(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1* | ||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline Extensible Business Reporting Language) |
Date: July 30, 2020 | By: | /s/ Brandon M. Gall | ||||||
Brandon M. Gall, Vice President, Finance and Chief Financial Officer |
2020 second quarter results compared to 2019 second quarter results |
Premium Beverage Alcohol (in thousands) | Sales Quarter Ended June 30, | Quarter vs. Quarter Sales Change Increase/(Decrease) | ||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Brown Goods | $ | 25,540 | $ | 27,621 | $ | (2,081) | (7.5) | % | ||||||||||||||||||
White Goods | 15,042 | 14,691 | 351 | 2.4 | ||||||||||||||||||||||
Premium Beverage Alcohol | $ | 40,582 | $ | 42,312 | $ | (1,730) | (4.1) | % |
Premium Beverage Alcohol (in thousands) | Sales for Year to Date Ended June 30, | YTD vs. YTD Sales Change Increase/(Decrease) | ||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Brown Goods | $ | 54,610 | $ | 52,448 | $ | 2,162 | 4.1 | % | ||||||||||||||||||
White Goods | 31,944 | 31,873 | 71 | 0.2 | ||||||||||||||||||||||
Premium Beverage Alcohol | $ | 86,554 | $ | 84,321 | $ | 2,233 | 2.6 | % |
Operating income, quarter versus quarter | Operating Income | Change | |||||||||||||||
Operating income for quarter ended June 30, 2019 | $ | 10,874 | |||||||||||||||
Increase in gross profit - Ingredient Solutions segment | 1,681 | 15.5 | pp(a) | ||||||||||||||
Decrease in gross profit - Distillery Products segment | (501) | (4.6) | pp | ||||||||||||||
Increase in selling general and administrative expenses | (716) | (6.6) | pp | ||||||||||||||
Operating income for quarter ended June 30, 2020 | $ | 11,338 | 4.3 | % |
Operating income, year to date versus year to date | Operating Income | Change | |||||||||||||||
Operating income for year to date ended June 30, 2019 | $ | 19,387 | |||||||||||||||
Increase in gross profit - Ingredient Solutions segment | 5,222 | 26.9 | pp(a) | ||||||||||||||
Increase in gross profit - Distillery Products segment | 2,509 | 12.9 | pp | ||||||||||||||
Increase in selling general and administrative expenses | (2,072) | (10.6) | pp | ||||||||||||||
Operating income for year to date ended June 30, 2020 | $ | 25,046 | 29.2 | % |
Change in basic and diluted EPS, quarter versus quarter | Basic and Diluted EPS | Change | |||||||||||||||
Basic and diluted EPS for quarter ended June 30, 2019 | $ | 0.46 | |||||||||||||||
Increase in operations(b) | 0.02 | 4.3 | pp(a) | ||||||||||||||
Tax: Change in income tax | 0.01 | 2.2 | pp | ||||||||||||||
Decrease in weighted average shares outstanding | 0.01 | 2.2 | pp | ||||||||||||||
Basic and diluted EPS for quarter ended June 30, 2020 | $ | 0.50 | 8.7 | % |
Change in basic and diluted EPS, year to date versus year to date | Basic and Diluted EPS | Change | |||||||||||||||
Basic and diluted EPS for year to date ended June 30, 2019 | $ | 1.03 | |||||||||||||||
Increase in operations(b) | 0.38 | 36.9 | pp(a) | ||||||||||||||
Decrease in weighted average shares outstanding | 0.01 | 1.0 | pp | ||||||||||||||
Change in interest expense, net (b) | (0.03) | (2.9) | pp | ||||||||||||||
Tax: Change in share-based compensation | (0.21) | (20.4) | pp | ||||||||||||||
Tax: Change in effective tax rate (excluding above tax item) | (0.11) | (10.7) | pp | ||||||||||||||
Basic and diluted EPS for year to date ended June 30, 2020 | $ | 1.07 | 3.9 | % |
Quarter Ended June 30, | Year to Date Ended June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Sales | $ | 92,560 | $ | 90,501 | $ | 191,642 | $ | 179,597 | ||||||||||||||||||
Cost of sales | 71,858 | 70,979 | 147,729 | 143,415 | ||||||||||||||||||||||
Gross profit | 20,702 | 19,522 | 43,913 | 36,182 | ||||||||||||||||||||||
Selling, general and administrative expenses | 9,364 | 8,648 | 18,867 | 16,795 | ||||||||||||||||||||||
