MGP Ingredients, Inc. (Nasdaq: MGPI), a
leading provider of distilled spirits, branded spirits, and food
ingredient solutions, today announced that its board of directors
has approved the repurchase of up to $100.0 million of the
Company’s outstanding shares of common stock.
“Following another record year and strong
results from each of our three business segments in 2023, we are
well positioned to implement this additional pillar of shareholder
return while maintaining a strong balance sheet to enable
additional growth opportunities,” said David Bratcher, CEO and
president of MGP Ingredients. “Today’s announcement reflects our
continued confidence in our strategy, the sustainable strength of
our business, and our ability to generate strong, long-term cash
flows.”
The Company may repurchase shares from time to
time through open market purchases, in privately negotiated
transactions, or by other means, in accordance with applicable
securities laws and other legal requirements. The timing and amount
of any shares repurchased will depend upon market conditions and
other factors. The authorization has no expiration date and may be
modified, suspended, or discontinued at any time.
About MGP Ingredients, Inc.MGP
Ingredients, Inc. (Nasdaq: MGPI) is a leading producer of premium
distilled spirits, branded spirits, and food ingredient solutions.
Since 1941, we have combined our expertise and energy aimed at
formulating excellence, bringing product ideas to life
collaboratively with our customers.
As one of the largest distillers in the U.S.,
MGP’s offerings include bourbon and rye whiskeys, gins, and vodkas,
which are created at the intersection of science and imagination,
for customers of all sizes, from crafts to multinational brands.
With distilleries in Kentucky, Indiana, and Kansas, and bottling
operations in Missouri, Ohio, and Northern Ireland, MGP has the
infrastructure and expertise to create on any scale.
MGP’s branded spirits portfolio covers a wide
spectrum of brands in every segment, including iconic brands from
Luxco, which was founded in 1958 by the Lux Family. Luxco is a
leading producer, supplier, importer, and bottler of beverage
alcohol products. Our branded spirits mission is to meet the needs
and exceed the expectations of consumers, associates, and business
partners. Luxco’s award-winning spirits portfolio includes
well-known brands from four distilleries: Bardstown, Kentucky-based
Lux Row Distillers, home of Ezra Brooks, Rebel, Blood Oath, David
Nicholson and Daviess County; Lebanon, Kentucky-based Limestone
Branch Distillery, maker of Yellowstone Kentucky Straight Bourbon
Whiskey, Minor Case Straight Rye Whiskey and Bowling & Burch
Gin; Jalisco, Mexico-based Destiladora González Lux, producer of
100% agave tequilas, El Mayor, Exotico and Dos Primos; and the
historic Ross & Squibb
Distillery in Lawrenceburg, Indiana, where
Penelope Bourbon, Remus Straight Bourbon Whiskey and Rossville
Union Straight Rye Whiskey are produced. The innovative and
high-quality brand portfolio also includes Everclear Grain Alcohol,
Pearl Vodka, Green Hat Gin, Saint Brendan’s Irish Cream, The Quiet
Man Irish Whiskey, and other well-recognized brands.
In addition, our Ingredient Solutions segment
offers specialty proteins and starches that help customers harness
the power of plants and provide a host of functional, nutritional,
and sensory benefits for a wide range of food products.
The transformation of American grain into
something more is in the soul of our people, products, and history.
We’re devoted to unlocking the creative potential of this
extraordinary resource. For more information, visit
mgpingredients.com.
Cautionary Note Regarding
Forward-Looking StatementsThis press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including without
limitation statements about the ability of MGP Ingredients, Inc.
(the “Company” or “MGP”) to maintain a strong balance sheet to
enable growth opportunities and to generate cash flows; and the
strength of our business. Forward looking statements are usually
identified by or are associated with words such as “intend,”
“plan,” “believe,” “estimate,” “expect,” “anticipate,” “project,”
“forecast,” “hopeful,” “should,” “may,” “will,” “could,”
“encouraged,” “opportunities,” “potential,” and similar
terminology. These forward-looking statements reflect management’s
current beliefs and estimates of future economic circumstances,
industry conditions, Company performance, Company financial
results, and Company financial condition and are not guarantees of
future performance.
All forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially. Factors that could cause actual results to differ
materially from our expectations include without limitation any
effects of changes in consumer preferences and purchases and our
ability to anticipate or react to those changes; our ability to
compete effectively; damage to our reputation or that of any of our
key customers or their brands; failure to introduce successful new
brands and products or have effective marketing or advertising;
changes in public opinion about alcohol or our products; our
reliance on our distributors to distribute our branded spirits; our
reliance on fewer, more profitable customer relationships;
interruptions in our operations or a catastrophic event at our
facilities; decisions concerning the quantity of maturing stock of
our aged distillate; warehouse expansion issues; our reliance on a
limited number of suppliers; our reliance on a limited number of
suppliers; work disruptions or stoppages; climate change and
measures to address climate change; our closure of our Atchison,
Kansas distillery; regulation and taxation and compliance with
existing or future laws and regulations; tariffs, trade relations,
and trade policies; excise taxes, incentives and customs duties;
our ability to protect our intellectual property rights and defend
against alleged intellectual property rights infringement claims;
failure to secure and maintain listings in control states; labeling
or warning requirements or limitations on the availability of our
products; product recalls or other product liability claims;
anti-corruption laws, trade sanctions and restrictions; class
action or other litigation; higher costs or the unavailability and
cost of raw materials, product ingredients, energy resources, or
labor; failure of our information technology systems, networks,
processes, associated sites, or service providers; acquisitions and
potential future acquisitions; interest rate increases; reliance on
key personnel; commercial, political, and financial risks;
covenants and other provisions in our credit arrangements;
pandemics or other health crises; ability to pay any dividends;
limited rights of common stockholders and antitakeover provisions
in our governing documents; the impact of issuing shares of our
common stock; and the effectiveness or execution of our strategic
plan. For further information on these risks and uncertainties and
other factors that could affect the Company’s business, see the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023, as well as the Company’s other SEC filings. The Company
undertakes no obligation to update any forward-looking statements
or information in this press release, except as required by
law.
For More InformationInvestors &
Analysts:Mike Houston646-475-2998 or
investor.relations@mgpingredients.com
Media:Greg Manis913-360-5440 or
greg.manis@mgpingredients.com
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