Southwest Georgia Ethanol posts $355,154 October net income; revenue up

By Jim Witters

Wilmington, Del., Nov. 21 - Southwest Georgia Ethanol, LLC reported net income of $355,154 for October on revenue of $30.4 million, according to the company's monthly operating report filed Friday with the U.S. Bankruptcy Court for the Middle District of Georgia.

Those figures compare with net income of $5.2 million on revenue of $26.8 million in September.

The company also reported cash and cash equivalents of $11.15 million as of Oct. 31, down from $12.2 million at the end of September.

Southwest Georgia Ethanol is a wholly owned subsidiary of First United Ethanol LLC, a Pelham, Ga.-based ethanol producer. The subsidiary filed for bankruptcy on Feb. 1, 2011. The Chapter 11 case number is 11-10145.

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