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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934.
 For the fiscal quarter ended December 31, 2007
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from                    to          .
 COMMISSION FILE NUMBER 000-52420
 SIOUXLAND ETHANOL, LLC
  Nebraska
    
    22-3902184(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 1501 Knox Boulevard
Jackson, NE 68743
 (402) 632-2676
 þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller Reporting Company
þ
 o þ




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Page No.PART I. FINANCIAL INFORMATION
    
    
    1Item 1. Financial Statements
    
    
    1Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    10Item 4T. Controls and Procedures
    
    
    13PART II. OTHER INFORMATION
    
    
    14Item 1. Legal Proceedings
    
    
    14Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    14Item 3. Defaults Upon Senior Securities
    
    
    14Item 4. Submission of Matters to a Vote of Security Holders
    
    
    14Item 5. Other Information
    
    
    14Item 6. Exhibits
    
    
    14SIGNATURES
    
    
    15CertificationCertificationSection 1350 CertificationSection 1350 Certification
  Information Regarding Forward Looking Statements
  
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture, oil or automobile industries;
    
    Changes in the markets for ethanol and distillers grains, including the effects of
possible overproduction of ethanol or distillers grain;
    
    Changes in the availability and price of natural gas, corn and other inputs;
    
    Changes in federal and/or state laws (including the elimination of federal and/or
state ethanol tax incentives);
    
    Changes in our business strategy, capital improvements or plans for additional
development;
    
    Changes in the environmental regulations that apply to our plant site and
operations;
    
    Changes and advances in ethanol production technology;
    
    Competition from alternative fuel additives; and
    
    Changes in interest rates on our variable rate borrowings.




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ALL REFERENCES TO WE, US, OUR AND THE COMPANY IN THIS REPORT REFER TO
SIOUXLAND ETHANOL, LLC.




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PART I.  FINANCIAL INFORMATION
 
 Item 1.  Financial Statements
 SIOUXLAND ETHANOL, LLC
  December 31,
    
    
    September 30,2007
    
    
    2007(Unaudited)
    
    
    (Audited)ASSETSCurrent AssetsCash and equivalents
    
    $
    666,964
    
    
    $
    5,924,234Restricted cash
    
    
    1,237,676
    
    
    
    286,902Accounts receivable
    
    
    4,415,152
    
    
    
    3,091,829Inventory
    
    
    4,683,095
    
    
    
    3,127,756Derivative instruments
    
    
    3,247,482
    
    
    
    Deposits and prepaid expenses
    
    
    344,973
    
    
    
    312,887Total current assets
    
    
    14,595,342
    
    
    
    12,743,608Property and EquipmentLand and land improvements
    
    
    9,736,687
    
    
    
    9,637,884Buildings
    
    
    8,496,416
    
    
    
    8,496,416Office equipment and furnishings
    
    
    213,139
    
    
    
    190,170Plant equipment and machinery
    
    
    59,780,948
    
    
    
    59,760,74678,227,190
    
    
    
    78,085,216Less accumulated depreciation
    
    
    (3,495,176
    )
    
    
    (2,186,740
    )Net property and equipment
    
    
    74,732,014
    
    
    
    75,898,476Other AssetsRestricted cash
    
    
    3,467
    
    
    
    10,912Restricted investments
    
    
    399,533
    
    
    
    399,533Expansion deposit
    
    
    560,150
    
    
    
    560,150Debt issuance costs, net of amortization
    
    
    509,893
    
    
    
    568,553Deposits and other
    
    
    1,079,886
    
    
    
    1,079,8862,552,929
    
    
    
    2,619,034Total Assets
    
    $
    91,880,285
    
    
    $
    91,261,118LIABILITIES AND EQUITYCurrent LiabilitiesLine of credit
    
    $
    486,339
    
    
    $
    Current maturities of long-term debt
    
    
    4,803,019
    
    
    
    4,797,627Accounts payable
    
    
    2,998,551
    
    
    
    2,642,753Accrued expenses
    
    
    828,362
    
    
    
    783,308Derivative instruments
    
    
    
    
    
