Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.22.1
Segments
3 Months Ended
Mar. 31, 2022
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 sales (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 renewable fuel 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   2022     2021  
Pekin Campus production, recorded as gross:            
Alcohol sales   $ 116,050     $ 95,083  
Essential ingredient sales     55,280       45,077  
Intersegment sales     256       1,473  
Total Pekin Campus sales     171,586       141,633  
Marketing and distribution:                
Alcohol sales, gross   $ 53,926     $ 57,010  
Alcohol sales, net     351       452  
Intersegment sales     2,996       2,244  
Total marketing and distribution sales    

57,273

      59,706  
Other production, recorded as gross:                
Alcohol sales   $ 59,805     $ 15,969  
Essential ingredient sales     18,938       5,143  
Intersegment sales     12       305  
Total Other production sales     78,755       21,417  
                 
Corporate and other    

3,768

       
Intersegment eliminations     (3,264 )     (4,022 )
Net sales as reported   $ 308,118     $ 218,734  

 

Cost of goods sold:            
Pekin Campus   $ 168,881     $ 128,864  
Marketing and distribution     54,716       53,958  
Other production     78,244       24,117  
Corporate and other     2,872        
Intersegment eliminations     (1,368 )     (2,042 )
Cost of goods sold as reported   $ 303,345     $ 204,897  

 

Gross profit (loss):            
Pekin Campus production   $ 2,705     $ 12,769  
Marketing and distribution     2,557       5,748  
Other production     511       (2,700 )
Corporate and other     896        
Intersegment eliminations     (1,896 )     (1,980 )
Gross profit (loss) as reported   $ 4,773     $ 13,837  

 

Income (loss) before provision for income taxes:            
Pekin Campus production   $ 85     $ 10,012  
Marketing and distribution     785       3,735  
Other production     (1,209 )     (5,945 )
Corporate and other     (2,263 )     (3,124 )
    $ (2,602 )   $ 4,678  
                 
Depreciation and amortization:                
Pekin Campus production   $ 4,538     $ 4,345  
Other production     1,456       1,498  
Corporate and other     140       17  
    $ 6,134     $ 5,860  
       
Interest expense:        
Pekin Campus production   $
    $ 519  
Marketing and distribution     200       202  
Other production    
      136  
Corporate and other    
      1,028  
    $ 200     $ 1,885  

 

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

 

    March 31,
2022
    December 31,
2021
 
Total assets:            
Pekin Campus production   $ 271,771     $ 266,197  
Marketing and distribution    

127,499

      130,302  
Other production     62,168       57,046  
Corporate and other    

36,430

      31,408  
    $ 497,868     $ 484,953