Dakota Plains Holdings, Inc.
Mar 11, 2016
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Dakota Plains Holdings, Inc. Reports Fourth Quarter and Full Year 2015 Financial Results

WAYZATA, Minn.--(BUSINESS WIRE)-- Dakota Plains Holdings, Inc. ("Dakota Plains"), (NYSE MKT:DAKP) today announced financial results for the three and twelve months ended December 31, 2015.

Full Year 2015 Operational Summary

Full Year 2015 Financial Summary

Craig McKenzie, Chief Executive Officer of Dakota Plains, said: "The energy industry, including the U.S. midstream segment, experienced a significant downturn in 2015. Despite this challenge, we were able to increase throughput volumes in both oil and sand transloading, and gain significant market share in both businesses. In addition, by materially reducing our operating costs, we were able to increase our cash margin for operations and delivered a 151% increase in EBITDA."

McKenzie continued, "Notwithstanding the recent uptick in oil prices, future development and production levels in the Bakken remain uncertain. We are maintaining diligent oversight of our operations, as well as our financials, while we also pursue strategic alternatives."

Fourth Quarter 2015 Financial Results

Adjusted EBITDA for the fourth quarter of 2015 was $0.3 million compared to $1.9 million for the same period of 2014. The difference was primarily driven by lower crude oil transloading fees.

The Company reported a net loss of $3.4 million for the fourth quarter of 2015 compared to a net loss of $0.9 million for the fourth quarter of 2014 (after adjusting for non-controlling interests). The net loss for the fourth quarter of 2015 was primarily driven by the decrease in revenue as a result of lower crude oil transloading fees, which was partially offset by improved operating efficiencies and increased crude oil and frac sand transloading volumes.

Revenue from crude oil transloading was $3.7 million for the fourth quarter of 2015 compared to $7.7 million for the same period of 2014. The Company transloaded 4.4 million barrels of crude oil during the fourth quarter of 2015 compared to 4.0 million barrels during the same period of 2014. The decrease in revenue was driven by a 55% reduction in the average transloading fee charged in the fourth quarter of 2015 compared to the same period of 2014. Cost of revenue for crude oil transloading was $1.2 million for the fourth quarter of 2015 compared to $2.1 million during the same period of 2014. This reduction was primarily due to bringing the transloading operations in-house during the second quarter of 2015.

Revenue from frac sand transloading was $1.1 million for the fourth quarter of 2015 compared to $0.6 million for the same period of 2014. The increase in revenue was driven by volume as the Company transloaded approximately 159,000 tons of frac sand during the fourth quarter of 2015 compared to approximately 81,000 tons during the same period of 2014, a 97% increase. The cost of revenue related to frac sand transloading was $0.1 million compared to $0.3 million for the fourth quarter of 2014. The decrease was due to improved efficiencies as a result of bringing the transloading operations in-house during the second quarter of 2015.

General and administrative expenses were $3.2 million for the fourth quarter of 2015, which was flat compared to the same period of 2014.

Interest expense was $2.0 million for the fourth quarter of 2015 compared to $1.3 million for the fourth quarter of 2014. The increase was primarily driven by the interest expense related to the operational override liability and the additional debt resulting from the acquisition of 50% of the outstanding interest in the transloading and marketing joint ventures in the fourth quarter of 2014.

Full Year 2015 Financial Results

Adjusted EBITDA for the fiscal year ended December 31, 2015, was $8.7 million compared to $3.4 million in 2014. The increase in 2015 Adjusted EBITDA was primarily driven by company high crude oil and frac sand transloading throughput volumes, revenues from railcar storage, and improved operating efficiencies in the crude oil and frac sand transloading operations.

The Company experienced a net loss of $25.0 million for the fiscal year ended December 31, 2015, compared to a net loss of $3.3 million for the fiscal year ended December 31, 2014. The 2015 net loss was driven by a non-cash valuation allowance on the Company's deferred tax assets of approximately $27.4 million, which was partially offset by an $11 million gain from a revaluation of the operational override liability. In addition, higher crude oil and frac sand transloading throughput, revenues from railcar storage, and bringing the transloading operations in-house partially offset the valuation allowance. The net loss in 2014 was driven by a significant decrease in income from the Company's indirect investment in its marketing joint venture.

