KANSAS | 0-17196 | 45-4082531 |
(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 |
Common Stock, no par value | MGPI | NASDAQ Global Select Market |
MGP INGREDIENTS, INC. | |||
Date: | July 31, 2019 | By: | /s/ Brandon M. Gall |
Brandon M. Gall, Vice President, Finance and Chief Financial Officer |
• | Consolidated sales increased 2.5% to $90.5 million, reflecting growth in both the Distillery Products and Ingredient Solutions segments. |
• | Consolidated gross profit increased 0.4% to $19.5 million, as a decline in Distillery Products gross profit was more than offset by gains in Ingredient Solutions. |
• | Consolidated operating income decreased 2.3% to $10.9 million. |
• | Earnings per share increased to $0.46 per share from $0.44 per share, reflecting a lower tax rate and other tax related items for the quarter. |
Premium Beverage Alcohol (in thousands) | Sales Quarter Ended June 30, | Quarter vs. Quarter Sales Change Increase/(Decrease) | |||||||||||||
2019 | 2018 | $ Change | % Change | ||||||||||||
Brown Goods | $ | 27,621 | $ | 27,736 | $ | (115 | ) | (0.4 | )% | ||||||
White Goods | 14,691 | 14,464 | 227 | 1.6 | |||||||||||
Premium Beverage Alcohol | $ | 42,312 | $ | 42,200 | $ | 112 | 0.3 | % |
• | 2019 sales growth is projected in the mid-single-digit percentage range versus 2018. |
• | 2019 gross margins are expected to increase modestly as compared to 2018. |
• | The Company’s estimate of growth in operating income in 2019 is 10% to 20%. |
• | 2019 effective tax rate is forecasted to be approximately 19%, and shares outstanding are expected to be approximately 17 million at year end. |
• | Earnings per share are forecasted to be in the $2.55 to $2.75 range inclusive of our new, lower projected effective tax rate. |
Operating income, quarter versus quarter | Operating Income | Change | ||||||
Operating income for quarter ended June 30, 2018 | $ | 11,132 | ||||||
Increase in gross profit - ingredient solutions segment | 258 | 2.3 | pp(a) | |||||
Decrease in gross profit - distillery products segment | (177 | ) | (1.6 | ) | pp | |||
Increase in SG&A expenses | (339 | ) | (3.0 | ) | pp | |||
Operating income for quarter ended June 30, 2019 | $ | 10,874 | (2.3 | )% |
Operating income, year to date versus year to date | Operating Income | Change | ||||||
Operating income for year to date ended June 30, 2018 | $ | 21,521 | ||||||
Decrease in gross profit - ingredient solutions segment | (1,402 | ) | (6.5 | ) | pp(a) | |||
Decrease in gross profit - distillery products segment | (808 | ) | (3.8 | ) | pp | |||
Decrease in SG&A expenses | 76 | 0.4 | pp | |||||
Operating income for year to date ended June 30, 2019 | $ | 19,387 | (9.9 | )% |
Change in basic and diluted EPS, quarter versus quarter | Basic and Diluted EPS | Change | ||||||
Basic and diluted EPS for quarter ended June 30, 2018 | $ | 0.44 | ||||||
Decrease in operations(a) | (0.01 | ) | (2.3 | ) | pp(b) | |||
Change in income tax | 0.04 | 9.2 | pp | |||||
Increase in weighted average shares outstanding | (0.01 | ) | (2.3 | ) | pp | |||
Basic and diluted EPS for quarter ended June 30, 2019 | $ | 0.46 | 4.6 | % |
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, 2018 | $ | 0.96 | ||||||
Decrease in operations(a) | (0.11 | ) | (11.5 | ) | pp(b) | |||
Tax: Change in share-based compensation | 0.11 | 11.5 | pp | |||||
Tax: Change in effective tax rate (excluding above tax item) | 0.04 | 4.2 | pp | |||||
Tax: Change in other | 0.04 | 4.1 | pp | |||||
Increase in weighted average shares outstanding | (0.01 | ) | (1.0 | ) | pp | |||
Basic and diluted EPS for year to date ended June 30, 2019 | $ | 1.03 | 7.3 | % |
(a) | Items are net of tax based on the effective tax rate for the base year (2018). |
(b) | Percentage points (“pp”). |
Quarter Ended June 30, | Year to date Ended June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Sales | $ | 90,501 | $ | 88,252 | $ | 179,597 | $ | 176,208 | |||||||||
Cost of sales | 70,979 | 68,811 | 143,415 | 137,816 | |||||||||||||
Gross profit | 19,522 | 19,441 | 36,182 | 38,392 | |||||||||||||
Selling, general and administrative expenses | 8,648 | 8,309 | 16,795 | 16,871 | |||||||||||||
Operating income | 10,874 | 11,132 | 19,387 | 21,521 | |||||||||||||
Interest expense, net | (321 | ) | (289 | ) | (573 | ) | (496 | ) | |||||||||
