Lake Area Corn Processors, Llc Reports Earnings Results for the Second Quarter Ended June 30, 2020
August 14, 2020 at 12:31 pm EDT
Share
Lake Area Corn Processors, LLC announced earnings results for the second quarter ended June 30, 2020. For the second quarter, the company announced sales was USD 25.424 million compared to USD 26.096 million a year ago. Operating income was USD 4.666 million compared to USD 372,585 a year ago. Net income was USD 4.213 million compared to net loss of USD 192,897 a year ago. Basic earnings per share from continuing operations was USD 0.14 compared to basic loss per share from continuing operations of USD 0.01 a year ago. For the half year, sales was USD 57.881 million compared to USD 47.710 million a year ago. Operating loss was USD 4.523 million compared to operating Income of USD 1.813 million a year ago. Net loss was USD 6.261 million compared to net income of USD 1.597 million a year ago. Basic loss per share from continuing operations was USD 0.21 compared to basic earnings per share from continuing operations of USD 0.05 a year ago.
Lake Area Corn Processors, LLC owns and manages an ethanol plant that has a nameplate production capacity of 100 million gallons of ethanol per year through its wholly owned subsidiary Dakota Ethanol, L.L.C. The Companyâs segments include Production and Ethanol Producing Equity Method Investments. The Production segment includes the manufacture and marketing of fuel-grade ethanol and co-products of the ethanol production process. The Ethanol Producing Equity Method Investments segment consists of the aggregation of the Company's two equity method operating segments of investment in Guardian Hankinson, LLC, and investment in Ring-neck Energy & Feed, LLC. Fuel grade ethanol is its primary product. The Company also sells distillers grains and corn oil, the principal co-products of the ethanol production process. The ethanol plant produces at a rates more than 98 million gallons of ethanol per year.
LAKE AREA CORN PROCESSORS, LLC 
