Alto Ingredients, Inc. (NASDAQ: ALTO), a producer
and distributor of renewable fuel, essential ingredients and
specialty alcohols, reported its financial results for the quarter
ended June 30, 2024.
Bryon McGregor, President and CEO of Alto
Ingredients, said, “Our Pekin Campus has been producing alcohol and
serving customers for over 150 years throughout many market cycles.
We continue to strengthen our facilities by reinvesting our cash
flow from operations and excess liquidity in capital upgrades as
well as repairs and maintenance. Most notably, our recent biennial
outage at our Pekin wet mill improved capacity utilization, while
reducing our fixed costs per unit at the mill. Even with over $5
million of expenses related to these planned facility outages, our
Pekin Campus delivered over $10 million of gross profit in the
second quarter of 2024, up from over $4 million in the first
quarter of 2024.
“Our Pekin Campus is fully operational and taking
advantage of the favorable summer driving season economics. In
July, average crush margins more than doubled compared to the
second quarter. At Magic Valley, we resumed operations in early
July and are encouraged by the initial results. We expect to
increase production rates in the coming weeks as we complete the
system upgrades.
“If current margins hold and we continue to hit our
production targets, we expect to deliver positive Adjusted EBITDA
for the third quarter. We are excited to see our initiatives come
to fruition, bolstering our ability to continue serving our
customers for many years to come,” McGregor concluded.
Financial Results for the Three Months
Ended June 30, 2024 Compared to 2023
- Net sales were $236.5 million, compared to $317.3 million.
- Cost of goods sold was $228.9 million, compared to $300.1
million.
- Gross profit was $7.6 million, including $2.9 million in
realized losses on derivatives and $5.4 million in costs related to
the planned Pekin Campus outages, compared to a gross profit of
$17.2 million, including $5.5 million in realized gains on
derivatives.
- Selling, general and administrative expenses were $9.0 million,
compared to $7.9 million.
- Net loss available to common stockholders was $3.4 million, or
$0.05 per share, compared to net income available to common
stockholders $7.2 million, or $0.10 per share.
- Adjusted EBITDA
was negative $5.9 million, including $2.9 million in realized
losses on derivatives and $5.4 million in costs related to planned
Pekin Campus outages, compared to positive $14.0 million, including
$5.5 million in realized gains on derivatives.
Cash and cash equivalents were $27.1 million at
June 30, 2024, compared to $30.0 million at December 31, 2023. At
June 30, 2024, the company’s borrowing availability was $95.0
million including $30.0 million under the company’s operating line
of credit and $65.0 million under its term loan facility, subject
to certain conditions.
Financial Results for the Six Months Ended
June 30, 2024 Compared to 2023
- Net sales were $477.1 million, compared to $631.2 million.
- Net loss available to common stockholders was $15.5 million, or
$0.21 per share, compared to $6.2 million, or $0.08 per share.
- Adjusted EBITDA was negative $13.0
million, including $2.7 million in realized losses on derivatives
and $5.4 million in costs related to the biennial outage, compared
to positive $3.6 million, including $2.2 million in realized losses
on derivatives.
Second Quarter 2024 Results Conference
CallManagement will host a conference call at 2:00 p.m.
Pacific Time / 5:00 p.m. Eastern Time on Tuesday, August 6, 2024,
and will deliver prepared remarks via webcast followed by a
question-and-answer session.
The webcast for the conference call can be
accessed from Alto Ingredients’ website at www.altoingredients.com.
Alternatively, to receive a number and unique PIN by email,
register here. To dial directly up to twenty minutes prior to the
scheduled call time, please dial (833) 630-0017 domestically and
(412) 317-1806 internationally. The webcast will be archived for
replay on the Alto Ingredients website for one year. In addition, a
telephonic replay will be available at 8:00 p.m. Eastern Time on
Tuesday, August 6, 2024, through 8:00 p.m. Eastern Time on Tuesday,
August 13, 2024. To access the replay, please dial (877) 344-7529.
International callers should dial 00-1 412-317-0088. The pass code
will be 3306041.
