| Schedule of Financial Data for Operating Segments |
The following tables set forth certain financial
data for the Company’s operating segments (in thousands):
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
106,459 |
|
|
$ |
128,554 |
|
|
$ |
315,494 |
|
|
$ |
388,629 |
|
| Essential ingredient sales |
|
|
41,217 |
|
|
|
51,634 |
|
|
|
127,297 |
|
|
|
169,220 |
|
| Intersegment sales |
|
|
321 |
|
|
|
363 |
|
|
|
927 |
|
|
|
1,120 |
|
| Total Pekin Campus sales |
|
|
147,997 |
|
|
|
180,551 |
|
|
|
443,718 |
|
|
|
558,969 |
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales, gross |
|
$ |
54,531 |
|
|
$ |
58,805 |
|
|
$ |
179,118 |
|
|
$ |
215,741 |
|
| Alcohol sales, net |
|
|
71 |
|
|
|
74 |
|
|
|
169 |
|
|
|
292 |
|
| Intersegment sales |
|
|
2,862 |
|
|
|
3,392 |
|
|
|
8,002 |
|
|
|
8,734 |
|
| Total marketing and distribution sales |
|
|
57,464 |
|
|
|
62,271 |
|
|
|
187,289 |
|
|
|
224,767 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Western production, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
36,395 |
|
|
$ |
57,159 |
|
|
$ |
74,084 |
|
|
$ |
122,477 |
|
| Essential ingredient sales |
|
|
10,408 |
|
|
|
17,841 |
|
|
|
24,184 |
|
|
|
40,614 |
|
| Intersegment sales |
|
|
8 |
|
|
|
37 |
|
|
|
(122 |
) |
|
|
99 |
|
| Total Western production sales |
|
|
46,811 |
|
|
|
75,037 |
|
|
|
98,146 |
|
|
|
163,190 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate and other |
|
|
2,733 |
|
|
|
4,060 |
|
|
|
8,565 |
|
|
|
12,342 |
|
| Intersegment eliminations |
|
|
(3,191 |
) |
|
|
(3,792 |
) |
|
|
(8,807 |
) |
|
|
(9,953 |
) |
| Net sales as reported |
|
$ |
251,814 |
|
|
$ |
318,127 |
|
|
$ |
728,911 |
|
|
$ |
949,315 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
141,823 |
|
|
$ |
179,995 |
|
|
$ |
423,135 |
|
|
$ |
546,591 |
|
| Marketing and distribution |
|
|
53,553 |
|
|
|
58,051 |
|
|
|
176,676 |
|
|
|
212,923 |
|
| Western production |
|
|
49,079 |
|
|
|
73,584 |
|
|
|
112,762 |
|
|
|
165,401 |
|
| Corporate and other |
|
|
2,952 |
|
|
|
3,538 |
|
|
|
8,690 |
|
|
|
9,322 |
|
| Intersegment eliminations |
|
|
(1,553 |
) |
|
|
(1,202 |
) |
|
|
(3,465 |
) |
|
|
(3,100 |
) |
| Cost of goods sold as reported |
|
$ |
245,854 |
|
|
$ |
313,966 |
|
|
$ |
717,798 |
|
|
$ |
931,137 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
6,174 |
|
|
$ |
556 |
|
|
$ |
20,583 |
|
|
$ |
12,378 |
|
| Marketing and distribution |
|
|
3,911 |
|
|
|
4,220 |
|
|
|
10,613 |
|
|
|
11,844 |
|
| Western production |
|
|
(2,268 |
) |
|
|
1,453 |
|
|
|
(14,616 |
) |
|
|
(2,211 |
) |
| Corporate and other |
|
|
(219 |
) |
|
|
522 |
|
|
|
(125 |
) |
|
|
3,020 |
|
| Intersegment eliminations |
|
|
(1,638 |
) |
|
|
(2,590 |
) |
|
|
(5,342 |
) |
|
|
(6,853 |
) |
| Gross profit as reported |
|
$ |
5,960 |
|
|
$ |
4,161 |
|
|
$ |
11,113 |
|
|
$ |
18,178 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before provision for income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
1,997 |
|
|
$ |
(1,956 |
) |
|
$ |
8,083 |
|
|
$ |
3,716 |
|
| Marketing and distribution |
|
|
1,626 |
|
|
|
2,403 |
|
|
|
3,733 |
|
|
|
6,019 |
|
| Western production |
|
|
(4,119 |
) |
|
|
(20 |
) |
|
|
(21,075 |
) |
|
|
(6,497 |
) |
| Corporate and other |
|
|
(1,945 |
) |
|
|
(3,916 |
) |
|
|
(8,013 |
) |
|
|
(12,298 |
) |
| |
|
$ |
(2,441 |
) |
|
$ |
(3,489 |
) |
|
$ |
(17,272 |
) |
|
$ |
(9,060 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
5,328 |
|
|
$ |
4,961 |
|
|
$ |
15,733 |
|
|
$ |
14,778 |
|
| Western production |
|
|
502 |
|
|
|
458 |
|
|
|
1,445 |
|
|
|
1,921 |
|
| Corporate and other |
|
|
228 |
|
|
|
228 |
|
|
|
682 |
|
|
|
683 |
|
| |
|
$ |
6,058 |
|
|
$ |
5,647 |
|
|
$ |
17,860 |
|
|
$ |
17,382 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, net of capitalized interest: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
496 |
|
|
$ |
108 |
|
|
$ |
1,083 |
|
|
$ |
(527 |
) |
| Marketing and distribution |
|
|
98 |
|
|
|
111 |
|
|
|
291 |
|
|
|
713 |
|
| Western production |
|
|
619 |
|
|
|
678 |
|
|
|
1,848 |
|
|
|
173 |
|
| Corporate and other |
|
|
654 |
|
|
|
1,103 |
|
|
|
1,948 |
|
|
|
4,940 |
|
| |
|
$ |
1,867 |
|
|
$ |
2,000 |
|
|
$ |
5,170 |
|
|
$ |
5,299 |
|
|