, P.O. Box 11, Richardton, ND 58652
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(Address of principal executive offices)
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(701) 974-3308
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||||
(Registrant's telephone number, including area code)
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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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Page Number
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ASSETS
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March 31, 2013
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September 30, 2012
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||||
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(Unaudited)
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash and equivalents
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
Restricted cash
|
|
1,499,253
|
|
|
6,904
|
|
||
Accounts receivable, primarily related party
|
|
5,095,513
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3,750,301
|
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||
Other receivables
|
|
109,979
|
|
|
40,069
|
|
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Commodities derivative instruments, at fair value
|
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—
|
|
|
180,110
|
|
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Inventory
|
|
22,091,400
|
|
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13,650,907
|
|
||
Prepaid expenses
|
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162,299
|
|
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87,523
|
|
||
Total current assets
|
|
28,959,444
|
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17,716,814
|
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||
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|
|
||||
Property, Plant and Equipment
|
|
|
|
|
||||
Land
|
|
836,428
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|
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833,131
|
|
||
Land improvements
|
|
4,127,372
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4,127,372
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Buildings
|
|
5,492,612
|
|
|
5,634,430
|
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||
Plant and equipment
|
|
76,748,278
|
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|
76,696,675
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|
||
Construction in progress
|
|
106,997
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25,885
|
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||
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87,311,687
|
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87,317,493
|
|
||
Less accumulated depreciation
|
|
33,944,616
|
|
|
31,945,268
|
|
||
Net property, plant and equipment
|
|
53,367,071
|
|
|
55,372,225
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||
|
|
|
|
|
||||
Other Assets
|
|
|
|
|
||||
Debt issuance costs, net of amortization
|
|
73,088
|
|
|
70,751
|
|
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Investment in RPMG
|
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605,000
|
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605,000
|
|
||
Patronage equity
|
|
2,030,726
|
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1,943,226
|
|
||
Deposits
|
|
40,000
|
|
|
40,150
|
|
||
Total other assets
|
|
2,748,814
|
|
|
2,659,127
|