Use of Non-GAAP
MeasuresManagement believes that certain financial
measures not in accordance with generally accepted accounting
principles (“GAAP”) are useful measures of operations. The company
defines Adjusted EBITDA as unaudited consolidated net income (loss)
before interest expense, interest income, provision for income
taxes, asset impairments, loss on extinguishment of debt,
unrealized derivative gains and losses, acquisition-related expense
and depreciation and amortization expense. A table is provided at
the end of this release that provides a reconciliation of Adjusted
EBITDA to its most directly comparable GAAP measure, net income
(loss). Management provides this non-GAAP measure so that investors
will have the same financial information that management uses,
which may assist investors in properly assessing the company's
performance on a period-over-period basis. Adjusted EBITDA is not a
measure of financial performance under GAAP and should not be
considered as an alternative to net income (loss) or any other
measure of performance under GAAP, or to cash flows from operating,
investing or financing activities as an indicator of cash flows or
as a measure of liquidity. Adjusted EBITDA has limitations as an
analytical tool, and you should not consider this measure in
isolation or as a substitute for analysis of the company's results
as reported under GAAP.
About Alto Ingredients,
Inc.Alto Ingredients, Inc. (NASDAQ: ALTO) produces and
distributes renewable fuel, essential ingredients and specialty
alcohols. Leveraging the unique qualities of its facilities, the
company serves customers in a wide range of consumer and commercial
products in the Health, Home & Beauty; Food & Beverage;
Industry & Agriculture; Essential Ingredients; and Renewable
Fuels markets. For more information, please
visit www.altoingredients.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 Statements and
information contained in this communication that refer to or
include Alto Ingredients’ estimated or anticipated future results
or other non-historical expressions of fact are forward-looking
statements that reflect Alto Ingredients’ current perspective of
existing trends and information as of the date of the
communication. Forward-looking statements generally will be
accompanied by words such as “anticipate,” “believe,” “plan,”
“could,” “should,” “estimate,” “expect,” “forecast,” “outlook,”
“guidance,” “intend,” “may,” “might,” “will,” “possible,”
“potential,” “predict,” “project,” or other similar words, phrases
or expressions. Such forward-looking statements include, but are
not limited to, statements concerning Alto Ingredients’ projected
outlook, future performance, margin improvements and crush spreads;
Alto Ingredients’ repair and maintenance programs, plant
improvements and other capital projects, and their financing,
costs, timing and effects; and Alto Ingredients’ other plans,
objectives, expectations and intentions. It is important to note
that Alto Ingredients’ plans, objectives, expectations and
intentions are not predictions of actual performance. Actual
results may differ materially from Alto Ingredients’ current
expectations depending upon a number of factors affecting Alto
Ingredients’ business and plans. These factors include, among
others adverse economic and market conditions, including for
renewable fuels, specialty alcohols and essential ingredients;
export conditions and international demand for the company’s
products; fluctuations in the price of and demand for oil and
gasoline; raw material costs, including production input costs,
such as corn and natural gas; adverse impacts of inflation and
supply chain constraints; and the cost, ability to fund, timing and
effects of, including the financial and other results deriving
from, Alto Ingredients’ repair and maintenance programs, plant
improvements and other capital projects, including carbon capture
and storage (CCS), and other business initiatives and strategies.
These factors also include, among others, the inherent uncertainty
associated with financial and other projections and large-scale
capital projects; the anticipated size of the markets and continued
demand for Alto Ingredients’ products; the impact of competitive
products and pricing; the risks and uncertainties normally incident
to the alcohol production, marketing and distribution industries;
changes in generally accepted accounting principles; successful
compliance with governmental regulations applicable to Alto
Ingredients’ facilities, products and/or businesses; changes in
laws, regulations and governmental policies, including with respect
to the Inflation Reduction Act’s tax and other benefits Alto
Ingredients expects to derive from CCS; the loss of key senior
management or staff; and other events, factors and risks previously
and from time to time disclosed in Alto Ingredients’ filings with
the Securities and Exchange Commission including, specifically,
those factors set forth in the “Risk Factors” section contained in
Alto Ingredients’ Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on May 8, 2024.
