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10-Q Filing

MGP INGREDIENTS INC CIK: 835011 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001628280-20-005907
Period End Date 20200331
Filing Date 20200430
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance mgpi-20200331_htm.xml
Balance Sheet 88 line items
Line Item Tag Value Unit Period
Receivables allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $24.00K USD Point-in-time
Receivables allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $24.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $42.66M USD Point-in-time
Preferred stock, percentage non-cumulative PreferredStockDividendRatePercentage 0.05 pure 1 Quarter
Preferred stock, percentage non-cumulative PreferredStockDividendRatePercentage 0.05 pure Annual
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.31M USD Point-in-time
Receivables (less allowance for doubtful accounts at March 31, 2020, and December 31, 2019 - $24) AccountsReceivableNetCurrent $40.93M 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 at March 31, 2020, and December 31, 2019 - $24) AccountsReceivableNetCurrent $52.44M 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 $142.77M USD Point-in-time
Inventory InventoryGross $136.93M 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 $2.05M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $4.39M USD Point-in-time
Refundable income taxes IncomeTaxesReceivable $987.00K 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 $242.26M 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 $184.21M USD Point-in-time
Property, plant, and equipment PropertyPlantAndEquipmentGross $313.96M USD Point-in-time
Common stock, shares issued (shares) CommonStockSharesIssued 18.12M shares Point-in-time
Common stock, shares issued (shares) CommonStockSharesIssued 18.12M shares Point-in-time
Property, plant, and equipment PropertyPlantAndEquipmentGross $317.16M USD Point-in-time
Less accumulated depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $185.54M USD Point-in-time
Common stock, shares outstanding (shares) CommonStockSharesOutstanding 16.90M shares Point-in-time
Common stock, shares outstanding (shares) CommonStockSharesOutstanding 17.03M shares Point-in-time
Less accumulated depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $188.49M USD Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $128.42M USD Point-in-time
Treasury stock (shares) TreasuryStockShares 1.09M shares Point-in-time
Treasury stock (shares) TreasuryStockShares 1.22M shares Point-in-time
Property, plant, and equipment, net PropertyPlantAndEquipmentNet $128.67M USD Point-in-time
Operating lease right-of-use assets, net OperatingLeaseRightOfUseAsset $6.49M USD Point-in-time
Operating lease right-of-use assets, net OperatingLeaseRightOfUseAsset $6.29M USD Point-in-time
Other assets OtherAssetsNoncurrent $3.48M USD Point-in-time
Other assets OtherAssetsNoncurrent $5.17M USD Point-in-time
Total assets Assets $382.40M USD Point-in-time
Total assets Assets $322.60M USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $404.00K USD Point-in-time
Current maturities of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $401.00K USD Point-in-time
Accounts payable AccountsPayableCurrent $29.51M USD Point-in-time
Accounts payable AccountsPayableCurrent $28.46M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $10.40M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $9.38M USD Point-in-time
Income taxes payable TaxesPayableCurrent $2.05M USD Point-in-time
Income taxes payable TaxesPayableCurrent - USD Point-in-time
Total current liabilities LiabilitiesCurrent $41.31M USD Point-in-time
Total current liabilities LiabilitiesCurrent $39.30M USD Point-in-time
Long-term Debt, Excluding Current Maturities LongTermDebtNoncurrent $40.56M USD Point-in-time
Long-term Debt, Excluding Current Maturities LongTermDebtNoncurrent $40.66M USD Point-in-time
Credit agreement - revolver LineOfCredit $1.00K USD Point-in-time
Credit agreement - revolver LineOfCredit $53.59M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $4.27M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $4.06M USD Point-in-time
Deferred credits ContractWithCustomerLiabilityNoncurrent $1.15M USD Point-in-time
Deferred credits ContractWithCustomerLiabilityNoncurrent $1.23M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $4.36M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $4.17M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.93M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.81M USD Point-in-time
Total liabilities Liabilities $146.84M USD Point-in-time
Total liabilities Liabilities $91.55M USD Point-in-time
Commitments and Contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and 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, 2020 and December 31, 2019; and 16,895,522 and 17,028,125 shares outstanding at March 31, 2020 and December 31, 2019, respectively CommonStockValue $6.71M USD Point-in-time
