(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: August 4, 2021 | By: | /s/ Brandon M. Gall | ||||||
Brandon M. Gall, Vice President, Finance and Chief Financial Officer |
2021 second quarter results compared to 2020 second quarter results |
Operating income, quarter versus quarter | Operating Income | Change | |||||||||||||||
Operating income for quarter ended June 30, 2020 | $ | 11,338 | |||||||||||||||
Increase in gross profit - Branded Spirits segment | 18,286 | 161.3 | pp(a) | ||||||||||||||
Increase in gross profit - Distillery Products segment | 16,131 | 142.3 | pp | ||||||||||||||
Increase in gross profit - Ingredient Solutions segment | 1,708 | 15.0 | pp | ||||||||||||||
Increase in selling general and administrative expenses | (19,800) | (174.6) | pp | ||||||||||||||
Operating income for quarter ended June 30, 2021 | $ | 27,663 | 144.0 | % |
Operating income, year to date versus year to date | Operating Income | Change | |||||||||||||||
Operating income for year to date ended June 30, 2020 | $ | 25,046 | |||||||||||||||
Increase in gross profit - Distillery Products segment | 26,317 | 105.1 | pp(a) | ||||||||||||||
Increase in gross profit - Branded Spirits segment | 18,182 | 72.6 | pp | ||||||||||||||
Increase in gross profit - Ingredient Solutions segment(a) | 714 | 2.8 | pp | ||||||||||||||
Increase in selling general and administrative expenses | (22,096) | (88.2) | pp | ||||||||||||||
Operating income for quarter ended June 30, 2021 | $ | 48,163 | 92.3 | % |
Change in basic and diluted EPS, quarter versus quarter | Basic and Diluted EPS | Change | |||||||||||||||
Basic and diluted EPS for quarter ended June 30, 2020 | $ | 0.50 | |||||||||||||||
Increase in operations(b) | 0.74 | 148.0 | pp(a) | ||||||||||||||
Change in interest expense, net(b) | (0.02) | (4.0) | pp | ||||||||||||||
Tax: Change in effective tax rate | (0.02) | (4.0) | pp | ||||||||||||||
Increase in shares outstanding resulting from the Merger | (0.29) | (58.0) | pp | ||||||||||||||
Basic and diluted EPS for quarter ended June 30, 2021 | $ | 0.91 | 82.0 | % |
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, 2020 | $ | 1.07 | |||||||||||||||
Increase in operations(b) | 1.04 | 97.2 | pp(a) | ||||||||||||||
Decrease in weighted average shares outstanding, excluding the Merger impacts | 0.01 | 0.9 | pp | ||||||||||||||
Change in interest expense, net(b) | (0.02) | (1.9) | pp | ||||||||||||||
Increase in shares outstanding resulting from the Merger | (0.29) | (27.1) | pp | ||||||||||||||
Basic and diluted EPS for year to date ended June 30, 2021 | $ | 1.81 | 69.1 | % |
DISTILLERY PRODUCTS SALES | ||||||||||||||||||||||||||
Quarter Ended June 30, | Quarter versus Quarter Sales Change Increase/(Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Brown goods | $ | 43,766 | $ | 25,325 | $ | 18,441 | 72.8 | % | ||||||||||||||||||
White goods | 18,205 | 14,873 | 3,332 | 22.4 | ||||||||||||||||||||||
Premium beverage alcohol | 61,971 | 40,198 | 21,773 | 54.2 | ||||||||||||||||||||||
Industrial alcohol | 14,770 | 22,953 | (8,183) | (35.7) | ||||||||||||||||||||||
Food grade alcohol | 76,741 | 63,151 | 13,590 | 21.5 | ||||||||||||||||||||||
Fuel grade alcohol | 4,753 | 1,174 | 3,579 | 304.9 | ||||||||||||||||||||||
Distillers feed and related co-products | 4,672 | 6,781 | (2,109) | (31.1) | ||||||||||||||||||||||