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||
|
|
|
|
|
||||
Total Assets
|
|
$
|
85,075,329
|
|
|
$
|
75,748,166
|
|
LIABILITIES AND MEMBERS' EQUITY
|
|
March 31, 2013
|
|
September 30, 2012
|
||||
|
|
(Unaudited)
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Disbursements in excess of bank balances
|
|
$
|
5,053,174
|
|
|
$
|
1,728,931
|
|
Accounts payable
|
|
1,944,333
|
|
|
1,354,988
|
|
||
Accrued expenses
|
|
4,917,121
|
|
|
6,273,695
|
|
||
Commodities derivative instruments, at fair value
|
|
188,125
|
|
|
—
|
|
||
Accrued loss on firm purchase commitments (see note 7)
|
|
455,000
|
|
|
—
|
|
||
Short-term borrowings
|
|
6,082,000
|
|
|
242,000
|
|
||
Current maturities of long-term debt
|
|
2,503,404
|
|
|
2,584,429
|
|
||
Total current liabilities
|
|
21,143,157
|
|
|
12,184,043
|
|
||
|
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
||||
Notes payable
|
|
20,000,553
|
|
|
21,252,164
|
|
||
Contracts payable
|
|
275,000
|
|
|
275,000
|
|
||
Total long-term liabilities
|
|
20,275,553
|
|
|
21,527,164
|
|
||
|
|
|
|
|
||||
Members’ Equity
|
|
43,656,619
|
|
|
42,036,959
|
|
||
|
|
|
|
|
||||
Total Liabilities and Members’ Equity
|
|
$
|
85,075,329
|
|
|
$
|
75,748,166
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
March 31, 2013
|
|
March 31, 2012
|
|
March 31, 2013
|
|
March 31, 2012
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||
Revenues, primarily related party
|
$
|
37,514,330
|
|
|
$
|
37,123,717
|
|
|
$
|
79,773,208
|
|
|
$
|
74,550,717
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of Goods Sold
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
34,421,127
|
|
|
36,812,127
|
|
|
75,247,752
|
|
|
73,142,435
|
|
||||
Lower of cost or market inventory adjustment
|
92,500
|
|
|
39,893
|
|
|
341,500
|
|
|
180,647
|
|
||||
Loss on firm purchase commitments
|
455,000
|
|
|
677,000
|
|
|
1,091,000
|
|
|
677,000
|
|
||||
Total Cost of Goods Sold
|
34,968,627
|
|
|
37,529,020
|
|
|
76,680,252
|
|
|
74,000,082
|
|
||||
|
|
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|
|
|
|
||||||||
Gross Profit (Loss)
|
2,545,703
|
|
|
(405,303
|
)
|
|
3,092,956
|
|
|
550,635
|
|
||||
|
|
|
|
|
|
|
|
||||||||
General and Administrative Expenses
|
538,568
|
|
|
574,223
|
|
|
1,064,815
|
|
|
1,249,530
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss)
|
2,007,135
|
|
|
(979,526
|
)
|
|
2,028,141
|
|
|
(698,895
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other Income (Expense)
|
|
|
|
|
|
|
|
||||||||
Interest income
|
20,795
|
|
|
13,007
|
|
|
30,057
|
|
|
27,240
|
|
||||
Other income
|
13,390
|
|
|
46,892
|
|
|
50,805
|
|
|
1,847,577
|
|
||||
Interest expense
|
(250,352
|
)
|
|
11,294
|
|
|
(489,343
|
)
|
|
(463,505
|
)
|
||||
Total other income (expense), net
|
(216,167
|
)
|
|
71,193
|
|
|
(408,481
|
)
|
|
1,411,312
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss)
|
$
|
1,790,968
|
|
|
$
|
(908,333
|
)
|
|
$
|
1,619,660
|
|
|
$
|
712,417
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Units Outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
40,148,160
|
|
|
40,213,973
|
|
|
40,155,742
|
|
|
40,213,973
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted
|
40,148,160
|
|
|
40,293,973
|
|
|
40,158,270
|
|
|
40,293,973
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) Per Unit
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.04
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
$
|
0.04
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||||
|
March 31, 2013
|
