10-Q Filing

MGP INGREDIENTS INC CIK: 835011 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001628280-18-005621`
Period End Date	20180331
Filing Date	20180502
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	mgpi-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 32 Cash Flow Statement 58 Stockholders Equity 12 Comprehensive Income 10

Balance Sheet 84 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
Preferred stock, percentage non-cumulative	`PreferredStockDividendRatePercentage`	0.05	pure	Annual
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.12M	USD	Point-in-time
Preferred stock, percentage non-cumulative	`PreferredStockDividendRatePercentage`	0.05	pure	1 Quarter
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
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, 2018 - $24; December 31, 2017 - $24)	`ReceivablesNetCurrent`	$34.53M	USD	Point-in-time
Receivables (less allowance for doubtful accounts: March 31, 2018 - $24; December 31, 2017 - $24)	`ReceivablesNetCurrent`	$34.35M	USD	Point-in-time
Inventory	`InventoryGross`	$93.15M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	1,000.00	shares	Point-in-time
Inventory	`InventoryGross`	$98.88M	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	1,000.00	shares	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	437.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.19M	USD	Point-in-time
Preferred stock, shares issued (shares)	`PreferredStockSharesIssued`	437.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.18M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$932.00K	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$1.98M	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`	$138.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$134.74M	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
Property and equipment	`PropertyPlantAndEquipmentGross`	$271.10M	USD	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	18.12M	shares	Point-in-time
Common stock, shares issued (shares)	`CommonStockSharesIssued`	16.84M	shares	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$267.29M	USD	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	16.80M	shares	Point-in-time
Common stock, shares outstanding (shares)	`CommonStockSharesOutstanding`	16.80M	shares	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$164.24M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$167.09M	USD	Point-in-time
Treasury stock (shares)	`TreasuryStockShares`	1.27M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$103.05M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$104.00M	USD	Point-in-time
Treasury stock (shares)	`TreasuryStockShares`	1.32M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.54M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.56M	USD	Point-in-time
Total assets	`Assets`	$240.33M	USD	Point-in-time
Total assets	`Assets`	$245.21M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$375.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$372.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.04M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$11.17M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$7.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.58M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$21.41M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$21.32M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$2.77M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$10.54M	USD	Point-in-time
Deferred credits	`DeferredRevenueAndCreditsNoncurrent`	$2.15M	USD	Point-in-time
Deferred credits	`DeferredRevenueAndCreditsNoncurrent`	$1.93M	USD	Point-in-time
Accrued retirement, health and life insurance benefits	`OtherPostretirementBenefitsPayableCurrentAndNoncurrent`	$3.13M	USD	Point-in-time
Accrued retirement, health and life insurance benefits	`OtherPostretirementBenefitsPayableCurrentAndNoncurrent`	$3.03M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$540.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$542.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$291.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$12.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$69.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.60M	USD	Point-in-time
Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies	`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, 2018 and December 31, 2017, and 16,844,596 and 16,797,420 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$6.71M	USD	Point-in-time
No par value; authorized 40,000,000 shares; issued 18,115,965 shares at March 31, 2018 and December 31, 2017, and 16,844,596 and 16,797,420 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$6.71M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$13.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$13.91M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$174.68M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$167.13M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-324.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-311.00K	USD	Point-in-time
Shares of 1,271,369 at March 31, 2018 and 1,318,545 at December 31, 2017	`TreasuryStockValue`	$18.72M	USD	Point-in-time
Shares of 1,271,369 at March 31, 2018 and 1,318,545 at December 31, 2017	`TreasuryStockValue`	$19.67M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$175.39M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$168.73M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$240.33M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$245.21M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Cost of sales, related party transactions	`RelatedPartyTransactionPurchasesFromRelatedParty`	-	USD	1 Quarter
Cost of sales, related party transactions	`RelatedPartyTransactionPurchasesFromRelatedParty`	$9.24M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$87.17M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$87.96M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$68.13M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$69.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.95M	USD	1 Quarter
Selling, general and administrative expenses (SG&A)	`SellingGeneralAndAdministrativeExpense`	$7.65M	USD	1 Quarter
Selling, general and administrative expenses (SG&A)	`SellingGeneralAndAdministrativeExpense`	$8.56M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$11.39M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.39M	USD	1 Quarter
