UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: January 3, 2001
COMMISSION FILE NO. 333-71213
MINNESOTA CORN PROCESSORS, LLC
(Exact name of registrant as specified in its charter)
COLORADO 41-1928467
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
901 NORTH HIGHWAY 59, MARSHALL, MN 56258-2744
(Address of principal executive offices)
(507) 537-2676
(Registrant's telephone number including area code)
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press release dated January 10, 2001, announcing the change in
fiscal year end
ITEM 8. CHANGE IN FISCAL YEAR
On January 3, 2001, Minnesota Corn Processors, LLC (MCP)
received a determination by the Internal Revenue Service (IRS)
that stated MCP's fiscal year-end will be December 31.
MCP had petitioned the IRS to keep its prior March 31 year-end
after its conversion from a farmer-owned cooperative to a
limited liability company on July 1, 2000. The report covering
the transition period (July 1, 2000 - December 21, 2000) will
be filed on a Form 10-K by March 31, 2001.
A press release describing this matter in more detail is
attached hereto as Exhibit 99.1 and incorporated by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MINNESOTA CORN PROCESSORS, LLC
Dated: January 18, 2001
By /s/ L. Dan Thompson
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L. Dan Thompson
President and Chief Executive Officer
Dated: January 18, 2001
By /s/ Daniel H. Stacken
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Daniel H. Stacken
Vice President and Chief Financial
Officer
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[LOGO] MINNESOTA CORN PROCESSORS, LLC
MCP 901 NORTH HIGHWAY 59 MARSHALL, MN 56258-2744 PHONE:507-537-3676
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NEWS RELEASE
FOR RELEASE CONTACT:
----------- MCP:
1200 CST 1/10/01 L. Daniel Thompson, (507) 537-2660
MINNESOTA CORN PROCESSORS, LLC ANNOUNCES PROJECTED EARNINGS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2000
DECEMBER 31 will be NEW FISCAL YEAR END
MARSHALL, MN, JANUARY 10, 2001 - Minnesota Corn Processors, LLC (MCP),
a corn-wet miller and supplier of food ingredients, starch and ethanol,
announced Wednesday that earnings for the six months ended December 31, 2000 are
projected to be $ 3 million to $4 million, which equates to approximately $0.02
per member unit. Sales for the six months ended December 31, 2000 will be
approximately $292 million.
The announcement followed an Internal Revenue Service (IRS)
determination received by MCP on January 3, 2001 which stated that MCP's fiscal
year-end will be December 31. MCP, which was converted from a farmer owned
cooperative to a limited liability company on July 1, 2000, had requested to
keep its prior March 31 year-end. The IRS ruling means that the new limited
liability company will have an initial six-month fiscal period from July 1, 2000
- December 31, 2000.
MEMBERS WILL RECEIVE IRS SCHEDULE K -1 REFLECTING THE MEMBER'S SHARE OF
THE LIMITED LIABILITY COMPANY'S INCOME FROM JULY 1, 2000 - DECEMBER 31, 2000.
An audit of MCP's financial records for the six-month fiscal period
should be completed in February, 2001. It is highly unlikely that MCP's own tax
return will be completed in time for members to receive their Schedule K-1 by
March 1, 2001 - the deadline for farmer tax returns to be filed with the IRS.
Members should receive their Schedule K-1 by mid to late March 2001.
Due to the conversion, the cooperative had a three-month fiscal period
ended June 30, 2000 in addition to its March 31, 2000 year-end. "Value-added"
payments for these time periods were distributed at $0.0525 per share in June
2000 and at $0.0275 per share in September 2000. THESE "VALUE-ADDED" PAYMENTS
ARE TO BE INCLUDED AS INCOME ON A MEMBERS' 2000 TAX RETURN. MEMBERS WILL NOT BE
RECEIVING A FORM K-1 OR FORM 1099 WITH REGARD TO THESE "VALUE-ADDED" PAYMENTS.
Members are encouraged to consult their tax advisors as to any impact
income recognition may have on their estimated payments, tax return preparation
or any other income tax matters. Members are considered to be limited partners
in the limited liability company. The MCP, LLC federal employer tax
identification number is 41-1928467.
Minnesota Corn Processors, LLC is a corn-wet miller with refineries in
Marshall, MN and Columbus, NE. The Company produces high-quality corn sweeteners
and starch products for sale into the beverage and food industries, and owns and
operates a nationwide network of 17 corn sweetener distribution terminals. In
addition to its position as one of the largest U.S. manufacturers of fuel
ethanol, the Company produces starches for sale into the paper and corrugating
industries, feed products and road de-icers. The Company, headquartered in
Marshall, MN, was founded as a farmer cooperative in 1980 and converted to a
5,400-member limited liability company on July 1, 2000. For more information,
visit the Company's web site at www.mcp.net.
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