Warehouse services | 4,182 | 3,699 | 483 | 13.1 | ||||||||||||||||||||||
Total Distillery Products | $ | 90,348 | $ | 74,805 | $ | 15,543 | 20.8 | % | ||||||||||||||||||
BRANDED SPIRITS SALES | ||||||||||||||||||||||||||
Quarter Ended June 30, | Quarter versus Quarter Sales Change Increase/(Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Ultra premium | $ | 10,093 | $ | 320 | $ | 9,773 | 3,054.1 | % | ||||||||||||||||||
Premium | 6,301 | 47 | 6,254 | 13,306.4 | ||||||||||||||||||||||
Mid | 17,786 | — | 17,786 | n/a | ||||||||||||||||||||||
Value | 20,944 | — | 20,944 | n/a | ||||||||||||||||||||||
Other | 5,302 | 17 | 5,285 | 31,088.2 | ||||||||||||||||||||||
Total Branded Spirits | $ | 60,426 | $ | 384 | $ | 60,042 | 15,635.9 | % |
INGREDIENT SOLUTIONS SALES | ||||||||||||||||||||||||||
Quarter Ended June 30, | Quarter versus Quarter Sales Change Increase / (Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Specialty wheat starches | $ | 12,598 | $ | 9,122 | $ | 3,476 | 38.1 | % | ||||||||||||||||||
Specialty wheat proteins | 8,352 | 6,013 | 2,339 | 38.9 | ||||||||||||||||||||||
Commodity wheat starches | 2,663 | 1,774 | 889 | 50.1 | ||||||||||||||||||||||
Commodity wheat proteins | 552 | 462 | 90 | 19.5 | ||||||||||||||||||||||
Total Ingredient Solutions | $ | 24,165 | $ | 17,371 | $ | 6,794 | 39.1 | % | ||||||||||||||||||
DISTILLERY PRODUCTS SALES | ||||||||||||||||||||||||||
Year to Date Ended June 30, | Year to Date versus Year to date Sales Change Increase/(Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Brown goods | $ | 86,807 | $ | 53,970 | $ | 32,837 | 60.8 | % | ||||||||||||||||||
White goods | 34,862 | 31,712 | 3,150 | 9.9 | ||||||||||||||||||||||
Premium beverage alcohol | 121,669 | 85,682 | 35,987 | 42.0 | ||||||||||||||||||||||
Industrial alcohol | 32,106 | 44,571 | (12,465) | (28.0) | ||||||||||||||||||||||
Food grade alcohol | 153,775 | 130,253 | 23,522 | 18.1 | ||||||||||||||||||||||
Fuel grade alcohol | 7,270 | 2,696 | 4,574 | 169.7 | ||||||||||||||||||||||
Distillers feed and related co-products | 9,644 | 13,770 | (4,126) | (30.0) | ||||||||||||||||||||||
Warehouse services | 8,283 | 7,600 | 683 | 9.0 | ||||||||||||||||||||||
Total Distillery Products | $ | 178,972 | $ | 154,319 | $ | 24,653 | 16.0 | % | ||||||||||||||||||
BRANDED SPIRITS SALES | ||||||||||||||||||||||||||
Year to Date Ended June 30, | Year to Date versus Year to date Sales Change Increase/(Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Ultra premium | $ | 10,574 | $ | 684 | $ | 9,890 | 1,445.9 | % | ||||||||||||||||||
Premium | 6,383 | 171 | 6,212 | 3,632.7 | ||||||||||||||||||||||
Mid | 17,786 | — | 17,786 | n/a | ||||||||||||||||||||||
Value | 20,944 | — | 20,944 | n/a | ||||||||||||||||||||||
Other | 5,309 | 17 | 5,292 | 31,129.4 | ||||||||||||||||||||||
Total Branded Spirits | $ | 60,996 | $ | 872 | $ | 60,124 | 6,895.0 | % | ||||||||||||||||||
INGREDIENT SOLUTIONS SALES | ||||||||||||||||||||||||||
Year to Date Ended June 30, | Year to Date versus Year to date Sales Change Increase/(Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Specialty wheat starches | $ | 22,820 | $ | 19,334 | $ | 3,486 | 18.0 | % | ||||||||||||||||||
Specialty wheat proteins | 14,398 | 12,378 | 2,020 | 16.3 | ||||||||||||||||||||||
