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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    Quarterly report pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
 For the quarterly period ended June 30, 2008
 OR
 o
    
    Transition report pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
 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
(Do not check if a smaller reporting company)
    
    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
    
    
    11Item 4T. Controls and Procedures
    
    
    19PART II. OTHER INFORMATION
    
    
    19Item 1. Legal Proceedings
    
    
    19Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    19Item 3. Defaults Upon Senior Securities
    
    
    19Item 4. Submission of Matters to a Vote of Security Holders
    
    
    19Item 5. Other Information
    
    
    19Item 6. Exhibits
    
    
    20SIGNATURES
    
    
    21Fifth Amendment to Credit AgreementCertificate Pursuant to 17 CFR 240.13a-14(a)Certificate Pursuant to 17 CFR 240.13a-14(a)Certificate Pursuant to 18 U.S.C. Section 1350Certificate Pursuant to 18 U.S.C. Section 1350




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 SIOUXLAND ETHANOL, LLC
  June 30,
    
    
    September 30,2008
    
    
    2007(Unaudited)ASSETSCurrent AssetsCash and equivalents
    
    $
    17,253,693
    
    
    $
    5,924,234Restricted cash
    
    
    1,037,208
    
    
    
    286,902Accounts receivable
    
    
    3,186,217
    
    
    
    3,091,829Inventory
    
    
    6,539,535
    
    
    
    3,127,756Derivative instruments
    
    
    3,188,881
    
    
    
    Deposits and prepaid expenses
    
    
    227,284
    
    
    
    312,887Total current assets
    
    
    31,432,818
    
    
    
    12,743,608Property and EquipmentLand and land improvements
    
    
    9,740,984
    
    
    
    9,637,884Buildings
    
    
    8,496,416
    
    
    
    8,496,416Office equipment and furnishings
    
    
    223,079
    
    
    
    190,170Plant equipment and machinery
    
    
    60,147,244
    
    
    
    59,760,74678,607,723
    
    
    
    78,085,216Less accumulated depreciation
    
    
    (6,119,120
    )
    
    
    (2,186,740
    )Net property and equipment
    
    
    72,488,603
    
    
    
    75,898,476Other AssetsRestricted cash
    
    
    403,000
    
    
    
    10,912Restricted investments
    
    
    
    
    
    
    399,533Construction deposit
    
    
    560,150
    
    
    
    560,150Debt issuance costs, net of amortization
    
    
    437,916
    
    
    
    568,553Deposits and other
    
    
    2,000
    
    
    
    1,079,8861,403,066
    
    
    
    2,619,034Total Assets
    
    $
    105,324,487
    
    
    $
    91,261,118LIABILITIES AND EQUITYCurrent LiabilitiesCurrent maturities of long-term debt
    
    $
    4,868,816
    
    
    $
    4,797,627Accounts payable
    
    
    2,586,898
    
    
    
    2,642,753Accrued expenses
    
    
    731,844
    
    
    
    783,308Derivative instruments
    
    
    
    
    
    
    43,591Construction payable
    
    
    
    
    
    
    252,266Total current liabilities
    
    
    8,187,558
    
    
    
    8,519,545Long-Term Debt,net of current maturities
    
    
    28,812,566
    
    
    
    41,336,758Commitments and ContingenciesMembers Equity,3,789 units issued and outstanding
    
    
    68,324,363
    
    
    
    41,404,815Total Liabilities and Members Equity
    
    $
    105,324,487
    
    
    $
    91,261,118
  1




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SIOUXLAND ETHANOL, LLC
  Three months ended
    
    
    Three months endedJune 30,
    
    
    June 30,2008
    
    
    2007(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    34,325,498
    
    
    $
    14,045,171Cost of Goods Sold
    
    
    21,778,548
    
    
    
    11,316,274Gross Profit
    
    
    12,546,950
    
    
    
    2,728,897Selling, General, and Administrative Expenses
    
    
    1,022,522
    
    
    
    750,033Operating Income
    
    
    11,524,428
    
    
    
    1,978,864Other Income (Expense)Interest income
    
    
    20,258
    
    
    
    5,720Interest expense
    
    
    (578,425
    )
    
    
    (462,985
    )Other income
    
    
    2,500
    
    
    
    1,000Total other expense, net
    
    
    (555,667
    )
    
