Southwest Iowa Renewable Energy, LLC announces FY2012 results
Thursday, Dec 20, 2012
COUNCIL BLUFFS, Iowa, Dec. 19, 2012 /PRNewswire/ -- On December 19, 2012, Southwest Iowa Renewable Energy, LLC ("SIRE") announced its financial results for the fiscal year ended September 30, 2012 ("Fiscal 2012"). SIRE reported a net loss of $661,609 or $50.35 per unit, compared to a net loss of $2,707,306 or $206.05 per unit for the fiscal year ended September 30, 2011 ("Fiscal 2011"). The cash flow from operations for Fiscal 2012 was $8,463,759 compared to $25,307,440 for Fiscal 2011; with the overall cash flow for Fiscal 2012 of ($4,722,653) as compared to $7,574,046 for Fiscal 2011.
Adjusted EBITDA, which is defined as earnings before interest, income taxes, and depreciation and/or amortization, or EBITDA, as adjusted for unrealized hedging losses (gains) was $12,823,990 for Fiscal 2012 and $26,297,767 for Fiscal 2011. SIRE had $6.29 million in cash and equivalents and $9.125 million available under committed loan agreements (subject to satisfaction of specified lending conditions and covenants) as well as an additional $6.25 million available under uncommitted loan agreements at September 30, 2012. For reconciliations of Adjusted EBITDA to net income attributable to SIRE, see "Adjusted EBITDA" below.
Brian Cahill, SIRE's President and CEO, stated, "As we look back on Fiscal 2012, we made strong strides in improving our operations through increased output and lower costs and greatly reducing our net loss in the midst of quickly rising commodity market prices. At the same time, we made another significant net reduction in our debt. The continuing improvement in the cash flow from operations allowed us to have a net reduction of approximately $7.7 million on our debt during the year ended September 30, 2012."
About Southwest Iowa Renewable Energy, LLC:
SIRE is an Iowa limited liability company, located in Council Bluffs, Iowa, formed in March, 2005 to construct and operate a 110 million gallon capacity ethanol plant. SIRE began producing ethanol in February, 2009 and sells its ethanol, modified wet distillers grains with solubles, corn syrup, and corn oil in the continental United States. SIRE also sells its dried distillers grains with solubles in the continental United States, Mexico and the Pacific Rim.
SOURCE Southwest Iowa Renewable Energy, LLC