KANSAS | 0-17196 | 45-4082531 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
MGP INGREDIENTS, INC. | ||
Date: March 1, 2018 | By: | /s/ Thomas K. Pigott |
Thomas K. Pigott, Vice President and Chief Financial Officer |
• | Consolidated net sales increased 8.7% to $88.2 million, as a result of growth in premium beverage alcohol and specialty ingredients. |
• | Consolidated gross profit increased 11.0% to $19.5 million, reflecting improved gross profit results in both the Distillery Products and Ingredient Solutions segments. |
• | Consolidated gross margin increased 40 basis points to 22.1%, driven by a 50 basis point improvement in the Distillery Products segment. |
• | Net income increased 52.6% to $12.6 million, primarily due to the revaluation of the Company’s deferred income taxes in response to the Tax Cuts and Jobs Act ("Tax Act") becoming law in December of 2017. |
• | Earnings per share increased to $0.74 per share from $0.48 per share in the prior year period, primarily due to the deferred tax liability revaluation benefit resulting from the Tax Act. |
• | Consolidated net sales increased 9.2% to $347.4 million, as a result of growth in premium beverage alcohol and specialty ingredients. |
• | Consolidated gross profit increased 16.4% to $76.0 million, reflecting stronger gross profit results in both the Distillery Products and Ingredient Solutions segments. |
• | Consolidated gross margin increased 140 basis points to 21.9% for 2017, driven by a 160 basis point improvement in the Distillery Products segment. |
• | Consolidated operating income increased 2.2% to $42.9 million, primarily due to gross profit growth in both segments, offset by investments in SG&A and a decrease in other operating income related to special items recorded in 2016. |
• | Gain on sale of equity method investment of $11.4 million reflects the pre-tax impact of the sale of the Company’s 30 percent interest in Illinois Corn Processing, LLC ("ICP") during the third quarter of 2017. |
• | Net income increased 34.1% to $41.8 million. |
• | Earnings per share increased to $2.44 per share from $1.82 per share in the prior year, primarily due to the net gain on the sale of ICP, the deferred tax liability revaluation benefit, and improved operating performance. |
Food Grade Alcohol (in thousands) | Net Sales Quarter Ended December 31, | Quarter vs. Quarter Net Sales Change Increase/(Decrease) | |||||||||||||
2017 | 2016 | $ Change | % Change | ||||||||||||
Premium Beverage Alcohol | $ | 46,130 | $ | 40,818 | $ | 5,312 | 13.0 | % | |||||||
Industrial Alcohol | 18,861 | 18,067 | 794 | 4.4 | |||||||||||
Food Grade Alcohol | $ | 64,991 | $ | 58,885 | $ | 6,106 | 10.4 | % |
Net Sales Year Ended December 31, | Year vs. Year Net Sales Change Increase/(Decrease) | ||||||||||||||