Income before income taxes | 10,553 | 10,843 | 18,814 | 21,025 | |||||||||||||
Income tax expense | 2,642 | 3,316 | 1,183 | 4,571 | |||||||||||||
Net income | $ | 7,911 | $ | 7,527 | $ | 17,631 | $ | 16,454 | |||||||||
Income attributable to participating securities | 51 | 148 | 117 | 323 | |||||||||||||
Net income attributable to common shareholders and used in EPS calculation | $ | 7,860 | $ | 7,379 | $ | 17,514 | $ | 16,131 | |||||||||
Share information: | |||||||||||||||||
Basic and Diluted weighted average common shares | 17,021,599 | 16,869,481 | 16,994,864 | 16,856,423 | |||||||||||||
Basic and diluted earnings per common share | $ | 0.46 | $ | 0.44 | $ | 1.03 | $ | 0.96 |
(Dollars in thousands) | June 30, 2019 | December 31, 2018 | (Dollars in thousands) | June 30, 2019 | December 31, 2018 | |||||||||||
ASSETS | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
Current Assets: | Current Liabilities: | |||||||||||||||
Cash and cash equivalents | $ | 2,162 | $ | 5,025 | Current maturities of long-term debt | $ | 393 | $ | 386 | |||||||
Receivables, net | 41,604 | 38,797 | Accounts payable | 20,711 | 25,363 | |||||||||||
Inventory | 118,007 | 108,769 | Accrued expenses | 11,014 | 11,714 | |||||||||||
Prepaid expenses | 1,834 | 1,320 | Total Current Liabilities | 32,118 | 37,463 | |||||||||||
Refundable income taxes | 5,404 | 712 | Other Liabilities: | |||||||||||||
Total Current Assets | 169,011 | 154,623 | Long-term debt, less current maturities | 40,851 | 21,040 | |||||||||||
Credit agreement - revolver | 1,245 | 10,588 | ||||||||||||||
Operating lease liability | 4,112 | — | ||||||||||||||
Deferred credits | 1,399 | 1,565 | ||||||||||||||
Property and equipment | 299,666 | 295,893 | Accrued retirement, health, and life insurance benefits | 2,482 | 2,595 | |||||||||||
Less accumulated depreciation and amortization | (179,772 | ) | (175,105 | ) | Other noncurrent liabilities | 1,851 | 1,523 | |||||||||
Property, Plant, and Equipment, net | 119,894 | 120,788 | Deferred income taxes | 2,224 | 1,677 | |||||||||||
Operating lease right-of-use asset, net | 6,163 | — | Total Liabilities | 86,282 | 76,451 | |||||||||||
Other assets | 3,656 | 2,481 | Stockholders’ equity | 212,442 | 201,441 | |||||||||||
TOTAL ASSETS | $ | 298,724 | $ | 277,892 | TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 298,724 | $ | 277,892 |
Year to Date Ended June 30, | ||||||||
2019 | 2018 | |||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 17,631 | $ | 16,454 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 5,602 | 5,826 | ||||||
Gain on sale of assets | (138 | ) | — | |||||
Share-based compensation | 2,267 | 1,968 | ||||||
Deferred income taxes, including change in valuation allowance | 547 | 729 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables, net | (2,807 | ) | (1,411 | ) | ||||
Inventory | (9,238 | ) | (13,338 | ) | ||||
Prepaid expenses | (514 | ) | (620 | ) | ||||
Refundable income taxes | (4,692 | ) | 446 | |||||
Accounts payable | (2,883 | ) | (5,106 | ) | ||||
Accrued expenses | (2,750 | ) | (3,232 | ) | ||||
Deferred credits | (166 | ) | (362 | ) | ||||
Accrued retirement health, and life insurance benefits | 211 | (111 | ) | |||||
Net cash provided by operating activities | 3,070 | 1,243 | ||||||
Cash Flows from Investing Activities | ||||||||
Additions to property, plant, and equipment | (6,192 | ) | (13,065 | ) | ||||
Deferred compensation plan investments | (1,177 | ) | — | |||||
Net cash used in investing activities | (7,369 | ) | (13,065 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Payment of dividends and dividend equivalents | (3,427 | ) | (2,750 | ) | ||||
Purchase of treasury stock for tax withholding on equity-based compensation | (5,467 | ) | (2,073 | ) | ||||
Proceeds on long-term debt | 20,000 | — | ||||||
Principal payments on long-term debt | (192 | ) | (185 | ) | ||||
Proceeds from credit agreement - revolver | 12,625 | 16,946 | ||||||
Payments on credit agreement - revolver | (22,025 | ) | (920 | ) | ||||
Other | (78 | ) | — | |||||
Net cash provided by financing activities | 1,436 | 11,018 | ||||||
Decrease in cash and cash equivalents | (2,863 | ) | (804 | ) | ||||
Cash and cash equivalents, beginning of period | 5,025 | 3,084 | ||||||
Cash and cash equivalents, end of period | $ | 2,162 | $ | 2,280 |
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