Equity Method Investments.

As of March 31, 2015, the Company’s investments accounted for on the equity method of accounting consisted of the following: (1) 30 percent interest in ICP, which manufactures alcohol for fuel, industrial and beverage applications, and (2) 50 percent interest in D.M. Ingredients, GmbH, ("DMI"), which produces certain specialty starch and protein ingredients.

Under a marketing agreement between ICP and the Company, (the "Marketing Agreement"), ICP manufactured and supplied food grade and industrial-use alcohol products for the Company, and the Company purchased, marketed and sold such products for a marketing fee. Effective January 1, 2013, the Marketing Agreement expired, although the Company continues to source product from ICP.

ICP’s revolving credit agreement with an affiliate of SEACOR has been amended and restated extending the maturity to January 1, 2016. The Company has no further funding requirement to ICP.

As further discussed in the Company's Form 10-K for the year ended December 31, 2014, during the quarter ended June 30, 2014, management reassessed the most likely events that would result in a recovery of its investment in ICP and determined that such a recovery would likely occur through cash distributions from ICP rather than through a sale or liquidation of ICP as formerly determined. As a result of this reassessment, during the quarter ended June 30, 2014, the Company remeasured its cumulative equity in the undistributed earnings of ICP. The cumulative effect of this change in estimate resulted in a decrease in equity method investment earnings of ICP of $1,882 for the period beginning April 1, 2013 and ending March 31, 2014, of which $1,180 relates to the quarter ended March 31, 2014.

On July 23, 2014 ICP's alcohol production was interrupted resulting in inconsequential damage to equipment. Production was restarted on a limited basis on August 1, 2014, and ICP was back to normal production rates on or about August 14, 2014. ICP anticipates finalizing the business interruption and property insurance claims during second quarter of 2015. Insurance recoveries will be recognized when all contingencies to the insurance claims have been resolved and settlement has been reached with the insurer.

On December 29, 2014, we gave notice to DMI and to our partner in DMI, Crespel and Dieters GmbH & Co. KG ("C&D"), to terminate the joint venture effective June 30, 2015. C&D also provided notice to terminate DMI effective June 30, 2015. Under German law, commencing on June 30, 2015, normal operations for DMI will cease and a one-year winding up process will begin. DMI has been the sole source of our supply of Trutex®/Wheatex® for the past 2 years.

Summary Financial Information (unaudited)

Condensed financial information related to the Company’s non-consolidated equity method investment in ICP is shown below.



	Quarter Ended
	March 31, 2015		March 31, 2014
ICP’s Operating results:
Net sales ^(a)	$	39,598	$	58,849
Cost of sales and expenses ^(b)	35,169		48,027
Net income	$	4,429	$	10,822


^(a)	Includes related party sales to MGPI of $8,754 and $6,345 for the quarters ended March 31, 2015 and 2014, respectively.


^(b)	Includes depreciation and amortization of $662 and $671 for the quarters ended March 31, 2015 and 2014, respectively.

The Company’s equity method investment earnings from joint ventures, based on unaudited financial statements, is as follows:



	Quarter Ended
	March 31, 2015		March 31, 2014
ICP (30% interest)	$	1,329	$	3,246
DMI (50% interest)	23		88
	$	1,352	$	3,334

The Company’s investment in joint ventures is as follows:



	March 31, 2015		December 31, 2014
ICP (30% interest)	$	13,252	$	11,924
DMI (50% interest)	421		449
	$	13,673	$	12,373