Equity method investment earnings	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Equity method investment earnings	`IncomeLossFromEquityMethodInvestments`	$471.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$207.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$331.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.18M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.53M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.85M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Income attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	$175.00K	USD	1 Quarter
Income attributable to participating securities	`UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic`	$250.00K	USD	1 Quarter
Net income attributable to common shareholders and used in EPS calculation	`NetIncomeLossAvailableToCommonStockholdersBasic`	$8.75M	USD	1 Quarter
Net income attributable to common shareholders and used in EPS calculation	`NetIncomeLossAvailableToCommonStockholdersBasic`	$8.43M	USD	1 Quarter
Basic and diluted weighted average common shares (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	16.71M	shares	1 Quarter
Basic and diluted weighted average common shares (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	16.84M	shares	1 Quarter
Basic and diluted earnings per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.50	USD	1 Quarter
Basic and diluted earnings per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.52	USD	1 Quarter
Dividends and dividend equivalents per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.08	USD	1 Quarter
Dividends and dividend equivalents per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.04	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.74M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.93M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-490.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$279.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.19M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Equity method investment earnings	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Equity method investment earnings	`IncomeLossFromEquityMethodInvestments`	$471.00K	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$10.30M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$185.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$5.73M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.13M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$742.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.24M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-943.00K	USD	1 Quarter
Accounts payable to affiliate, net	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accounts payable to affiliate, net	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-542.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-4.01M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.63M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.05M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$3.24M	USD	1 Quarter
Deferred credit	`IncreaseDecreaseInDeferredRevenue`	$-201.00K	USD	1 Quarter
Deferred credit	`IncreaseDecreaseInDeferredRevenue`	$-217.00K	USD	1 Quarter
Accrued retirement health and life insurance benefits	`AccruedRetirementHealthAndLifeInsuranceBenefitsAndOtherNoncurrentLiabilities`	$114.00K	USD	1 Quarter
Accrued retirement health and life insurance benefits	`AccruedRetirementHealthAndLifeInsuranceBenefitsAndOtherNoncurrentLiabilities`	$177.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$879.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-942.00K	USD	1 Quarter
Additions to plant, property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.98M	USD	1 Quarter
Additions to plant, property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.45M	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	$62.00K	USD	1 Quarter
Other, net	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.45M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.04M	USD	1 Quarter
Purchase of treasury stock for tax withholding on share-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.13M	USD	1 Quarter
Purchase of treasury stock for tax withholding on share-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.07M	USD	1 Quarter
Payment of dividends and dividend equivalents	`PaymentsOfDividends`	$1.38M	USD	1 Quarter
Payment of dividends and dividend equivalents	`PaymentsOfDividends`	$688.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$89.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$93.00K	USD	1 Quarter
Proceeds from credit agreement	`ProceedsFromLinesOfCredit`	$7.74M	USD	1 Quarter
Proceeds from credit agreement	`ProceedsFromLinesOfCredit`	$10.50M	USD	1 Quarter
Payments on credit agreement	`RepaymentsOfLinesOfCredit`	$2.77M	USD	1 Quarter
Payments on credit agreement	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.83M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.20M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.57M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.96M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.57M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.12M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	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`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.12M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$175.39M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$168.73M	USD	Point-in-time
Net income	`NetIncomeLoss`	$8.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-41.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-13.00K	USD	1 Quarter
Dividends and dividend equivalents, net of estimated forfeitures	`Dividends`	$1.37M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.05M	USD	1 Quarter
Stock shares awarded, forfeited, or vested	`StockIssuedDuringPeriodValueShareBasedCompensation`	$139.00K	USD	1 Quarter
Purchase of treasury stock for tax withholding on share-based compensation	`TreasuryStockValueAcquiredCostMethod`	$2.07M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$175.39M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$168.73M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.68M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.93M	USD	1 Quarter
Change in post-employment benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$39.00K	USD	1 Quarter
Change in post-employment benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$13.00K	USD	1 Quarter
Other, net of tax	`OtherComprehensiveIncomeLossOtherReclassificationAdjustmentfromAOCINetofTax`	$2.00K	USD	1 Quarter
Other, net of tax	`OtherComprehensiveIncomeLossOtherReclassificationAdjustmentfromAOCINetofTax`	-	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-41.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-13.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.64M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.91M	USD	1 Quarter

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