$MGPI
MGP INGREDIENTS INC

2016 Q2 Form 10-Q Financial Statement

#000162828016018330 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $80.39M $85.35M
YoY Change -5.81% -0.64%
Cost Of Revenue $64.86M $67.83M
YoY Change -4.37% -6.13%
Gross Profit $15.53M $17.53M
YoY Change -11.39% 110.98%
Gross Profit Margin 19.32% 20.54%
Selling, General & Admin $6.404M $8.025M
YoY Change -20.2% 55.34%
% of Gross Profit 41.23% 45.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.678M $3.092M
YoY Change -13.39% 0.85%
% of Gross Profit 17.24% 17.64%
Operating Expenses $6.404M $8.025M
YoY Change -20.2% 55.34%
Operating Profit $9.127M $9.503M
YoY Change -3.96% 209.34%
Interest Expense $328.0K $129.0K
YoY Change 154.26% -40.83%
% of Operating Profit 3.59% 1.36%
Other Income/Expense, Net
YoY Change
Pretax Income $9.878M $12.47M
YoY Change -20.79% 140.5%
Income Tax $3.570M $4.599M
% Of Pretax Income 36.14% 36.88%
Net Earnings $6.308M $7.871M
YoY Change -19.86% 54.36%
Net Earnings / Revenue 7.85% 9.22%
Basic Earnings Per Share $0.44
Diluted Earnings Per Share $375.0K $0.44
COMMON SHARES
Basic Shares Outstanding 16.62M shares 17.40M shares
Diluted Shares Outstanding 16.62M shares 17.40M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $4.400M
YoY Change -63.64% 388.89%
Cash & Equivalents $1.554M $4.361M
Short-Term Investments
Other Short-Term Assets $800.0K $7.900M
YoY Change -89.87% 46.3%
Inventory $71.60M $45.00M
Prepaid Expenses $792.0K $1.842M
Receivables $34.00M $36.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $107.9M $94.07M
YoY Change 14.75% 28.61%
LONG-TERM ASSETS
Property, Plant & Equipment $85.97M $66.04M
YoY Change 30.17% -0.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.86M $16.87M
YoY Change -0.05% 31.9%
Other Assets $934.0K $2.001M
YoY Change -53.32% -16.31%
Total Long-Term Assets $103.8M $84.91M
YoY Change 22.2% 4.02%
TOTAL ASSETS
Total Short-Term Assets $107.9M $94.07M
Total Long-Term Assets $103.8M $84.91M
Total Assets $211.7M $179.0M
YoY Change 18.28% 15.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.98M $19.17M
YoY Change 9.44% 4.53%
Accrued Expenses $7.101M $9.889M
YoY Change -28.19% 35.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.400M $2.500M
YoY Change 76.0% 56.25%
Total Short-Term Liabilities $35.66M $36.34M
YoY Change -1.85% 19.11%
LONG-TERM LIABILITIES
Long-Term Debt $37.00M $7.100M
YoY Change 421.13% -67.43%
Other Long-Term Liabilities $81.00K $8.000M
YoY Change -98.99% 1069.59%
Total Long-Term Liabilities $81.00K $15.10M
YoY Change -99.46% 2107.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.66M $36.34M
Total Long-Term Liabilities $81.00K $15.10M
Total Liabilities $81.87M $61.97M
YoY Change 32.1% -3.37%
SHAREHOLDERS EQUITY
Retained Earnings $126.6M $101.3M
YoY Change 24.92% 33.89%
Common Stock $6.715M $6.715M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.54M $838.0K
YoY Change 1753.82% -11.13%
Treasury Stock Shares 1.418M shares 442.1K shares
Shareholders Equity $129.8M $117.0M
YoY Change
Total Liabilities & Shareholders Equity $211.7M $179.0M
YoY Change 18.28% 15.64%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $6.308M $7.871M
YoY Change -19.86% 54.36%
Depreciation, Depletion And Amortization $2.678M $3.092M
YoY Change -13.39% 0.85%
Cash From Operating Activities $1.860M $2.980M
YoY Change -37.58% -15.34%
INVESTING ACTIVITIES
Capital Expenditures -$3.040M -$3.050M
YoY Change -0.33% 116.31%
Acquisitions
YoY Change
Other Investing Activities $230.0K
YoY Change
Cash From Investing Activities -$2.810M -$3.050M
YoY Change -7.87% 116.31%
FINANCING ACTIVITIES
Cash Dividend Paid $1.378M $1.087M
YoY Change 26.77% 22.96%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.500M -1.960M
YoY Change -227.55% 59.35%
NET CHANGE
Cash From Operating Activities 1.860M 2.980M
Cash From Investing Activities -2.810M -3.050M
Cash From Financing Activities 2.500M -1.960M
Net Change In Cash 1.550M -2.030M
YoY Change -176.35% -330.68%
FREE CASH FLOW
Cash From Operating Activities $1.860M $2.980M
Capital Expenditures -$3.040M -$3.050M
Free Cash Flow $4.900M $6.030M
YoY Change -18.74% 22.31%

Facts In Submission

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LongTermDebtAndCapitalLeaseObligations
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CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3345000 USD
CY2016Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
4352000 USD
CY2015Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
22536000 USD
CY2016Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
18618000 USD
us-gaap Long Term Purchase Commitment Amount
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64904000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2303000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6447000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8080000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
7871000 USD
us-gaap Net Income Loss
NetIncomeLoss
12941000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
6308000 USD
us-gaap Net Income Loss
NetIncomeLoss
13367000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4447000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1596000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7578000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12457000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6068000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12861000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9503000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
16411000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9127000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
19852000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1013000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
934000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
330000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
258000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-21000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-38000 USD
CY2015Q4 us-gaap Other Inventory
OtherInventory
887000 USD
CY2016Q2 us-gaap Other Inventory
OtherInventory
1109000 USD
CY2015Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
5371000 USD
CY2016Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
5970000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
79000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
81000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
230000 USD
CY2015Q4 us-gaap Other Postretirement Benefits Payable Current And Noncurrent
OtherPostretirementBenefitsPayableCurrentAndNoncurrent
4136000 USD
CY2016Q2 us-gaap Other Postretirement Benefits Payable Current And Noncurrent
OtherPostretirementBenefitsPayableCurrentAndNoncurrent
4045000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1087000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1378000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
348000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
114000 USD
CY2015Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
1087000 USD
CY2016Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
1378000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8080000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6088000 USD
CY2015 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.05
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0500
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
10
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
10
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
437 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
437 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
437 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
437 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
4000 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
4000 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1062000 USD
CY2016Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
792000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1235000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17064000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
229914000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
238150000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83554000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
85970000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
30670000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
33998000 USD
CY2015Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
12187000 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
23364000 USD
CY2016Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
6698000 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
12939000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1138000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
6952000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
799000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2173000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
114558000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
126550000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
92071000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
176935000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
82174000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
159365000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
85354000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
165767000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
80392000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
157227000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8025000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14505000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6404000 USD
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1418142 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12725000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
690000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1234000 USD
CY2015Q2 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
4577000 USD
us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
8878000 USD
CY2016Q2 us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
3939000 USD
us-gaap Shipping And Handling Revenue
ShippingAndHandlingRevenue
8076000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
438000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
116160000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
129830000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
685000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
742000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1434389 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
15973000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
15535000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-293000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-484000 USD
CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-240000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-506000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17401154 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17398777 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16617857 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16612416 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17400359 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17398022 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16617857 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16612416 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP").&#160;&#160;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;The application of certain of these policies places significant demands on management&#8217;s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain.&#160;&#160;For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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