|
March 31, 2012
|
||||
Cash Flows from Operating Activities
|
(Unaudited)
|
|
(Unaudited)
|
||||
Net income
|
$
|
1,619,660
|
|
|
$
|
712,417
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
2,017,509
|
|
|
1,721,180
|
|
||
Change in fair value of derivative instruments
|
368,235
|
|
|
(1,369,271
|
)
|
||
Equity-based compensation
|
—
|
|
|
10,002
|
|
||
Lower of cost or market inventory adjustment
|
341,500
|
|
|
180,647
|
|
||
Gain on disposal of fixed assets
|
(18,788
|
)
|
|
—
|
|
||
Loss on firm purchase commitments
|
1,091,000
|
|
|
677,000
|
|
||
Noncash patronage equity
|
(87,500
|
)
|
|
—
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Restricted cash
|
(1,492,350
|
)
|
|
—
|
|
||
Accounts receivable
|
(1,345,212
|
)
|
|
1,444,933
|
|
||
Other receivables
|
(69,910
|
)
|
|
1,417,853
|
|
||
Inventory
|
(9,417,992
|
)
|
|
903,515
|
|
||
Prepaid expenses
|
(74,776
|
)
|
|
60,508
|
|
||
Other assets
|
150
|
|
|
84,856
|
|
||
Accounts payable
|
589,345
|
|
|
(1,321,257
|
)
|
||
Accrued expenses
|
(1,356,574
|
)
|
|
862,144
|
|
||
Accrued purchase commitment losses
|
—
|
|
|
(444,000
|
)
|
||
Cash settlements on interest rate swap
|
—
|
|
|
(633,714
|
)
|
||
Net cash (used in) provided by operating activities
|
(7,835,703
|
)
|
|
4,306,813
|
|
||
|
|
|
|
||||
Cash Flows from Investing Activities
|
|
|
|
||||
Proceeds from disposal of fixed assets
|
160,950
|
|
|
—
|
|
||
Capital expenditures
|
(145,533
|
)
|
|
(1,895,707
|
)
|
||
Net cash provided by (used in) investing activities
|
15,417
|
|
|
(1,895,707
|
)
|
||
|
|
|
|
||||
Cash Flows from Financing Activities
|
|
|
|
||||
Disbursements in excess of bank balances
|
3,324,243
|
|
|
—
|
|
||
Loan fees
|
(11,321
|
)
|
|
—
|
|
||
Net advances on short-term borrowings
|
5,840,000
|
|
|
—
|
|
||
Debt repayments
|
(1,332,636
|
)
|
|
(6,692,927
|
)
|
||
Net cash provided by (used in) financing activities
|
7,820,286
|
|
|
(6,692,927
|
)
|
||
|
|
|
|
||||
Net Decrease in Cash and Equivalents
|
—
|
|
|
(4,281,821
|
)
|
||
Cash and Equivalents - Beginning of Period
|
1,000
|
|
|
4,672,997
|
|
||
Cash and Equivalents - End of Period
|
$
|
1,000
|
|
|
$
|
391,176
|
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information
|
|
|
|
||||
Interest paid net of swap settlements in 2012
|
$
|
240,940
|
|
|
$
|
833,033
|
|
Noncash Investing and Financing Activities
|
|
|
|
||||
Capital expenditures in accounts payable
|
$
|
—
|
|
|
$
|
333,425
|
|
As of:
|
|
March 31, 2013 (unaudited)
|
|
September 30, 2012
|
||||||||||||||
Contract Type
|
|
# of Contracts
|
Notional Amount (Qty)
|
Fair Value
|
|
# of Contracts
|
Notional Amount (Qty)
|
Fair Value
|
||||||||||
Corn futures
|
|
—
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
—
|
|
|
$
|
—
|
|
Corn options
|
|
700
|
|
3,500,000
|
|
bushels
|
$
|
(188,125
|
)
|
|
400
|
|
2,000,000
|
|
bushels
|
$
|
173,750
|
|
Soybean oil futures
|
|
—
|
|
—
|
|
|
$
|
—
|
|
|
10
|
|
600,000
|
|
pounds
|
$
|
6,360
|
|
Total fair value
|
|
|
|
|
$
|
(188,125
|
)
|
|
|
|
|
$
|
180,110
|
|
||||
Amounts are recorded separately on the balance sheet - negative numbers represent liabilities
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
||||
|
|
|
|
|
||||
Balance Sheet - as of March 31, 2013 (unaudited)
|
|
Asset
|
|
Liability
|
||||
Commodity derivative instruments, at fair value
|
|
$
|
—
|
|
|
$
|
188,125
|
|
Total derivatives not designated as hedging instruments for accounting purposes
|
|
$
|
—
|
|
|
$
|
188,125
|
|
|
|
|
|
|
||||
