MGP Overview and Strategic Focus Areas
MGP
IMPACT OF PLANNED CLOSURE OF THE ATCHISON DISTILLERY
PRO-FORMA RESULTS - INGREDIENT SOLUTIONS
I
.
-%
Change
(Year Ended 12/31/2022)
As Reported(1)
Pro-Forma(3)
$ (5)
%
Specialty Wheat Starches
$62,567
$62,567
$-
-%
Specialty Wheat Proteins
39,313
39,313
Commodity Wheat Starches
14,023
14,023
Commodity Wheat Proteins
38
38
Sales
$115,941
$115,941
$-
Gross Profit
Gross Margin %
$31,503
27.2%
$26,017
$(5,486)
22.4%
(17)%
(4.8) pp(4)
Change
(Year to Date Ended 9/30/2023)
Specialty Wheat Starches
As Reported (2)
Pro-Forma(3)
$ (5)
%
$48,977
$48,977
$-
Specialty Wheat Proteins
35,918
35,918
Commodity Wheat Starches
12,870
12,870
Commodity Wheat Proteins
611
611
Sales
$98,376
$98,376
Gross Profit
$34,945
Gross Margin %
35.5%
$29,812
30.3%
$(5,133)
(5.2) pp (4)
1
1
$-
-%
1
.
.
-%
(15)%
(1)
(2)
(4)
(5)
Represents actual results of the Company for the year
ended December 31, 2022, as reported in the Company's
Annual Report on Form 10-K for the year ended
December 31, 2022.
Represents actual results of the Company for the year to
date ended September 30, 2023, as reported in the
Company's Quarterly Report on Form 10-Q for the
quarter and year to date ended September 30, 2023.
Represents the Company's results for the year ended
December 31, 2022 or year to date ended September 30,
2023 excluding results associated with the Company's
Atchison, Kansas distillery. These are pro-forma
unaudited financial results and are preliminary. In
some circumstances, white goods, industrial alcohol,
fuel grade alcohol, and at times certain co-products are
produced at the Company's Lawrenceburg, Indiana
distillery. The pro-forma financial results assume the
loss of the waste starch slurry credit and no gain or loss
on the disposal. The results of the Branded Spirits
segment for the year ended December 31, 2022 and the
year to date ended September 30, 2023 would not have
been impacted by a closure of the Atchison, Kansas
distillery.
Percentage points ("pp").
The reduction in gross profit for the Ingredient
Solutions segment is the result of increased cost of
goods sold from no longer receiving an intercompany
credit for the waste starch slurry by-product purchased
by the adjoined Atchison, Kansas distillery. The value
of the intercompany credit is derived from the value of
corn which has fluctuated over time.
Source: Company filings; unauditedView entire presentation