$MGPI
MGP INGREDIENTS INC

2021 Q1 Form 10-Q Financial Statement

#000162828021008980 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $108.3M $99.08M $92.46M
YoY Change 9.33% 11.21% -11.81%
Cost Of Revenue $76.02M $75.87M $70.90M
YoY Change 0.2% 4.74% -10.52%
Gross Profit $32.30M $23.21M $21.56M
YoY Change 39.15% 39.32% -15.81%
Gross Profit Margin 29.82% 23.43% 23.32%
Selling, General & Admin $10.95M $8.696M $5.309M
YoY Change 25.87% 6.74% -40.98%
% of Gross Profit 33.89% 37.46% 24.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.311M $3.125M $3.030M
YoY Change 5.95% 11.21% 7.07%
% of Gross Profit 10.25% 13.46% 14.05%
Operating Expenses $10.95M $8.696M $5.309M
YoY Change 25.87% 6.74% -40.98%
Operating Profit $20.50M $13.71M $16.25M
YoY Change 49.55% 61.02% -2.17%
Interest Expense -$488.0K $642.0K $368.0K
YoY Change -176.01% 154.76% 8.88%
% of Operating Profit -2.38% 4.68% 2.26%
Other Income/Expense, Net $30.00K -$163.0K
YoY Change -118.4%
Pretax Income $20.04M $13.07M $15.88M
YoY Change 53.39% 58.16% -2.4%
Income Tax $4.615M $3.224M $2.936M
% Of Pretax Income 23.03% 24.67% 18.49%
Net Earnings $15.43M $9.842M $12.95M
YoY Change 56.75% 1.26% 9.52%
Net Earnings / Revenue 14.24% 9.93% 14.0%
Basic Earnings Per Share $0.90 $0.57
Diluted Earnings Per Share $0.90 $0.57 $758.8K
COMMON SHARES
Basic Shares Outstanding 16.93M shares 17.05M shares 17.03M shares
Diluted Shares Outstanding 16.93M shares

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.60M $42.70M $3.300M
YoY Change -47.07% -34.0%
Cash & Equivalents $22.59M $42.66M $3.309M
Short-Term Investments
Other Short-Term Assets $3.700M $4.400M $2.000M
YoY Change -15.91% 91.3% 53.85%
Inventory $136.1M $142.8M $136.9M
Prepaid Expenses $3.728M $4.387M $2.048M
Receivables $67.15M $52.44M $40.93M
Other Receivables $0.00 $0.00 $1.000M
Total Short-Term Assets $229.5M $242.3M $184.2M
YoY Change -5.25% 51.57% 19.13%
LONG-TERM ASSETS
Property, Plant & Equipment $138.6M $128.7M $128.4M
YoY Change 7.73% 7.28% 6.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $8.329M $5.173M $3.482M
YoY Change 61.01% 42.39% 40.35%
Total Long-Term Assets $151.6M $140.1M $138.4M
YoY Change 8.15% 7.58% 12.27%
TOTAL ASSETS
Total Short-Term Assets $229.5M $242.3M $184.2M
Total Long-Term Assets $151.6M $140.1M $138.4M
Total Assets $381.1M $382.4M $322.6M
YoY Change -0.34% 31.82% 16.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.55M $28.46M $29.51M
YoY Change 0.31% 46.7% 16.35%
Accrued Expenses $18.12M $10.40M $9.383M
YoY Change 74.24% -2.17% -19.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.400M $400.0K $400.0K
YoY Change 500.0% 2.56% 3.63%
Total Short-Term Liabilities $55.00M $41.31M $39.30M
YoY Change 33.14% 35.82% 4.89%
LONG-TERM LIABILITIES
Long-Term Debt $37.48M $40.56M $40.66M
YoY Change -7.61% -4.76% 93.24%
Other Long-Term Liabilities $4.475M $4.358M $4.170M
YoY Change 2.68% 187.47% 1.26%
Total Long-Term Liabilities $41.95M $44.92M $44.83M
YoY Change -6.61% 1.85% 78.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.00M $41.31M $39.30M
Total Long-Term Liabilities $41.95M $44.92M $44.83M
Total Liabilities $102.6M $146.8M $91.55M
YoY Change -30.13% 72.79% 19.75%
SHAREHOLDERS EQUITY
Retained Earnings $276.3M $238.6M $230.8M
YoY Change 15.82% 15.33% 16.02%
Common Stock $6.715M $6.715M $6.715M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $23.08M $23.83M $20.24M
YoY Change -3.15% 13.46% 4.32%
Treasury Stock Shares 1.175M shares 1.220M shares 1.088M shares
Shareholders Equity $278.5M $235.6M $231.0M
YoY Change
Total Liabilities & Shareholders Equity $381.1M $382.4M $322.6M
YoY Change -0.34% 31.82% 16.09%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $15.43M $9.842M $12.95M
YoY Change 56.75% 1.26% 9.52%
Depreciation, Depletion And Amortization $3.311M $3.125M $3.030M
YoY Change 5.95% 11.21% 7.07%
Cash From Operating Activities $16.99M $542.0K $7.310M
YoY Change 3034.69% -114.3% -77.03%
INVESTING ACTIVITIES
Capital Expenditures $12.06M $5.645M -$6.350M
YoY Change 113.62% 50.9% -47.87%
Acquisitions $2.750M
YoY Change
Other Investing Activities $1.281M $160.0K -$10.00K
YoY Change 700.63%
Cash From Investing Activities -$13.34M -$8.189M -$6.370M
YoY Change 62.9% 66.88% -47.7%
FINANCING ACTIVITIES
Cash Dividend Paid $2.052M $2.060M
YoY Change -0.39% 20.19%
Common Stock Issuance & Retirement, Net $674.0K $4.395M
YoY Change -84.66%
Debt Paid & Issued, Net $0.00 $100.0K
YoY Change -100.0% 5.26%
Cash From Financing Activities -$2.726M $47.00M -2.030M
YoY Change -105.8% 1180.22% -86.11%
NET CHANGE
Cash From Operating Activities $16.99M $542.0K 7.310M
Cash From Investing Activities -$13.34M -$8.189M -6.370M
Cash From Financing Activities -$2.726M $47.00M -2.030M
Net Change In Cash $924.0K $39.35M -1.090M
YoY Change -97.65% -883.08% -121.71%
FREE CASH FLOW
Cash From Operating Activities $16.99M $542.0K $7.310M
Capital Expenditures $12.06M $5.645M -$6.350M
Free Cash Flow $4.931M -$5.103M $13.66M
YoY Change -196.63% -32.23% -68.95%

