Lake Area Corn Processors, LLC Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2021
August 13, 2021 at 12:05 am IST
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Lake Area Corn Processors, LLC announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2021. For the second quarter, the company announced sales was USD 64.238 million compared to USD 25.424 million a year ago. Operating income was USD 8.191 million compared to USD 4.666 million a year ago. Net income was USD 10.058 million compared to USD 4.213 million a year ago. Basic earnings per share from continuing operations was USD 0.34 compared to USD 0.14 a year ago.
For the half year, sales was USD 112.853 million compared to USD 57.881 million a year ago. Operating income was USD 13.898 million compared to operating loss of USD 4.523 million a year ago. Net income was USD 16.594 million compared to net loss of USD 6.261 million a year ago. Basic earnings per share from continuing operations was USD 0.56 compared to basic loss per share from continuing operations of USD 0.21 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 
