$MGPI
MGP INGREDIENTS INC

2022 Q1 Form 10-Q Financial Statement

#000162828022012435 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $195.2M $108.3M
YoY Change 80.23% 9.33%
Cost Of Revenue $123.4M $76.02M
YoY Change 62.34% 0.2%
Gross Profit $71.82M $32.30M
YoY Change 122.36% 39.15%
Gross Profit Margin 36.79% 29.82%
Selling, General & Admin $16.27M $10.95M
YoY Change 48.6% 25.87%
% of Gross Profit 22.65% 33.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.621M $3.311M
YoY Change 69.77% 5.95%
% of Gross Profit 7.83% 10.25%
Operating Expenses $16.27M $10.95M
YoY Change 48.6% 25.87%
Operating Profit $50.08M $20.50M
YoY Change 144.29% 49.55%
Interest Expense -$1.598M -$488.0K
YoY Change 227.46% -176.01%
% of Operating Profit -3.19% -2.38%
Other Income/Expense, Net $54.00K $30.00K
YoY Change 80.0% -118.4%
Pretax Income $48.54M $20.04M
YoY Change 142.17% 53.39%
Income Tax $11.17M $4.615M
% Of Pretax Income 23.0% 23.03%
Net Earnings $37.44M $15.43M
YoY Change 142.67% 56.75%
Net Earnings / Revenue 19.18% 14.24%
Basic Earnings Per Share $1.69 $0.90
Diluted Earnings Per Share $1.69 $0.90
COMMON SHARES
Basic Shares Outstanding 21.99M shares 16.93M shares
Diluted Shares Outstanding 21.99M shares 16.93M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.30M $22.60M
YoY Change 20.77% -47.07%
Cash & Equivalents $27.30M $22.59M
Short-Term Investments
Other Short-Term Assets $6.391M $3.700M
YoY Change 72.73% -15.91%
Inventory $259.5M $136.1M
Prepaid Expenses $6.391M $3.728M
Receivables $102.1M $67.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $395.3M $229.5M
YoY Change 72.19% -5.25%
LONG-TERM ASSETS
Property, Plant & Equipment $207.4M $138.6M
YoY Change 49.59% 7.73%
Goodwill $226.3M
YoY Change
Intangibles $218.3M
YoY Change
Long-Term Investments $6.366M
YoY Change
Other Assets $7.227M $8.329M
YoY Change -13.23% 61.01%
Total Long-Term Assets $681.6M $151.6M
YoY Change 349.71% 8.15%
TOTAL ASSETS
Total Short-Term Assets $395.3M $229.5M
Total Long-Term Assets $681.6M $151.6M
Total Assets $1.077B $381.1M
YoY Change 182.55% -0.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.76M $28.55M
YoY Change 84.84% 0.31%
Accrued Expenses $16.56M $18.12M
YoY Change -8.6% 74.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.228M $2.400M
YoY Change 34.5% 500.0%
Total Short-Term Liabilities $84.46M $55.00M
YoY Change 53.56% 33.14%
LONG-TERM LIABILITIES
Long-Term Debt $229.4M $37.48M
YoY Change 512.26% -7.61%
Other Long-Term Liabilities $4.513M $4.475M
YoY Change 0.85% 2.68%
Total Long-Term Liabilities $4.513M $41.95M
YoY Change -89.24% -6.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.46M $55.00M
Total Long-Term Liabilities $4.513M $41.95M
Total Liabilities $397.4M $102.6M
YoY Change 287.38% -30.13%
SHAREHOLDERS EQUITY
Retained Earnings $379.0M $276.3M
YoY Change 37.17% 15.82%
Common Stock $6.715M $6.715M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.46M $23.08M
YoY Change -2.68% -3.15%
Treasury Stock Shares 1.140M shares 1.175M shares
Shareholders Equity $680.0M $278.5M
YoY Change
Total Liabilities & Shareholders Equity $1.077B $381.1M
YoY Change 182.55% -0.34%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $37.44M $15.43M
YoY Change 142.67% 56.75%
Depreciation, Depletion And Amortization $5.621M $3.311M
YoY Change 69.77% 5.95%
Cash From Operating Activities $22.23M $16.99M
YoY Change 30.84% 3034.69%
INVESTING ACTIVITIES
Capital Expenditures $10.64M $12.06M
YoY Change -11.75% 113.62%
Acquisitions
YoY Change
Other Investing Activities $363.0K $1.281M
YoY Change -71.66% 700.63%
Cash From Investing Activities -$12.03M -$13.34M
YoY Change -9.8% 62.9%
FINANCING ACTIVITIES
Cash Dividend Paid $2.661M $2.052M
YoY Change 29.68% -0.39%
Common Stock Issuance & Retirement, Net $714.0K $674.0K
YoY Change 5.93% -84.66%
Debt Paid & Issued, Net $807.0K $0.00
YoY Change -100.0%
Cash From Financing Activities -$4.182M -$2.726M
YoY Change 53.41% -105.8%
NET CHANGE
Cash From Operating Activities $22.23M $16.99M
Cash From Investing Activities -$12.03M -$13.34M
Cash From Financing Activities -$4.182M -$2.726M
Net Change In Cash $5.727M $924.0K
YoY Change 519.81% -97.65%
FREE CASH FLOW
Cash From Operating Activities $22.23M $16.99M
Capital Expenditures $10.64M $12.06M
Free Cash Flow $11.59M $4.931M
YoY Change 135.0% -196.63%

