Golden Growers Cooperative has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in corn revenue to $13,446,000 from $17,476,000 in the same quarter the previous year. The decrease is attributed to a lower price per bushel of corn sold.
Corn expense for the quarter was $13,464,000, compared to $17,493,000 in the same quarter of the previous year. This decrease is due to a reduction in the price per bushel of corn purchased.
The company reported net income from operations of $1,435,000 for the quarter, compared to $1,196,000 in the previous year, with the increase attributed to higher income from ProGold LLC.
Income from ProGold LLC for the quarter was $1,576,000, up from $1,351,000 in the previous year, due to increased lease revenue.
General and administrative expenses were $123,000 for the quarter, compared to $138,000 in the previous year. The decrease is primarily due to timing of expenses.
Other income for the quarter was $126,000, compared to a loss of $89,000 in the previous year, primarily due to increased interest rate yields.
Golden Growers had a working capital of $6,545,000 as of September 30, 2024. The company believes its cash and cash equivalents, along with available borrowings under its line of credit, will be sufficient to fund operations for the foreseeable future.
The filing details a $2,000,000 line of credit with a variable interest rate, extended to mature on October 16, 2026, with no outstanding balance as of September 30, 2024.
The cooperative made distributions to its members totaling $2,478,477, or $0.16 per outstanding membership unit, during the quarter.
The company does not anticipate significant changes in non-cash working capital levels in the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Golden Growers Coop Unit quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.