**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

 

**FORM 10-QSB/A**

 

| **ý**                                                                                                                                                                                                                                                              |   | **Quarterly report under Section 13 or 15(d) of the  Securities Exchange Act of 1934.** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                    |   |                                                                                         |
| **For the quarterly period ended December 31, 2003**                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                    |   |                                                                                         |
| **OR**                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                    |   |                                                                                         |
| **o**                                                                                                                                                                                                                                                                   |   | **Transition report under Section 13 or 15(d) of the  Exchange Act.**                   |
|                                                                                                                                                                                                                                                                    |   |                                                                                         |
| **For the transition period from                   to                      .** |
|                                                                                                                                                                                                                                                                    |   |                                                                                         |
| **COMMISSION FILE  NUMBER 0001229899**                                                                                                                                                                                                                                  |

 

| **LITTLE SIOUX  CORN PROCESSORS, L.L.C.**                          |
|--------------------------------------------------------------------|
| (Exact name of small  business issuer as specified in its charter) |
|                                                               |   |   |
| **Iowa**                                                           |   | **42-1510421** |
| (State or other  jurisdiction of  incorporation or organization)   |   | (I.R.S. Employer  Identification No.) |
|                                                               |   |   |
| **4808 F Avenue, Marcus, Iowa 51035**                              |
| (Address of principal  executive offices)                          |
|                                                               |   |   |
| **(712) 376-2800**                                                 |
| (Issuer’s telephone  number)                                  |

 

Check whether the issuer: (1) filed all reportsrequired to be filed by Section 13 or 15(d) of the Exchange Act during thepast 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements forthe past 90 days.               ý  Yes             o  No

 

State the number of shares outstanding for each ofthe issuer’s classes of common equity as of the latest practicabledate: As of February 13, 2004, there were 10,941 units outstanding.

 
| Transitional Small Business Disclosure Format  (Check one): |   | o  Yes |   | ý  No |
|-------------------------------------------------------------|--------|------------------|--------|----------------------|

 

 

----

 

**ExplanatoryNote Regarding Amendment No. 1**

 

This AmendmentNo. 1 to the Quarterly Report on Form 10-QSB/A of Little Sioux Corn Processors,LLC (the “Company”) for the quarter ended December 31, 2003, is being filed forthe purpose of reclassifying minority interest as an item separate fromequity.  In accordance with Rule 12b-15under the Securities and Exchange Act of 1934, the complete text of such Items,as amended, are set forth herein.  Inaddition to the filing of this Amendment No. 1 and pursuant to Rule 12b-15, theCompany is including certain currently dated certifications.  The remainder of the Company’s Form 10-QSB/Ais unchanged.  This report speaks as ofthe original filing date of the Form 10-QSB and has not been updated to reflectevents occurring subsequent to the original reporting date.

 

2

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**PART I.**** ****FINANCIAL INFORMATION**

 

**Item 1.****          ****FinancialStatements**

 

**LITTLE SIOUX CORN PROCESSORS, LLCAND SUBSIDIARY**

 

Condensed ConsolidatedBalance Sheet

 
|                          |   | **December  31  2003** |           |
|-------------------------------|--------|------------------------|----------------|
|                          |   | **(Unaudited)**        |           |
| **ASSETS**                    |   |                   |           |
| **Current Assets**            |   |                   |           |
| Cash                          |   | **$**                  | **3,351,136**  |   |
| Trade accounts receivable     |   | **1,584,049**          |           |
| Other receivables             |   | **2,627,686**          |           |
| Inventory                     |   | **1,636,536**          |           |
| Derivative instruments        |   | **597,226**            |           |
| Prepaid expenses              |   | **831,432**            |           |
| Total current assets          |   | **10,628,065**         |           |
|                          |   |                   |           |
| **Property and Equipment**    |   |                   |           |
| Land and improvements         |   | **2,381,920**          |           |
| Buildings                     |   | **15,147,828**         |           |
| Processing equipment          |   | **26,577,396**         |           |
| Grain handling equipment      |   | **5,084,720**          |           |
| Rail and other equipment      |   | **1,214,322**          |           |
| Furniture and fixtures        |   | **160,042**            |           |
|                          |   | **50,566,228**         |           |
| Less accumulated depreciation |   | **2,496,818**          |           |
| Net property and equipment    |   | **48,069,410**         |           |
|                          |   |                   |           |
| **Other Assets**              |   |                   |           |
| Deferred loan costs, net      |   | **438,021**            |           |
|                          |   | **438,021**            |           |
|                          |   |                   |           |
| **Total Assets**              |   | **$**                  | **59,135,496** |   |

 

Notesto Consolidated Financial Statements are an integral part of this Statement.

