| Segments |
The Company reports
its financial and operating performance in two segments: (1) ethanol production, which includes the production and sale of ethanol
and co-products, with all of the Company’s production facilities aggregated, and (2) marketing and distribution, which includes
marketing and merchant trading for Company-produced ethanol and co-products and third-party ethanol.
The following
tables set forth certain financial data for the Company’s operating segments (in thousands):
| |
|
Three Months Ended
March 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Net Sales: |
|
|
|
|
|
|
| Ethanol production: |
|
|
|
|
|
|
|
|
| Net sales to external customers |
|
$ |
243,075 |
|
|
$ |
229,241 |
|
| Intersegment net sales |
|
|
310 |
|
|
|
– |
|
| Total production segment
net sales |
|
|
243,385 |
|
|
|
229,241 |
|
| |
|
|
|
|
|
|
|
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
| Net sales to external customers |
|
|
143,265 |
|
|
|
113,132 |
|
| Intersegment net sales |
|
|
1,837 |
|
|
|
2,016 |
|
| Total
marketing and distribution segment net sales |
|
|
145,102 |
|
|
|
115,148 |
|
| Net sales including intersegment activity |
|
|
388,487 |
|
|
|
344,389 |
|
| Intersegment eliminations |
|
|
(2,147 |
) |
|
|
(2,016 |
) |
| Net sales, as reported |
|
$ |
386,340 |
|
|
$ |
342,373 |
|
| |
|
|
|
|
|
|
|
|
| Cost
of goods sold: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
250,587 |
|
|
$ |
236,008 |
|
| Marketing and distribution |
|
|
143,676 |
|
|
|
109,297 |
|
| Intersegment eliminations |
|
|
(2,150 |
) |
|
|
(4,001 |
) |
| Cost of goods sold, as reported |
|
$ |
392,113 |
|
|
$ |
341,304 |
|
|
Income
(loss) before benefit for income taxes:
|
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
(12,315 |
) |
|
$ |
(17,322 |
) |
| Marketing and distribution |
|
|
150 |
|
|
|
3,969 |
|
| Corporate activities |
|
|
(1,320 |
) |
|
|
127 |
|
| |
|
$ |
(13,485 |
) |
|
$ |
(13,226 |
) |
| Depreciation
and amortization: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
8,847 |
|
|
$ |
8,415 |
|
| Marketing and distribution |
|
|
– |
|
|
|
3 |
|
| Corporate activities |
|
|
263 |
|
|
|
233 |
|
| |
|
$ |
9,110 |
|
|
$ |
8,651 |
|
| Interest
expense: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
1,092 |
|
|
$ |
5,900 |
|
| Marketing and distribution |
|
|
308 |
|
|
|
333 |
|
| Corporate activities |
|
|
1,237 |
|
|
|
– |
|
| |
|
$ |
2,637 |
|
|
$ |
6,233 |
|
The following
table sets forth the Company’s total assets by operating segment (in thousands):
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
| Total
assets: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
535,200 |
|
|
$ |
542,688 |
|
| Marketing and distribution |
|
|
130,094 |
|
|
|
146,356 |
|
| Corporate assets |
|
|
16,460 |
|
|
|
19,194 |
|
| |
|
$ |
681,754 |
|
|
$ |
708,238 |
|
|