Company IR and Media
Contact:Michael Kramer, Alto Ingredients, Inc.,
916-403-2755, Investorrelations@altoingredients.com
IR Agency Contact: Kirsten
Chapman, LHA Investor Relations, 415-433-3777,
Investorrelations@altoingredients.com
ALTO INGREDIENTS, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS(unaudited, in thousands,
except per share data) |
|
|
|
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
236,468 |
|
|
$ |
317,297 |
|
|
$ |
477,097 |
|
|
$ |
631,188 |
|
|
Cost of goods sold |
|
228,915 |
|
|
|
300,116 |
|
|
|
471,944 |
|
|
|
617,171 |
|
|
Gross profit |
|
7,553 |
|
|
|
17,181 |
|
|
|
5,153 |
|
|
|
14,017 |
|
|
Selling, general and
administrative expenses |
|
8,961 |
|
|
|
7,911 |
|
|
|
16,893 |
|
|
|
15,793 |
|
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
574 |
|
|
Income (loss) from
operations |
|
(1,408 |
) |
|
|
9,270 |
|
|
|
(11,740 |
) |
|
|
(2,350 |
) |
|
Interest expense, net |
|
(1,669 |
) |
|
|
(1,734 |
) |
|
|
(3,303 |
) |
|
|
(3,299 |
) |
|
Other income (expense),
net |
|
(29 |
) |
|
|
59 |
|
|
|
212 |
|
|
|
78 |
|
|
Income (loss) before provision
for income taxes |
|
(3,106 |
) |
|
|
7,595 |
|
|
|
(14,831 |
) |
|
|
(5,571 |
) |
|
Provision for income
taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net income (loss) |
$ |
(3,106 |
) |
|
$ |
7,595 |
|
|
$ |
(14,831 |
) |
|
$ |
(5,571 |
) |
|
Preferred stock dividends |
$ |
(316 |
) |
|
$ |
(315 |
) |
|
$ |
(631 |
) |
|
$ |
(627 |
) |
|
Net income allocated to
participating securities |
|
— |
|
|
|
(96 |
) |
|
|
— |
|
|
|
— |
|
|
Net income (loss) available to
common stockholders |
$ |
(3,422 |
) |
|
$ |
7,184 |
|
|
$ |
(15,462 |
) |
|
$ |
(6,198 |
) |
|
Net income (loss) per share,
basic |
$ |
(0.05 |
) |
|
$ |
0.10 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.08 |
) |
|
Net income (loss) per share,
diluted |
$ |
(0.05 |
) |
|
$ |
0.10 |
|
|
$ |
(0.21 |
) |
|
$ |
(0.08 |
) |
|
Weighted-average shares
outstanding, basic |
|
73,486 |
|
|
|
73,394 |
|
|
|
73,126 |
|
|
|
73,603 |
|
|
Weighted-average shares
outstanding, diluted |
|
73,486 |
|
|
|
74,103 |
|
|
|
73,126 |
|
|
|
73,603 |
|
|
|
|
ALTO INGREDIENTS, INC.CONSOLIDATED BALANCE
SHEETS(unaudited, in thousands, except par value) |
|
|
|
ASSETS |
June 30, 2024 |
|
December 31,2023 |
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
27,124 |
|
$ |
30,014 |
|
Restricted cash |
|
1,287 |
|
|
15,466 |
|
Accounts receivable, net |
|
64,081 |
|
|
58,729 |
|
Inventories |
|
49,434 |
|
|
52,611 |
|
Derivative instruments |
|
5,606 |
|
|
2,412 |
|
Other current assets |
|
6,126 |
|
|
9,538 |
|
Total current assets |
|
153,658 |
|
|
168,770 |
|
Property and equipment, net |
|
244,893 |
|
|
248,748 |
|
Other Assets: |
|
|
|
|
|
|
Right of use operating lease assets, net |
|
20,404 |
|
|
22,597 |
|
Intangible assets, net |
|
8,204 |
|
|
8,498 |
|
Other assets |
|
5,339 |
|
|
5,628 |
|
Total other assets |
|
33,947 |
|
|
36,723 |
|
Total Assets |
$ |
432,498 |
|
$ |
454,241 |
|
|
|
ALTO INGREDIENTS, INC. CONSOLIDATED
BALANCE SHEETS (CONTINUED)(unaudited, in
thousands, except par value) |
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
June 30,2024 |
|