Balance Sheet - as of September 30, 2012
|
|
Asset
|
|
Liability
|
||||
Commodity derivative instruments, at fair value
|
|
$
|
180,110
|
|
|
$
|
—
|
|
Total derivatives not designated as hedging instruments for accounting purposes
|
|
$
|
180,110
|
|
|
$
|
—
|
|
Statement of Operations Income/(Expense)
|
|
Location of gain (loss) in fair value recognized in income
|
|
Amount of gain(loss) recognized in income during the three months ended March 31, 2013 (unaudited)
|
|
Amount of gain (loss) recognized in income during the three months ended March 31, 2012 (unaudited)
|
|
Amount of gain (loss) recognized in income during the six months ended March 31, 2013 (unaudited)
|
|
Amount of gain (loss) recognized in income during the six months ended March 31, 2012 (unaudited)
|
||||||||
Corn derivative instruments
|
|
Cost of Goods Sold
|
|
$
|
329,503
|
|
|
$
|
2,235,125
|
|
|
$
|
632,031
|
|
|
$
|
2,069,317
|
|
Ethanol derivative instruments
|
|
Revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Soybean oil derivative instruments
|
|
Revenue
|
|
—
|
|
|
1,506
|
|
|
3,084
|
|
|
1,506
|
|
||||
Interest rate swaps
|
|
Interest Expense
|
|
—
|
|
|
(3,324
|
)
|
|
—
|
|
|
(1,787
|
)
|
||||
Total
|
|
|
|
$
|
329,503
|
|
|
$
|
2,233,307
|
|
|
$
|
635,115
|
|
|
$
|
2,069,036
|
|
As of
|
|
March 31, 2013
(unaudited)
|
|
September 30, 2012
|
||||
Raw materials, including corn, chemicals and supplies
|
|
$
|
16,422,936
|
|
|
$
|
7,455,660
|
|
Work in process
|
|
1,279,088
|
|
|
1,231,096
|
|
||
Finished goods, including ethanol and distillers grains
|
|
2,872,317
|
|
|
3,704,046
|
|
||
Spare parts
|
|
1,517,059
|
|
|
1,260,105
|
|
||
Total inventory
|
|
$
|
22,091,400
|
|
|
$
|
13,650,907
|
|
|
|
For the three months ended March 31, 2013 (unaudited)
|
|
For the three months ended March 31, 2012 (unaudited)
|
|
For the six months ended March 31, 2013 (unaudited)
|
|
For the six months ended March 31, 2012 (unaudited)
|
||||||||
Loss on firm purchase commitments
|
|
$
|
455,000
|
|
|
$
|
677,000
|
|
|
$
|
1,091,000
|
|
|
$
|
677,000
|
|
Loss on lower of cost or market adjustment for inventory on hand
|
|
92,500
|
|
|
39,893
|
|
|
341,500
|
|
|
180,647
|
|
||||
Total loss on lower of cost or market adjustments
|
|
$
|
547,500
|
|
|
$
|
716,893
|
|
|
$
|
1,432,500
|
|
|
$
|
857,647
|
|
As of
|
|
March 31, 2013 (unaudited)
|
|
September 30, 2012
|
||||
Long-term notes payable under loan agreement to bank
|
|
$
|
22,500,000
|
|
|
$
|
23,750,000
|
|
Capital lease obligations (Note 6)
|
|
3,957
|
|
|
86,593
|
|
||
Total Long-Term Debt
|
|
22,503,957
|
|
|
23,836,593
|
|
||
Less amounts due within one year
|
|
2,503,404
|
|
|
2,584,429
|
|
||
Total Long-Term Debt Less Amounts Due Within One Year
|
|
$
|
20,000,553
|
|
|
$
|
21,252,164
|
|
Scheduled debt maturities for the twelve months ending March 31
|
|
Totals
|
||
|
|
|
||
2013
|
|
$
|
2,503,404
|
|
2014
|
|
2,500,553
|
|
|
2015
|
|
2,500,000
|
|
|
2016
|
|
2,500,000
|
|
|
2017
|
|
12,500,000
|
|
|
Thereafter
|
|
—
|
|
|
Total
|
|
$
|
22,503,957
|
|
Interest Expense
|
|
For the three months ended March 31, 2013 (unaudited)
|
|
For the three months ended March 31, 2012 (unaudited)
|
|
For the six months ended March 31, 2013 (unaudited)
|
|
For the six months ended March 31, 2012 (unaudited)
|
||||||||
Interest expense on long-term debt
|
|
$
|
250,352
|
|
|
$
|
(14,617
|
)
|
|
$
|
489,343
|
|
|
$
|
461,719
|
|
Interest rate swaps
|
|
—
|
|
|
3,323
|
|
|
—
|
|
|
1,786
|
|
||||
Total interest expense
|
|
$
|
250,352
|
|
|
$
|
