Lake Area Corn Processors, Llc Reports Earnings Results for the First Quarter Ended March 31, 2020
June 29, 2020 at 11:07 am
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Lake Area Corn Processors, LLC announced earnings results for the first quarter ended March 31, 2020. For the first quarter, the company announced sales was USD 32.456 million compared to USD 21.613 million a year ago. Operating loss was USD 9.189 million compared to operating Income of USD 1.440 million a year ago. Net loss was USD 10.475 million compared to net income of USD 1.790 million a year ago. Basic loss per share from continuing operations was USD 0.35 compared to basic earnings per share from continuing operations of USD 0.06 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 