| 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
March 31, |
|
| |
|
2024 |
|
|
2023 |
|
| Net Sales |
|
|
|
|
|
|
| Pekin Campus production, recorded as gross: |
|
|
|
|
|
|
| Alcohol sales |
|
$ |
108,350 |
|
|
$ |
132,381 |
|
| Essential ingredient sales |
|
|
46,709 |
|
|
|
63,631 |
|
| Intersegment sales |
|
|
321 |
|
|
|
313 |
|
| Total Pekin Campus sales |
|
|
155,380 |
|
|
|
196,325 |
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
| Alcohol sales, gross |
|
$ |
54,431 |
|
|
$ |
84,381 |
|
| Alcohol sales, net |
|
|
34 |
|
|
|
114 |
|
| Intersegment sales |
|
|
2,752 |
|
|
|
2,843 |
|
| Total marketing and distribution sales |
|
|
57,217 |
|
|
|
87,338 |
|
| Western production, recorded as gross: |
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
20,231 |
|
|
$ |
20,932 |
|
| Essential ingredient sales |
|
|
7,826 |
|
|
|
8,353 |
|
| Intersegment sales |
|
|
— |
|
|
|
1 |
|
| Total Western production sales |
|
|
28,057 |
|
|
|
29,286 |
|
| |
|
|
|
|
|
|
|
|
| Corporate and other |
|
|
3,048 |
|
|
|
4,099 |
|
| Intersegment eliminations |
|
|
(3,073 |
) |
|
|
(3,157 |
) |
| Net sales as reported |
|
$ |
240,629 |
|
|
$ |
313,891 |
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
| Pekin Campus production |
|
$ |
151,112 |
|
|
$ |
198,178 |
|
| Marketing and distribution |
|
|
53,685 |
|
|
|
83,126 |
|
| Western production |
|
|
36,517 |
|
|
|
33,982 |
|
| Corporate and other |
|
|
2,794 |
|
|
|
2,369 |
|
| Intersegment eliminations |
|
|
(1,079 |
) |
|
|
(600 |
) |
| Cost of goods sold as reported |
|
$ |
243,029 |
|
|
$ |
317,055 |
|
| |
|
|
|
|
|
|
|
|
| Gross profit (loss): |
|
|
|
|
|
|
|
|
| Pekin Campus production |
|
$ |
4,268 |
|
|
$ |
(1,853 |
) |
| Marketing and distribution |
|
|
3,532 |
|
|
|
4,212 |
|
| Western production |
|
|
(8,460 |
) |
|
|
(4,696 |
) |
| Corporate and other |
|
|
254 |
|
|
|
1,730 |
|
| Intersegment eliminations |
|
|
(1,994 |
) |
|
|
(2,557 |
) |
| Gross loss as reported |
|
$ |
(2,400 |
) |
|
$ |
(3,164 |
) |
| |
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes: |
|
|
|
|
|
|
|
|
| Pekin Campus production |
|
$ |
108 |
|
|
$ |
(5,117 |
) |
| Marketing and distribution |
|
|
1,305 |
|
|
|
2,010 |
|
| Western production |
|
|
(10,976 |
) |
|
|
(5,698 |
) |
| Corporate and other |
|
|
(2,162 |
) |
|
|
(4,361 |
) |
| |
|
$ |
(11,725 |
) |
|
$ |
(13,166 |
) |
| Depreciation and amortization expense: |
|
|
|
|
|
|
|
|
| Pekin Campus production |
|
$ |
5,035 |
|
|
$ |
4,819 |
|
| Western production |
|
|
465 |
|
|
|
1,009 |
|
| Corporate and other |
|
|
228 |
|
|
|
227 |
|
| |
|
$ |
5,728 |
|
|
$ |
6,055 |
|
| Interest expense, net of capitalized interest: |
|
|
|
|
|
|
|
|
| Pekin Campus production |
|
$ |
261 |
|
|
$ |
(485 |
) |
| Marketing and distribution |
|
|
96 |
|
|
|
494 |
|
| Western production |
|
|
630 |
|
|
|
(354 |
) |
| Corporate and other |
|
|
647 |
|
|
|
1,910 |
|
| |
|
$ |
1,634 |
|
|
$ |
1,565 |
|
|
| Schedule of Assets by Operating Segments |
The
following table sets forth the Company’s total assets by operating segment (in thousands):
| |
|
March 31, 2024 |
|
|
December 31,
2023 |
|
| Total assets: |
|
|
|
|
|
|
| Pekin Campus production |
|
$ |
250,773 |
|
|
$ |
251,048 |
|
| Marketing and distribution |
|
|
92,747 |
|
|
|
101,196 |
|
| Western production |
|
|
52,755 |
|
|
|
57,533 |
|
| Corporate and other |
|
|
38,360 |
|
|
|
44,464 |
|
| |
|
$ |
434,635 |
|
|
$ |
454,241 |
|
|