Iowa Renewable Energy narrows annual loss to $8.9M, goes into black on gross margins

In Iowa, Iowa Renewable Energy announced its financial results for the 2010 fiscal year ending September 30, 2010.  SIRE reported a net loss of $8,951,326, or $681.28 per unit, compared to a net loss of $12,674,976 or $964.68 per unit, during the same period in 2009.  For the year ending September 30, 2010, 84% of revenues were earned from the sale of denatured ethanol with the remaining 16% of revenues earned from the sale of wet and dry distiller’s grains with solubles and corn syrup.  Brian T. Cahill, SIRE’s General Manager and CEO stated: “Ethanol margins expanded during the fourth quarter of our fiscal year 2010 allowing us to generate a positive gross margin as compared to fiscal year 2009.   Our cash position continues to be affected by the market conditions of the fourth quarter of the 2010 fiscal year.   We continue to work on increasing ethanol production levels and efficiencies here at SIRE.”

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