Operating income | 11,338 | 10,874 | 25,046 | 19,387 | ||||||||||||||||||||||
Interest expense, net and other | (298) | (321) | (940) | (573) | ||||||||||||||||||||||
Income before income taxes | 11,040 | 10,553 | 24,106 | 18,814 | ||||||||||||||||||||||
Income tax expense | 2,550 | 2,642 | 5,774 | 1,183 | ||||||||||||||||||||||
Net income | 8,490 | 7,911 | 18,332 | 17,631 | ||||||||||||||||||||||
Income attributable to participating securities | 57 | 51 | 123 | 117 | ||||||||||||||||||||||
Net income attributable to common shareholders and used in EPS calculation | $ | 8,433 | $ | 7,860 | $ | 18,209 | $ | 17,514 | ||||||||||||||||||
Basic and diluted weighted average common shares | 16,899,079 | 17,021,599 | 16,956,502 | 16,994,864 | ||||||||||||||||||||||
Basic and diluted earnings per common share | $ | 0.50 | $ | 0.46 | $ | 1.07 | $ | 1.03 |
June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
ASSETS | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Assets: | Current Liabilities: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 11,745 | $ | 3,309 | Current maturities of long-term debt | $ | 408 | $ | 401 | |||||||||||||||||
Receivables, net | 54,164 | 40,931 | Accounts payable | 21,429 | 29,511 | |||||||||||||||||||||
Inventory | 147,108 | 136,931 | Accrued expenses | 12,626 | 9,383 | |||||||||||||||||||||
Prepaid expenses | 4,021 | 2,048 | Income taxes payable | 4,732 | — | |||||||||||||||||||||
Refundable income taxes | — | 987 | Total Current Liabilities | 39,195 | 39,295 | |||||||||||||||||||||
Total Current Assets | 217,038 | 184,206 | Other Liabilities: | |||||||||||||||||||||||
Long-term debt, less current maturities | 40,463 | 40,658 | ||||||||||||||||||||||||
Credit agreement - revolver | 23,662 | 1 | ||||||||||||||||||||||||
Long-term operating lease liabilities | 3,691 | 4,267 | ||||||||||||||||||||||||
Property, plant, and equipment | 320,192 | 313,958 | Deferred credits | 1,094 | 1,233 | |||||||||||||||||||||
Less accumulated depreciation and amortization | (191,589) | (185,539) | Other noncurrent liabilities | 4,605 | 4,170 | |||||||||||||||||||||
Property, Plant, and Equipment, net | 128,603 | 128,419 | Deferred income taxes | 1,606 | 1,929 | |||||||||||||||||||||
Operating lease right-of-use assets, net | 5,903 | 6,490 | Total Liabilities | 114,316 | 91,553 | |||||||||||||||||||||
Other assets | 5,469 | 3,482 | Stockholders’ equity | 242,697 | 231,044 | |||||||||||||||||||||
TOTAL ASSETS | $ | 357,013 | $ | 322,597 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 357,013 | $ | 322,597 |
Year to Date Ended June 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | 18,332 | $ | 17,631 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 6,344 | 5,602 | ||||||||||||
Gain on sale of assets | (8) | (138) | ||||||||||||
Share-based compensation | 1,801 | 2,267 | ||||||||||||
Deferred income taxes, including change in valuation allowance | (99) | 547 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Receivables, net | (13,174) | (2,807) | ||||||||||||
Inventory | (9,983) | (9,238) | ||||||||||||
Prepaid expenses | (1,973) | (514) | ||||||||||||
Income taxes payable (refundable) | 5,778 | (4,692) | ||||||||||||
Accounts payable | (4,218) | (2,883) | ||||||||||||
Accrued expenses | 3,258 | (2,750) | ||||||||||||
Deferred credits | (139) | (166) | ||||||||||||
Other, net | 67 | 211 | ||||||||||||
Net cash provided by operating activities | 5,986 | 3,070 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Additions to property, plant, and equipment | (10,177) | (6,192) | ||||||||||||
Deferred compensation plan investments | — | (1,177) | ||||||||||||
Acquisition of business | (2,750) | — | ||||||||||||
Proceeds from sale of property | 688 | — | ||||||||||||
