$MGPI
MGP INGREDIENTS INC

2020 Q1 Form 10-Q Financial Statement

#000162828020005907 Filed on April 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $99.08M $89.10M
YoY Change 11.21% 1.3%
Cost Of Revenue $75.87M $72.44M
YoY Change 4.74% 4.97%
Gross Profit $23.21M $16.66M
YoY Change 39.32% -12.09%
Gross Profit Margin 23.43% 18.7%
Selling, General & Admin $8.696M $8.147M
YoY Change 6.74% -4.85%
% of Gross Profit 37.46% 48.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.125M $2.810M
YoY Change 11.21% -4.06%
% of Gross Profit 13.46% 16.87%
Operating Expenses $8.696M $8.147M
YoY Change 6.74% -4.85%
Operating Profit $13.71M $8.513M
YoY Change 61.02% -18.06%
Interest Expense $642.0K $252.0K
YoY Change 154.76% 21.74%
% of Operating Profit 4.68% 2.96%
Other Income/Expense, Net -$163.0K
YoY Change
Pretax Income $13.07M $8.261M
YoY Change 58.16% -18.87%
Income Tax $3.224M -$1.459M
% Of Pretax Income 24.67% -17.66%
Net Earnings $9.842M $9.720M
YoY Change 1.26% 8.88%
Net Earnings / Revenue 9.93% 10.91%
Basic Earnings Per Share $0.57
Diluted Earnings Per Share $0.57 $570.6K
COMMON SHARES
Basic Shares Outstanding 17.05M shares 16.96M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.70M $0.00
YoY Change -100.0%
Cash & Equivalents $42.66M $0.00
Short-Term Investments
Other Short-Term Assets $4.400M $2.300M
YoY Change 91.3% -28.13%
Inventory $142.8M $111.3M
Prepaid Expenses $4.387M $2.263M
Receivables $52.44M $43.90M
Other Receivables $0.00 $2.300M
Total Short-Term Assets $242.3M $159.8M
YoY Change 51.57% 15.28%
LONG-TERM ASSETS
Property, Plant & Equipment $128.7M $119.9M
YoY Change 7.28% 15.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.173M $3.633M
YoY Change 42.39% 41.97%
Total Long-Term Assets $140.1M $130.3M
YoY Change 7.58% 22.24%
TOTAL ASSETS
Total Short-Term Assets $242.3M $159.8M
Total Long-Term Assets $140.1M $130.3M
Total Assets $382.4M $290.1M
YoY Change 31.82% 18.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.46M $19.40M
YoY Change 46.7% -21.24%
Accrued Expenses $10.40M $10.63M
YoY Change -2.17% 48.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $390.0K
YoY Change 2.56% 4.0%
Total Short-Term Liabilities $41.31M $30.42M
YoY Change 35.82% -5.44%
LONG-TERM LIABILITIES
Long-Term Debt $40.56M $42.59M
YoY Change -4.76% 33.67%
Other Long-Term Liabilities $4.358M $1.516M
YoY Change 187.47% 179.7%
Total Long-Term Liabilities $44.92M $44.10M
YoY Change 1.85% 36.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.31M $30.42M
Total Long-Term Liabilities $44.92M $44.10M
Total Liabilities $146.8M $84.98M
YoY Change 72.79% 21.71%
SHAREHOLDERS EQUITY
Retained Earnings $238.6M $206.9M
YoY Change 15.33% 18.42%
Common Stock $6.715M $6.715M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.83M $21.01M
YoY Change 13.46% 6.78%
Treasury Stock Shares 1.220M shares 1.101M shares
Shareholders Equity $235.6M $205.1M
YoY Change
Total Liabilities & Shareholders Equity $382.4M $290.1M
YoY Change 31.82% 18.31%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $9.842M $9.720M
YoY Change 1.26% 8.88%
Depreciation, Depletion And Amortization $3.125M $2.810M
YoY Change 11.21% -4.06%
Cash From Operating Activities $542.0K -$3.789M
YoY Change -114.3% -531.06%
INVESTING ACTIVITIES
Capital Expenditures $5.645M $3.741M
YoY Change 50.9% -46.39%
Acquisitions $2.750M $0.00
YoY Change
Other Investing Activities $160.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$8.189M -$4.907M
YoY Change 66.88% -30.3%
FINANCING ACTIVITIES
Cash Dividend Paid $2.060M $1.714M
YoY Change 20.19% 24.65%
Common Stock Issuance & Retirement, Net $4.395M
YoY Change
Debt Paid & Issued, Net $100.0K $95.00K
YoY Change 5.26% 2.15%
Cash From Financing Activities $47.00M $3.671M
YoY Change 1180.22% -12.6%
NET CHANGE
Cash From Operating Activities $542.0K -$3.789M
Cash From Investing Activities -$8.189M -$4.907M
Cash From Financing Activities $47.00M $3.671M
Net Change In Cash $39.35M -$5.025M
YoY Change -883.08% 156.25%
FREE CASH FLOW
Cash From Operating Activities $542.0K -$3.789M
Capital Expenditures $5.645M $3.741M
Free Cash Flow -$5.103M -$7.530M
YoY Change -32.23% 23.46%