Revenue from crude oil transloading was $23.2 million in 2015 compared to $26.8 million in 2014. The decrease in revenue was driven by a 28% drop in average crude oil transloading fees. The impact of lower fees was partially offset by volume, as the Company transloaded 16.8 million barrels of crude oil (46,000 barrels per day) during 2015 compared to 14.2 million barrels of crude oil (39,000 barrels per day) during 2014, a 19% increase. Total cost of revenue related to crude oil transloading for 2015 was $6.0 million compared to $7.9 million for 2014, a 23% decrease driven by bringing the transloading operations in-house.

Revenue from frac sand transloading was $4.5 million in 2015 compared to $1.4 million in 2014. Cost of revenue related to frac sand transloading was $1.2 million in 2015 compared to $0.6 million in 2014. The increases in both revenue and cost of revenue were due to higher volume as the frac sand transloading operations did not commence until June 2014. The Company transloaded 605,000 tons of frac sand during 2015 compared to 172,000 tons of frac sand during 2014. The 46% decrease in cost of revenue per ton transloaded during 2015 was primarily the result of bringing the transloading operations in-house during the second quarter of 2015.

General and administrative expenses were $10.3 million for the fiscal year ended December 31, 2015, compared to $9.1 million for the fiscal year ended December 31, 2014. The 13% increase was primarily due to the $1.1 million in fees and costs related to the strategic alternatives process.

Interest expense was $8.1 million for the fiscal year ended December 31, 2015, compared to $2.8 million for the fiscal year ended December 31, 2014. The increase was primarily driven by the interest expense related to the operational override liability and additional debt from the acquisition of 50% of the outstanding interests in the transloading and marketing joint ventures in the fourth quarter of 2014.

The operational override liability was reduced $11.0 million for the fiscal year ended December 31, 2015, as compared to the fiscal year ended December 31, 2014, due to a decrease in the long-term estimated daily crude oil transloading volume used to calculate the liability.

The provision for income taxes was $29.3 million for the fiscal year ended December 31, 2015, compared to a benefit from income taxes of $0.9 million for the fiscal year ended December 31, 2014. The increase in the provision for income taxes was primarily due to the valuation allowance placed on the net deferred tax asset in 2015.

Adjusted EBITDA

Adjusted EBITDA and adjusted EBITDA attributable to stockholders of Dakota Plains Holdings, Inc., is a non-GAAP measure. A reconciliation of this measure to its most directly comparable GAAP measure is included in the accompanying financial tables found later in this release. Management believes the use of this non-GAAP financial measure provides useful information to investors to gain an overall understanding of current financial performance. Specifically, management believes the non-GAAP results included herein provide useful information to both management and investors by excluding certain expenses and gains that management believes are not indicative of Dakota Plains' core operating results. In addition, this non-GAAP financial measure is used by management for budgeting and forecasting as well as subsequently measuring Dakota Plains' performance, and management believes it is providing investors with a financial measure that most closely aligns to its internal measurement processes.

About Dakota Plains Holdings, Inc.

Dakota Plains Holdings, Inc. is an integrated midstream energy company operating the Pioneer Terminal transloading facility. The Pioneer Terminal is centrally located in Mountrail County, North Dakota, for Bakken and Three Forks development and production activity. For more information please visit the corporate website at: www.dakotaplains.com.

Forward Looking Statements

Statements made by representatives of Dakota Plains in this press release that are not historical facts are forward-looking statements. These statements are based on certain assumptions and expectations made by the Company which reflect management's experience, estimates and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to global economics or politics, the Company's ability to obtain additional capital needed to implement our business plan, minimal operating history, loss of key personnel, lack of business diversification, reliance on strategic, third-party relationships, financial performance and results, prices and demand for oil, the Company's ability to make acquisitions on economically acceptable terms, and other factors described from time to time in the Company's periodic reports filed with the SEC that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Dakota Plains undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.

