KANSAS | 0-17196 | 45-4082531 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
MGP INGREDIENTS, INC. | ||
Date: November 2, 2016 | By: | /s/ Thomas K. Pigott |
Thomas K. Pigott, Vice President and Chief Financial Officer |
• | Consolidated net sales decreased 0.5% to $79.9 million as strong increases in net sales of premium beverage alcohol were more than offset by a sales decline in lower margin industrial alcohol. |
• | Consolidated gross profit increased 27.5% to $15.1 million, reflecting stronger profit performance in both the Distillery Products and Ingredient Solutions segments. |
• | Consolidated gross margin increased 4.1 percentage points to 18.9%. |
• | Other income of $3.4 million in the 2016 quarter included a previously-announced legal settlement and a gain on the sale of long-lived assets. |
• | Operating income increased 81.1% to $11.5 million. |
• | Equity in joint venture earnings decreased from $1.6 million to $0.7 million. |
• | Net income increased 40.8% to $9.5 million. |
• | Earnings per share increased 44.7% to $0.55 per share. |
Food Grade Alcohol | Net Sales Quarter Ended September 30, | Quarter vs. Quarter Net Sales Change Increase/(Decrease) | |||||||||||||
2016 | 2015 | $ Change | % Change | ||||||||||||
Premium Beverage Alcohol | $ | 37,843 | $ | 32,606 | $ | 5,237 | 16.1 | % | |||||||
Industrial Alcohol | 19,114 | 24,433 | (5,319 | ) | (21.8 | )% | |||||||||
Food Grade Alcohol | $ | 56,957 | $ | 57,039 | $ | (82 | ) | (0.1 | )% | ||||||
Net Sales Year to Date Ended September 30, | Period vs. Period Net Sales Change Increase/(Decrease) | ||||||||||||||
2016 | 2015 | $ Change | % Change | ||||||||||||
Premium Beverage Alcohol | $ | 109,546 | $ | 93,861 | $ | 15,685 | 16.7 | % | |||||||
Industrial Alcohol | 59,223 | 76,779 | (17,556 | ) | (22.9 | )% | |||||||||
Food Grade Alcohol | $ | 168,769 | $ | 170,640 | $ | (1,871 | ) | (1.1 | )% |
• | Operating income is expected to increase by a compound annual growth rate in the ten to fifteen percent range through fiscal 2018. |
• | 2016 net sales are expected to decline in the low-single digits on a percentage basis. |
• | 2016 gross margin gains are expected to be moderate following strong 2015 improvement. |
• | 2016 effective tax rate is forecast to be 31%, reflecting the adoption of ASU 2016-09, and shares outstanding are expected to be approximately 16.7 million at year end. |
• | Due to challenging and volatile conditions in the fuel ethanol market, ICP's level of profitability is expected to be modest in 2016. |
Operating Income | Change | |||||||
Operating income for the quarter ended September 30, 2015 | $ | 6,365 | ||||||
Increase in gross profit - distillery products segment | 1,992 | 31.3 | pp(a) | |||||
Increase in gross profit - ingredient solutions segment | 1,267 | 19.9 | pp | |||||
Increase in other operating income, net | 3,385 | 53.2 | pp | |||||
Increase in SG&A expenses | (1,484 | ) | (23.3 | ) | pp | |||
Operating income for the quarter ended September 30, 2016 | $ | 11,525 | 81.1 | % |
Operating Income | Change | |||||||
Operating income for the year to date period ended September 30, 2015 | $ | 22,776 | ||||||
Increase in gross profit - distillery products segment | 5,373 | 23.6 | pp(a) | |||||
Decrease in gross profit - ingredient solutions segment | (453 | ) | (2.0 | ) | pp | |||
Increase in other operating income, net | 3,385 | 14.9 | pp | |||||
Decrease in SG&A expenses | 296 | 1.3 | pp | |||||
Operating income for the year to date period ended September 30, 2016 | $ | 31,377 | 37.8 | % |
Basic and Diluted EPS | Change | |||||||
Basic and diluted earnings per share for the quarter ended September 30, 2015 | $ | 0.38 | ||||||
Change in operations(a) | 0.07 | 18.4 | pp(b) | |||||
Change in other operating income, net(a) | 0.12 | 31.6 | pp | |||||
Change in equity method investments(a) | (0.03 | ) | (7.9 | ) | pp | |||
Change in interest expense, net(a) | (0.01 | ) | (2.6 | ) | pp | |||
Change in weighted average shares outstanding | 0.02 | 5.2 | pp | |||||
Tax: Non-recurrence of 2015 valuation allowance release | (0.11 | ) | (29.0 | ) | pp | |||
Tax: Implementation of ASU 2016-09 | 0.09 | 23.7 | pp | |||||
Tax: Change in effective tax rate (excluding tax items above) | 0.02 | 5.3 | pp | |||||
Basic and diluted earnings per share for the quarter ended September 30, 2016 | $ | 0.55 | 44.7 | % |
(a) | Changes are net of tax based on the effective tax rate for the base year (2015), excluding the valuation allowance release noted separately above. |