    
    43,591Construction payable
    
    
    150,000
    
    
    
    252,266Total current liabilities
    
    
    9,266,271
    
    
    
    8,519,545Long-Term Debt, net of current maturities
    
    
    34,833,356
    
    
    
    41,336,758Commitments and ContingenciesMembers Equity, 3,789 units issued and outstanding
    
    
    47,780,658
    
    
    
    41,404,815Total Liabilities and Members Equity
    
    $
    91,880,285
    
    
    $
    91,261,118
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SIOUXLAND ETHANOL, LLC
  Three months ended
    
    
    Three months endedDecember 31,
    
    
    December 31,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    27,039,613
    
    
    $
    Cost of Goods Sold
    
    
    18,682,430
    
    
    
    Gross Profit
    
    
    8,357,183
    
    
    
    Selling, General, and Administrative Expenses
    
    
    1,104,460
    
    
    
    206,680Operating Income (Loss)
    
    
    7,252,723
    
    
    
    (206,680
    )Other Income (Expense)Interest income
    
    
    15,877
    
    
    
    18,909Interest expense
    
    
    (895,515
    )
    
    
    Other income
    
    
    2,758
    
    
    
    283,075Total other income (expense), net
    
    
    (876,880
    )
    
    
    301,984Net Income
    
    $
    6,375,843
    
    
    $
    95,304Weighted Average Units Outstanding  Basic
and Diluted
    
    
    3,789
    
    
    
    3,789Net Income Per Unit  Basic and Diluted
    
    $
    1,682.72
    
    
    $
    25.15
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SIOUXLAND ETHANOL, LLC
  Three months ended
    
    
    Three months endedDecember 31,
    
    
    December 31,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Cash Flows from Operating ActivitiesNet income
    
    $
    6,375,843
    
    
    $
    95,304Adjustments to reconcile net income to net
cash from (used in) operations:Depreciation and amortization
    
    
    1,367,096
    
    
    
    11,890Change in fair value of derivative
instruments
    
    
    (3,255,348
    )
    
    
    Change in assets and liabilities:Restricted cash
    
    
    (1,128,613
    )
    
    
    (144,925
    )Accounts receivable
    
    
    (1,323,323
    )
    
    
    Other receivable
    
    
    
    
    
    
    2,067Inventory
    
    
    (1,555,339
    )
    
    
    Derivative instruments
    
    
    (35,725
    )
    
    
    (427,137
    )Deposits and prepaid expenses
    
    
    (32,086
    )
    
    
    13,165Accounts payable
    
    
    355,798
    
    
    
    149,712Accrued expenses
    
    
    45,054
    
    
    
    6,485Net cash from (used in) operating activities
    
    
    813,357
    
    
    
    (293,439
    )Cash Flows from Investing ActivitiesPayment for expansion deposit
    
    
    
    
    
    
    (500,000
    )Capital expenditures
    
    
    (244,240
    )
    
    
    (18,356,812
    )Net cash used in investing activities
    
    
    (244,240
    )
    
    
    (18,856,812
    )Cash Flows from Financing ActivitiesProceeds from line of credit, net
    
    
    486,339
    
    
    
    Proceeds from revolving term note
    
    
    
    
    
    
    394,188Payments on revolving term note
    
    
    (5,300,000
    )
    
    
    Proceeds from long-term debt
    
    
    
    
    
    
    15,975,000Payments on long-term debt
    
    
    (1,198,010
    )
    
    
    Payments for financing costs and other
    
    
    
    
    
    
    (60,697
    )Net release from restricted cash
    
    
    185,284
    
    
    
    Net cash from (used in) financing activities
    
    
    (5,826,387
    )
    
    
    16,308,491Net Decrease in Cash and Equivalents
    
    
    (5,257,270
    )
    
    
    (2,841,760
    )Cash and Equivalents  Beginning of Period
    
    
    5,924,234
    
    
    
    4,160,253Cash and Equivalents  End of Period
    
    $
    666,964
    
    
    $
    1,318,493Supplemental Cash Flow InformationCash paid during the period for:Interest capitalized
    