December 31, 2023 |
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
20,132 |
|
|
$ |
20,752 |
|
|
Accrued liabilities |
|
16,504 |
|
|
|
20,205 |
|
|
Current portion – operating leases |
|
4,481 |
|
|
|
4,333 |
|
|
Derivative instruments |
|
2,764 |
|
|
|
13,849 |
|
|
Other current liabilities |
|
5,886 |
|
|
|
6,149 |
|
|
Total current liabilities |
|
49,767 |
|
|
|
65,288 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net |
|
90,960 |
|
|
|
82,097 |
|
|
Operating leases, net of current portion |
|
16,828 |
|
|
|
19,029 |
|
|
Other liabilities |
|
9,120 |
|
|
|
8,270 |
|
|
Total Liabilities |
|
166,675 |
|
|
|
174,684 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000 shares authorized;
Series A: no shares issued and outstanding as of
June 30, 2024 and December 31, 2023 Series B: 927
shares issued and outstanding as of June 30, 2024 and
December 31, 2023 |
|
1 |
|
|
|
1 |
|
|
Common stock, $0.001 par value; 300,000 shares authorized;
76,645 and 75,703 shares issued and outstanding as of
June 30, 2024 and December 31, 2023, respectively |
|
77 |
|
|
|
76 |
|
|
Non-voting common stock, $0.001 par value; 3,553 shares
authorized; 1 share issued and outstanding as of June
30, 2024 and December 31, 2023 |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
1,042,639 |
|
|
|
1,040,912 |
|
|
Accumulated other comprehensive income |
|
2,481 |
|
|
|
2,481 |
|
|
Accumulated deficit |
|
(779,375 |
) |
|
|
(763,913 |
) |
|
Total Stockholders’ Equity |
|
265,823 |
|
|
|
279,557 |
|
|
Total Liabilities and Stockholders’ Equity |
$ |
432,498 |
|
|
$ |
454,241 |
|
|
|
|
Reconciliation of Adjusted EBITDA to Net
Income
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
(in thousands) (unaudited) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net income (loss) |
$ |
(3,106 |
) |
|
$ |
7,595 |
|
|
$ |
(14,831 |
) |
|
$ |
(5,571 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
1,669 |
|
|
|
1,734 |
|
|
|
3,303 |
|
|
|
3,299 |
|
|
Interest income |
|
(150 |
) |
|
|
(190 |
) |
|
|
(325 |
) |
|
|
(411 |
) |
|
Unrealized derivative (gains) losses |
|
(11,089 |
) |
|
|
(1,474 |
) |
|
|
(14,279 |
) |
|
|
(7,400 |
) |
|
Acquisition-related expense |
|
675 |
|
|
|
700 |
|
|
|
1,350 |
|
|
|
1,400 |
|
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
574 |
|
|
Depreciation and amortization expense |
|
6,074 |
|
|
|
5,680 |
|
|
|
11,802 |
|
|
|
11,735 |
|
|
Total adjustments |
|
(2,821 |
) |
|
|
6,450 |
|
|
|
1,851 |
|
|
|
9,197 |
|
|
Adjusted EBITDA |
$ |
(5,927 |
) |
|
$ |
14,045 |
|
|
$ |
(12,980 |
) |
|
$ |
3,626 |
|
|
|
|
Sales and Operating Metrics
(unaudited)
|
Three Months EndedJune 30, |
|
Six Months EndedJune 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Alcohol Sales (gallons in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus renewable fuel
gallons sold |
|
30.7 |
|
|
|
34.7 |
|
|
|
62.5 |
|
|
|
70.0 |
|
|
Western production renewable
fuel gallons sold |
|
9.0 |
|
|
|
16.5 |
|
|
|
20.2 |
|
|
|
24.4 |
|
|
Third party renewable fuel
gallons sold |
|
34.4 |
|
|
|
26.6 |
|
|
|
64.1 |
|
|
|
60.5 |
|
|
Total renewable fuel gallons
sold |
|
74.1 |
|
|
|
77.8 |
|
|
|
146.8 |
|
|
|
154.9 |
|
|