(11,294
|
)
|
|
$
|
489,343
|
|
|
$
|
463,505
|
|
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
Carrying Amount as of March 31, 2013 (unaudited)
|
|
Fair Value as of March 31, 2013 (unaudited)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodities derivative instruments
|
$
|
188,125
|
|
|
$
|
188,125
|
|
|
$
|
188,125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
Carrying Amount as of September 30, 2012
|
|
Fair Value as of September 30, 2012
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodities derivative instruments
|
$
|
180,110
|
|
|
$
|
180,110
|
|
|
$
|
180,110
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
$
|
180,110
|
|
|
$
|
180,110
|
|
|
$
|
180,110
|
|
|
$
|
—
|
|
|
$
|
—
|
|
As of
|
|
March 31, 2013
(unaudited)
|
|
September 30, 2012
|
||||
Equipment
|
|
$
|
483,217
|
|
|
$
|
483,217
|
|
Less accumulated amortization
|
|
(37,163
|
)
|
|
(26,460
|
)
|
||
Net equipment under capital lease
|
|
$
|
446,054
|
|
|
$
|
456,757
|
|
|
|
Operating Leases
|
|
Capital Leases
|
||||
2013
|
|
$
|
388,742
|
|
|
$
|
3,664
|
|
2014
|
|
306,793
|
|
|
559
|
|
||
2015
|
|
208,920
|
|
|
—
|
|
||
2016
|
|
208,920
|
|
|
—
|
|
||
Thereafter
|
|
375,700
|
|
|
—
|
|
||
Total minimum lease commitments
|
|
$
|
1,489,075
|
|
|
4,223
|
|
|
Less amount representing interest
|
|
|
|
(266
|
)
|
|||
Present value of minimum lease commitments included in liabilities on the balance sheet
|
|
|
|
$
|
3,957
|
|
|
|
|
|
|
|
March 31, 2013
(unaudited)
|
|
September 30, 2012
|
||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
||||||||
Accounts receivable
|
|
|
|
|
|
$
|
4,120,914
|
|
|
$
|
2,853,704
|
|
||||
Accounts payable
|
|
|
|
|
|
1,239,988
|
|
|
839,059
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the three months ended March 31, 2013 (unaudited)
|
|
For the three months ended March 31, 2012 (unaudited)
|
|
For the six months ended March 31, 2013 (unaudited)
|
|
For the six months ended March 31, 2012 (unaudited)
|
||||||||
Statement of Operations
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
31,569,847
|
|
|
$
|
30,791,203
|
|
|
$
|
65,101,773
|
|
|
$
|
64,434,861
|
|
Cost of goods sold
|
|
762,765
|
|
|
524,298
|
|
|
1,510,368
|
|
|
1,228,026
|
|
||||
General and administrative
|
|
21,017
|
|
|
30,333
|
|
|
55,704
|
|
|
56,578
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Inventory Purchases
|
|
$
|
7,598,482
|
|
|
$
|
8,122,404
|
|
|
$
|
14,030,600
|
|
|
$
|
14,856,088
|
|
|
Fluctuations in the price and market for ethanol, distillers grains and corn oil;
|
|
Availability and costs of products and raw materials, particularly corn and coal;
|
|
Changes in the environmental regulations that apply to our plant operations and our ability to comply with such regulations;
|
|
Ethanol supply exceeding demand and corresponding ethanol price reductions impacting our ability to operate profitably and maintain a positive spread between the selling price of our products and our raw material costs;
|
|
Our ability to generate and maintain sufficient liquidity to fund our operations, meet debt service requirements and necessary capital expenditures;
|
|
Our ability to continue to meet our loan covenants;
|
|
Limitations and restrictions contained in the instruments and agreements governing our indebtedness;
|
|
Results of our hedging transactions and other risk management strategies;
|
|
Changes and advances in ethanol production technology; and
|
|
Competition from alternative fuels and alternative fuel additives.