 

3

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**LITTLE SIOUX CORN PROCESSORS, LLCAND SUBSIDIARY**

 

Condensed Consolidated Balance Sheet

 
|                                                                                                                |   | **December  31  2003** |           |
|---------------------------------------------------------------------------------------------------------------------|--------|------------------------|----------------|
|                                                                                                                |   | **(Unaudited)**        |           |
| **LIABILITIES AND MEMBERS’ EQUITY**                                                                            |   |                   |           |
| **Current Liabilities**                                                                                             |   |                   | ** **     |
| Revolving promissory note                                                                                           |   | **$**                  | **200,964**    | ** ** |
| Current maturities of long-term debt                                                                                |   | **2,959,830**          | ** **     |
| Accounts payable                                                                                                    |   |                   | ** **     |
| Trade                                                                                                               |   | **1,045,896**          | ** **     |
| Construction                                                                                                        |   | **250,000**            | ** **     |
| Accrued liabilities                                                                                                 |   | **945,305**            | ** **     |
| Total current liabilitiies                                                                                          |   | **5,401,995**          | ** **     |
|                                                                                                                |   |                   | ** **     |
| **Long-Term Debt,**  net of current maturities                                                                      |   | **24,633,361**         | ** **     |
|                                                                                                                |   |                   | ** **     |
| **Commitments and Contingencies**                                                                                   |   |                   | ** **     |
|                                                                                                                |   |                   | ** **     |
| **Minority Interest**                                                                                               |   | **12,087,300**         | ** **     |
|                                                                                                                |   |                   | ** **     |
| **Members’ Equity**                                                                                            |   |                   | ** **     |
| Member contributions, net of costs related  to capital contributions, 10,941 units outstanding at December 31, 2003 |   | **10,842,237**         | ** **     |
| Retained earnings                                                                                                   |   | **6,170,603**          | ** **     |
| Total members’ equity                                                                                          |   | **17,012,840**         | ** **     |
|                                                                                                                |   |                   | ** **     |
| **Total Liabilities and Members’ Equity**                                                                      |   | **$**                  | **59,135,496** | ** ** |

 

Notesto Consolidated Financial Statements are an integral part of this Statement.

 

4

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**LITTLE SIOUX CORN PROCESSORS, LLC AND SUBSIDIARY**

 

Condensed ConsolidatedStatements of Operations

 
|                                               |   | **Three  Months Ended  December 31  2003** |           | **Three  Months Ended  December 31  2002** |   |
|----------------------------------------------------|--------|--------------------------------------------|----------------|--------------------------------------------|--------|
|                                               |   | **(Unaudited)**                            |           | **(Unaudited)**                            |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Revenues**                                       |   | **$**                                      | **19,266,908** | ** **                                 | $      | — |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Cost of Goods Sold**                             |   | **15,402,488**                             | ** **     | —                                     |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Gross Profit**                                   |   | **3,864,420**                              | ** **     | —                                     |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Operating Expenses**                             |   | **1,568,721**                              | ** **     | 31,028                                     |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Operating Income (Loss)**                        |   | **2,295,699**                              | ** **     | (31,028                                    | )      |
|                                               |   |                                       | ** **     |                                       |   |
| **Other Income (Expense)**                         |   |                                       | ** **     |                                       |   |
| Interest income                                    |   |                                       | ** **     | 442                                        |   |
| Interest expense                                   |   | **(402,966**                               | **)**          |                                       |   |
| CCC Bio-Energy income                              |   | **2,617,626**                              | ** **     |                                       |   |
| Other income                                       |   | **18,764**                                 | ** **     |                                       |   |
| Total other income                                 |   | **2,233,424**                              | ** **     | 442                                        |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Net Income (Loss) Before Minority Interest**     |   | **4,529,123**                              | ** **     | (30,586                                    | )      |
|                                               |   |                                       | ** **     |                                       |   |
| **Minority Interest in Sudsidiary Income  (Loss)** |   | **1,880,548**                              | ** **     | (12,694                                    | )      |
|                                               |   |                                       | ** **     |                                       |   |
| **Net Income (Loss)**                              |   | **$**                                      | **2,648,575**  | ** **                                 | $      | (17,892 | ) |
|                                               |   |                                       | ** **     |                                       |   |
| **Weighted Average Units Outstanding**             |   | **10,941**                                 | ** **     | 10,941                                     |   |
|                                               |   |                                       | ** **     |                                       |   |
| **Net Income (Loss) Per Unit**                     |   | **$**                                      | **242.08**     | ** **                                 | $      | (1.64 | ) |

 

Notesto Consolidated Financial Statements are an integral part of this Statement.