Specialty alcohol gallons
sold |
|
21.0 |
|
|
|
16.6 |
|
|
|
47.3 |
|
|
|
38.0 |
|
|
Total gallons sold |
|
95.1 |
|
|
|
94.4 |
|
|
|
194.1 |
|
|
|
192.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Price per Gallon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus |
$ |
1.98 |
|
|
$ |
2.54 |
|
|
$ |
1.94 |
|
|
$ |
2.46 |
|
|
Western production |
$ |
1.94 |
|
|
$ |
2.69 |
|
|
$ |
1.86 |
|
|
$ |
2.67 |
|
|
Marketing and
distribution |
$ |
2.04 |
|
|
$ |
2.73 |
|
|
$ |
1.94 |
|
|
$ |
2.60 |
|
|
Total |
$ |
2.00 |
|
|
$ |
2.63 |
|
|
$ |
1.93 |
|
|
$ |
2.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcohol Production (gallons in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus |
|
50.0 |
|
|
|
53.0 |
|
|
|
103.6 |
|
|
|
106.3 |
|
|
Western production |
|
8.6 |
|
|
|
17.5 |
|
|
|
18.3 |
|
|
|
24.8 |
|
|
Total |
|
58.6 |
|
|
|
70.5 |
|
|
|
121.9 |
|
|
|
131.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corn Cost per Bushel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus |
$ |
4.50 |
|
|
$ |
7.06 |
|
|
$ |
4.62 |
|
|
$ |
6.83 |
|
|
Western production |
$ |
5.78 |
|
|
$ |
8.14 |
|
|
$ |
5.84 |
|
|
$ |
8.42 |
|
|
Total |
$ |
4.68 |
|
|
$ |
7.32 |
|
|
$ |
4.81 |
|
|
$ |
7.19 |
|
|
Average Market Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLATTS Ethanol price per gallon |
$ |
1.79 |
|
|
$ |
2.45 |
|
|
$ |
1.67 |
|
|
$ |
2.33 |
|
|
CME Corn cost per bushel |
$ |
4.43 |
|
|
$ |
6.25 |
|
|
$ |
4.39 |
|
|
$ |
6.42 |
|
|
Board corn crush per gallons (1) |
$ |
0.21 |
|
|
$ |
0.22 |
|
|
$ |
0.10 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Essential Ingredients Sold (thousand tons) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distillers grains |
|
79.7 |
|
|
|
76.4 |
|
|
|
167.4 |
|
|
|
167.2 |
|
|
CO2 |
|
43.3 |
|
|
|
47.8 |
|
|
|
82.4 |
|
|
|
90.1 |
|
|
Corn wet feed |
|
24.8 |
|
|
|
15.0 |
|
|
|
50.4 |
|
|
|
41.7 |
|
|
Corn dry feed |
|
19.8 |
|
|
|
23.7 |
|
|
|
38.7 |
|
|
|
45.2 |
|
|
Corn oil and germ |
|
17.5 |
|
|
|
18.5 |
|
|
|
35.3 |
|
|
|
37.8 |
|
|
Syrup and other |
|
11.1 |
|
|
|
8.8 |
|
|
|
20.6 |
|
|
|
19.3 |
|
|
Corn meal |
|
8.0 |
|
|
|
10.2 |
|
|
|
16.3 |
|
|
|
19.6 |
|
|
Yeast |
|
5.8 |
|
|
|
6.9 |
|
|
|
11.5 |
|
|
|
13.3 |
|
|
Total Pekin Campus essential ingredients sold |
|
210.0 |
|
|
|
207.3 |
|
|
|
422.6 |
|
|
|
434.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western production: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distillers grains |
|
61.8 |
|
|
|
109.1 |
|
|
|
133.6 |
|
|
|
163.1 |
|
|
CO2 |
|
15.1 |
|
|
|
13.2 |
|
|
|
28.4 |
|
|
|
26.8 |
|
|
Syrup and other |
|
2.0 |
|
|
|
32.9 |
|
|
|
16.2 |
|
|
|
36.4 |
|
|
Corn oil |
|
0.9 |
|
|
|
1.6 |
|
|
|
2.4 |
|
|
|
2.9 |
|
|
Total Western production essential ingredients sold |
|
79.8 |
|
|
|
156.8 |
|
|
|
180.6 |
|
|
|
229.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Essential Ingredients Sold |
|
289.8 |
|
|
|
364.1 |
|
|
|
603.2 |
|
|
|
663.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Essential ingredients return % (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus return |
|
48.8 |
% |
|
|
41.3 |
% |
|
|
50.0 |
% |
|
|
43.8 |
% |
|
Western production return |
