MINN DAK FARMERS COOPERATIVE

CIK:0000948218|SEC Filings

Consolidated Statements Of Operations (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2012	May 31, 2011
REVENUE:
Sales of sugar, co-products and yeast, net of discounts	$ 78,006	$ 84,021	$ 225,803	$ 241,388
Changes in finished goods inventory and in-process sugar at NRV	(40,815)	8,390	53,059	78,253
Total Revenue	37,191	92,411	278,862	319,641
EXPENSES:
Production costs of sugar, in-process sugar, co-products and yeast sold	13,066	20,092	61,866	73,472
Sales and distribution costs	10,075	12,272	38,366	40,595
General and administrative	2,023	1,948	6,225	6,040
Interest	527	645	1,762	1,985
(Gain) loss on disposition of property and equipment			4	(1)
Total Expenses	25,691	34,957	108,223	122,091
TOLLING & OTHER REVENUE	318	873	1,127	1,064
NET PROCEEDS RESULTING FROM PATRON AND NON-PATRON BUSINESS BEFORE INCOME TAXES	11,818	58,327	171,766	198,614
INCOME TAX BENEFIT (EXPENSE)	22	22	43	61
NET PROCEEDS RESULTING FROM PATRON AND NON-PATRON BUSINESS	11,840	58,349	171,809	198,675
DISTRIBUTION OF NET PROCEEDS
Income from non-patron business	27	27	85	70
Patronage income	(1,722)	9,794	26,983	29,606
Net income credited to patrons' investment	(1,695)	9,821	27,068	29,676
Allocated costs of sugarbeets paid or payable to patrons for production to date	13,535	48,528	144,741	168,999
NET PROCEEDS RESULTING FROM PATRON AND NON-PATRON BUSINESS	$ 11,840	$ 58,349	$ 171,809	$ 198,675

Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	May 31, 2012	May 31, 2011
OPERATING ACTIVITIES
Net income credited to patrons' investment	$ 27,068	$ 29,676
Accumulated other comprehensive (loss)-interest swap	(41)	(466)
Add (deduct) noncash items:
Depreciation	7,385	6,505
Amortization	380	389
(Gain) loss on property and equipment disposals	4	(1)
(Gain) Loss allocated from unconsolidated marketing subsidiaries	(19)	(4)
Noncash portion of patronage capital credits	(340)	(584)
Deferred income taxes	(82)	(77)
Changes in operating assets and liabilities
Accounts receivable and advances	3,348	(20,135)
Inventory and prepaid expenses	(51,357)	(81,507)
Deferred charges and other assets	2,243	651
Accounts payable, accrued liabilities and other liabilities	13,683	44,789
Net cash (used in)/provided by operating activities	2,272	(20,764)
INVESTING ACTIVITIES
Proceeds from disposition of property, plant and equipment		1
Tax exempt bond trust draw	3,556	6,782
Capital expenditures	(6,022)	(12,204)
Patronage received from other coops	413	412
Net cash (used in)/provided by investing activities	(2,053)	(5,009)
FINANCING ACTIVITIES
Net proceeds from issuance of short-term debt	8,770	33,718
Checks outstanding	599	(149)
Payment of long-term debt and capital leases	(2,884)	(2,854)
Payment of financing fees	(490)	(750)
Equity payment to estate		(24)
Payment of allocated patronage	(6,192)	(4,020)
Net cash (used in)/provided by financing activities	(197)	25,921
NET INCREASE/(DECREASE) IN CASH	22	148
CASH, BEGINNING OF YEAR	46	129
CASH, END OF PERIOD	68	277
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	1,255	1,477
Income taxes, net of refunds	57	361
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Unit retain deductions from patron payable		3,104
Proceeds for bond issuance transferred to restricted investment		$ 8,815

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	May 31, 2012	Aug. 31, 2011
ASSETS
Cash	$ 68	$ 46
Current bond trust		1,644
Receivables
Trade accounts	15,162	19,288
Patrons	14,378	15,460
Receivable from affiliates	6,421	4,456
Other receivables	3	109
Total Receivables	35,964	39,313
Inventories
Refined sugar, in-process sugar, pulp and molasses to be sold on a pooled basis	91,893	38,834
Non-member refined sugar	2,263	4,730
Yeast	204	157
Materials and supplies	14,254	15,761
Total Inventories	108,614	59,482
Deferred charges	1,625	1,693
Prepaid expenses	2,542	2,111
Other current assets	1,794
Current deferred income tax asset	27	11
Total Current Assets	150,634	104,300
PROPERTY, PLANT AND EQUIPMENT
Land and land improvements	29,953	28,742
Buildings	38,379	37,883
Factory/Agricultural equipment	168,271	159,371
Other equipment	7,002	6,620
Capitalized leases	3,331	3,353
Construction in progress	8,797	13,917
Total Property, Plant and Equipment	255,733	249,886
Less accumulated depreciation	(151,742)	(144,527)
Net Property, Plant and Equipment	103,991	105,359
OTHER ASSETS
Investment in other cooperatives and other corporations	10,848	10,921
Investment in unconsolidated marketing subsidiaries	246	181
Beet chemicals	3,388	4,063
Bond trust		1,912
Bond financing costs - net of amortization	283	297
Other long-term assets	2,070	3,446
Total Other Assets	16,835	20,820
TOTAL ASSETS	271,460	230,479
LIABILITIES AND PATRONS' INVESTMENT
Short-term notes payable	49,416	40,646
Current portion of long-term debt and capital leases	3,423	3,012
Accounts payable:
Trade	17,900	18,459
Checks outstanding	1,527	928
Patrons	31,028	24,377
Total Accounts Payable	50,455	43,764
Income tax	15
Payable to affiliates	1,514	1,674
Accrued liabilities	6,570	3,788
Total Current Liabilities	111,393	92,884
LONG-TERM DEBT, CAPITAL LEASES, AND BONDS PAYABLE, NET OF CURRENT PORTION	39,606	42,901
LONG-TERM DEFERRED INCOME TAX LIABILITY	111	177
OTHER LONG-TERM LIABILITIES	604	753
LONG-TERM PENSION LIABILITY	15,959	17,050
COMMITMENTS AND CONTINGENCIES
Total Liabilities	167,673	153,765
PATRONS' INVESTMENT
Total Preferred stock	18,483	18,483
Common stock, 600 shares authorized, $250 par value; issued and outstanding, 479 shares at May 31, 2012 and 476 shares at August 31, 2011	120	119
Paid in capital in excess of par value	32,094	32,094
Unit retention capital	3,104	3,104
Nonqualified allocated patronage	55,282	28,299
Accumulated other comprehensive loss-interest swap	(945)	(903)
Accumulated other comprehensive loss-pension	(15,525)	(15,571)
Retained earnings	11,174	11,089
Total Patrons' Investment	103,787	76,714
TOTAL LIABILITIES AND PATRONS' INVESTMENT	271,460	230,479
Preferred Stock Class A [Member]
PATRONS' INVESTMENT
Total Preferred stock	7,581	7,581
Preferred Stock Class B [Member]
PATRONS' INVESTMENT
Total Preferred stock	5,415	5,415
Preferred Stock Class C [Member]
PATRONS' INVESTMENT
Total Preferred stock	$ 5,487	$ 5,487