| SEGMENTS. |
3.
SEGMENTS.
The Company reports its financial and operating
performance in three segments: (1) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols
and essential ingredients on an aggregated basis, and third-party fuel-grade ethanol (2) Pekin production, which includes the production
and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), and
(3) Other production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at all of the Company’s
other production facilities on an aggregated basis (“Other production”), none of which are individually so significant as
to be considered a reportable segment.
The
following tables set forth certain financial data for the Company’s operating segments (in thousands):
| |
|
Three
Months Ended
March 31, |
|
| Net
Sales |
|
2021 |
|
|
2020 |
|
| Marketing and distribution: |
|
|
|
|
|
|
| Alcohol
sales, gross |
|
$ |
57,010 |
|
|
$ |
57,506 |
|
| Alcohol
sales, net |
|
|
452 |
|
|
|
429 |
|
| Intersegment
sales |
|
|
2,244 |
|
|
|
4,315 |
|
| Total
marketing and distribution sales |
|
|
59,706 |
|
|
|
62,250 |
|
| Pekin Campus production, recorded
as gross: |
|
|
|
|
|
|
|
|
| Alcohol
sales |
|
$ |
95,083 |
|
|
$ |
84,132 |
|
| Essential
ingredient sales |
|
|
45,077 |
|
|
|
39,870 |
|
| Intersegment
sales |
|
|
9,985 |
|
|
|
2,332 |
|
| Total
Pekin Campus sales |
|
|
150,145 |
|
|
|
126,334 |
|
| Other production, recorded
as gross: |
|
|
|
|
|
|
|
|
| Alcohol
sales |
|
$ |
15,969 |
|
|
$ |
99,230 |
|
| Essential
ingredient sales |
|
|
5,143 |
|
|
|
30,237 |
|
| Intersegment
sales |
|
|
305 |
|
|
|
291 |
|
| Total
Other production sales |
|
|
21,417 |
|
|
|
129,758 |
|
| |
|
|
|
|
|
|
|
|
| Intersegment eliminations |
|
|
(12,534 |
) |
|
|
(6,938 |
) |
| Net sales as reported |
|
$ |
218,734 |
|
|
$ |
311,404 |
|
| |
|
|
|
|
|
|
|
|
| Cost
of goods sold: |
|
|
|
|
|
|
| Marketing
and distribution |
|
$ |
53,957 |
|
|
$ |
57,139 |
|
| Pekin
Campus production |
|
|
137,376 |
|
|
|
128,683 |
|
| Other
production |
|
|
24,118 |
|
|
|
142,310 |
|
| Intersegment
eliminations |
|
|
(10,554 |
) |
|
|
(3,838 |
) |
| Cost
of goods sold as reported |
|
$ |
204,897 |
|
|
$ |
324,294 |
|
| Income
(loss) before benefit for income taxes: |
|
|
|
|
|
|
| Marketing
and distribution |
|
$ |
3,973 |
|
|
$ |
2,930 |
|
| Pekin
Campus production |
|
|
9,691 |
|
|
|
(6,849 |
) |
| Other
production |
|
|
(5,137 |
) |
|
|
(16,621 |
) |
| Corporate
activities |
|
|
(2,904 |
) |
|
|
(2,562 |
) |
| |
|
$ |
5,623 |
|
|
$ |
(23,102 |
) |
| Depreciation: |
|
|
|
|
|
|
|
|
| Pekin
Campus production |
|
$ |
4,345 |
|
|
$ |
5,130 |
|
| Other
production |
|
|
1,498 |
|
|
|
4,530 |
|
| Corporate
activities |
|
|
17 |
|
|
|
99 |
|
| |
|
$ |
5,860 |
|
|
$ |
9,759 |
|
| Interest
expense: |
|
|
|
|
|
|
| Marketing
and distribution |
|
$ |
202 |
|
|
$ |
627 |
|
| Pekin
Campus production |
|
|
519 |
|
|
|
2,084 |
|
| Other
production |
|
|
136 |
|
|
|
32 |
|
| Corporate
activities |
|
|
1,028 |
|
|
|
2,564 |
|
| |
|
$ |
1,885 |
|
|
$ |
5,307 |
|
The
following table sets forth the Company’s total assets by operating segment (in thousands):
| |
|
March 31,
|
|
|
December
31, |
|
| Total
assets: |
|
2021 |
|
|
2020 |
|
| Marketing and
distribution |
|
$ |
119,546 |
|
|
$ |
89,337 |
|
| Pekin Campus production |
|
|
238,370 |
|
|
|
234,439 |
|
| Other production |
|
|
120,351 |
|
|
|
102,409 |
|
| Corporate
assets |
|
|
22,849 |
|
|
|
50,633 |
|
| |
|
$ |
501,116 |
|
|
$ |
476,818 |
|
|