- TABLES FOLLOW -

 
DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2015 AND 2014
             
ASSETS
December 31,
  2015     2014  
CURRENT ASSETS
Cash and Cash Equivalents $ 1,821,482 $ 4,690,706
Trade Receivables, Net 8,936,062 3,268,386
Income Tax Receivable 9,648 14,803
Other Current Assets 439,309 99,776
Other Receivables 42,038 781,135
Deferred Tax Asset   110,000     2,266,000  
Total Current Assets   11,358,539     11,120,806  
 
PROPERTY AND EQUIPMENT
Land 3,191,521 3,191,521
Site Development 5,829,639 5,829,640
Terminal 21,437,077 21,383,972
Machinery 18,218,163 18,133,754
Storage Tanks 15,299,541 9,307,570
Construction in Progress - 1,886,470
Other Property and Equipment   3,123,163     2,603,417  
Total Property and Equipment 67,099,104 62,336,344
Less - Accumulated Depreciation   10,908,003     6,143,159  
Total Property and Equipment, Net 56,191,101 56,193,185
 
FINANCE COSTS, NET 2,271,201 1,537,795
 
RESTRICTED CASH 3,000,593 3,000,000
 
DEFERRED TAX ASSET - 26,762,000
 
OTHER ASSETS   512,901     512,901  
 
Total Assets $ 73,334,335   $ 99,126,687  
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts Payable $ 4,791,157 $ 7,387,612
Accrued Expenses 4,149,601 1,696,358
Promissory Notes, SunTrust 3,225,000 23,250,000
Operational Override Liability 1,879,607 715,497
Notes Payable - Vehicles   57,623     -  
Total Current Liabilities   14,102,988     33,049,467  
 
LONG-TERM LIABILITIES
Promissory Notes, SunTrust 53,525,000 25,250,000
Operational Override Liability 32,426,367 44,595,370
Notes Payable - Vehicles 168,270 -
Deferred Tax Liability 110,000 -
Other Non-Current Liabilities   2,917     9,917  
Total Long-Term Liabilities   86,232,554     69,855,287  
 
Total Liabilities   100,335,542     102,904,754  
 
COMMITMENTS AND CONTINGENCIES (NOTE 14)
 
STOCKHOLDERS' DEFICIT
Preferred Stock - Par Value $.001; 10,000,000 Shares Authorized; None Issued or Outstanding - -
Common Stock - Par Value $.001; 100,000,000 Shares Authorized; 55,175,363
and 55,044,829 Issued and Outstanding, Respectively 55,175 55,044
Additional Paid-In Capital 8,012,268 6,267,788
Accumulated Deficit   (35,068,650 )   (10,100,899 )
Total Stockholders' Deficit   (27,001,207 )   (3,778,067 )
 
Total Liabilities and Stockholders' Deficit $ 73,334,335   $ 99,126,687  
 
The accompanying notes are an integral part of these consolidated financial statements.
 
DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
               
Year Ended December 31,
  2015     2014     2013  
REVENUES
Transloading Revenue $ 23,161,752 $ 26,781,637 $ -
Sand Revenue 4,532,393 1,379,520 -
Rental Income 120,000 120,000 -
Rental Income - Related Party - - 349,372
Other   1,398,950     -     -  
Total Revenues 29,213,095 28,281,157 349,372
 
COST OF REVENUES   6,796,772     8,040,016     -  
(exclusive of items shown separately below)
 
OPERATING EXPENSES
Transloading Operating Expenses 4,176,658 2,799,268 -
General and Administrative Expenses 10,343,262 9,131,788 8,449,125
Depreciation and Amortization   4,764,844     4,332,900     179,546  
Total Operating Expenses   19,284,764     16,263,956     8,628,671  
 
INCOME (LOSS) FROM OPERATIONS   3,131,559     3,977,185     (8,279,299 )
 
