MGP Ingredients Declares $0.04 Quarterly Dividend
February 17 2017 - 7:30AM
MGP Ingredients, Inc. (Nasdaq:MGPI), a
leading supplier of premium distilled spirits and specialty wheat
proteins and starches, today announced that its board of directors
has declared a quarterly dividend of 4 cents per share of common
stock payable on March 24, 2017 to stockholders of record as of
March 1, 2017.
“This increased quarterly dividend serves to
underscore the board’s confidence in MGP’s ability to realize its
future strategic potential, while also acting on the continuing
progress we have seen in generating near term cash flow from
operations,” said Karen Seaberg, Chair of the Board. “The
board views dividends as an important way to share the success of
MGP with our stockholders. By declaring this dividend, we are
recognizing the company’s strong foundation and the gains MGP has
made in delivering shareholder value.”
About MGP Ingredients, Inc.
MGP is a leading producer and supplier of premium
distilled spirits and specialty wheat proteins and starches.
Distilled spirits include premium bourbon and rye whiskeys, gins
and vodkas, which are carefully crafted through a combination of
art and science and backed by over 150 years of experience.
The company’s proteins and starches are created in the same manner
and provide a host of functional, nutritional and sensory benefits
for a wide range of food products. MGP additionally is a top
producer of high quality industrial alcohol for use in both food
and non-food applications. The company is headquartered in
Atchison, Kansas, where distilled alcohol products and food
ingredients are produced. Premium spirits are also distilled
and matured at the company facility in Lawrenceburg, Indiana. For
more information, visit mgpingredients.com.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking
statements as well as historical information. All
statements, other than statements of historical facts, included in
this news release regarding the prospects of our industry and our
prospects, plans, financial position, business strategy, guidance
on growth in operating income, revenue, gross margin, and future
effective tax rate may constitute forward-looking
statements. In addition, forward-looking statements are
usually identified by or are associated with such words as
"intend," "plan," "believe," "estimate," "expect," "anticipate,"
"hopeful," "should," "may," "will," "could," "encouraged,"
"opportunities," "potential" and/or the negatives or variations of
these terms or similar terminology. They reflect
management’s current beliefs and estimates of future economic
circumstances, industry conditions, Company performance, and
Company financial results and are not guarantees of future
performance. All such forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
relevant forward-looking statement. Important factors
that could cause actual results to differ materially from our
expectations include, among others: (i) disruptions in operations
at our Atchison facility, Indiana facility, or at the Illinois Corn
Processing, LLC ("ICP") facility, (ii) the availability
and cost of grain, flour, and barrels, and fluctuations in energy
costs, (iii) the effectiveness of our corn purchasing program to
mitigate our exposure to commodity price fluctuations, (iv) the
effectiveness or execution of our five-year strategic plan, (v)
potential adverse effects to operations and our system of internal
controls related to the loss of key management personnel, (vi) the
competitive environment and related market conditions, (vii) the
ability to effectively pass raw material price increases on to
customers, (viii) the positive or adverse impact to our earnings as
a result of the ownership of our equity method investment in ICP
and the volatility of its operating results, (ix) ICP's access to
capital, (x) our limited influence over the ICP joint venture
operating decisions, strategies, financial or other decisions
(including investments, capital spending and distributions), (xi)
our ability to source product from the ICP joint venture or
unaffiliated third parties, (xii) our ability to maintain
compliance with all applicable loan agreement covenants, (xiii) our
ability to realize operating efficiencies, (xiv) actions of
governments, (xv) consumer tastes and preferences, and (xvi) the
volatility in our earnings resulting from the timing differences
between a business interruption and a potential insurance
recovery. For further information on these and other
risks and uncertainties that may affect our business, including
risks specific to our Distillery Products and Ingredient Solutions
segments, see Item 1A. Risk Factors of our Annual Report on Form
10-K/A for the year ended December 31, 2015.
For More Information
Investors & Analysts:
Bob Burton
616-233-0500 or Investor.Relations@mgpingredients.com
Media:
Greg Manis
913-360-5440 or greg.manis@mgpingredients.com
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