(b) | Percentage points ("pp"). |
Basic and Diluted EPS | Change | |||||||
Basic and diluted earnings per share for the year to date period ended September 30, 2015 | $ | 1.10 | ||||||
Change in operations(a) | 0.19 | 17.3 | pp(b) | |||||
Change in other operating income, net(a) | 0.12 | 10.9 | pp | |||||
Change in equity method investments(a) | (0.14 | ) | (12.7 | ) | pp | |||
Change in interest expense, net(a) | (0.02 | ) | (1.8 | ) | pp | |||
Change in weighted average shares outstanding | 0.05 | 4.5 | pp | |||||
Tax: Non-recurrence of 2015 valuation allowance release | (0.11 | ) | (10.0 | ) | pp | |||
Tax: Implementation of ASU 2016-09 | 0.09 | 8.2 | pp | |||||
Tax: Change in effective tax rate (excluding tax items above) | 0.05 | 4.5 | pp | |||||
Basic and diluted earnings per share for the year to date period ended September 30, 2016 | $ | 1.33 | 20.9 | % |
(a) | Changes are net of tax based on the effective tax rate for the base year (2015), excluding the valuation allowance release noted separately above. |
(b) | Percentage points ("pp"). |
Quarter Ended | Year to Date Ended | |||||||||||||||
September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||||
Sales | $ | 83,711 | $ | 83,880 | $ | 243,076 | $ | 260,815 | ||||||||
Less: excise taxes | 3,820 | 3,552 | 5,958 | 14,720 | ||||||||||||
Net sales | 79,891 | 80,328 | 237,118 | 246,095 | ||||||||||||
Cost of sales | 64,770 | 68,466 | 189,420 | 203,317 | ||||||||||||
Gross profit | 15,121 | 11,862 | 47,698 | 42,778 | ||||||||||||
Selling, general and administrative expenses | 6,981 | 5,497 | 19,706 | 20,002 | ||||||||||||
Other operating income, net | (3,385 | ) | — | (3,385 | ) | — | ||||||||||
Operating income | 11,525 | 6,365 | 31,377 | 22,776 | ||||||||||||
Equity method investment earnings | 664 | 1,562 | 2,260 | 6,010 | ||||||||||||
Interest expense, net | (341 | ) | (114 | ) | (980 | ) | (374 | ) | ||||||||
Income before income taxes | 11,848 | 7,813 | 32,657 | 28,412 | ||||||||||||
Income tax expense | 2,316 | 1,042 | 9,758 | 8,700 | ||||||||||||
Net income | $ | 9,532 | $ | 6,771 | $ | 22,899 | $ | 19,712 | ||||||||
Income attributable to participating securities | 294 | 222 | 711 | 653 | ||||||||||||
Net income attributable to common shareholders and used in EPS calculation | $ | 9,238 | $ | 6,549 | $ | 22,188 | $ | 19,059 | ||||||||
Share information: | ||||||||||||||||
Diluted weighted average common shares | 16,653,717 | 17,155,072 | 16,626,024 | 17,316,649 | ||||||||||||
Basic and diluted earnings per common share | $ | 0.55 | $ | 0.38 | $ | 1.33 | $ | 1.10 | ||||||||
Dividends and dividend equivalents per common share | $ | 0.02 | $ | — | $ | 0.10 | $ | 0.06 |
(Dollars in thousands) | September 30, 2016 | December 31, 2015 | (Dollars in thousands) | September 30, 2016 | December 31, 2015 | |||||||||||
ASSETS | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
Current Assets: | Current Liabilities: | |||||||||||||||
Cash and cash equivalents | $ | — | $ | 747 | Current maturities of long-term debt | $ | 4,356 | $ | 3,345 | |||||||
Receivables | 37,174 | 30,670 | Accounts payable | 17,713 | 20,940 | |||||||||||
Inventory | 75,611 | 58,701 | Accounts payable to affiliate, net | 2,484 | 2,291 | |||||||||||
Prepaid expenses | 779 | 1,062 | Accrued expenses | 7,673 | 10,400 | |||||||||||
Refundable income taxes | 549 | — | Income taxes payable | 592 | 685 | |||||||||||
Total Current Assets | 114,113 | 91,180 | Total Current Liabilities | 32,818 | 37,661 | |||||||||||
Other Liabilities: | ||||||||||||||||
Long-term debt, less current maturities | 17,309 | 7,579 | ||||||||||||||
Revolving credit facility | 23,801 | 22,536 | ||||||||||||||
Property and equipment | 239,986 | 229,914 | Deferred credit | 3,178 | 3,402 | |||||||||||
Less accumulated depreciation and amortization | (152,357 | ) | (146,360 | ) | Accrued retirement, health and life insurance benefits | 3,921 | 4,136 | |||||||||
Net Property, Plant | Deferred income taxes | 1,541 | 2,757 | |||||||||||||
and Equipment | 87,629 | 83,554 | Other non current liabilities | (197 | ) | 79 | ||||||||||
Equity method investments | 17,518 | 18,563 | Total Liabilities | 82,371 | 78,150 | |||||||||||
Other assets | 897 | 1,013 | Stockholders’ equity | 137,786 | 116,160 | |||||||||||
TOTAL ASSETS | $ | 220,157 | $ | 194,310 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 220,157 | $ | 194,310 |
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