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Heron Lake Bioenergy

Filings

10-Q	2020-01-31	Filed 2020-03-16
10-K	2019-10-31	Filed 2020-01-29
10-Q	2019-07-31	Filed 2019-09-16
10-Q	2019-04-30	Filed 2019-06-14
10-Q	2019-01-31	Filed 2019-03-18
10-K	2018-10-31	Filed 2019-01-29
10-Q	2018-07-31	Filed 2018-09-14
10-Q	2018-04-30	Filed 2018-06-14
10-Q	2018-01-31	Filed 2018-03-19
10-K	2017-10-31	Filed 2018-01-29
10-Q	2017-07-31	Filed 2017-09-14
10-Q	2017-04-30	Filed 2017-06-14
10-Q	2017-01-31	Filed 2017-03-17
10-K	2016-10-31	Filed 2017-01-30
10-Q	2016-07-31	Filed 2016-09-14
10-Q	2016-04-30	Filed 2016-06-14
10-Q	2016-01-31	Filed 2016-03-16
10-K	2015-10-31	Filed 2016-01-28
10-Q	2015-07-31	Filed 2015-09-14
10-Q	2015-04-30	Filed 2015-06-15
10-Q	2015-01-31	Filed 2015-03-16
10-K	2014-10-31	Filed 2015-01-28
10-Q	2014-07-31	Filed 2014-09-16
10-Q	2014-04-30	Filed 2014-06-16
10-Q	2014-01-31	Filed 2014-03-17
10-K	2013-10-31	Filed 2014-01-29
10-Q	2013-07-31	Filed 2013-09-16
10-Q	2013-04-30	Filed 2013-07-01
10-Q	2013-01-31	Filed 2013-06-11
10-K	2012-10-31	Filed 2013-02-13
10-Q	2012-07-31	Filed 2012-09-14
10-Q	2012-04-30	Filed 2012-06-14
10-Q	2012-01-31	Filed 2012-03-16
10-K	2011-10-31	Filed 2012-01-30
10-Q	2011-07-31	Filed 2011-09-14
10-Q	2011-04-30	Filed 2011-06-14
10-Q	2011-01-31	Filed 2011-03-15
10-K	2010-10-31	Filed 2011-01-21
10-Q	2010-07-31	Filed 2010-08-25
10-Q	2010-04-30	Filed 2010-06-14
10-Q	2010-01-31	Filed 2010-03-17
10-K	2009-10-31	Filed 2010-01-29

Reports

8-K	2020-04-29	Other Events
8-K	2020-03-19	Officers
8-K	2020-03-18	Shareholder Vote, Other Events
8-K	2019-12-23	Earnings, Regulation FD, Exhibits
8-K	2019-10-29	Enter Agreement
8-K	2019-10-22
8-K	2019-10-04	Enter Agreement
8-K	2019-05-07	Other Events
8-K	2019-03-25	Shareholder Vote
8-K	2018-12-19	Earnings, Regulation FD, Exhibits
8-K	2018-07-25	Officers
8-K	2018-04-09	Enter Agreement, Off-BS Arrangement
8-K	2018-03-27	Shareholder Vote

Heron Lake Bioenergy Financials

C964 Metrics, Comps, Filings

Quarterly | Annual

Business

Heron Lake BioEnergy, LLC was organized as a Minnesota limited liability company on April 12, 2001 under the name “Generation II, LLC”. In June 2004, we changed our name to Heron Lake BioEnergy, LLC.

In July 2013, Granite Falls Energy, LLC (“Granite Falls” or “GFE”) acquired a controlling interest in the Company from Project Viking, L.L.C. GFE, now a related party, owns an ethanol plant located in Granite Falls, Minnesota. As of January 29, 2019, GFE owns approximately 31.4% of our outstanding Class A membership units and 100.0% of our outstanding Class B Units, for total ownership of approximately 50.7%. As a result of its majority ownership, GFE has the right to appoint five (5) of the nine (9) governors to our board of governors under our member control agreement.

We operate a dry mill fuel-grade ethanol plant in Heron Lake, Minnesota. Since beginning operation of our ethanol plant on September 21, 2007, our primary business has been the production and sale of ethanol and co-products, including dried distillers’ grains and since February 2012, non-edible corn oil. Our plant was originally constructed as a coal fired plant but was converted to natural gas in November 2011.

Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Equity

Income Statement ($MM Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($MM Quarterly)

Ops, Inv, Fin


Comps ($'000 TTM)	Market Cap	Gross Margin	EV/EBITDA	Ret on Assets	Assets	Liabilities	Revenue	G Profit	Net Income	EBITDA	EV
Stemcell Holdings (STMM)		113%	-1.0	26%	12,033	6,023	7,314	8,235	3,099	4,927	-5,116
FCCC (FCCC)			1.5	-61%	92	3	0	0	-56	-56	-82
Tapinator (TAPM)		0%	0.1	-99%	1,783	952	4,323	0	-1,762	-1,762	-260
Nogales Resources (NLRT)				0%	1	188	0	0	0	0	-1
Golden Growers Cooperative (GGRO)		-0%		0%	26,919	2,171	42,425	-45	0	0	-3,508
Northern Power Systems (NPS)		22%	0.4	-27%	8,927	13,901	18,317	4,050	-2,379	-1,701	-670
Twin River Worldwide (TRWH)		0%	4.0	4%	1,070,918	808,153	393,158	0	41,775	112,100	449,560
Bio-En (BENH)			0.1	-643%	10	149	0	0	-67	-67	-5
Southwest Iowa Renewable Energy (SIRE)		-1%	-47.3	-1%	140,863	51,558	216,993	-1,931	-1,170	-537	25,396
Texas Republic Capital (TRCC)		0%	8.9	-5%	26,315	14,988	931	0	-1,274	-1,274	-11,328
Fannie Mae (FNM)			28.1	0%	3,494,436,000	3,484,094,000	0	0	13,025,000	119,732,000	3,361,548,000
CBA Florida (CBAI)			43.6	-1%	14,544	598	0	0	-211	-261	-11,368
Pacific Gold & Royalty (PCFG)			-7.1		0	3,799	0	-3	-238	-45	320
BoxScore Brands (BOXS)		33%	-8.3	-540%	313	7,564	338	110	-1,690	-702	5,793
Quest Management (QUEST)		27%	-0.3	129%	13	6	45	12	16	16	-5
Zhen Ding Resources (RBTK)			0.1	48,309,900%			0	0	-483	-68	-6
Hines Global REIT (HGRI)		0%	1.7	19%	2,010,946	999,520	205,149	0	388,366	421,651	715,767
Wadena (WDN)		0%	0.0	-2,344%	12	696	87	0	-281	-278	-5
Galera Therapeutics (GRTX)			1.3	-17%	79,758	52,298	0	0	-13,351	-12,433	-15,719
Chase General (CSGN)		26%	-0.5	-2%	1,563	1,016	2,493	658	-32	13	-7


Balance Sheet ($'000)	2011-07-31	2011-10-31	2012-01-31	2012-04-30	2012-07-31	2012-10-31	2013-01-31	2013-04-30	2013-07-31	2013-10-31	2014-01-31	2014-04-30	2014-07-31	2014-10-31	2015-01-31	2015-04-30	2015-07-31	2015-10-31	2016-01-31	2016-04-30	2016-07-31	2016-10-31	2017-01-31	2017-04-30	2017-07-31	2017-10-31	2018-01-31	2018-04-30	2018-07-31	2018-10-31	2019-01-31	2019-04-30	2019-07-31
Cash	4,479	7,141	2,567	1,337	1,683	653	749	889	1,023	543	1,198	6,256	1,152	662	624	632	1,813	1,126	1,167	951	1,213	1,298	1,111	7,204	7,718	10,065	1,011	4,223	5,605	5,996	3,265	3,438	6,044
Accounts Receivable	6,511	1,378	348	1,346	859	1,785	2,050	1,427	3,005	749	6,048	6,433	6,802	4,056	831	4,465	1,189	5,671	4,747	1,194	5,951	4,607	3,973	360	1,750	4,032	4,025	3,687	1,716	3,953	1,584	3,715	761
Inventory	9,605	3,765	4,013	2,597	2,781	3,589	3,184	2,427	2,303	5,604	4,047	4,233	6,201	5,187	6,146	4,822	6,473	5,259	5,493	4,961	4,020	5,865	6,764	5,648	6,448	7,064	7,702	6,089	6,516	6,399	7,439	5,580	8,830
PP&E	110,494	112,158	112,934	114,503	114,048	87,322	87,540	81,651	81,751	83,005	83,638	83,835	85,704	89,977	90,788	91,405	53,437	93,149	52,343	52,041	51,410	95,284	49,596	48,598	47,676	96,331	45,588	44,591	45,081	98,866	42,928	41,721	40,375
Assets	111,859	104,134	98,302	96,308	94,123	66,581	65,605	59,781	60,754	60,794	65,021	69,141	66,700	66,122	63,469	64,891	65,297	66,696	65,383	60,699	64,651	63,771	62,871	63,317	65,044	68,873	59,687	60,445	60,390	62,021	56,700	55,946	57,682
Accounts Payable	1,556	2,705	1,852	1,955	803	2,086	1,796	947	937	1,301	2,000	3,803	4,744	7,048	6,122	2,970	2,307	3,914	2,056	2,580	2,459	4,878	2,363	2,292	3,007	4,771	2,371	2,343	2,663	5,414	2,278	2,477	4,173
Long-Term Debt	52,019	51,418	46,796	46,154	45,867	46,083	46,615	42,595	23,489	31,553	29,026	24,943	10,728	2,959	6,168	12,239	6,949	7,230	8,121	7,055	7,190	1,884	1,755	1,726	1,559	1,398	1,287	1,276	1,118	959	951	947	791
Liabilities	61,531	54,626	49,565	48,927	47,212	49,237	49,181	44,355	35,851	33,652	32,054	29,851	-11,232	11,075	16,894	16,583	13,180	14,250	16,858	12,188	13,329	10,271	6,539	5,966	6,278	8,105	6,625	6,113	5,754	8,966	5,668	6,030	7,439
Stockholders' Equity	50,328	49,508	48,737	47,381	46,911	17,344	16,424	15,426	24,903	27,142	32,967	39,290	77,932	55,047	46,575	48,308	52,117	52,446	48,524	48,511	51,322	53,500	56,332	57,351	58,766	60,768	53,062	54,333	54,635	53,055	51,031	49,916	50,243