OTHER INCOME (EXPENSE)
Income from Investment in Dakota Petroleum Transport Solutions, LLC - - 4,312,394
Income (Loss) from Investment in DPTS Marketing LLC - (355,265 ) 2,961,671
Income from Investment in Dakota Plains Services, LLC - 606,977 130,305
Interest Expense (Net of Interest Income) (8,071,283 ) (2,793,190 ) (3,630,950 )
Gain on Extinguishment of Debt - - 1,726,515
Change in Operational Override 10,958,375 - -
Other Income (Expense)   (1,704,618 )   (34,022 )   -  
Total Other Income (Expense)   1,182,474     (2,575,500 )   5,499,935  
 
INCOME (LOSS) BEFORE TAXES 4,314,033 1,401,685 (2,779,364 )
 
INCOME TAX PROVISION (BENEFIT)   29,281,784     (854,993 )   (1,054,000 )
 
NET INCOME (LOSS) (24,967,751 ) 2,256,678 (1,725,364 )
 
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS   -     5,520,752     -  
 
NET LOSS ATTRIBUTABLE TO SHAREHOLDERS
OF DAKOTA PLAINS HOLDINGS, INC. $ (24,967,751 ) $ (3,264,074 ) $ (1,725,364 )
 
Net Loss Per Common Share - Basic and Diluted $ (0.46 ) $ (0.06 ) $ (0.04 )
 
Weighted Average Shares Outstanding - Basic and Diluted   54,228,266     53,971,183     42,338,999  
 
The accompanying notes are an integral part of these consolidated financial statements.
 
DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
               
Year Ended December 31,
  2015     2014     2013  
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss) $ (24,967,751 ) $ 2,256,678 $ (1,725,364 )
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities
Depreciation and Amortization 4,764,844 4,332,900 179,546
Amortization of Debt Discount - 640,985 349,632
Amortization of Finance Costs 1,017,844 203,394 70,728
Gain on Extinguishment of Debt - - (1,726,515 )
Gain on Sale of Dakota Plains Services, LLC - (472,624 ) -
Deferred Income Taxes 29,280,000 (1,033,000 ) (26,000 )
Share-Based Consulting Fees - - 299,288
Decrease in Deferred Rental Income - - (24,793 )
Income from Investment in Dakota Petroleum Transport Solutions, LLC - - (4,312,394 )
Loss (Income) from Investment in DPTS Marketing LLC - 355,265 (2,961,671 )
Income for Investment in Dakota Plains Services, LLC - (606,977 ) (130,305 )
Decrease in Operational Override Liability (10,958,375 ) - -
Non-Cash Rental (Income) Expense - 17,941 (12,169 )
Amortization of Deferred Rent (7,000 ) (7,000 ) (4,083 )
Share-Based Compensation 2,513,258 2,330,651 2,753,817
Changes in Working Capital and Other Items, Net of Purchase of Membership Interest and Consolidation of VIE:
Increase in Trade Receivables (5,667,676 ) (3,245,923 ) -
Decrease (Increase) in Other Receivables 739,097 (712,239 ) -
Decrease (Increase) in Income Taxes Receivable 5,155 1,105,254 (1,120,057 )
Decrease (Increase) in Other Current Assets (339,533 ) 460,724 (55,986 )
Decrease in Due from Related Party - 1,676,006 46,018
Increase (Decrease) in Accounts Payable (2,886,173 ) 2,251,463 69,318
Decrease in Income Taxes Payable - - (1,028,000 )
Increase in Accrued Expenses 1,314,493 129,769 1,307,740
Decrease in Deferred Rental Income - - (8,062 )
Increase in Due from Related Party - (24,484 ) -
Increase in Restricted Cash (593 ) - -
Increase in Other Assets   -     (496,999 )   (15,500 )
Net Cash Provided By (Used In) Operating Activities   (5,192,410 )   9,161,784     (8,074,812 )
 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of Property and Equipment (5,136,844 ) (12,285,389 ) (159,621 )
Cash Received from DPTS Marketing LLC - 10,646,038 12,910,000
Preferred Dividends Received from DPTS Marketing LLC - 709,589 1,065,753
Cash Received from Dakota Plains Services, LLC - - 59,906
Cash Received from Sale of Dakota Plains Service, LLC - 1,150,000 -
Cash Paid for Investment in Dakota Petroleum Transport Solutions, LLC - - (17,500,000 )
Cash Paid for Purchase of Non Controlling Interests - (44,196,600 ) -
Cash Received from Dakota Petroleum Transport Solutions, LLC - - 1,757,896
Cash Received from Consolidation of Dakota Petroleum Transport Solutions, LLC - - 6,921,264
Cash Received from Consolidation of DPTS Marketing LLC   -     3,396,957     -  
Net Cash Provided By (Used In) Investing Activities   (5,136,844 )   (40,579,405 )   5,055,198  
 