2017 | 2016 | $ Change | % Change | ||||||||||||
Premium Beverage Alcohol | $ | 177,998 | $ | 150,364 | $ | 27,634 | 18.4 | % | |||||||
Industrial Alcohol | 76,636 | 77,290 | (654 | ) | (0.8 | ) | |||||||||
Food Grade Alcohol | $ | 254,634 | $ | 227,654 | $ | 26,980 | 11.9 | % |
• | Reconfirming previous guidance, operating income is expected to grow between 10% and 15% for fiscal year 2018. |
• | The Company’s conservative estimate of growth in operating income in 2019 is 15% to 20% as sales of aged whiskey inventory becomes a more significant factor. |
• | 2018 net sales growth is projected in the high single-digit percentage range versus 2017, subject to some volatility as the Company continues to shift sales from industrial to premium beverage alcohol. |
• | 2018 gross margins are expected to continue to grow modestly versus 2017. |
• | 2018 effective tax rate is forecast to be 25%, and shares outstanding are expected to be approximately 16.9 million at year end. |
Operating income | Operating Income | Change Quarter-versus-Quarter | ||||||
Operating income for the quarter ended December 31, 2016 | $ | 10,598 | ||||||
Increase in gross profit - distillery products segment | 1,791 | 16.9 | pp(a) | |||||
Increase in gross profit - ingredient solutions segment | 149 | 1.4 | pp | |||||
Change in SG&A expenses | (2,006 | ) | (18.9 | ) | pp | |||
Operating income for the quarter ended December 31, 2017 | $ | 10,532 | (0.6 | )% |
Operating income | Operating Income | Change Year-versus-Year | ||||||
Operating income for 2016 | $ | 41,975 | ||||||
Increase in gross profit - distillery products segment | 9,981 | 23.8 | pp(a) | |||||
Increase in gross profit - ingredient solutions segment | 752 | 1.8 | pp | |||||
Change in SG&A expenses | (6,414 | ) | (15.3 | ) | pp | |||
Change in other operating income, net | (3,385 | ) | (8.1 | ) | pp | |||
Operating income for 2017 | $ | 42,909 | 2.2 | % |
Change in basic and diluted earnings per share | Basic and Diluted EPS | Change Quarter-versus-Quarter | ||||||
Basic and diluted earnings per share for the quarter ended December 31, 2016 | $ | 0.48 | ||||||
Change in equity method investment earnings (loss)(a) | (0.07 | ) | (14.6 | ) | pp(b) | |||
Tax: Effect of Tax Act legislation | 0.19 | 39.6 | pp | |||||
Tax: Change in effect of implementation of ASU No. 2016-09 | 0.11 | 22.9 | pp | |||||
Tax: Change in effective tax rate (excluding tax item above) | 0.03 | 6.3 | pp | |||||
Basic and diluted earnings per share for the quarter ended December 31, 2017 | $ | 0.74 | 54.2 | % |
(a) | Items are net of tax based on the effective tax rate for the base year (2016), excluding the effect of the adoption of ASU 2016-09. |
(b) | Percentage points ("pp"). |
Change in basic and diluted earnings per share | Basic and Diluted EPS | Change Year-versus-Year | ||||||