 

5

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**LITTLE SIOUX CORN PROCESSORS, LLC AND SUBSIDIARY**

 

Condensed Consolidated Statements of Cash Flows

 
|                                                                               |   | **Three  Months Ended  December 31  2003** |          | **Three  Months Ended  December 31  2002** |      |
|------------------------------------------------------------------------------------|--------|--------------------------------------------|---------------|--------------------------------------------|-----------|
|                                                                               |   | **(Unaudited)**                            |          | **(Unaudited)**                            |      |
| **Cash Flows from Operating Activities**                                           |   |                                       | ** **    |                                       |      |
| Net income (loss)                                                                  |   | **$**                                      | **2,648,575** | ** **                                 | $         | (17,892 | ) |
| Adjustments to reconcile net income (loss)  to net cash from operations:           |   |                                       | ** **    |                                       |      |
| Depreciation and amortization                                                      |   | **871,640**                                | ** **    | 2,117                                      |      |
| Minority interest in subsidiary’s net  income (loss)                          |   | **1,880,548**                              | ** **    | (12,694                                    | )         |
| Loss on derivatives                                                                |   | **312,777**                                | ** **    |                                       |      |
| Change in assets and liabilities:                                                  |   |                                       | ** **    |                                       |      |
| Restricted cash                                                                    |   | **12,902**                                 | ** **    | (174,215                                   | )         |
| Receivables                                                                        |   | **904,597**                                | ** **    | (6,354                                     | )         |
| Inventory                                                                          |   | **(249,965**                               | **)**         |                                       |      |
| Derivative instruments                                                             |   | **(140,613**                               | **)**         | (70,500                                    | )         |
| Prepaid expenses                                                                   |   | **(233,330**                               | **)**         | (14,383                                    | )         |
| Accounts payable                                                                   |   | **536,655**                                | ** **    | 12,269                                     |      |
| Accrued liabilities                                                                |   | **485,126**                                | ** **    | (3,658                                     | )         |
| Net cash provided by (used in) operating                                           |   | **7,028,912**                              | ** **    | (285,310                                   | )         |
|                                                                               |   |                                       |          |                                       |      |
| **Cash Flows from Investing Activities**                                           |   |                                       | ** **    |                                       |      |
| Capital expenditures                                                               |   | **(118,539**                               | **)**         |                                       |      |
| Net cash used in investing activities                                              |   | **(118,539**                               | **)**         |                                       |      |
|                                                                               |   |                                       |          |                                       |      |
| **Cash Flows from Financing Activities**                                           |   |                                       | ** **    |                                       |      |
| Bank overdraft                                                                     |   |                                       | ** **    | 220,354                                    |      |
| Proceeds from issuance of long-term debt                                           |   |                                       | ** **    | 69,829                                     |      |
| Payments on revolving promissory note, net                                         |   | **(574,201**                               | **)**         |                                       |      |
| Payments of long-term debt                                                         |   | **(3,521,519**                             | **)**         |                                       |      |
| Loan costs                                                                         |   |                                       |          | (35,662                                    | )    |
| Net cash provided by (used in) financing                                           |   | **(4,095,720**                             | **)**         | 254,521                                    |      |
|                                                                               |   |                                       |          |                                       |      |
| **Net increase (decrease) in cash**                                                |   | **2,814,653**                              | ** **    | (30,789                                    | )         |
|                                                                               |   |                                       |          |                                       |      |
| **Cash** – Beginning  of Period                                               |   | **536,483**                                | ** **    | 299,951                                    |      |
| **Cash** – End of  Period                                                     |   | **$**                                      | **3,351,136** | ** **                                 | $         | 269,162 |   |
| **Supplemental Cash Flow Information**                                             |   |                                       |          |                                       |      |
| Cash paid during the period for:                                                   |   |                                       |          |                                       |      |
| Interest                                                                           |   | **$**                                      | **500,485**   |                                       | $         | 206,990 |   |
|                                                                               |   |                                       |          |                                       |      |
| **Supplemental Disclosure of Noncash  Investing and Financing Activities**         |   |                                       |          |                                       |      |
| Property, plant and equipment financed with  note payable and construction payable |   |                                       |          | $                                          | 8,627,536 |   |

 

Notesto Consolidated Financial Statements are an integral part of this Statement.