CASH FLOWS FROM FINANCING ACTIVITIES
Finance Costs Paid (612,500 ) (1,430,459 ) (9,783 )
Common Shares Surrendered (356,845 ) (645,679 ) (568,058 )
Proceeds from Issuance of Common Stock - Net of Issuance Costs - - 13,910,305
Cash Distributions to Non-Controlling Interests - (5,110,826 ) -
Capital Contribution to DPTS Sand, LLC - 1,000 -
Cash Paid for Debt Extinguishment Costs - - (218,641 )
Increase in Restricted Cash - (3,000,000 ) -
Repayment of Promissory Notes - (7,717,317 ) (6,922,684 )
Proceeds from Promissory Note, Pioneer Project - - 7,500,000
Principal Payments on Promissory Note, Pioneer Project - (7,500,000 ) -
Advances on Promissory Notes, SunTrust 9,000,000 48,500,000 -
Payments on Promissory Notes, SunTrust (750,000 ) - -
Proceeds from Notes Payable - Vehicles 270,165 - -
Payments on Notes Payable - Vehicles (44,272 ) - -
Payments on Operational Override Liability   (46,518 )   -     -  
Net Cash Provided By Financing Activities   7,460,030     23,096,719     13,691,139  
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,869,224 ) (8,320,902 ) 10,671,525
 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   4,690,706     13,011,608     2,340,083  
 
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 1,821,482   $ 4,690,706   $ 13,011,608  
 
Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period for Interest $ 5,204,872   $ 1,536,450   $ 3,085,750  
Cash Paid During the Period for Income Taxes $ 1,784   $ 11,852   $ 1,073,308  
 
Non-Cash Financing and Investing Activities:
Property and Equipment Included in Accounts Payable $ 380,549   $ 754,815   $ 10,215  
Finance Costs Included in Accrued Expenses $ 1,138,750   $ -   $ -  
Purchase of Property and Equipment Paid Subsequent to Period End Related to Consolidation of VIE $ -   $ -   $ 6,173,638  
Preferred Dividend Receivable $ -   $ 457,532   $ 498,632  
Satisfaction of Promissory Notes through issuance of Common Stock $ -   $ -   $ 10,020,143  
Fair Value of Common Stock Issued for Finance Costs $ -   $ 187,450   $ -  
Non-Cash Amounts Related to Equity Transaction:      
Decrease in Additional Paid In Capital $ 411,802   $ 39,439,828   $ -  
Increase in Deferred Tax Asset $ -   $ 24,114,000   $ -  
Increase in Contingent Liability $ -   $ 45,310,867   $ -  
 
The accompanying notes are an integral part of these consolidated financial statements.
   

DAKOTA PLAINS HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
                             
Total
Additional Non-Controlling Stockholders'
Common Stock Paid-In Accumulated Interest In Equity
Shares Amount Capital Deficit Subsidiary (Deficit)
 
Balance - December 31, 2012 41,839,433 $ 41,839 $ 17,432,904 $ (5,111,461 ) $ - $ 12,363,282
 
Share-Based Compensation - - 1,469,442 - - 1,469,442
 
Sale of Common Shares at $2.15 per share 7,000,000 7,000 15,043,000 - - 15,050,000
 
Issuance of Common Shares Pursuant to Debt Restructure 4,660,535 4,660 10,015,483 - - 10,020,143
 