Other, net | (168) | — | ||||||||||||
Net cash used in investing activities | (12,407) | (7,369) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Payment of dividends and dividend equivalents | (4,101) | (3,427) | ||||||||||||
Purchase of treasury stock | (4,395) | (5,467) | ||||||||||||
Loan fees paid related to borrowings | (1,148) | — | ||||||||||||
Proceeds from long-term debt | — | 20,000 | ||||||||||||
Principal payments on long-term debt | (199) | (192) | ||||||||||||
Proceeds from credit agreement - revolver | 54,700 | 12,625 | ||||||||||||
Payments on credit agreement - revolver | (30,000) | (22,025) | ||||||||||||
Other, net | — | (78) | ||||||||||||
Net cash provided by financing activities | 14,857 | 1,436 | ||||||||||||
Increase (decrease) in cash and cash equivalents | 8,436 | (2,863) | ||||||||||||
Cash and cash equivalents, beginning of period | 3,309 | 5,025 | ||||||||||||
Cash and cash equivalents, end of period | $ | 11,745 | $ | 2,162 |
Quarter Ended June 30, 2020 | |||||||||||||||||||||||||||||
Operating Income | Income before Income Taxes | Net Income | MGP Earnings (a) | Basic and Diluted EPS | |||||||||||||||||||||||||
Reported GAAP Results | $ | 11,338 | $ | 11,040 | $ | 8,490 | $ | 8,433 | $0.50 | ||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||
CEO transition costs (b) | 783 | 783 | 684 | 684 | 0.04 | ||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 12,121 | $ | 11,823 | $ | 9,174 | $ | 9,117 | $ | 0.54 |
Quarter Ended June 30, 2019 | |||||||||||||||||||||||||||||
Operating Income | Income before Income Taxes | Net Income | MGP Earnings (a) | Basic and Diluted EPS | |||||||||||||||||||||||||
Reported GAAP Results | $ | 10,874 | $ | 10,553 | $ | 7,911 | $ | 7,860 | $0.46 | ||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||
— | — | — | — | — | |||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 10,874 | $ | 10,553 | $ | 7,911 | $ | 7,860 | $ | 0.46 |
Year to Date Ended June 30, 2020 | |||||||||||||||||||||||||||||
Operating Income | Income before Income Taxes | Net Income | MGP Earnings (a) | Basic and Diluted EPS | |||||||||||||||||||||||||
Reported GAAP Results | $ | 25,046 | $ | 24,106 | $ | 18,332 | $ | 18,209 | $1.07 | ||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||
CEO transition costs (b) | 1,368 | 1,368 | 1,258 | 1,258 | 0.07 | ||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 26,414 | $ | 25,474 | $ | 19,590 | $ | 19,467 | $ | 1.14 |
Year to Date Ended June 30, 2019 | |||||||||||||||||||||||||||||
Operating Income | Income before Income Taxes | Net Income | MGP Earnings (a) | Basic and Diluted EPS | |||||||||||||||||||||||||
Reported GAAP Results | $ | 19,387 | $ | 18,814 | $ | 17,631 | $ | 17,514 | $1.03 | ||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||
— | — | — | — | — | |||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 19,387 | $ | 18,814 | $ | 17,631 | $ | 17,514 | $ | 1.03 |
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Cover |
Jul. 30, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 30, 2020 |
Entity Registrant Name | MGP INGREDIENTS INC |
Entity Incorporation, State or Country Code | KS |
Entity File Number | 0-17196 |
Entity Tax Identification Number | 45-4082531 |
Entity Address, Address Line One | Cray Business Plaza |
Entity Address, Address Line Two | 100 Commercial Street |
Entity Address, Address Line Three | Box 130 |
Entity Address, City or Town | Atchison |
Entity Address, State or Province | KS |
Entity Address, Postal Zip Code | 66002 |
City Area Code | 913 |
Local Phone Number | 367-1480 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of each class | Common Stock, no par value |
Trading Symbol | MGPI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000835011 |
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