 

6

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**LITTLE SIOUX CORN PROCESSORS, LLC ANDSUBSIDIARY**

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

December 31, 2003

 

**1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

 

The accompanying condensed quarterlyconsolidated financial statements represent Little Sioux Corn Processors, LLCand Subsidiary.  See Note 1 to theconsolidated financial statements included in the Form 10-KSB for the ninemonth fiscal year ended September 30, 2003. That note discusses the consolidation. As used in this report in Form 10-QSB, the “Company” represents LittleSioux Corn Processors, LLC (LLC) and its subsidiary LSCP, LLLP (LSCP).

 

The condensed consolidatedquarterly financial statements are unaudited. These statements include all adjustments (consisting of normal recurringaccruals) that we considered necessary to present a fair statement of theresults of operations, financial position, and cash flows.  The results reported in these condensed,consolidated financial statements should not be regarded as necessarilyindicative of results that may be expected for the entire year.

 

*Nature of Business*

 

The Companyoperates a 40 million gallon ethanol plant, located near Marcus, Iowa.  The plant commenced operations in April2003.  The Company sells its productionof ethanol and distillers grains and solubles in the upper Midwest states.

 

*Commodity Credit Corporation BioenergyProgram*

 

During 2003, the Companyenrolled in the Commodity Credit Corporation Bioenergy Program (CCC), adepartment of the United States Department of Agriculture.  This program enables the Company to receivepayments based on increases in production of ethanol over the previous year ofup to $7,500,000 per year.  Newproduction is eligible and is considered increased production.  Payments under the program are subject to prorata reduction if aggregate payments to all producers in any fiscal year exceedthe maximum annual funding of the program. During the three months ended December 31, 2003, the Company recorded$2,617,626 as other income and other receivables from the CCC.

 

*Derivative Instruments*

 

At December 31, 2003, theCompany had recorded an asset for derivative instruments related to corn andnatural gas option and futures positions with a fair value of $511,650 forforecasted purchases during fiscal 2004. None of the positions open at December 31, 2003 are designated as cashflow hedges.  The Company has recorded$317,129 in cost of goods sold related to its derivative instruments for thethree months ended December 31, 2003, which includes the reclassification of $371,440from accumulated other comprehensive loss.

 

At December 31, 2003, theCompany had an interest rate cap as described in Note 4 with a fair value of$85,576 recorded as an asset with derivative instruments.  The interest rate cap was not designated asa cash flow hedge.  The Company offsetinterest expense with the gain on the interest rate cap of $4,352 for the threemonths ending December 31, 2003.

 

*Recent Accounting Pronouncement*

 

In December 2003, the FinancialAccounting Standards Board (FASB) issued FASB Interpretation No. 46 (R), *Consolidationof Variable Interest Entities*. The Company has reviewed its consolidation policy under thisinterpretation.  It was determined thatcontinued consolidation under previously issued accounting standards is stillapplicable.

 

7

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**2. INVENTORY**

 

Inventories consist of thefollowing at December 31, 2003:

 
| Raw materials   |   | $       | 952,607   |   |
|-----------------|--------|---------|-----------|--------|
| Work in process |   | 291,098 |      |
| Finished goods  |   | 392,831 |      |
|            |   |    |      |
| Totals          |   | $       | 1,636,536 |   |

 

**3. REVOLVING PROMISSORY NOTE**

 

Under the terms ofthe financing agreement with a lending institution, the Company has a revolvingpromissory note of up to $3,500,000, subject to borrowing base limitations,maturing in July 2004.  The revolving promissorynote accrues interest monthly at the one month LIBOR plus 380 basis pointswhich totaled 4.92% at December 31, 2003. The Company pays a commitment fee of .125% on the unused portion of therevolving promissory note.  Theoutstanding balance at December 31, 2003 was $200,964.  The revolving promissory note as well as theterm notes described in Note 4 are subject to protective covenants under acommon financing agreement requiring the Company to maintain various financialratios, including debt service coverage, minimum net worth and working capitalrequirements, restrictions on distributions, secured by all business assets,and require additional loan payments based on excess cash flow.