Issuance of Restricted Common Shares 794,063 794 (794 ) - - -
 
Issuance of Common Shares to Executive 62,500 63 234,937 - - 235,000
 
Issuance of Warrants Pursuant to Consulting Agreements - - 208,663 - - 208,663
 
Issuance of Common Shares to Board of Directors 308,108 308 1,139,692 - - 1,140,000
 
Common Shares Surrendered (458,259 ) (458 ) (567,600 ) - - (568,058 )
 
Cost of Capital Raise - - (1,139,695 ) - - (1,139,695 )
 
Creation of Non-controlling Interest in Subsidiary - - - - 25,573,066 25,573,066
 
Net Loss -     -     -     (1,725,364 )   -     (1,725,364 )
 
Balance - December 31, 2013 54,206,380 54,206 43,836,032 (6,836,825 ) 25,573,066 62,626,479
 
Share-Based Compensation - - 1,364,816 - - 1,364,816
 
Issuance of Restricted Common Shares 589,483 590 (590 ) - - -
 
Issuance of Common Shares to Executives and Employees 287,237 287 641,957 - - 642,244
 
Issuance of Common Shares to Board Directors 144,477 144 323,447 - - 323,591
 
Issuance of Common Shares for Consulting Services 115,000 115 187,335 187,450
 
Common Shares Surrendered (297,749 ) (298 ) (645,381 ) - - (645,679 )
 
Distributions Paid to Non-Controlling Interest - - - - (5,110,826 ) (5,110,826 )
 
Increase in Joint Venture Ownership Pursuant to Equity Method Transaction - - (39,439,828 ) - (25,982,992 ) (65,422,820 )
 
Net Income (Loss) -     -     -     (3,264,074 )   5,520,752     2,256,678  
 
Balance - December 31, 2014 55,044,828 55,044 6,267,788 (10,100,899 ) - (3,778,067 )
 
Share-Based Compensation - - 2,155,258 - - 2,155,258
 
Issuance of Restricted Common Shares 66,667 67 (67 ) - - -
 
Common Shares Surrendered (237,399 ) (237 ) (356,608 ) - - (356,845 )
 
Issuance of Common Shares to Board Directors 267,934 268 349,732 - - 350,000
 
Issuance of Common Shares to Employee 33,333 33 7,967 - - 8,000
 
Increase in Joint Venture Ownership Pursuant to Equity Method Transaction - - (411,802 ) - - (411,802 )
 
Net Loss -     -     -     (24,967,751 )   -     (24,967,751 )
 
Balance - December 31, 2015 55,175,363   $ 55,175   $ 8,012,268  

$

(35,068,650)

  $ -  

$

(27,001,207)

 
 
The accompanying notes are an integral part of these consolidated financial statements.
 
Dakota Plains Holdings, Inc. and Subsidiaries
Reconciliation of Adjusted EBITDA
                         
                 
Year Ended December 31,
  2015     2014     2013  
Net Income (Loss) $ (24,967,751 ) $ 2,256,678 $ (1,725,364 )
Add back:
Income Tax Provision (Benefit) 29,281,784 (854,993 ) (1,054,000 )
Depreciation and Amortization 4,764,843 4,332,900 179,546
Share Based Compensation - Employees and Directors 2,513,258 2,330,651 2,753,817
Share Based Compensation - Consultants - - 299,288
Interest Expense 8,071,283 2,793,190 3,630,950
Decrease in Operational Override Liability (10,958,374 ) - -
Gain on Extinguishment of Debt   -     -     (1,726,515 )
Adjusted EBITDA $ 8,705,043   $ 10,858,426   $ 2,357,722  
 
Adjusted EBITDA Attributable to Non-Controlling Interests - 7,411,785 -
     
Adjusted EBITDA Attributable to Shareholders of Dakota Plains Holdings, Inc. $ 8,705,043   $ 3,446,641   $ 2,357,722  
 

Dakota Plains Holdings, Inc.
Tim Brady, CFO, 952-473-9950
tbrady@dakotaplains.com
www.dakotaplains.com
or
Investors and Media:
Sard Verbinnen
Dan Gagnier, 212-415-8972
DGagnier@sardverb.com
www.sardverb.com

Source: Dakota Plains Holdings, Inc.

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