|
35.1 |
% |
|
|
30.3 |
% |
|
|
37.4 |
% |
|
|
33.2 |
% |
|
Consolidated total return |
|
45.6 |
% |
|
|
38.3 |
% |
|
|
47.8 |
% |
|
|
41.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Assumes corn conversion of 2.80 gallons of
alcohol per bushel of corn. |
|
(2) Essential ingredients revenues as a percentage
of total corn costs consumed. |
|
|
|
Segment Financials (unaudited, in
thousands)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcohol sales |
$ |
100,687 |
|
|
$ |
127,694 |
|
|
$ |
209,035 |
|
|
$ |
260,075 |
|
|
Essential ingredient sales |
|
39,371 |
|
|
|
53,954 |
|
|
|
86,080 |
|
|
|
117,585 |
|
|
Intersegment sales |
|
286 |
|
|
|
444 |
|
|
|
606 |
|
|
|
757 |
|
|
Total Pekin Campus sales |
|
140,344 |
|
|
|
182,092 |
|
|
|
295,721 |
|
|
|
378,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and distribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcohol sales, gross |
$ |
70,157 |
|
|
$ |
72,589 |
|
|
$ |
124,587 |
|
|
$ |
156,936 |
|
|
Alcohol sales, net |
|
64 |
|
|
|
104 |
|
|
|
98 |
|
|
|
218 |
|
|
Intersegment sales |
|
2,388 |
|
|
|
2,499 |
|
|
|
5,140 |
|
|
|
5,342 |
|
|
Total marketing and distribution sales |
|
72,609 |
|
|
|
75,192 |
|
|
|
129,825 |
|
|
|
162,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Western production, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcohol sales |
$ |
17,456 |
|
|
$ |
44,384 |
|
|
$ |
37,690 |
|
|
$ |
65,316 |
|
|
Essential ingredient sales |
|
5,950 |
|
|
|
14,421 |
|
|
|
13,776 |
|
|
|
22,773 |
|
|
Intersegment sales |
|
— |
|
|
|
62 |
|
|
|
(130 |
) |
|
|
62 |
|
|
Total Western production sales |
|
23,406 |
|
|
|
58,867 |
|
|
|
51,336 |
|
|
|
88,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other |
|
2,783 |
|
|
|
4,151 |
|
|
|
5,831 |
|
|
|
8,285 |
|
|
Intersegment eliminations |
|
(2,674 |
) |
|
|
(3,005 |
) |
|
|
(5,616 |
) |
|
|
(6,161 |
) |
|
Net sales as reported |
$ |
236,468 |
|
|
$ |
317,297 |
|
|
$ |
477,097 |
|
|
$ |
631,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus |
$ |
130,200 |
|
|
$ |
168,419 |
|
|
$ |
281,311 |
|
|
$ |
366,596 |
|
|
Marketing and distribution |
|
69,437 |
|
|
|
71,746 |
|
|
|
123,123 |
|
|
|
154,871 |
|
|
Western production |
|
27,167 |
|
|
|
57,834 |
|
|
|
63,683 |
|
|
|
91,815 |
|
|
Corporate and other |
|
2,943 |
|
|
|
3,414 |
|
|
|
5,738 |
|
|
|
5,786 |
|
|
Intersegment eliminations |
|
(832 |
) |
|
|
(1,297 |
) |
|
|
(1,911 |
) |
|
|
(1,897 |
) |
|
Cost of goods sold as reported |
$ |
228,915 |
|
|
$ |
300,116 |
|
|
$ |
471,944 |
|
|
$ |
617,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pekin Campus |
$ |
10,144 |
|
|
$ |
13,673 |
|
|
$ |
14,410 |
|
|
$ |
11,821 |
|
|
Marketing and distribution |
|
3,172 |
|
|
|
3,446 |
|
|
|
6,702 |
|
|
|
7,625 |
|
|
Western production |
|
(3,761 |
) |
|
|
1,033 |
|
|
|
(12,347 |
) |
|
|
(3,664 |
) |
|
Corporate and other |
|
(160 |
) |
|
|
737 |
|
|
|
93 |
|
|
|
2,499 |
|
|
Intersegment eliminations |
|
(1,842 |
) |
|
|
(1,708 |
) |
|
|
(3,705 |
) |
|
|
(4,264 |
) |
|
Gross profit as reported |
$ |
7,553 |
|
|
$ |
17,181 |
|
|
$ |
5,153 |
|
|
$ |
14,017 |
|
|
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