Income Statement ($'000)	2011-07-31	2011-10-31	2012-01-31	2012-04-30	2012-07-31	2012-10-31	2013-01-31	2013-04-30	2013-07-31	2013-10-31	2014-01-31	2014-04-30	2014-07-31	2014-10-31	2015-01-31	2015-04-30	2015-07-31	2015-10-31	2016-01-31	2016-04-30	2016-07-31	2016-10-31	2017-01-31	2017-04-30	2017-07-31	2017-10-31	2018-01-31	2018-04-30	2018-07-31	2018-10-31	2019-01-31	2019-04-30	2019-07-31
Revenue	43,014	43,884	38,862	41,186	40,972	47,640	44,121	35,499	45,583	38,560	40,911	39,149	39,082	30,276	27,177	29,814	30,192	28,477	26,589	25,242	30,365	27,410	27,390	25,991	28,542	27,995	27,972	29,881	26,253	24,366	25,698	25,495	27,368
Cost of Revenue	42,325	42,683	38,597	40,084	39,987	47,861	43,201	34,800	41,523	35,969	33,730	31,547	30,790	24,502	25,330	27,140	25,436	27,341	25,731	24,322	26,635	24,425	23,976	24,141	26,291	25,081	26,391	27,753	25,161	25,075	26,731	25,914	26,120
Gross Profit	689	1,201	265	1,102	985	-1,158	920	699	4,060	2,592	7,181	10,723	8,292	5,774	1,847	2,674	4,756	1,136	858	920	3,730	2,985	3,414	1,850	2,251	2,913	1,581	2,128	1,092	-709	-1,034	-420	1,248
R&D
SG&A	871		851	863	715				674		840	1,009	777		880	782	742
Tax
Net Income	-725	-830	-1,231	-1,267	-379	-29,475	-829	-922	2,642	1,377	5,934	9,689	6,876	5,121	943	1,797	3,844	329	58	46	2,846	2,178	2,915	1,077	1,448	2,076	978	1,356	338		-1,932	-1,045	362


Cash Flow ($'000)	2011-07-31	2011-10-31	2012-01-31	2012-04-30	2012-07-31	2012-10-31	2013-01-31	2013-04-30	2013-07-31	2013-10-31	2014-01-31	2014-04-30	2014-07-31	2014-10-31	2015-01-31	2015-04-30	2015-07-31	2015-10-31	2016-01-31	2016-04-30	2016-07-31	2016-10-31	2017-01-31	2017-04-30	2017-07-31	2017-10-31	2018-01-31	2018-04-30	2018-07-31	2018-10-31	2019-01-31	2019-04-30	2019-07-31
Cash Operating			32	980	636	-1,251	262	352		1,319	3,816	9,325	7,054	8,124	3,217	-1,748	4,801	261	339	5,510	767	5,333	1,512	6,870		2,715	-1,049	4,424	2,352		-2,631	228	2,826
Cash Investing			-776	-244	-1,425	883	-218	3,779		-648	-634	-185	-1,880	-846	-538	-890	-972	-422	-718	-315	-1,132	-319	-341	-110		-207	-209	-237	-812		-93	-50	-64
Cash Financing			-3,830	-1,966	1,135	-662	52	-3,992		-1,151	-2,527	-4,083	-10,279	-7,768	-2,717	2,645	-2,648	-525	419	-5,410	627	-4,929	-1,359	-666		-161	-7,797	-974	-158		-8	-4	-157