10-Q - LAKE AREA CORN PROCESSORS LLC (0001156174) (Filer)

Tue, May 14, 9:38 PM (253 days ago)

Lake Area Corn Processors, LLC reported a decrease in revenue for Q1 2024, with total revenues of $46.6 million, down from $77.8 million in Q1 2023, primarily due to lower ethanol prices and sales volumes. Gross profit fell to $2.6 million from $3.9 million, while net income decreased to $2.4 million from $3.4 million. Operating expenses were slightly lower, and other income increased due to higher investment income. Cash flow from operations was negative, largely due to lower net income and changes in working capital. The company used more cash for financing activities, mainly for member distributions. Current liabilities decreased significantly, driven by lower accounts payable. The company remains compliant with its loan covenants and expects to maintain sufficient liquidity through its revolving credit facilities. The ongoing conflict in Ukraine and inflationary pressures pose significant risks, potentially impacting commodity prices and supply chains.