Newsletter | Q3 2022
General Manager Update
Greetings! It is hard to believe that October 2022 is already here! We hope your harvest season has been safe and productive. Harvest is in full swing, as evidenced by the increasing truck and farm traffic all across the state.
At your Carrollton alcohol facility, we continue to work hard to process the area grain into environmentally friendly value added products while adding to the local economy and providing an excellent employment opportunity in the area.
We continue to make significant progress transforming the company into a specialty alcohol producer. During this quarter we set records for production, sales, and shipments of our Grain Neutral Sprits (GNS) products. We are excited to see the continued success in this business unit, and expect these diversification strategies to lessen the impact of the falling fuel ethanol margins.
We continue to operate profitably, though slightly lower than last year primarily due to the increased basis price for grain that has affected much of the industry. Complete financial results are reported on the following page. We are excited that the hard work by the Show Me Ethanol team resulted in the Board of Managers declaring a $5,000,000 distribution to shareholders. Checks were mailed to you in late September, 2022, thank you for your ownership in Show Me Ethanol!
As most of you know, the corn crop across the nation isn’t as good as hoped, and the world balance sheet for corn is tight for crop year 2022/2023. This is creating higher corn basis levels throughout the country, including in Carrollton. Meanwhile, the United States economy is bracing for a slowdown with rising interest rates and lower energy prices. The combination of increased feedstock prices and lower energy prices does not indicate a strong margin environment in the near future.
We are happy to announce a few new additions to the team on another page of this newsletter. Destini Elliot has taken on the responsibilities of being the primary contact for Shareholder contacts. You can contact her at the office or through e-mail at email@example.com.
Eat My Dust Half Marathon and 5K-Carroll County Area YMCA
On September 10, 2022, several SME employees participated in this event. This gave us the chance to continue our wellness initiatives as well as support our community. Rob Burns, Jeremy Ford and Ryan King completed the half marathon. Andrea Lyon, Cheri Roberts and Brian and Cheralyn Pasbrig completed the 5K. Everyone had a good time, and we hope to encourage more to participate next year. Pictured below are Jeremy, Rob and Ryan after completing the half marathon.
For Quarter Ending September 30, 2022
Total Sales were $54.6 million. Ethanol was 54%, GNS 18%, and co-products 28% of total sales.
Total expenses were $53.4 million. Corn costs were 81% at $43.1 million.
Net income for the 3rd quarter of 2022 was $1.1 million.
Please welcome Skylar Goodson, he joined SME as an Operator Technician. Skylar graduated high school in 2013. He is local to Carrollton and recently moved back to the area after spending a year in Oregon. He graduated with an Associate’s degree from SFCC in 2019. He enjoys traveling, spending time with family and friends, and watching Chiefs Football.
Kaitlin Smith recently joined SME as an Administrative Assistant. Kaitlin graduated from Northwest in 2016 with a degree in Elementary Education. She is originally from Kirksville MO and moved to Carrollton in 2020 with her husband, Lucas, and son, Grant. Since then, they welcomed their youngest, Everett. Kaitlin was a teacher before joining SME and is excited to expand her experiences here! While she loved teaching, she’s excited for a career with stable hours that allows her to better focus on spending quality time with her family.
Destini Elliott has recently joined SME as an Administrative Assistant. She is a Lake of the Ozarks native. She currently lives in Norborne with her husband and 4 kids. Destini is an iced coffee snob.
Her hobbies include crafting, listening to 90s music, RZR riding with her family and reading crime books. Christmas is her favorite holiday, and the beach is her happy place.