    $
    
    
    
    $
    323,007Interest expensed
    
    
    765,215
    
    
    
    Total
    
    $
    765,215
    
    
    $
    323,007Supplemental Disclosure of Noncash
Investing and Financing ActivitiesCapital expenditures in construction payable
    
    $
    
    
    
    $
    6,823,047
  3




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SIOUXLAND ETHANOL, LLC
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Nature of Business
  Accounting Estimates
   Revenue Recognition
  4




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SIOUXLAND ETHANOL, LLC
      Derivative Instruments
 Accounting for Derivative Instruments and Hedging Activities
    5




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SIOUXLAND ETHANOL, LLC
   2. INVENTORY
  December  31,
    
    
    September 30,2007
    
    
    2007 *Raw materials
    
    $
    1,910,603
    
    
    $
    1,172,335Supplies
    
    
    252,271
    
    
    
    215,530Work in process
    
    
    614,294
    
    
    
    581,063Finished goods
    
    
    1,905,927
    
    
    
    1,158,828Total
    
    $
    4,683,095
    
    
    $
    3,127,756
 
 *
    
    Derived from audited financial statements 3. DERIVATIVE INSTRUMENTS
  4. LINE OF CREDIT
  6




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SIOUXLAND ETHANOL, LLC
   5. LONG-TERM DEBT
  December 31,
    
    
    September 30,2007
    
    
    2007*Term note payable to lending institution, see terms below
    
    $
    34,455,625
    
    
    $
    35,643,750Revolving promissory note to lending institution, see
terms below
    
    
    1,053,691
    
    
    
    6,353,691Tax increment financing
    
    
    4,030,000
    
    
    
    4,030,000Equipment note
    
    
    97,059
    
    
    
    106,944Total
    
    
    39,636,375
    
    
    
    46,134,385Less amounts due within one year
    
    
    4,803,019
    
    
    
    4,797,627Net long-term debt
    
    $
    34,833,356
    
    
    $
    41,336,758
 
 *
    
    Derived from audited financial statements Term Note
   Revolving Promissory Note
  7




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SIOUXLAND ETHANOL, LLC
   Maturities
  2008
    
    $
    4,803,0192009
    
    
    4,939,6282010
    
    
    4,931,9112011
    
    
    4,927,5002012
    
    
    4,947,500Thereafter
    
    
    15,086,817Total long-term debt
    
    $
    39,636,375
 6. COMMITMENTS AND CONTINGENCIES
 Expansion Design Build Letter of Intent
  Utility contracts
   Forward Contracts
  8




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SIOUXLAND ETHANOL, LLC
    7. RELATED PARTY TRANSACTIONS
  8. SUBSEQUENT EVENTS
  9




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Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operation
 Overview
    Results of Operations
  Three Months EndedDecember 31, 2007(Unaudited)Income Statement Data
    
    Amount
    
    
    PercentRevenue
    
    $
    27,039,613
    
    
    
    100.0
    %Cost of Sales
    
    
    18,682,430
    
    
    
    69.1
    %Gross Profit
    
    
    8,357,183
    
    
    
    30.9
    %SG&A Expenses
    
    
    1,104,460
    
    
    
    4.1
    %Operating Income
    
    
    7,252,723
    
    
    
    26.8
    %Other Income (Expense)
    
    
    (876,880
    )
    
    
    (3.2
    )%Net Income
    
    $
    6,375,843
    
    
    
    23.6
    %
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Revenues
   Cost of Sales
    11




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Selling, General and Administrative Expenses
  Other Income (Expense)
  Liquidity and Capital Resources
      12




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Outlook
    Application of Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  
 Item 4T. Controls and Procedures
   13




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PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  
 Item 6. Exhibits
  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.
 14




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SIGNATURES
  SIOUXLAND ETHANOL, LLCDate: February 14, 2008
    /s/ Charles HoflandCharles HoflandPresident and Chief Executive Officer
(Principal Executive Officer) Date: February 14, 2008
    /s/ Mark RolfesMark RolfesTreasurer and Chief Financial Officer
(Principal Financial and Accounting Officer) 15