Facts In Submission

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5645000 USD
CY2021Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
2750000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
366000 USD
CY2021Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1281000 USD
CY2020Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
160000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13340000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8189000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
2052000 USD
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
2060000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
674000 USD
CY2020Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
1148000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
100000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
54700000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2726000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
46997000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
924000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
39350000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21662000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3309000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22586000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42659000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
262526000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
15427000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
55000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.12
CY2021Q1 us-gaap Dividends
Dividends
2052000 USD
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3229000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
231044000 USD
CY2021Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
0 USD
CY2021Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
674000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
278511000 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 Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
902000 USD
CY2020Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
237000 USD
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4395000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
235565000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
39871000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates.</span><span style="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>
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
18767000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
16414000 USD
CY2021Q1 mgpi Inventory Barreled Distillate Gross
InventoryBarreledDistillateGross
98736000 USD
CY2020Q4 mgpi Inventory Barreled Distillate Gross
InventoryBarreledDistillateGross
105445000 USD
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
6165000 USD
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6954000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2017000 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1805000 USD
CY2021Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
8907000 USD
CY2020Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
8634000 USD
CY2021Q1 us-gaap Other Inventory
OtherInventory
1495000 USD
CY2020Q4 us-gaap Other Inventory
OtherInventory
1759000 USD
CY2021Q1 us-gaap Inventory Gross
InventoryGross
136087000 USD
CY2020Q4 us-gaap Inventory Gross
InventoryGross
141011000 USD
CY2021Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
44364000 USD
CY2020Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
44548000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
39876000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108323000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99082000 USD
CY2020Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3628000 USD
CY2021Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
0 USD
CY2021Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3628000 USD
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
40000000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
40000000 USD
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
124000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
129000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
39876000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
39871000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2400000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
1600000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
37476000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
38271000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4615000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.230
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
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
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
15427000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
9842000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
146000 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
66000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15281000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9776000 USD
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16928003 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17013925 shares
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
159104 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.90
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.57
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000 USD
CY2021Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2021Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
20947000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4053000 USD
CY2021Q1 mgpi Share Based Compensation Arrangement By Share Based Payment Award Number Of Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAwards
2 plan
CY2021Q1 mgpi Deferred Compensation Arrangement Gain Loss On Plan Investments
DeferredCompensationArrangementGainLossOnPlanInvestments
30000 USD
CY2020Q1 mgpi Deferred Compensation Arrangement Gain Loss On Plan Investments
DeferredCompensationArrangementGainLossOnPlanInvestments
-164000 USD
CY2021Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
3299000 USD
CY2020Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
2007000 USD
CY2021Q1 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
483000 USD
CY2021Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
2890000 USD
CY2020Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
3140000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108323000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99082000 USD
CY2021Q1 us-gaap Gross Profit
GrossProfit
32299000 USD
CY2020Q1 us-gaap Gross Profit
GrossProfit
23211000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3311000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3125000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
20042000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13066000 USD
CY2021Q1 us-gaap Assets
Assets
381102000 USD
CY2020Q4 us-gaap Assets
Assets
366575000 USD

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