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10-Q Filing

MGP INGREDIENTS INC CIK: 835011 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0001628280-17-004842
Period End Date 20170331
Filing Date 20170504
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance mgpi-20170331.xml
Balance Sheet 90 line items
Line Item Tag Value Unit Period
Receivables allowance for doubtful accounts (in dollars) AllowanceForDoubtfulAccountsReceivableCurrent $24.00K USD Point-in-time
Receivables allowance for doubtful accounts (in dollars) AllowanceForDoubtfulAccountsReceivableCurrent $24.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.57M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $747.00K USD Point-in-time
Preferred stock, percentage non-cumulative (percent) PreferredStockDividendRatePercentage 0.05 pure 1 Quarter
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue - USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue - USD Point-in-time
Preferred stock, percentage non-cumulative (percent) PreferredStockDividendRatePercentage 0.05 pure Annual
Preferred stock, par value (in Dollars per share) PreferredStockParOrStatedValuePerShare $10.00 USD Point-in-time
Preferred stock, par value (in Dollars per share) PreferredStockParOrStatedValuePerShare $10.00 USD Point-in-time
Receivables (less allowance for doubtful accounts: March 31, 2017 - $24; December 31, 2016 - $24) ReceivablesNetCurrent $26.09M USD Point-in-time
Receivables (less allowance for doubtful accounts: March 31, 2017 - $24; December 31, 2016 - $24) ReceivablesNetCurrent $36.39M USD Point-in-time
Preferred stock, shares authorized (shares) PreferredStockSharesAuthorized 1,000.00 shares Point-in-time
Preferred stock, shares authorized (shares) PreferredStockSharesAuthorized 1,000.00 shares Point-in-time
Inventory InventoryGross $78.86M USD Point-in-time
Inventory InventoryGross $79.99M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $2.43M USD Point-in-time
Preferred stock, shares issued (shares) PreferredStockSharesIssued 437.00 shares Point-in-time
Preferred stock, shares issued (shares) PreferredStockSharesIssued 437.00 shares Point-in-time
Prepaid expenses PrepaidExpenseCurrent $1.68M USD Point-in-time
Refundable income taxes IncomeTaxesReceivable $2.71M USD Point-in-time
Refundable income taxes IncomeTaxesReceivable - USD Point-in-time
Preferred stock, shares outstanding (shares) PreferredStockSharesOutstanding 437.00 shares Point-in-time
Preferred stock, shares outstanding (shares) PreferredStockSharesOutstanding 437.00 shares Point-in-time
Total current assets AssetsCurrent $110.90M USD Point-in-time
Common stock, shares authorized (shares) CommonStockSharesAuthorized 40.00M shares Point-in-time
Common stock, shares authorized (shares) CommonStockSharesAuthorized 40.00M shares Point-in-time
Total current assets AssetsCurrent $118.80M USD Point-in-time
Common stock, shares issued (shares) CommonStockSharesIssued 18.12M shares Point-in-time
Property and equipment PropertyPlantAndEquipmentGross $249.78M USD Point-in-time
Property and equipment PropertyPlantAndEquipmentGross $246.22M USD Point-in-time
Common stock, shares issued (shares) CommonStockSharesIssued 18.12M shares Point-in-time
Common stock, shares outstanding (shares) CommonStockSharesOutstanding 16.71M shares Point-in-time
Less accumulated depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $153.43M USD Point-in-time
Common stock, shares outstanding (shares) CommonStockSharesOutstanding 16.66M shares Point-in-time
Less accumulated depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $156.08M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $92.79M USD Point-in-time
Treasury stock (shares) TreasuryStockShares 1.41M shares Point-in-time
Treasury stock (shares) TreasuryStockShares 1.46M shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $93.70M USD Point-in-time
Equity method investments (Note 2) InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $18.93M USD Point-in-time
Equity method investments (Note 2) InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $19.40M USD Point-in-time
Other assets OtherAssetsNoncurrent $2.67M USD Point-in-time
Other assets OtherAssetsNoncurrent $2.71M USD Point-in-time
Total assets Assets $234.57M USD Point-in-time
Total assets Assets $225.34M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $4.36M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $4.36M USD Point-in-time
Accounts payable AccountsPayableCurrent $20.34M USD Point-in-time
Accounts payable AccountsPayableCurrent $16.51M USD Point-in-time