Commodity wheat starches | 4,946 | 3,651 | 1,295 | 35.5 | ||||||||||||||||||||||
Commodity wheat proteins | 1,130 | 1,088 | 42 | 3.9 | ||||||||||||||||||||||
Total Ingredient Solutions | $ | 43,294 | $ | 36,451 | $ | 6,843 | 18.8 | % | ||||||||||||||||||
Quarter Ended June 30, | Year to Date Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Sales | $ | 174,939 | $ | 92,560 | $ | 283,262 | $ | 191,642 | ||||||||||||||||||
Cost of sales | 118,112 | 71,858 | 194,136 | 147,729 | ||||||||||||||||||||||
Gross profit | 56,827 | 20,702 | 89,126 | 43,913 | ||||||||||||||||||||||
Selling, general and administrative expenses | 29,164 | 9,364 | 40,963 | 18,867 | ||||||||||||||||||||||
Operating income | 27,663 | 11,338 | 48,163 | 25,046 | ||||||||||||||||||||||
Interest expense, net | (1,104) | (628) | (1,592) | (1,107) | ||||||||||||||||||||||
Other income (loss), net | (88) | 330 | (58) | 167 | ||||||||||||||||||||||
Income before income taxes | 26,471 | 11,040 | 46,513 | 24,106 | ||||||||||||||||||||||
Income tax expense | 6,412 | 2,550 | 11,027 | 5,774 | ||||||||||||||||||||||
Net income | 20,059 | 8,490 | 35,486 | 18,332 | ||||||||||||||||||||||
Income attributable to participating securities | 150 | 57 | 299 | 123 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (76) | — | (76) | — | ||||||||||||||||||||||
Net income attributable to MGP Ingredients, Inc. | $ | 19,985 | $ | 8,433 | $ | 35,263 | $ | 18,209 | ||||||||||||||||||
Basic and diluted weighted average common shares | 21,916,721 | 16,899,079 | 19,436,143 | 16,956,502 | ||||||||||||||||||||||
Basic and diluted earnings per common share | $ | 0.91 | $ | 0.50 | $ | 1.81 | $ | 1.07 |
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
ASSETS | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||
Current Assets: | Current Liabilities: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 37,243 | $ | 21,662 | Current maturities of long-term debt | $ | 3,227 | $ | 1,600 | |||||||||||||||||
Receivables, net | 79,110 | 56,966 | Accounts payable | 37,434 | 30,273 | |||||||||||||||||||||
Inventory | 232,292 | 141,011 | Federal and state liquor taxes payable | 9,175 | 107 | |||||||||||||||||||||
Prepaid expenses | 4,996 | 2,644 | Income taxes payable | 1,721 | 704 | |||||||||||||||||||||
Total Current Assets | 353,641 | 222,283 | Accrued expenses and other | 31,881 | 20,645 | |||||||||||||||||||||
Total Current Liabilities | 83,438 | 53,329 | ||||||||||||||||||||||||
Property, plant, and equipment | 378,962 | 313,730 | Other liabilities: | |||||||||||||||||||||||
Less accumulated depreciation and amortization | (189,330) | (181,738) | Long-term debt, less current maturities | 36,870 | 38,271 | |||||||||||||||||||||
Property, Plant, and Equipment, net | 189,632 | 131,992 | Credit agreement - revolver | 230,294 | — | |||||||||||||||||||||
Operating lease right-of-use assets, net | 9,169 | 5,151 | Long-term operating lease liabilities | 6,626 | 3,057 | |||||||||||||||||||||
Investment in joint ventures | 5,739 | — | Other noncurrent liabilities | 5,117 | 7,094 | |||||||||||||||||||||
Intangible assets, net | 219,872 | 890 | Deferred income taxes | 58,450 | 2,298 | |||||||||||||||||||||
Goodwill | 228,243 | 2,738 | Total Liabilities | 420,795 | 104,049 | |||||||||||||||||||||
Other assets | 8,001 | 3,521 | Total equity | 593,502 | 262,526 | |||||||||||||||||||||