 

**4. LONG–TERM DEBT**

 

Long-term debt consists of thefollowing at December 31, 2003:

 
| Note payable to Iowa Corn Promotion Board,  principal and interest are due and payable on June 30, 2004, no interest rate  is charged as long as the note is repaid by June 30, 2004. Thereafter,  interest will retroactively accrue at the prime rate, secured by a general  security agreement covering substantially all assets, subordinate to term  notes |   | $          | 50,000     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|------------|--------|
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Note payable to limited partner and general  contractor, principal and interest are due and payable on July 25, 2007,  interest is charged at the prime rate plus 1% (5.00% at December 31, 2003),  secured by real estate, subordinate to term notes, paid in full subsequent to  December 31, 2003                                                            |   | 1,250,000  |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Term note #2 payable to lending  institution, see terms below                                                                                                                                                                                                                                                                                                   |   | 15,085,734 |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Term note #3 payable to lending  institution, see terms below                                                                                                                                                                                                                                                                                                   |   | 10,028,567 |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Term note #4 payable to lending  institution, see terms below                                                                                                                                                                                                                                                                                                   |   | 130,267    |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Note payable to Iowa Energy Center, due in  monthly payments of $3,472 without interest, maturing on January 29,  2009, secured by real estate, subordinated to term notes                                                                                                                                                                                 |   | 217,460    |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Note payable to bank due in monthly  payments of $5,921 including interest at 6% maturing on January 29, 2009,  secured by real estate, subordinated to term notes                                                                                                                                                                                              |   | 211,805    |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Totals carried forward                                                                                                                                                                                                                                                                                                                                          |   | $          | 26,973,833 |   |
| Totals brought forward                                                                                                                                                                                                                                                                                                                                          |   | $          | 26,973,833 |   |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Note payable to Iowa Department of Economic  Development, due in sixty monthly installments beginning August 1, 2004 of  $1,167 without interest, payable in full on July 1, 2009, secured by all  equipment                                                                                                                                                    |   | 210,000    |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Note payable to Iowa Department of Economic  Development, forgivable upon completion of the ethanol plant and the sale of  40 million gallons of ethanol, otherwise due with interest at 8.25% from July  1, 2006 through 2009, secured by all equipment                                                                                                        |   | 90,000     |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Capital lease obligations, due in monthly  installments initially totaling $6,768 including implicit interest between  7.4% and 17.4% through March 1, 2008, secured by leased equipment                                                                                                                                                                        |   | 319,358    |       |
| Totals                                                                                                                                                                                                                                                                                                                                                          |   | 27,593,191 |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Less amounts due within one year                                                                                                                                                                                                                                                                                                                                |   | 2,959,830  |       |
|                                                                                                                                                                                                                                                                                                                                                            |   |       |       |
| Totals                                                                                                                                                                                                                                                                                                                                                          |   | $          | 24,633,361 |   |

 

8

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The Company obtained debtfinancing from a lending institution in the form of a revolving promissory noteand term notes, referred to by the lending institution as term notes #2, #3,and #4.  Term note #2 has fixedprincipal payments due quarterly with interest at the three month LIBOR plus280 basis points, which totaled 3.95% at December 31, 2003, payable in full onJune 1, 2008.  As part of the financingagreement, the Company accepted a fixed rate option on term note #2 by enteringinto an interest rate swap which effectively fixes the interest rate on thisterm note at 5.79% until this term note is repaid on June 1, 2008.

 

Term note #3 bears interest atthe three month LIBOR plus 380 basis points which totaled 4.95% at December 31,2003.  Term note #4 bears interest atthe one month LIBOR plus 380 basis points which totaled 4.92% at December 31,2003.  Term notes #3 and #4 are payablein full on June 1, 2008.  The Company isrequired to make quarterly payments of $506,588 applied first to accruedinterest on term note #4.  The remainingamount is applied to accrued interest on the term note #3 and then to principaluntil this note is repaid in full or until maturity.  After term note #3 is repaid, payments are applied first toaccrued interest and then to principal on the term note #4 until paid in fullor until maturity.  Term note #4 allowssubsequent borrowings up to the original $5,000,000 to the extent of principalpayments made until maturity and requires a commitment fee of .375% on any usedportion.

 

As part of the financingagreement, the premium above the LIBOR on the term notes may be reduced basedon a financial ratio.  The financingagreement requires an annual servicing fee of $50,000 for five years.  As described in Note 1, the Company entered intoan interest rate cap agreement to reduce the risk of increases in interest rates.  The interest rate cap agreement is based ona notional amount of $10,000,000 and caps increases in interest rates at 6.8%on this amount until June 1, 2006.

