Branded Spirits Acquisition of Penelope Bourbon
DISTILLING SOLUTIONS
PLANNED CLOSURE OF THE ATCHISON DISTILLERY
Pro-Forma Results(), excluding the Atchison Distillery
Consolidated
FY 2022
Ytd September 30, 2023
Pro-Forma
(1)
Change
Pro-Forma
(1)
Change
Sales
$641.5
($140.8)
$534.7
($87.0)
Gross Profit
$253.9
$0.6
$222.0
$2.4
Gross Margin
39.6%
7.2 pp(2)
41.5%
6.2 pp(2)
Distilling Solutions
FY 2022
Ytd September 30, 2023
•
Pro-Forma (¹)
Change
Pro-Forma
(1)
Change
Sales
$287.7
($140.8)
Gross Profit
$132.4
$6.1
Gross Margin
46.0%
16.5 pp(2)
$255.0
$112.5
44.1%
($87.0)
$7.6
13.4 pp(2)
Ingredient Solutions
FY 2022
Pro-Forma (1)
Change
Sales
$115.9
$-
Ytd September 30, 2023
Pro-Forma (¹)
Change
$98.4
$-
Gross Profit
$26.0
($5.5)
$29.8
($5.1)
Gross Margin
22.4%
(4.8) pp(2)
30.3%
(5.2) pp(2)
MGP
Overview of Expected One-Time Expenses
Expect to incur one-time aggregate pre-tax charges of
approximately $23 million - $31 million for fiscal year 2023.
This range includes the following estimates
$17 - $21 million in non-cash restructuring expenses for
asset impairments (fixed assets, inventory, leases)
As of 9/30/2023, incurred $17.1 million of impairments
$2-$4 million in cash expenses for items such as severance
costs, contract termination fees and consulting fees
•
As of 9/30/2023, incurred $1.2 million in one-time expenses
$4 - $6 million in capital expenditures to decouple the
Atchison distillery from the Ingredient Solutions business
facility also located in Atchison, KS
Anticipate approximately $6 million in capital expenditures
related to the decoupling of the distillery for fiscal year 2023
1.
10
2.
Pro-Forma results exclude results associated with the Atchison distillery. See appendix for
more information
Percentage points ("pp")View entire presentation