TOTAL ASSETS | $ | 1,014,297 | $ | 366,575 | TOTAL LIABILITIES AND TOTAL EQUITY | $ | 1,014,297 | $ | 366,575 |
Year to Date Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | 35,486 | $ | 18,332 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 8,425 | 6,344 | ||||||||||||
Net loss attributable to noncontrolling interest | (76) | — | ||||||||||||
Gain on sale of assets | — | (8) | ||||||||||||
Share-based compensation | 4,767 | 1,801 | ||||||||||||
Deferred income taxes, including change in valuation allowance | (1,568) | (99) | ||||||||||||
Unrealized gain on foreign currency | 7 | — | ||||||||||||
Changes in operating assets and liabilities, net of effects of acquisition: | ||||||||||||||
Receivables, net | 7,531 | (13,174) | ||||||||||||
Inventory | (408) | (9,983) | ||||||||||||
Prepaid expenses | (897) | (1,973) | ||||||||||||
Income taxes payable | 1,017 | 5,778 | ||||||||||||
Accounts payable | (12,996) | (4,218) | ||||||||||||
Accrued expenses and other | 7,987 | 3,126 | ||||||||||||
Federal and state liquor taxes payable | 716 | 132 | ||||||||||||
Other, net | (2,537) | (72) | ||||||||||||
Net cash provided by operating activities | 47,454 | 5,986 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Additions to property, plant, and equipment | (18,336) | (10,177) | ||||||||||||
Purchase of business, net of cash acquired | (149,599) | (2,750) | ||||||||||||
Contributions to equity method investment | (988) | — | ||||||||||||
Proceeds from sale of property | — | 688 | ||||||||||||
Other, net | (1,312) | (168) | ||||||||||||
Net cash used in investing activities | (170,235) | (12,407) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Payment of dividends and dividend equivalents | (4,707) | (4,101) | ||||||||||||
Purchase of treasury stock | (765) | (4,395) | ||||||||||||
Loan fees paid related to borrowings | (666) | (1,148) | ||||||||||||
Principal payments on long-term debt | — | (199) | ||||||||||||
Proceeds from credit agreement - revolver | 242,300 | 54,700 | ||||||||||||
Payments on credit agreement - revolver | (10,306) | (30,000) | ||||||||||||
Payment on assumed debt as part of the Merger | (87,497) | — | ||||||||||||
Net cash provided by financing activities | 138,359 | 14,857 | ||||||||||||
Effect of exchange rate changes on cash | 3 | — | ||||||||||||
Increase in cash and cash equivalents | 15,581 | 8,436 | ||||||||||||
Cash and cash equivalents, beginning of period | 21,662 | 3,309 | ||||||||||||
Cash and cash equivalents, end of period | $ | 37,243 | $ | 11,745 |
Quarter Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Gross Profit | Operating Income | Income before Income Taxes | Net Income | MGP Earnings(a) | Basic and Diluted EPS | ||||||||||||||||||||||||||||||
Reported GAAP Results | $ | 56,827 | $ | 27,663 | $ | 26,471 | $ | 20,059 | $ | 19,985 | $ | 0.91 | |||||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||||||||
Inventory step-up - Branded Spirits (b) | 2,529 | 2,529 | 2,529 | 2,529 | 2,510 | 0.11 | |||||||||||||||||||||||||||||
Business acquisition costs(c) | — | 6,738 | 6,738 | 5,535 | 5,473 | 0.25 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 59,356 | $ | 36,930 | $ | 35,738 | $ | 28,123 | $ | 27,968 | $ | 1.27 |