|
|
Three Months Ended
March 31, 2013 (Unaudited)
|
|
Three Months Ended
March 31, 2012 (Unaudited)
|
||||||||||
Statement of Operations Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Revenues
|
$
|
37,514,330
|
|
|
100.00
|
|
|
$
|
37,123,717
|
|
|
100.00
|
|
Cost of Goods Sold
|
34,968,627
|
|
|
93.21
|
|
|
37,529,020
|
|
|
101.09
|
|
||
Gross Profit (Loss)
|
2,545,703
|
|
|
6.79
|
|
|
(405,303
|
)
|
|
(1.09
|
)
|
||
General and Administrative Expenses
|
538,568
|
|
|
1.44
|
|
|
574,223
|
|
|
1.55
|
|
||
Operating Income (Loss)
|
2,007,135
|
|
|
5.35
|
|
|
(979,526
|
)
|
|
(2.64
|
)
|
||
Other Income (Expense)
|
(216,167
|
)
|
|
(0.58
|
)
|
|
71,193
|
|
|
0.19
|
|
||
Net Income (Loss)
|
$
|
1,790,968
|
|
|
4.77
|
|
|
$
|
(908,333
|
)
|
|
(2.45
|
)
|
|
|
Three Months ended March 31, 2013 (unaudited)
|
|
Three Months ended
March 31, 2012
(unaudited)
|
||||
Production:
|
|
|
|
|
||||
Ethanol sold (gallons)
|
|
12,256,193
|
|
|
14,308,806
|
|
||
Dried distillers grains sold (tons)
|
|
16,467
|
|
|
26,951
|
|
||
Modified distillers grains sold (tons)
|
|
29,256
|
|
|
28,499
|
|
||
Corn oil sold (pounds)
|
|
1,480,400
|
|
|
—
|
|
||
Revenues:
|
|
|
|
|
||||
Ethanol average price per gallon
|
|
$
|
2.34
|
|
|
$
|
2.04
|
|
Dried distillers grains average price per ton
|
|
260.39
|
|
|
189.97
|
|
||
Modified distillers grains average price per ton
|
|
127.66
|
|
|
96.24
|
|
||
Corn oil average price per pound
|
|
0.35
|
|
|
—
|
|
||
Primary Inputs:
|
|
|
|
|
||||
Corn ground (bushels)
|
|
4,333,502
|
|
|
5,274,723
|
|
||
Costs of Primary Inputs:
|
|
|
|
|
||||
Corn average price per bushel (net of hedging)
|
|
$
|
6.60
|
|
|
$
|
5.87
|
|
Other Costs:
|
|
|
|
|
||||
Chemical and additive costs per gallon of ethanol sold
|
|
$
|
0.086
|
|
|
$
|
0.081
|
|
Denaturant cost per gallon of ethanol sold
|
|
0.050
|
|
|
0.050
|
|
||
Electricity cost per gallon of ethanol sold
|
|
0.064
|
|
|
0.055
|
|
||
Direct labor cost per gallon of ethanol sold
|
|
0.052
|
|
|
0.040
|
|
|
Six Months Ended
March 31, 2013 (Unaudited)
|
|
Six Months Ended
March 31, 2012 (Unaudited)
|
||||||||||
|
|
|
|
|
|
|
|
||||||
Statement of Operations Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Revenues
|
$
|
79,773,208
|
|
|
100.00
|
|
|
$
|
74,550,717
|
|
|
100.00
|
|
Cost of Goods Sold
|
76,680,252
|
|
|
96.12
|
|
|
74,000,082
|
|
|
99.26
|
|
||
Gross Profit
|
3,092,956
|
|
|
3.88
|
|
|
550,635
|
|
|
0.74
|
|
||
General and Administrative Expenses
|
1,064,815
|
|
|
1.33
|
|
|
1,249,530
|
|
|
1.68
|
|
||
Operating Income (Loss)
|
2,028,141
|
|
|
2.54
|
|
|
(698,895
|
)
|
|
(0.94
|
)
|
||
Other Income (Expense)
|
(408,481
|
)
|
|
(0.51
|
)
|
|
1,411,312
|
|
|
1.89
|
|
||
Net Income
|
$
|
1,619,660
|
|
|
2.03
|
|
|
$
|
712,417
|
|
|
0.95
|
|
|
|
Six Months ended
March 31, 2013
(unaudited)
|
|
Six Months ended
March 31, 2012
(unaudited)
|
||||
Production:
|
|
|
|
|
||||
Ethanol sold (gallons)
|
|
26,181,614
|
|
|
26,841,510
|
|
||
Dried distillers grains sold (tons)
|
|
44,535
|
|
|
54,179
|
|
||
Modified distillers grains sold (tons)
|
|
53,752
|
|
|
46,195
|
|
||
Corn oil sold (pounds)
|
|
3,802,267
|
|
|
—
|
|
||
Revenues:
|
|
|
|
|
||||