Basic and diluted earnings per share for 2016 | $ | 1.82 | ||||||
Change in operating income: | ||||||||
Operations(a) | 0.17 | 9.3 | pp(b) | |||||
Other operating income, net(a) | (0.13 | ) | (7.1 | ) | pp | |||
Gain on sale of equity method investment | 0.44 | 24.2 | pp | |||||
Change in equity method investment earnings (loss)(a) | (0.17 | ) | (9.3 | ) | pp | |||
Change in weighted average shares outstanding | (0.02 | ) | (1.1 | ) | pp | |||
Tax: Effect of Tax Act legislation | 0.19 | 10.4 | pp | |||||
Tax: Change in effect of implementation of ASU No. 2016-09 | 0.11 | 6.0 | pp | |||||
Tax: Change in effective tax rate (excluding tax items above) | 0.03 | 1.7 | pp | |||||
Basic and diluted earnings per share for 2017 | $ | 2.44 | 34.1 | % |
(a) | Items are net of tax based on the effective tax rate for the base year (2016), excluding the effect of the adoption of ASU 2016-09. |
(b) | Percentage points ("pp"). |
Quarter Ended | Year Ended | |||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |||||||||||||
Sales | $ | 91,043 | $ | 85,005 | $ | 358,132 | $ | 328,081 | ||||||||
Less: excise taxes | 2,850 | 3,860 | 10,684 | 9,818 | ||||||||||||
Net sales | 88,193 | 81,145 | 347,448 | 318,263 | ||||||||||||
Cost of sales | 68,668 | 63,560 | 271,432 | 252,980 | ||||||||||||
Gross profit | 19,525 | 17,585 | 76,016 | 65,283 | ||||||||||||
Selling, general and administrative expenses | 8,993 | 6,987 | 33,107 | 26,693 | ||||||||||||
Other operating income, net | — | — | — | (3,385 | ) | |||||||||||
Operating income | 10,532 | 10,598 | 42,909 | 41,975 | ||||||||||||
Gain on sale of equity method investment | — | — | 11,381 | — | ||||||||||||
Equity method investment earnings (loss) | — | 1,776 | (348 | ) | 4,036 | |||||||||||
Interest expense, net | (250 | ) | (314 | ) | (1,184 | ) | (1,294 | ) | ||||||||
Income before income taxes | 10,282 | 12,060 | 52,758 | 44,717 | ||||||||||||
Income tax expense (benefit) | (2,357 | ) | 3,775 | 10,935 | 13,533 | |||||||||||
Net income | $ | 12,639 | $ | 8,285 | 41,823 | $ | 31,184 | |||||||||
Income attributable to participating securities | 275 | 254 | 996 | 954 | ||||||||||||
Net income attributable to common shareholders and used in EPS calculation | $ | 12,364 | $ | 8,031 | $ | 40,827 | $ | 30,230 | ||||||||
Share information: | ||||||||||||||||
Diluted weighted average common shares | 16,780,430 | 16,696,787 | 16,746,731 | 16,643,811 | ||||||||||||
Basic and diluted earnings per common share | $ | 0.74 | $ | 0.48 | $ | 2.44 | $ | 1.82 | ||||||||
Dividends and dividend equivalents per common share | $ | 0.04 | $ | 0.02 | $ | 1.01 | $ | 0.12 |
(Dollars in thousands) | December 31, 2017 | December 31, 2016 | (Dollars in thousands) | December 31, 2017 | December 31, 2016 | |||||||||||