Accounts payable to affiliate, net AccountsPayableRelatedPartiesCurrentAndNoncurrent $3.35M USD Point-in-time
Accounts payable to affiliate, net AccountsPayableRelatedPartiesCurrentAndNoncurrent $2.81M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $8.95M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $7.32M USD Point-in-time
Income taxes payable TaxesPayableCurrent - USD Point-in-time
Income taxes payable TaxesPayableCurrent $534.00K USD Point-in-time
Total current liabilities LiabilitiesCurrent $36.99M USD Point-in-time
Total current liabilities LiabilitiesCurrent $31.53M USD Point-in-time
Long-term debt, less current maturities LongTermDebtAndCapitalLeaseObligations $15.13M USD Point-in-time
Long-term debt, less current maturities LongTermDebtAndCapitalLeaseObligations $16.22M USD Point-in-time
Revolving credit facility LongTermLineOfCredit $15.42M USD Point-in-time
Revolving credit facility LongTermLineOfCredit $24.20M USD Point-in-time
Deferred credits DeferredRevenueAndCreditsNoncurrent $2.98M USD Point-in-time
Deferred credits DeferredRevenueAndCreditsNoncurrent $2.78M USD Point-in-time
Accrued retirement, health and life insurance benefits OtherPostretirementBenefitsPayableCurrentAndNoncurrent $3.60M USD Point-in-time
Accrued retirement, health and life insurance benefits OtherPostretirementBenefitsPayableCurrentAndNoncurrent $3.46M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $2.94M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $3.43M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $393.00K USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $399.00K USD Point-in-time
Total liabilities Liabilities $79.04M USD Point-in-time
Total liabilities Liabilities $80.44M USD Point-in-time
Commitments and Contingencies (Note 6) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 6) CommitmentsAndContingencies - USD Point-in-time
Preferred, 5% non-cumulative; $10 par value; authorized 1,000 shares; issued and outstanding 437 shares PreferredStockValue $4.00K USD Point-in-time
Preferred, 5% non-cumulative; $10 par value; authorized 1,000 shares; issued and outstanding 437 shares PreferredStockValue $4.00K USD Point-in-time
No par value; authorized 40,000,000 shares; issued 18,115,965 shares at March 31, 2017 and December 31, 2016, and 16,709,908 and 16,658,765 shares outstanding at March 31, 2017 and December 31, 2016, respectively CommonStockValue $6.71M USD Point-in-time
No par value; authorized 40,000,000 shares; issued 18,115,965 shares at March 31, 2017 and December 31, 2016, and 16,709,908 and 16,658,765 shares outstanding at March 31, 2017 and December 31, 2016, respectively CommonStockValue $6.71M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $14.32M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $14.28M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $142.65M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $150.64M USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-414.00K USD Point-in-time
Accumulated other comprehensive loss, net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-373.00K USD Point-in-time
Shares of 1,406,057 at March 31, 2017 and 1,457,200 at December 31, 2016 TreasuryStockValue $17.13M USD Point-in-time
Shares of 1,406,057 at March 31, 2017 and 1,457,200 at December 31, 2016 TreasuryStockValue $16.98M USD Point-in-time
Total stockholders equity StockholdersEquity $154.14M USD Point-in-time
Total stockholders equity StockholdersEquity $146.29M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $225.34M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $234.57M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Cost of sales, related party transactions RelatedPartyTransactionPurchasesFromRelatedParty $6.24M USD 1 Quarter
Sales SalesRevenueGoodsNet $91.34M USD 1 Quarter
Sales SalesRevenueGoodsNet $77.19M USD 1 Quarter
Cost of sales, related party transactions RelatedPartyTransactionPurchasesFromRelatedParty $9.24M USD 1 Quarter
Less: excise taxes ExciseTaxes $4.18M USD 1 Quarter
Less: excise taxes ExciseTaxes $356.00K USD 1 Quarter
Net sales SalesRevenueNet $76.83M USD 1 Quarter
Net sales SalesRevenueNet $87.17M USD 1 Quarter
Cost of sales CostOfGoodsSold $68.13M USD 1 Quarter
Cost of sales CostOfGoodsSold $59.79M USD 1 Quarter
Gross profit GrossProfit $19.04M USD 1 Quarter
Gross profit GrossProfit $17.05M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $7.65M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $6.32M USD 1 Quarter
Operating income OperatingIncomeLoss $11.39M USD 1 Quarter