    
    (456,265
    )Net Income
    
    $
    10,968,761
    
    
    $
    1,522,599Weighted Average Units Outstanding  Basic
and Diluted
    
    
    3,789
    
    
    
    3,789Net Income Per Unit  Basic and Diluted
    
    $
    2,894.90
    
    
    $
    401.85
  2




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SIOUXLAND ETHANOL, LLC
  Nine months ended
    
    
    Nine months endedJune 30,
    
    
    June 30,2008
    
    
    2007(Unaudited)
    
    
    (Unaudited)Revenues
    
    $
    94,151,735
    
    
    $
    14,045,171Cost of Goods Sold
    
    
    62,280,572
    
    
    
    11,189,991Gross Profit
    
    
    31,871,163
    
    
    
    2,855,180Selling, General, and Administrative Expenses
    
    
    3,052,205
    
    
    
    1,443,644Operating Income
    
    
    28,818,958
    
    
    
    1,411,536Other Income (Expense)Interest income
    
    
    58,033
    
    
    
    47,509Interest expense
    
    
    (2,174,809
    )
    
    
    (462,985
    )Other income
    
    
    217,366
    
    
    
    66,888Total other expense, net
    
    
    (1,899,410
    )
    
    
    (348,588
    )Net Income
    
    $
    26,919,548
    
    
    $
    1,062,948Weighted Average Units Outstanding  Basic and Diluted
    
    
    3,789
    
    
    
    3,789Net Income Per Unit  Basic and Diluted
    
    $
    7,104.66
    
    
    $
    280.54
  3




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SIOUXLAND ETHANOL, LLC
  Nine months ended
    
    
    Nine months endedJune 30,
    
    
    June 30,2008
    
    
    2007(Unaudited)
    
    
    (Unaudited)Cash Flows from Operating ActivitiesNet income
    
    $
    26,919,548
    
    
    $
    1,062,948Adjustments to reconcile net income to net cash from
(used in) operations:Depreciation and amortization
    
    
    4,063,627
    
    
    
    669,433Change in fair value of derivative instruments
    
    
    (1,899,181
    )
    
    
    Income earned on restricted cash and investments
    
    
    (19,022
    )
    
    
    Change in assets and liabilities:Restricted cash
    
    
    (907,387
    )
    
    
    52,382Accounts receivable
    
    
    (94,388
    )
    
    
    (3,939,063
    )Inventory
    
    
    (3,411,779
    )
    
    
    (4,223,978
    )Derivative instruments
    
    
    (1,333,291
    )
    
    
    425,075Deposits and prepaid expenses
    
    
    1,163,489
    
    
    
    (187,850
    )Accounts payable
    
    
    (55,855
    )
    
    
    2,412,215Accrued expenses
    
    
    (51,464
    )
    
    
    205,166Net cash from (used in) operating activities
    
    
    24,374,297
    
    
    
    (3,523,672
    )Cash Flows from Investing ActivitiesPayment for construction deposit
    
    
    
    
    
    
    (527,750
    )Capital expenditures
    
    
    (775,383
    )
    
    
    (34,902,660
    )Net cash used in investing activities
    
    
    (775,383
    )
    
    
    (35,430,410
    )Cash Flows from Financing ActivitiesProceeds from line of credit
    
    
    771,000
    
    
    
    Payments on line of credit
    
    
    (771,000
    )
    
    
    Proceeds from revolving term note
    
    
    1,000,000
    
    
    
    Payments on revolving term note
    
    
    (7,353,691
    )
    
    
    Proceeds from long-term debt
    
    
    
    
    
    
    38,838,743Payments on long-term debt
    
    
    (6,099,312
    )
    
    
    Payments for financing costs and other
    
    
    
    
    
    
    (111,529
    )Net withdrawals from restricted cash
    
    
    183,548
    
    
    
    Net cash from (used in) financing activities
    
    
    (12,269,455
    )
    
    
    38,727,214Net Increase (Decrease) in Cash and Equivalents
    
    
    11,329,459
    
    
    
    (226,868
    )Cash and Equivalents  Beginning of Period
    
    
    5,924,234
    
    
    
    4,160,253Cash and Equivalents  End of Period
    
    $
    17,253,693
    
    
    $
    3,933,385Supplemental Cash Flow InformationCash paid during the period for:Interest capitalized
    
    $
    
    
    
    $
    1,491,418Interest expensed
    
    
    2,129,583
    
    
    