No par value; authorized 40,000,000 shares; issued 18,115,965 shares at March 31, 2020 and December 31, 2019; and 16,895,522 and 17,028,125 shares outstanding at March 31, 2020 and December 31, 2019, respectively CommonStockValue $6.71M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $14.03M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $14.36M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $230.78M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $238.57M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-246.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-252.00K USD Point-in-time
Treasury stock, at cost, 1,220,443 and 1,087,840 at March 31, 2020 and December 31, 2019, respectively TreasuryStockValue $20.24M USD Point-in-time
Treasury stock, at cost, 1,220,443 and 1,087,840 at March 31, 2020 and December 31, 2019, respectively TreasuryStockValue $23.83M USD Point-in-time
Total stockholders equity StockholdersEquity $231.04M USD Point-in-time
Total stockholders equity StockholdersEquity $235.56M USD Point-in-time
Total stockholders equity StockholdersEquity $205.12M USD Point-in-time
Total stockholders equity StockholdersEquity $201.44M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $322.60M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $382.40M USD Point-in-time
Income Statement 26 line items
Line Item Tag Value Unit Period
Sales RevenueFromContractWithCustomerExcludingAssessedTax $89.10M USD 1 Quarter
Sales RevenueFromContractWithCustomerExcludingAssessedTax $99.08M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $72.44M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $75.87M USD 1 Quarter
Gross profit GrossProfit $16.66M USD 1 Quarter
Gross profit GrossProfit $23.21M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $9.50M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $8.15M USD 1 Quarter
Operating income OperatingIncomeLoss $8.51M USD 1 Quarter
Operating income OperatingIncomeLoss $13.71M USD 1 Quarter
Interest expense, net and other InterestExpense $252.00K USD 1 Quarter
Interest expense, net and other InterestExpense $642.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $8.26M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $13.07M USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $3.22M USD 1 Quarter
Income tax expense (benefit) IncomeTaxExpenseBenefit $-1.46M USD 1 Quarter
Net income NetIncomeLoss $9.72M USD 1 Quarter
Net income NetIncomeLoss $9.84M USD 1 Quarter
Income attributable to participating securities UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic $66.00K USD 1 Quarter
Income attributable to participating securities UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic $66.00K USD 1 Quarter
Net income attributable to common shareholders and used in earnings per share calculation NetIncomeLossAvailableToCommonStockholdersBasic $9.78M USD 1 Quarter
Net income attributable to common shareholders and used in earnings per share calculation NetIncomeLossAvailableToCommonStockholdersBasic $9.65M USD 1 Quarter
Basic and diluted weighted average common shares (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 16.97M shares 1 Quarter
Basic and diluted weighted average common shares (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 17.01M shares 1 Quarter
Basic and diluted earnings per common share (in dollars per share) EarningsPerShareBasicAndDiluted $0.57 USD 1 Quarter
Basic and diluted earnings per common share (in dollars per share) EarningsPerShareBasicAndDiluted $0.57 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $9.72M USD 1 Quarter
Net income NetIncomeLoss $9.84M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.81M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.12M USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $138.00K USD 1 Quarter
Gain on sale of assets GainLossOnDispositionOfAssets1 $9.00K USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.14M USD 1 Quarter
Share-based compensation ShareBasedCompensation $1.12M USD 1 Quarter
Deferred income taxes, including change in valuation allowance DeferredIncomeTaxExpenseBenefit $101.00K USD 1 Quarter
Deferred income taxes, including change in valuation allowance DeferredIncomeTaxExpenseBenefit $145.00K USD 1 Quarter
Receivables, net IncreaseDecreaseInAccountsReceivable $5.09M USD 1 Quarter
Receivables, net IncreaseDecreaseInAccountsReceivable $11.45M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $5.65M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $2.56M USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $2.34M USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidExpense $943.00K USD 1 Quarter
Income taxes payable (refundable) IncreaseDecreaseInIncomeTaxesReceivable $-3.10M USD 1 Quarter
Income taxes payable (refundable) IncreaseDecreaseInIncomeTaxesReceivable $1.65M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-3.98M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.64M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-3.14M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $1.00M USD 1 Quarter
Deferred credits IncreaseDecreaseInContractWithCustomerLiability $-83.00K USD 1 Quarter