Quarter Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Gross Profit | Operating Income | Income before Income Taxes | Net Income | MGP Earnings(a) | Basic and Diluted EPS | ||||||||||||||||||||||||||||||
Reported GAAP Results | $ | 20,702 | $ | 11,338 | $ | 11,040 | $ | 8,490 | $ | 8,433 | $ | 0.50 | |||||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||||||||
CEO transition costs (d) | — | 783 | 783 | 684 | 684 | 0.04 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 20,702 | $ | 12,121 | $ | 11,823 | $ | 9,174 | $ | 9,117 | $ | 0.54 |
Year to Date Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Gross Profit | Operating Income | Income before Income Taxes | Net Income | MGP Earnings(a) | Basic and Diluted EPS | ||||||||||||||||||||||||||||||
Reported GAAP Results | $ | 89,126 | $ | 48,163 | $ | 46,513 | $ | 35,486 | $ | 35,263 | $ | 1.81 | |||||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||||||||
Inventory step-up - Branded Spirits (b) | 2,529 | 2,529 | 2,529 | 2,529 | 2,510 | 0.13 | |||||||||||||||||||||||||||||
Business acquisition costs(c) | — | 8,628 | 8,628 | 7,303 | 7,241 | 0.37 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 91,655 | $ | 59,320 | $ | 57,670 | $ | 45,318 | $ | 45,014 | $ | 2.31 |
Year to Date Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Gross Profit | Operating Income | Income before Income Taxes | Net Income | MGP Earnings(a) | Basic and Diluted EPS | ||||||||||||||||||||||||||||||
Reported GAAP Results | $ | 43,913 | $ | 25,046 | $ | 24,106 | $ | 18,332 | $ | 18,209 | $ | 1.07 | |||||||||||||||||||||||
Adjusted to remove: | |||||||||||||||||||||||||||||||||||
CEO transition costs (d) | — | 1,368 | 1,368 | 1,258 | 1,258 | 0.07 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP results | $ | 43,913 | $ | 26,414 | $ | 25,474 | $ | 19,590 | $ | 19,467 | $ | 1.14 |
Quarter Ended June 30, | Year to Date Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income | $ | 20,059 | $ | 8,490 | $ | 35,486 | $ | 18,332 | |||||||||||||||
Interest expense | 1,104 | 628 | 1,592 | 1,107 | |||||||||||||||||||
Income tax expense | 6,412 | 2,550 | 11,027 | 5,774 | |||||||||||||||||||
Depreciation and amortization | 5,115 | 3,220 | 8,425 | 6,344 | |||||||||||||||||||
Equity method investment | 334 | — | 334 | — | |||||||||||||||||||
Inventory step-up - Branded Spirits | 2,529 | — | 2,529 | — | |||||||||||||||||||
Business acquisition costs | 6,738 | — | 8,628 | — | |||||||||||||||||||
CEO transition costs | — | 783 | — | 1,368 | |||||||||||||||||||
Adjusted EBITDA | $ | 42,291 | $ | 15,671 | $ | 68,021 | $ | 32,925 |
Step Up Value | Amortization Period | Income Statement Caption | Q2 2021 Income Statement Impact | ||||||||||||||||||||
Finished Goods Inventory | $ | 2,529 | 3 months | Cost of sales | $ | 2,529 | |||||||||||||||||
Whiskey Inventory | 1,065 | 10 years | Cost of sales | 27 | |||||||||||||||||||
Property, plant and equipment | 7,340 | various | Cost of sales | 560 | |||||||||||||||||||
Definite-lived intangible asset - Distributor relationships | 41,400 | 20 years | SG&A | 518 | |||||||||||||||||||
Total Fair Value Step Up | $ | 52,334 | $ | 3,634 |
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Cover |
Aug. 04, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 04, 2021 |
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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