ASSETS | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
Current Assets: | Current Liabilities: | |||||||||||||||
Cash and cash equivalents | $ | 3,084 | $ | 1,569 | Current maturities of long-term debt | $ | 372 | $ | 4,359 | |||||||
Receivables, net | 34,347 | 26,085 | Accounts payable | 30,037 | 20,342 | |||||||||||
Inventory | 93,149 | 78,858 | Accounts payable to affiliate, net | — | 3,349 | |||||||||||
Prepaid expenses | 2,182 | 1,684 | Accrued expenses | 11,171 | 8,945 | |||||||||||
Refundable income taxes | 1,980 | 2,705 | ||||||||||||||
Total Current Assets | 134,742 | 110,901 | Total Current Liabilities | 41,580 | 36,995 | |||||||||||
Other Liabilities: | ||||||||||||||||
Long-term debt, less current maturities | 21,407 | 16,218 | ||||||||||||||
Revolving credit facility | 2,775 | 15,424 | ||||||||||||||
Property and equipment | 267,288 | 246,219 | Deferred credits | 2,151 | 2,978 | |||||||||||
Less accumulated depreciation and amortization | (164,237 | ) | (153,428 | ) | Accrued retirement, health, and life insurance benefits | 3,133 | 3,604 | |||||||||
Other noncurrent liabilities | 540 | 393 | ||||||||||||||
Net Property, Plant, and Equipment | 103,051 | 92,791 | Deferred income taxes | 12 | 3,432 | |||||||||||
Equity method investments | — | 18,934 | Total Liabilities | 71,598 | 79,044 | |||||||||||
Other assets | 2,535 | 2,710 | Stockholders’ equity | 168,730 | 146,292 | |||||||||||
TOTAL ASSETS | $ | 240,328 | $ | 225,336 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 240,328 | $ | 225,336 |
D!\@'Z @,"# (4 AT")@(O C@"00)+ E0"70)G G$">@*$ HX"
MF *B JP"M@+! LL"U0+@ NL"]0, PL#%@,A RT#. -# T\#6@-F W(#?@.*
M Y8#H@.N [H#QP/3 ^ #[ /Y! 8$$P0@!"T$.P1(!%4$8P1Q!'X$C 2:!*@$
MM@3$!-,$X03P!/X%#044%]@8&
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M APJ'%(<>QRC',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4
M'[\?ZB 5($$@;""8(,0@\"$<(4@A=2&A( &YX
MS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$> J($*
M@6N!S8(P@I*"](-7@[J$'82 A..%1X6KA@Z& ZLL[PJ/Y>VX/Y6W\@7K7^8 ?D=T7'OWH3
MXECXW?S$.AHL9U]7?#3OC9W06R]YX?&;M^1^X34OLL[UFHJ6/'M48:JQLK8E
MMQ54F-@VXF]G]B]85T.YNL=T;KP&0
M2HBIY!B,V)H(W$HTLT)X8 \E3]?I^?9KRIS+SM[=;U:\R[A-6ULG\1QIMQ51
M4<561AQ&0K'Y=.PRCQ0*]7K?$3^9UB>P\EC>N>[XZ3:VZ$CI0;QA<_W;S^
M0G9*6F@R!-[5TLA4:18:C_4GWT3]IO?Z/W!"11?B_P _SMX^C4<<]6WT%335
M4%+-!7G*4=8T=31U%"@, 34)%UR(?T7Y//T_'O)H[%<,HOWDIH&O30"N*\=6
M?R'5J-I^73[]/;D,E<=4X]>_WKV9Q2DD*>O=>]J>O=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U*A_3_ +[^I]^Z
M]UF]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7%_T-_P5O]Z]^Z]UK^_\*BO^W%_SH_X-\9__ (,#KGW[KW7RZQ2MV7T?V;&5'8/2'=G3._9)JLJN9V%VGU9VQ
MU_NP-455,B18[,;9S^W\K1PQB-A33T=722:9H91H7W7NOKA?R&/YIV/_ )I7
MPLVIOG<5=3T/R!Z0EVWTU\EMOU59LPY'+Y*O\E?Y07PDS=5D