Facts In Submission

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CY2021Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2021Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable Trade
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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0 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
924000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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37371000 USD
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2661000 USD
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711000 USD
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262526000 USD
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CY2021Q1 us-gaap Dividends
Dividends
2052000 USD
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3229000 USD
CY2021Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
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0 USD
CY2021Q1 us-gaap Stock Repurchased And Retired During Period Value
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674000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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278511000 USD
CY2022Q1 us-gaap Number Of Operating Segments
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3 segment
CY2022Q1 us-gaap Use Of Estimates
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<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 the COVID-19 pandemic.  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>
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
40842000 USD
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
35362000 USD
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InventoryBarreledDistillateGross
180074000 USD
CY2021Q4 mgpi Inventory Barreled Distillate Gross
InventoryBarreledDistillateGross
174080000 USD
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InventoryRawMaterials
26316000 USD
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
24981000 USD
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1269000 USD
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1261000 USD
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9446000 USD
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9179000 USD
CY2022Q1 us-gaap Other Inventory
OtherInventory
1570000 USD
CY2021Q4 us-gaap Other Inventory
OtherInventory
1081000 USD
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InventoryGross
259517000 USD
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InventoryGross
245944000 USD
CY2022Q1 us-gaap Debt Instrument Fair Value
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257784000 USD
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
272971000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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232677000 USD
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233399000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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195235000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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108323000 USD
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518000 USD
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1552000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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2070000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2070000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2070000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2070000 USD
CY2022Q1 mgpi Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
29498000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
39330000 USD
CY2021Q4 us-gaap Goodwill
Goodwill
226294000 USD
CY2022Q1 us-gaap Goodwill Acquired During Period
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0 USD
CY2022Q1 us-gaap Goodwill
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226294000 USD
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
178990000 USD
CY2022Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
0 USD
CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
178990000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
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239046000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
239853000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6369000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6454000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
232677000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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233399000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3228000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
3227000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
229449000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
230172000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11165000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4615000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.23
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Profit Loss
ProfitLoss
37371000 USD
CY2021Q1 us-gaap Profit Loss
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15427000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-66000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
318000 USD
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
318000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
146000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
146000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
37119000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
37119000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15281000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15281000 USD
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21989100 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21989100 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16928003 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.69
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2022Q1 mgpi Share Based Compensation Arrangement By Share Based Payment Award Number Of Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAwards
2 plan
CY2022Q1 mgpi Deferred Compensation Arrangement Gain Loss On Plan Investments
DeferredCompensationArrangementGainLossOnPlanInvestments
-339000 USD
CY2021Q1 mgpi Deferred Compensation Arrangement Gain Loss On Plan Investments
DeferredCompensationArrangementGainLossOnPlanInvestments
30000 USD
CY2022Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
3071000 USD
CY2021Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
3072000 USD
CY2022Q1 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
617000 USD
CY2021Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
617000 USD
CY2022Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
2565000 USD
CY2021Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
2981000 USD
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
195235000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108323000 USD
CY2022Q1 us-gaap Gross Profit
GrossProfit
71821000 USD
CY2021Q1 us-gaap Gross Profit
GrossProfit
32299000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5621000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3311000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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48536000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
20042000 USD
CY2022Q1 us-gaap Assets
Assets
1076819000 USD
CY2021Q4 us-gaap Assets
Assets
1041467000 USD

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