Operating income OperatingIncomeLoss $10.72M USD 1 Quarter
Equity method investment earnings IncomeLossFromEquityMethodInvestments $517.00K USD 1 Quarter
Equity method investment earnings IncomeLossFromEquityMethodInvestments $471.00K USD 1 Quarter
Interest expense, net InterestExpense $331.00K USD 1 Quarter
Interest expense, net InterestExpense $311.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $10.93M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $11.53M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $3.87M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $2.85M USD 1 Quarter
Net income NetIncomeLoss $7.06M USD 1 Quarter
Net income NetIncomeLoss $8.68M USD 1 Quarter
Income attributable to participating securities UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic $250.00K USD 1 Quarter
Income attributable to participating securities UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic $270.00K USD 1 Quarter
Net income attributable to common shareholders and used in EPS calculation (Note 5) NetIncomeLossAvailableToCommonStockholdersBasic $8.43M USD 1 Quarter
Net income attributable to common shareholders and used in EPS calculation (Note 5) NetIncomeLossAvailableToCommonStockholdersBasic $6.79M USD 1 Quarter
Basic and diluted weighted average common shares (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 16.61M shares 1 Quarter
Basic and diluted weighted average common shares (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 16.71M shares 1 Quarter
Basic and diluted earnings per share (in usd per share) EarningsPerShareBasicAndDiluted $0.41 USD 1 Quarter
Basic and diluted earnings per share (in usd per share) EarningsPerShareBasicAndDiluted $0.50 USD 1 Quarter
Dividends and dividend equivalents per common share (in usd per share) CommonStockDividendsPerShareCashPaid $0.08 USD 1 Quarter
Dividends and dividend equivalents per common share (in usd per share) CommonStockDividendsPerShareCashPaid $0.08 USD Point-in-time
Dividends and dividend equivalents per common share (in usd per share) CommonStockDividendsPerShareCashPaid $0.04 USD 1 Quarter
Dividends and dividend equivalents per common share (in usd per share) CommonStockDividendsPerShareCashPaid $0.04 USD Point-in-time
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $7.06M USD 1 Quarter
Net income NetIncomeLoss $8.68M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.74M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.30M USD 1 Quarter
Distribution received from equity method investee EquityMethodInvestmentDividendsOrDistributions $3.30M USD 1 Quarter
Distribution received from equity method investee EquityMethodInvestmentDividendsOrDistributions - USD 1 Quarter
Deferred income taxes, including change in valuation allowance DeferredIncomeTaxExpenseBenefit $-622.00K USD 1 Quarter
Deferred income taxes, including change in valuation allowance DeferredIncomeTaxExpenseBenefit $-490.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.03M USD 1 Quarter
Share-based compensation ShareBasedCompensation $652.00K USD 1 Quarter
Equity method investment earnings NetIncomeLossAttributableToNoncontrollingInterest $-471.00K USD 1 Quarter
Equity method investment earnings NetIncomeLossAttributableToNoncontrollingInterest $-517.00K USD 1 Quarter
Receivables, net IncreaseDecreaseInReceivables $534.00K USD 1 Quarter
Receivables, net IncreaseDecreaseInReceivables $10.30M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $1.13M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $9.68M USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $289.00K USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $742.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-943.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-4.24M USD 1 Quarter
Accounts payable to affiliate, net IncreaseDecreaseInAccountsPayableRelatedParties $-542.00K USD 1 Quarter
Accounts payable to affiliate, net IncreaseDecreaseInAccountsPayableRelatedParties $11.00K USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-1.63M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-3.96M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $4.11M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $3.24M USD 1 Quarter
Deferred credit IncreaseDecreaseInDeferredRevenue $-201.00K USD 1 Quarter
Deferred credit IncreaseDecreaseInDeferredRevenue $-174.00K USD 1 Quarter
Accrued retirement health and life insurance benefits AccruedRetirementHealthAndLifeInsuranceBenefitsAndOtherNoncurrentLiabilities $67.00K USD 1 Quarter
