Quarterly report pursuant to Section 13 or 15(d)

Segments.

v3.21.2
Segments.
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
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
September 30,		     Nine Months Ended
September 30,		  
    2021     2020     2021     2020  
Net Sales                        
Marketing and distribution:                        
Alcohol sales, gross   $ 112,391     $ 84,001     $ 255,702     $ 212,625  
Alcohol sales, net     505       382       1,489       1,117  
Intersegment sales     2,415       1,598       7,277       7,751  
Total marketing and distribution sales     115,311       85,981       264,468       221,493  
Pekin Campus production, recorded as gross:                                
Alcohol sales   $ 114,587     $ 77,075     $ 341,967     $ 255,737  
Essential ingredient sales     46,016       27,619       140,670       101,123  
Intersegment sales     293       197       920       877  
Total Pekin Campus sales     160,896       104,891       483,557       357,737  
                                 
Other production, recorded as gross:                                
Alcohol sales   $ 25,190     $ 11,765     $ 63,311     $ 120,797  
Essential ingredient sales     6,867       3,885       19,261       36,806  
Intersegment sales     259       420       896       1,121  
Total Other production sales     32,316       16,070       83,468       158,724  
                                 
Intersegment eliminations     (2,967 )     (2,215 )     (9,093 )     (9,749 )
Net sales as reported   $ 305,556     $ 204,727     $ 822,400     $ 728,205  
Cost of goods sold:                                
Marketing and distribution   $ 105,902     $ 84,589     $ 245,606     $ 210,827  
Pekin Campus production     169,721       80,280       468,972       302,120  
Other production     35,613       20,718       87,055       181,382  
Intersegment eliminations     (2,281 )     (1,790 )     (4,904 )     (5,346 )
Cost of goods sold as reported   $ 308,955     $ 183,797     $ 796,729     $ 688,983  
Income (loss) before benefit for income taxes:                                
Marketing and distribution   $ 7,517     $ (479 )   $ 12,925     $ 3,808  
Pekin Campus production     (11,830 )     31,715       8,907       50,995  
Other production     (4,856 )     (7,173 )     (12,463 )     (40,990 )
Corporate activities     6,037       (8,848 )     567       (10,900 )
    $ (3,132 )   $ 15,215     $ 9,936     $ 2,913  

Depreciation:

                                
Pekin Campus production   $ 4,372     $ 4,335     $ 13,043     $ 13,101  
Other production     1,468       3,690       4,433       13,657  
Corporate activities     11       30       44       97  
    $ 5,851     $ 8,055     $ 17,520     $ 26,855  
Interest expense (income):                                
Marketing and distribution   $ 295     $ 334     $ 721     $ 1,275  
Pekin Campus production     176       1,243       767       4,922  
Other production    
—
       141       182       199  
Corporate activities     (42 )     2,481       1,689       7,757  
    $ 429     $ 4,199     $ 3,359     $ 14,153  

 

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

 

    September 30,
2021		     December 31,
2020		  
Total assets:            
Marketing and distribution   $ 149,316     $ 89,337  
Pekin Campus production     239,275       234,439  
Other production     83,217       102,409  
Corporate assets     11,596       50,633  
    $ 483,404     $ 476,818