| Schedule of Financial Data for Operating Segments |
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, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
128,554 |
|
|
$ |
133,680 |
|
|
$ |
388,629 |
|
|
$ |
393,498 |
|
| Essential ingredient sales |
|
|
51,634 |
|
|
|
54,537 |
|
|
|
169,220 |
|
|
|
169,670 |
|
| Intersegment sales |
|
|
363 |
|
|
|
332 |
|
|
|
1,120 |
|
|
|
857 |
|
| Total Pekin Campus sales |
|
|
180,551 |
|
|
|
188,549 |
|
|
|
558,969 |
|
|
|
564,025 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales, gross |
|
$ |
58,805 |
|
|
$ |
55,262 |
|
|
$ |
215,741 |
|
|
$ |
172,746 |
|
| Alcohol sales, net |
|
|
74 |
|
|
|
308 |
|
|
|
292 |
|
|
|
975 |
|
| Intersegment sales |
|
|
3,392 |
|
|
|
3,121 |
|
|
|
8,734 |
|
|
|
9,360 |
|
| Total marketing and distribution sales |
|
|
62,271 |
|
|
|
58,691 |
|
|
|
224,767 |
|
|
|
183,081 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other production, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
57,159 |
|
|
$ |
64,492 |
|
|
$ |
122,477 |
|
|
$ |
191,483 |
|
| Essential ingredient sales |
|
|
17,841 |
|
|
|
24,439 |
|
|
|
40,614 |
|
|
|
66,748 |
|
| Intersegment sales |
|
|
37 |
|
|
|
3 |
|
|
|
99 |
|
|
|
14 |
|
| Total Other production sales |
|
|
75,037 |
|
|
|
88,934 |
|
|
|
163,190 |
|
|
|
258,245 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate and other |
|
|
4,060 |
|
|
|
4,159 |
|
|
|
12,342 |
|
|
|
12,064 |
|
| Intersegment eliminations |
|
|
(3,792 |
) |
|
|
(3,456 |
) |
|
|
(9,953 |
) |
|
|
(10,231 |
) |
| Net sales as reported |
|
$ |
318,127 |
|
|
$ |
336,877 |
|
|
$ |
949,315 |
|
|
$ |
1,007,184 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
179,995 |
|
|
$ |
207,939 |
|
|
$ |
546,591 |
|
|
$ |
572,512 |
|
| Marketing and distribution |
|
|
58,051 |
|
|
|
55,159 |
|
|
|
212,923 |
|
|
|
173,670 |
|
| Other production |
|
|
73,584 |
|
|
|
91,663 |
|
|
|
165,401 |
|
|
|
261,514 |
|
| Corporate and other |
|
|
3,538 |
|
|
|
2,925 |
|
|
|
9,322 |
|
|
|
8,995 |
|
| Intersegment eliminations |
|
|
(1,202 |
) |
|
|
(970 |
) |
|
|
(3,100 |
) |
|
|
(3,285 |
) |
| Cost of goods sold as reported |
|
$ |
313,966 |
|
|
$ |
356,716 |
|
|
$ |
931,137 |
|
|
$ |
1,013,406 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
556 |
|
|
$ |
(19,390 |
) |
|
$ |
12,378 |
|
|
$ |
(8,487 |
) |
| Marketing and distribution |
|
|
4,220 |
|
|
|
3,532 |
|
|
|
11,844 |
|
|
|
9,411 |
|
| Other production |
|
|
1,453 |
|
|
|
(2,729 |
) |
|
|
(2,211 |
) |
|
|
(3,269 |
) |
| Corporate and other |
|
|
522 |
|
|
|
1,234 |
|
|
|
3,020 |
|
|
|
3,069 |
|
| Intersegment eliminations |
|
|
(2,590 |
) |
|
|
(2,486 |
) |
|
|
(6,853 |
) |
|
|
(6,946 |
) |
| Gross profit (loss) as reported |
|
$ |
4,161 |
|
|
$ |
(19,839 |
) |
|
$ |
18,178 |
|
|
$ |
(6,222 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) before provision for income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
(1,956 |
) |
|
$ |
(22,664 |
) |
|
$ |
3,716 |
|
|
$ |
(6,252 |
) |
| Marketing and distribution |
|
|
2,403 |
|
|
|
1,622 |
|
|
|
6,019 |
|
|
|
3,444 |
|
| Other production |
|
|
(20 |
) |
|
|
(4,958 |
) |
|
|
(6,497 |
) |
|
|
1,404 |
|
| Corporate and other |
|
|
(3,916 |
) |
|
|
(2,038 |
) |
|
|
(12,298 |
) |
|
|
(7,121 |
) |
| |
|
$ |
(3,489 |
) |
|
$ |
(28,038 |
) |
|
$ |
(9,060 |
) |
|
$ |
(8,525 |
) |
| Depreciation and amortization of intangibles: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
4,961 |
|
|
$ |
4,758 |
|
|
$ |
14,778 |
|
|
$ |
14,381 |
|
| Other production |
|
|
458 |
|
|
|
1,273 |
|
|
|
1,921 |
|
|
|
4,095 |
|
| Corporate and other |
|
|
228 |
|
|
|
229 |
|
|
|
683 |
|
|
|
646 |
|
| |
|
$ |
5,647 |
|
|
$ |
6,260 |
|
|
$ |
17,382 |
|
|
$ |
19,122 |
|
| Interest expense, net of capitalized interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
108 |
|
|
$ |
(48 |
) |
|
$ |
(527 |
) |
|
$ |
(81 |
) |
| Marketing and distribution |
|
|
111 |
|
|
|
487 |
|
|
|
713 |
|
|
|
1,060 |
|
| Other production |
|
|
678 |
|
|
|
(74 |
) |
|
|
173 |
|
|
|
(128 |
) |
| Corporate and other |
|
|
1,103 |
|
|
|
(25 |
) |
|
|
4,940 |
|
|
|
8 |
|
| |
|
$ |
2,000 |
|
|
$ |
340 |
|
|
$ |
5,299 |
|
|
$ |
859 |
|
|