Ethanol average price/gallon (net of hedging)
|
|
$
|
2.27
|
|
|
$
|
2.23
|
|
Dried distillers grains price/ton
|
|
261.51
|
|
|
191.09
|
|
||
Modified distillers grains price/ton
|
|
126.15
|
|
|
96.13
|
|
||
Corn oil price/pound
|
|
0.34
|
|
|
—
|
|
||
Primary Input:
|
|
|
|
|
||||
Corn ground (bushels)
|
|
9,550,474
|
|
|
9,917,976
|
|
||
Costs of Primary Input:
|
|
|
|
|
||||
Corn avg price/bushel (net of hedging)
|
|
$
|
6.72
|
|
|
$
|
6.19
|
|
Other Costs (per gallon of ethanol sold):
|
|
|
|
|
||||
Chemical and additive costs
|
|
$
|
0.086
|
|
|
$
|
0.087
|
|
Denaturant cost
|
|
0.051
|
|
|
0.048
|
|
||
Electricity cost
|
|
0.056
|
|
|
0.054
|
|
||
Direct labor cost
|
|
0.048
|
|
|
0.045
|
|
|
|
2013
(unaudited)
|
|
2012
(unaudited)
|
||||
Net cash (used in) provided by operating activities
|
|
$
|
(7,835,703
|
)
|
|
$
|
4,306,813
|
|
Net cash provided by (used in) investing activities
|
|
15,417
|
|
|
(1,895,707
|
)
|
||
Net cash provided by (used in) financing activities
|
|
7,820,286
|
|
|
(6,692,927
|
)
|
||
Net decrease in cash
|
|
$
|
—
|
|
|
$
|
(4,281,821
|
)
|
Cash and cash equivalents, end of period
|
|
$
|
1,000
|
|
|
$
|
391,176
|
|
|
|
Outstanding Balance (Millions)
|
|
Interest Rate
|
|
Range of
Estimated
|
|
|
||||||||||
Term Note
|
|
March 31, 2013 (Unaudited)
|
|
September 30, 2012
|
|
March 31, 2013 (Unaudited)
|
|
September 30, 2012
|
|
Quarterly
Principal
Payment Amounts
|
|
Notes
|
||||||
Term Note
|
|
$
|
18.0
|
|
|
$
|
19.0
|
|
|
3.79
|
%
|
|
3.93
|
%
|
|
$500,000
|
|
1, 2
|
Long-Term Revolving Note
|
|
4.5
|
|
|
4.75
|
|
|
3.79
|
%
|
|
3.93
|
%
|
|
$125,000
|
|
1, 2, 3
|
•
|
Providing FNBO with current and accurate financial statements;
|
•
|
Maintaining certain financial ratios including minimum working capital and fixed charge coverage ratio;
|
•
|
Maintaining adequate insurance;
|
•
|
Making, or allowing to be made, any significant change in our business or tax structure;
|
•
|
Limiting our ability to make distributions to members; and
|
•
|
Maintain a threshold of capital expenditures.
|
(a)
|
The following exhibits are filed as part of this report.
|
Exhibit No.
|
|
Exhibits
|
|
31.1
|
|
|
Certificate Pursuant to 17 CFR 240.13a-14(a)*
|
31.2
|
|
|
Certificate Pursuant to 17 CFR 240.13a-14(a)*
|
32.1
|
|
|
Certificate Pursuant to 18 U.S.C. Section 1350*
|
32.2
|
|
|
Certificate Pursuant to 18 U.S.C. Section 1350*
|
101
|
|
|
The following financial information from Red Trail Energy, LLC's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Balance Sheets as of March 31, 2013 and September 30, 2012, (ii) Statements of Operations for the three and six months ended March 31, 2013 and 2012, (iii) Statements of Cash Flows for the six months ended March 31, 2013 and 2012, and (iv) the Notes to Condensed Financial Statements.**
|
|
|
|
RED TRAIL ENERGY, LLC
|
|
|
|
|
Date:
|
May 13, 2013
|
|
/s/ Gerald Bachmeier
|
|
|
|
Gerald Bachmeier
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Date:
|
May 13, 2013
|
|
/s/ Jodi Johnson
|
|
|
|
Jodi Johnson
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Red Trail Energy (CE) Chart |
1 Month Red Trail Energy (CE) Chart |
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