 

9

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At September 30, 2003, LSCP wasin violation of the net worth covenant. The lender has waived compliance with this violation at September 30,2003 and for the following year as it relates to this violation at September30, 2003.

 

In addition to the terms notes,the subordinated notes payable to the bank and related party require additionalcash flow anticipated to be received from the CCC to be split pro rata betweenthe subordinated debtors as additional payments on the notes.

 

The estimated maturities oflong-term debt at December 31, 2003 are as follows:

 
| 2004                 |   | $          | 2,959,830  |   |
|----------------------|--------|------------|------------|--------|
| 2005                 |   | 3,051,674  |       |
| 2006                 |   | 3,278,599  |       |
| 2007                 |   | 4,584,329  |       |
| 2008                 |   | 13,562,835 |       |
| After 2008           |   | 155,924    |       |
|                 |   |       |       |
| Total long-term debt |   | $          | 27,593,191 |   |

 

**5. RELATED PARTY TRANSACTIONS**

 

In addition to the relatedparty transactions described previously, the Company also had the followingrelated party transactions:

 

At December 31, 2003, amountsdue from Archer Daniels Midland Company (ADM) approximated 87% of tradeaccounts receivable.  For the threemonths ended December 31, 2003, the Company incurred marketing expenses ofapproximately $123,000 to ADM.  AtDecember 31, 2003, the Company had accrued interest related to the note payableto Fagen, Inc. (Fagen) as described in Note 4 of approximately $14,000.  During the three months ended December 31,2003, the Company paid interest to Fagen approximating $84,000.  At December 31, 2003, the Company hadconstruction costs payable to Fagen of $250,000.

 

LSCP purchased approximately$553,000 in corn from members of the LLC during the three months ended December31, 2003.

 

**6. COMMITMENTS AND CONTINGENCIES**

 

### **AtDecember 31, 2003, the Company has forward contracts to purchase approximately319,000 million British thermal units (MMBTU) of natural gas during January,February, and March 2004 at $4.98 per MMBTU totaling $1,586,130 less a depositof $184,000.**

### ** **

At December 31, 2003, theCompany had forward contracts to purchase approximately 2,905,000 bushels ofcorn at prices ranging from $2.20 to $2.60 per bushel through November 2004.

 

**7.  SUBSEQUENTEVENT**

 

Subsequent to December 31,2003, LSCP declared a distribution of $1,050,000 payable immediately to LSCPpartners.  The LLC declared adistribution to its members of approximately $561,000.

 

**8. RECLASSIFICATION OF MINORITY INTEREST**

 

The minority interest has been reclassified on theaccompanying balance sheet to reflect it as a separate line item rather thanincluding it as part of equity.  Thisreclassification has no impact of net income or earnings per unit as previouslyreported.

 

10

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| **Item 6.** |   | **Exhibits and Reports on Form 8-K.** |
|-------------|--------|---------------------------------------|
|        |   |                                  |
|        |   | (a)                                   | The following exhibits are included herein. |
|        |   |                                  |   |
|        |   |                                  | 31.1 | Certificate pursuant to 17 CFR 240.13a-14(a) |
|        |   |                                  | 31.2 | Certificate pursuant to 17 CFR 240.13a-14(a) |
|        |   |                                  | 32.1 | Certificate pursuant to 18 U.S.C. § 1350 |
|        |   |                                  | 32.2 | Certificate pursuant to 18 U.S.C. § 1350 |
|        |   |                                  |   |
|        |   | (b)                                   | Reports on Form 8-K. |
|        |   |                                  |   |   |
|        |   |                                  |   | None. |
|        |   |                                  |

 

**SIGNATURES**

 

In accordance with the requirements of the ExchangeAct, the registrant caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

 

 
|   |            | LITTLE SIOUX CORN PROCESSORS, L.L.C.  |
|--------|-----------------|---------------------------------------|
|   |            |                                  |
|   |            |                                  |
| Date:  | August 13, 2004 |                                  | /s/ Stephen Roe |   |
|   |            | Stephen Roe                           |
|   |            | President and Chief Executive Officer |
|   |            |                                  |
|   |            |                                  |
| Date:  | August 13, 2004 |                                  | /s/ Gary Grotjohn |   |
|   |            | Gary Grotjohn                         |
|   |            | Chief Financial Officer               |

 

11

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