    462,985Total
    
    $
    2,129,583
    
    
    $
    1,954,403Supplemental Disclosure of Noncash Investing and
Financing ActivitiesCapital expenditures in construction payable
    
    $
    
    
    
    $
    3,850,040Debt issuance costs financed with TIF financing
    
    $
    
    
    
    $
    282
  4




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SIOUXLAND ETHANOL, LLC
   1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Nature of Business
  Accounting Estimates
  Revenue Recognition
   5




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SIOUXLAND ETHANOL, LLC
    Derivative Instruments
 Accounting for Derivative Instruments and Hedging Activities
    New Accounting Pronouncements
 Disclosures about Derivative Instruments and
Hedging Activities
 6




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SIOUXLAND ETHANOL, LLC
    The Meaning of Present Fairly in
Conformity With Generally Accepted Accounting Principles
 2. INVENTORY
  September 30,June 30, 2008
    
    
    2007 *Raw materials
    
    $
    2,651,640
    
    
    $
    1,172,335Supplies
    
    
    287,255
    
    
    
    215,530Work in process
    
    
    740,373
    
    
    
    581,063Finished goods
    
    
    2,860,267
    
    
    
    1,158,828Total
    
    $
    6,539,535
    
    
    $
    3,127,756
 
 *
    
    Derived from audited financial statements 3. DERIVATIVE INSTRUMENTS
  4. LINE OF CREDIT
  7




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SIOUXLAND ETHANOL, LLC
    5. LONG-TERM DEBT
  June 30,
    
    
    September 30,2008
    
    
    2007*Term note payable, see terms below
    
    $
    29,579,375
    
    
    $
    35,643,750Revolving promissory note, see terms below
    
    
    
    
    
    
    6,353,691Tax increment financing
    
    
    4,025,000
    
    
    
    4,030,000Equipment note
    
    
    77,007
    
    
    
    106,944Total
    
    
    33,681,382
    
    
    
    46,134,385Less amounts due within one year
    
    
    4,868,816
    
    
    
    4,797,627Net long-term debt
    
    $
    28,812,566
    
    
    $
    41,336,758
 
 *
    
    Derived from audited financial statements Term Note
   8




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SIOUXLAND ETHANOL, LLC
   Revolving Promissory Note
  Maturities
  2008
    
    $
    4,868,8162009
    
    
    4,943,1912010
    
    
    4,922,5002011
    
    
    4,937,5002012
    
    
    4,957,500Thereafter
    
    
    9,051,875Total long-term debt
    
    $
    33,681,382
 6. COMMITMENTS AND CONTINGENCIES
 Construction Deposit
  Forward Contracts
  9




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SIOUXLAND ETHANOL, LLC
   Corn Oil Extraction Contract
  7. RELATED PARTY TRANSACTIONS
  June 30, 2008Three months
    
    Nine monthsended
    
    endedCorn purchases
    
    $
    446,000
    
    
    $
    1,774,000Distillers grain sales
    
    
    264,000
    
    
    
    698,000June 30, 2007Three months
    
    Nine monthsended
    
    endedCorn purchases
    
    $
    516,000
    
    
    $
    516,000
 
 10




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operation
  Disclosure Regarding Forward-Looking Statements
  
    
    Changes in the availability and price of corn;
    
    Projected growth, overcapacity or increased competition in the ethanol market in
which we operate;
    
    Fluctuations in the price and market for ethanol and distillers grains;
    
    Changes in plant production capacity, variations in actual ethanol and
distillers grains production from expectations or technical difficulties in
operating the plant;
    
    Changes in our development plans for expanding, maintaining or contracting our
presence in the market in which we operate;
    
    Changes in interest rates and the availability of credit to support capital
improvements, development, expansion and operations;
    
    Changes in or elimination of governmental laws, tariffs, trade or other controls
or enforcement practices;
    
    Fluctuations in US oil consumption and petroleum prices;
    
    The availability and adequacy of our cash flow to meet our requirements;
    
    Competition from alternative fuels and alternative fuel additives; and
    
    Changes in general economic conditions or the occurrence of certain events
causing an economic impact in the agriculture, oil or automobile industries.
  11




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Overview
      12




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Results of Operations
 1 2
 Comparison of the three-month periods ended June 30, 2008 and 2007
  Three Months Ended
    
    
    Three Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    34,325,498
    
    
    
    100.0
    %
    
    $
    14,045,171
    
    
    
