Otter Tail posts improved $4.62 million fourth-quarter net income

By Caroline Salls

Pittsburgh, Feb. 16 - Otter Tail Ag Enterprises, LLC reported $4.62 million of net income for the quarter ended Dec. 31 on $29.34 million of revenues, according to a 10-Q filed Tuesday with the Securities and Exchange Commission.

The figures showed improvement from the $2.35 million net loss posted for the quarter ended Dec. 31, 2008 on $25.53 million of revenues.

According to the 10-Q, the fourth-quarter net income was primarily the result of the improved margin situation in the ethanol industry during the second half of fiscal 2009, which continued in the first quarter of fiscal 2010.

Otter Tail said the increase in revenues resulted from an increased price received for its ethanol production.

The company had $8.54 million of cash and cash equivalents at Dec. 31, up from $4.06 million at Sept. 30, 2008.

Otter Tail, a Fergus Falls, Minn., ethanol company, filed for bankruptcy on Oct. 30 in the U.S. Bankruptcy Court for the District of Minnesota. Its Chapter 11 case number is 09-61250.

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