Facts In Submission

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CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5467000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
46997000 USD
CY2020Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
1148000 USD
CY2019Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
0 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
95000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3671000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
39350000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5025000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3309000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5025000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42659000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
231044000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
9842000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2020Q1 us-gaap Dividends
Dividends
2059000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
902000 USD
CY2020Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
237000 USD
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4395000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
235565000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">  The financial reporting policies of the Company conform to GAAP.  The preparation of unaudited condensed consolidated 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.  The application of certain of these policies places demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain, inclusive of the effects related to COVID-19.  For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment.</span>
CY2020Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
13565000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
16654000 USD
CY2020Q1 mgpi Barreled Whiskey And Bourbon
BarreledWhiskeyAndBourbon
111444000 USD
CY2019Q4 mgpi Barreled Whiskey And Bourbon
BarreledWhiskeyAndBourbon
104249000 USD
CY2020Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
5627000 USD
CY2019Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4920000 USD
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1818000 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1766000 USD
CY2020Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
8439000 USD
CY2019Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
8200000 USD
CY2020Q1 us-gaap Other Inventory
OtherInventory
1881000 USD
CY2019Q4 us-gaap Other Inventory
OtherInventory
1142000 USD
CY2020Q1 us-gaap Inventory Gross
InventoryGross
142774000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
201441000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
9720000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
14000 USD
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.10
CY2019Q1 us-gaap Dividends
Dividends
1714000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1031000 USD
CY2019Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
94000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5467000 USD
CY2019Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
0 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
205119000 USD
CY2019Q4 us-gaap Inventory Gross
InventoryGross
136931000 USD
CY2020Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
102591000 USD
CY2019Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
42534000 USD
CY2020Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
94555000 USD
CY2019Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
41060000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99082000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
89096000 USD
CY2019Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
1850000 USD
CY2020Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
1739000 USD
CY2020Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3589000 USD
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
96109000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
41508000 USD
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1554000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
448000 USD
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
94555000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
41060000 USD
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
404000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
401000 USD
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
94151000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
40659000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3224000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1459000 USD
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.177
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
9842000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
9720000 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
66000 USD
CY2019Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
66000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9776000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9654000 USD
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17013925 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16967631 shares
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.57
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.57
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.57
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
159104 shares
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4053000 USD
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
20947000 USD
CY2020Q1 mgpi Share Based Compensation Arrangement By Share Based Payment Award Number Of Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAwards
2 plan
CY2020Q1 mgpi Deferred Compensation Arrangement Gain Loss On Plan Investments
DeferredCompensationArrangementGainLossOnPlanInvestments
-164000 USD
CY2019Q1 mgpi Deferred Compensation Arrangement Gain Loss On Plan Investments
DeferredCompensationArrangementGainLossOnPlanInvestments
27000 USD
CY2020Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1411000 USD
CY2019Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
1337000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2020Q1 mgpi Net Sales To Customers1
NetSalesToCustomers1
99082000 USD
CY2019Q1 mgpi Net Sales To Customers1
NetSalesToCustomers1
89096000 USD
CY2020Q1 us-gaap Gross Profit
GrossProfit
23211000 USD
CY2019Q1 us-gaap Gross Profit
GrossProfit
16660000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3125000 USD
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2810000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13066000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8261000 USD
CY2020Q1 us-gaap Assets
Assets
382402000 USD
CY2019Q4 us-gaap Assets
Assets
322597000 USD

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