Accrued retirement health and life insurance benefits AccruedRetirementHealthAndLifeInsuranceBenefitsAndOtherNoncurrentLiabilities $177.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-1.64M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-942.00K USD 1 Quarter
Additions to plant, property and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.05M USD 1 Quarter
Additions to plant, property and equipment PaymentsToAcquirePropertyPlantAndEquipment $6.45M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-6.45M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.05M USD 1 Quarter
Stock shares repurchased PaymentsForRepurchaseOfCommonStock $1.13M USD 1 Quarter
Stock shares repurchased PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Payment of dividends PaymentsOfDividends $688.00K USD Point-in-time
Payment of dividends PaymentsOfDividends - USD 1 Quarter
Payment of dividends PaymentsOfDividends $1.38M USD Point-in-time
Payment of dividends PaymentsOfDividends $688.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $438.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $89.00K USD 1 Quarter
Proceeds from credit facility ProceedsFromLinesOfCredit $10.50M USD 1 Quarter
Proceeds from credit facility ProceedsFromLinesOfCredit $8.10M USD 1 Quarter
Payments on credit facility RepaymentsOfLinesOfCredit $3.65M USD 1 Quarter
Payments on credit facility RepaymentsOfLinesOfCredit $2.77M USD 1 Quarter
Loan fees incurred with borrowings PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Loan fees incurred with borrowings PaymentsOfDebtIssuanceCosts $68.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $5.83M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $3.95M USD 1 Quarter
Decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-1.57M USD 1 Quarter
Decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-747.00K USD 1 Quarter
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue $1.57M USD Point-in-time
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue $747.00K USD Point-in-time
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue - USD Point-in-time
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue - USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $1.57M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $747.00K USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue - USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue - USD Point-in-time
Stockholders Equity 12 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquity $154.14M USD Point-in-time
Beginning Balance StockholdersEquity $146.29M USD Point-in-time
Net income NetIncomeLoss $7.06M USD 1 Quarter
Net income NetIncomeLoss $8.68M USD 1 Quarter
Other Comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-41.00K USD 1 Quarter
Other Comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-17.00K USD 1 Quarter
Dividends and dividend equivalents, net of estimated forfeitures Dividends $687.00K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $899.00K USD 1 Quarter
Stock shares awarded, forfeited, and/or vested StockIssuedDuringPeriodValueShareBasedCompensation $128.00K USD 1 Quarter
Stock shares repurchased TreasuryStockValueAcquiredCostMethod $1.13M USD 1 Quarter
Ending Balance StockholdersEquity $154.14M USD Point-in-time
Ending Balance StockholdersEquity $146.29M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $7.06M USD 1 Quarter
Net income NetIncomeLoss $8.68M USD 1 Quarter
Company sponsored benefit plans: OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $17.00K USD 1 Quarter
Company sponsored benefit plans: OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $39.00K USD 1 Quarter
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investments Transferred from Available-for-sale to Equity Method, Net of Tax OtherComprehensiveIncomeLossReclassificationAdjustmentfromAOCIforInvestmentsTransferredfromAvailableforsaletoEquityMethodNetofTax $2.00K USD 1 Quarter
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investments Transferred from Available-for-sale to Equity Method, Net of Tax OtherComprehensiveIncomeLossReclassificationAdjustmentfromAOCIforInvestmentsTransferredfromAvailableforsaletoEquityMethodNetofTax - USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-41.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-17.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $8.64M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $7.04M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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