Deferred credits IncreaseDecreaseInContractWithCustomerLiability $-81.00K USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-128.00K USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $11.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $542.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-3.79M USD 1 Quarter
Additions to property, plant, and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.74M USD 1 Quarter
Additions to property, plant, and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.64M USD 1 Quarter
Deferred compensation plan investments IncreaseDecreaseInDeferredCompensation $-1.17M USD 1 Quarter
Deferred compensation plan investments IncreaseDecreaseInDeferredCompensation - USD 1 Quarter
Acquisition of business PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisition of business PaymentsToAcquireBusinessesNetOfCashAcquired $2.75M USD 1 Quarter
Proceeds from sale of property ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from sale of property ProceedsFromSaleOfPropertyPlantAndEquipment $366.00K USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $160.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-8.19M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.91M USD 1 Quarter
Payment of dividends and dividend equivalents PaymentsOfDividends $1.71M USD 1 Quarter
Payment of dividends and dividend equivalents PaymentsOfDividends $2.06M USD 1 Quarter
Purchase of treasury stock PaymentsRelatedToTaxWithholdingForShareBasedCompensation $5.47M USD 1 Quarter
Purchase of treasury stock PaymentsRelatedToTaxWithholdingForShareBasedCompensation $4.39M USD 1 Quarter
Loan fees paid related to borrowings PaymentsOfLoanCosts - USD 1 Quarter
Loan fees paid related to borrowings PaymentsOfLoanCosts $1.15M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $100.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $95.00K USD 1 Quarter
Proceeds from credit agreement - revolver ProceedsFromLinesOfCredit $54.70M USD 1 Quarter
Proceeds from credit agreement - revolver ProceedsFromLinesOfCredit $11.03M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-78.00K USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $47.00M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $3.67M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-5.03M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $39.35M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.66M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.03M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.31M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.66M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $5.03M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.31M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD Point-in-time
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Dividends and dividend equivalents (in dollars per share) CommonStockDividendsPerShareCashPaid $0.10 USD 1 Quarter
Dividends and dividend equivalents (in dollars per share) CommonStockDividendsPerShareCashPaid $0.12 USD 1 Quarter
Beginning Balance StockholdersEquity $231.04M USD Point-in-time
Beginning Balance StockholdersEquity $235.56M USD Point-in-time
Beginning Balance StockholdersEquity $205.12M USD Point-in-time
Beginning Balance StockholdersEquity $201.44M USD Point-in-time
Net income NetIncomeLoss $9.72M USD 1 Quarter
Net income NetIncomeLoss $9.84M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $14.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-6.00K USD 1 Quarter
Dividends and dividend equivalents net of estimated forfeitures Dividends $2.06M USD 1 Quarter
Dividends and dividend equivalents net of estimated forfeitures Dividends $1.71M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.03M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $902.00K USD 1 Quarter
Stock shares awarded, forfeited or vested StockGrantedDuringPeriodValueSharebasedCompensation $94.00K USD 1 Quarter
Stock shares awarded, forfeited or vested StockGrantedDuringPeriodValueSharebasedCompensation $237.00K USD 1 Quarter
Purchase of treasury stock for tax withholding on share-based compensation TreasuryStockValueAcquiredCostMethod $4.39M USD 1 Quarter
Purchase of treasury stock for tax withholding on share-based compensation TreasuryStockValueAcquiredCostMethod $5.47M USD 1 Quarter
Ending Balance StockholdersEquity $231.04M USD Point-in-time
Ending Balance StockholdersEquity $235.56M USD Point-in-time
Ending Balance StockholdersEquity $205.12M USD Point-in-time
Ending Balance StockholdersEquity $201.44M USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $9.72M USD 1 Quarter
Net income NetIncomeLoss $9.84M USD 1 Quarter
Change in Company-sponsored post-employment benefit plan OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-14.00K USD 1 Quarter
Change in Company-sponsored post-employment benefit plan OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $6.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $9.73M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $9.84M USD 1 Quarter

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

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