M^OZ_=?56T:CXT[PP?7U2SU.V(?CWF9NL.MZO0EOXY-)=6T/9H@AD4Z>#&) 5U#\:@1?Z\>_=>Z^7
M9_PK^^7F6[E_F.[8^,,+Y>EV?\0NI,+A:[$5.'VQ3X.7N#OZ@QO<6\]Z[1W7
M0%
F)R,M%D<#+,U.2WC@/[LNGD)$1_:;Z+_ (^\D]BV.Y?<+H'Y
M^G\1_I=5R,=.6-ZU["S#1_PW:.
FJ,C-DHXI]UY'/Y2JKJ'W7N@R^:>=_F'?&/XO;7Z;_G4
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M;@W#755#MRFVU+35&6;<=7OPR;=3'_=8G+5!QU%5>Z]TH/YDF>_F?]J]_?
MR;N_/FM\7?AI\8.G5_G'_"79W3/4^S>PMU]Z_.CJW,YS?=1-NW;6_P#NO"4E
M%L6MVGN\[63<53C-MPK+&*?:]/7Q??XRK8^Z]U=-_-?_ )@>Y>@(>L_A/\0=
MYX?+_P S_P":F6V=U[\7=J-MO+]EXKJ79^?W"F/W_P#*ONC:>+3*G%[5VKB*
M3/Y&GS%?@LOJJ*-JR3%YC$8;<"T7NO= 5V?\%?Y?/\LO^37\F.N?G/E.W?E)
MT/ELYB_D/\Z=\;MW3VID.Z/EG\CMT=BX#^';XB;8VY:?)8>KW#O+&[4I =
MP)!%!#!_>3*U#_Q;-R>Z]U3;_/3K/YI7:'\I/MZH[D_EZ?!;X$_"SH1>B-NX
M+H_<_;5+\A_E?LJOVUVGMS8/7_8_Q=W)T)C*3K3:^"DQFX*?9,V+J(TRE)AX
MMP4RU!HLG1T\GNO=;W2_K?\ UT_]R7]^Z]U)]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7%_P!#?\%;_>O?NO=:_O\ PJ*_[<7_ #H_
MX-\9_P#X,#KGW[KW7S$?Y3__ &],_EJ?^+_?#?\ ^")VY[]U[K[:&[]I[9W[
MM/=&QMZ[:V[O/9N\]NYO:>[=G[OPV/W'M/=>V=Q8V7#Y[;6Z-O9:.:EK\=74
MLTM+6T53$\4\+O%(C(Q4^Z]U\;O^=)_*VWU_*F^7.[.HOL>Q,_\ '7?QCW7\
M8NZMYXW%PT?:FR/X?!5YG"Y3,;?FGHWW+M"LK3MW-Q>''550HILT^)Q6.S>/
M@E]U[J_?_A*+_.+'36_=J?RN.]#&O5_=79&?S7Q=[4W#OM::EZK[0S^)^[K^
MB:S&;QKZ/&/A]W5&-9-MKM:ECJ4W;EIHGI,I)NDRXKW7NOHW^_=>Z^(C_-:_
M[>B_S(__ !H-\P/_ ((3]^Z]U[W[KW7O?NO=>]^Z]
MU]/7_A%?_P!NM^^__%^^TO\ X'/JCW[KW6WO*7$4IB77((W,:AE34X4Z%UN"
M!<\7((']#[]U[KYIG_"T#XVKL#YG_''Y08C&=?87 _(KHG)[+RM1M^&.@WOO
M3L_X^[K@BW%O+?E'_#Z<5=]O[MVCBZ;[FVQF**>L7<%9NGN[9V4Z^WJFY))ZZ5)
M*,4?7>%?%1QXZ#36/D=3,-$5#[KW6\A/S#,-)>\4GH&F[^@^D:F0<_3EU'^(
M^OOW7NOAG?-+Y+[C^9GRW^0/RCWK)N7%93O'MS>W8?\ "(KZ;)T\FB
MI\(]U[HS7\_!M,?\F5K$Z?Y_O\NUK!'E)L^[C811 LW_ 502?H.??NO=$$W
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MNUOA/\S)MM3X#(]49GN6BER]?7X++T6V\%#!5[_-+'34%,QI(*@"H*Z@3[]U[K%VMU)U;WILK+;![GZV
MV)W!USN"'%29[K+M'9.W-\[0W93X?)INC 4.XME;Z2:BEJZ*KI8ZJDEK(]$<
MRB1E#+=?=>Z##*?"?X;YC>'3^\LK\5/C;E-W_'_#;#VUT7NW*=#=7UF=Z3V[
MU9*,GUMM3J3/9#'_ '6W\=@9@:_ T&%>.+'52K50")D6_NO=+B7X^=(5N3[F
MRU=T;TY59?Y&[=Q^T_D/F*_K394L_P A=LXG:-3LG [8[BRTE&]3N_'8[#55
M3@J6CW$LT2X^>:&)#$S(?=>Z>X>INITZK3HJ#K;8N2Z9CZ^AZF7J+([/V\W6
MS]6?P"39E-L%MD55.,3)@9L6M102X]:*2&2D;P^!X+1^_=>Z1V_/BI\7>U^K
MMC]%]F_&OX[=G=,=;' ?Z/\ IG?73O6N[NL-@+LG!2[+VT=C]?[AQU7BL6<3
MBZF?%XL4=%"*6CEDHU,4_P"@7C^>;_W@F?\ TIKXB_\ V?>_=>Z]
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MW]J;L[$PRXBB;[Z!L91[WP%
A]W;JJ=G]X=&_RGL[O7XH[EVTG59V_@MUT/QW[Y^3/<4VV=\8'?
M,X.7PV[H(*2*D_CRQQ8W-;5HJPG;WNO='I[)_G4=V_*'X=?RZX_Y;O1\>ROF
MG_-W7OG972V1[=S&SJKKGXKR?&*M?;/R<[/W-6TNI=T1;2AAK,ALE6P4HR5%
M":^MQ!K(H=FYKW7NB7_S'NL_YK?1??\ _)OZY^6'R8Z8^=_Q9S?\Y#X:;XH?
MD)2]([:^.G>^QOD!'OBIVMANE\OUKUQN!]_BML+9N=Z-
MJ\MG(I]A_'?Y$561C[ R^XL)AI<9DL+B\U3MDI*B!J=Y-VU6/AQFZO=>ZL9^
M
[(ZMWIG-D;QVQ59/&2;:SM5MS>>SY8*
MB.EKJ2IDI*N*GE'DA