Quarterly report pursuant to Section 13 or 15(d)

SEGMENTS.

v3.19.1
SEGMENTS.
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
SEGMENTS.
2. SEGMENTS.

 

The Company reports its financial and operating performance in two segments: (1) ethanol production, which includes the production and sale of ethanol, specialty alcohols 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, specialty alcohols 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,  
Net Sales   2019     2018  
Production, recorded as gross:            
Ethanol/alcohol sales   $ 179,388     $ 219,628  
Co-product sales     68,806       74,534  
Intersegment sales     364       474  
Total production sales     248,558       294,636  
                 
Marketing and distribution:                
Ethanol/alcohol sales, gross   $ 107,154     $ 105,429  
Ethanol/alcohol sales, net     455       436  
Intersegment sales     1,818       2,226  
Total marketing and distribution sales     109,427       108,091  
                 
Intersegment eliminations     (2,182 )     (2,700 )
Net sales as reported   $ 355,803     $ 400,027  
                 
Cost of goods sold:                
Production   $ 258,594     $ 298,431  
Marketing and distribution     101,829       100,932  
Intersegment eliminations     (2,331 )     (2,698 )
Cost of goods sold, as reported   $ 358,092     $ 396,665  
                 
Income (loss) before benefit for income taxes:                
Production   $ (17,566 )   $ (12,445 )
Marketing and distribution     6,119       5,750  
Corporate activities     (2,714 )     (3,365 )
    $ (14,161 )   $ (10,060 )
Depreciation and amortization:                
Production   $ 12,005     $ 9,932  
Corporate activities     121       232  
    $ 12,126     $ 10,164  
Interest expense:                
Production   $ 1,706     $ 2,024  
Marketing and distribution     588       363  
Corporate activities     2,442       2,118  
    $ 4,736     $ 4,505  

  

The following table sets forth the Company’s total assets by operating segment (in thousands):

 

    March 31,
2019
    December 31,
2018
 
Total assets:                
Production   $ 558,379     $ 532,790  
Marketing and distribution     123,552       112,984  
Corporate assets     17,090       14,117  
    $ 699,021     $ 659,891