    100.0
    %Cost of Goods Sold
    
    
    21,778,548
    
    
    
    63.4
    %
    
    
    11,316,274
    
    
    
    80.6
    %Gross Profit
    
    
    12,546,950
    
    
    
    36.6
    %
    
    
    2,728,897
    
    
    
    19.4
    %SG&A Expenses
    
    
    1,022,522
    
    
    
    3.0
    %
    
    
    750,033
    
    
    
    5.3
    %Operating Income
    
    
    11,524,428
    
    
    
    33.6
    %
    
    
    1,978,864
    
    
    
    14.1
    %Other Expense, net
    
    
    (555,667
    )
    
    
    (1.6
    )%
    
    
    (  456,265
    )
    
    
    (3.3
    )%Net Income
    
    $
    10,968,761
    
    
    
    32.0
    %
    
    $
    1,522,599
    
    
    
    10.8
    %
 Revenues
   13




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Cost of Goods Sold
 1 2
  Selling, General and Administrative Expenses
 14




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Other Income (Expense)
 Comparison of the nine-month periods ended June 30, 2008 and 2007
  Nine Months Ended
    
    
    Nine Months EndedJune 30, 2008
    
    
    June 30, 2007(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    94,151,735
    
    
    
    100.0
    %
    
    $
    14,045,171
    
    
    
    100.0
    %Cost of Goods Sold
    
    
    62,280,572
    
    
    
    66.1
    %
    
    
    11,189,991
    
    
    
    79.7
    %Gross Profit
    
    
    31,871,163
    
    
    
    33.9
    %
    
    
    2,855,180
    
    
    
    20.3
    %SG&A Expenses
    
    
    3,052,205
    
    
    
    3.3
    %
    
    
    1,443,644
    
    
    
    10.3
    %Operating Income
    
    
    28,818,958
    
    
    
    30.6
    %
    
    
    1,411,536
    
    
    
    10.0
    %Other Expense, net
    
    
    (1,899,410
    )
    
    
    (2.0
    )%
    
    
    (348,588
    )
    
    
    (2.5
    )%Net Income
    
    $
    26,919,548
    
    
    
    28.6
    %
    
    $
    1,062,948
    
    
    
    7.5
    %
 Revenues
 Cost of Goods Sold 1 2
 15




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Selling, General and Administrative Expenses.
 Other Income
 Changes in Financial Condition for the nine months ended June 30, 2008 compared to the fiscal year
ended September 30, 2007.
    Liquidity and Capital Resources
  16




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17




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Application of Critical Accounting Estimates
  Off-Balance Sheet Arrangements
  18




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Item 4T. Controls and Procedures
   
 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
  19




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Item 6. Exhibits
  Exhibit No.
    
    Exhibit3.1
    
    Articles of Organization of Siouxland Ethanol, LLC. Filed as
Exhibit 3.1 to the Companys registration statement on Form
SB-2 (Commission File 333-123473) and incorporated by
reference herein.3.2
    
    Amended and Restated Operating Agreement of Siouxland Ethanol,
LLC. Filed as Exhibit 3.2 to the Companys registration
statement on Form SB-2 (Commission File 333-123473) and
incorporated by reference herein.4.1
    
    Form of Membership Certificate. Filed as Exhibit 4.1 to the
Companys registration statement on Form SB-2 (Commission File
333-123473) and incorporated by reference herein.10.1
    
    Fourth Amendment, dated April 11, 2008, to Credit Agreement,
dated May 4, 2006, between the Company and Farm Credit
Services of America, FLCA and Farm Credit Services of America,
PCA. Filed as Exhibit 10.1 to the Companys Current Report on
Form 8-K. (Commission File No. 000-52420, filed April 15, 2008
and incorporated by reference herein.10.2
    
    Fifth Amendment, dated June 30, 2008, to Credit Agreement,
dated May 4, 2006, between the Company and Farm Credit
Services of America FLCA and Farm Credit Services of America,
PCA.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.
 20




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SIGNATURES
  SIOUXLAND ETHANOL, LLCDate: August 14, 2008
    /s/ Charles HoflandCharles HoflandPresident and Chief Executive Officer
(Principal ExecutiveOfficer)Date: August 14, 2008
    /s/ Mark RolfesMark RolfesTreasurer and Chief Financial Officer
(Principal Financialand Accounting Officer) 21