| Segments |
2. SEGMENTS.
The Company reports its financial and operating
performance in two segments: (1) ethanol production, which includes the production and sale of ethanol and co-products, with all
eight of the Company’s production facilities aggregated, and (2) marketing and distribution, which includes marketing and
merchant trading for Company-produced ethanol and co-products and third-party ethanol.
The following tables set forth certain
financial data for the Company’s operating segments (in thousands):
| |
|
Three Months Ended
March 31,
|
|
| |
|
2016 |
|
|
2015 |
|
| Net Sales: |
|
|
|
|
|
|
|
|
| Ethanol production: |
|
|
|
|
|
|
|
|
| Net sales from external customers |
|
$ |
229,241 |
|
|
$ |
98,997 |
|
| Intersegment net sales |
|
|
— |
|
|
|
— |
|
| Total segment revenues |
|
|
229,241 |
|
|
|
98,997 |
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
| Net sales from external customers |
|
|
113,132 |
|
|
|
107,179 |
|
| Intersegment net sales |
|
|
2,016 |
|
|
|
735 |
|
| Total segment net sales |
|
|
115,148 |
|
|
|
107,914 |
|
| Net sales including intersegment activity |
|
|
344,389 |
|
|
|
206,911 |
|
| Intersegment eliminations |
|
|
(2,016 |
) |
|
|
(735 |
) |
| Net sales as reported |
|
$ |
342,373 |
|
|
$ |
206,176 |
|
| |
|
|
|
|
|
|
|
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
236,008 |
|
|
$ |
101,537 |
|
| Marketing and distribution |
|
|
109,297 |
|
|
|
108,059 |
|
| Intersegment eliminations |
|
|
(4,001 |
) |
|
|
(2,433 |
) |
| |
|
$ |
341,304 |
|
|
$ |
207,163 |
|
| Income (loss) before provision for income taxes: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
(17,322 |
) |
|
$ |
(5,360 |
) |
| Marketing and distribution |
|
|
3,969 |
|
|
|
(1,615 |
) |
| Corporate activities |
|
|
127 |
|
|
|
(234 |
) |
| |
|
$ |
(13,226 |
) |
|
$ |
(7,209 |
) |
| Depreciation and amortization: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
8,415 |
|
|
$ |
3,184 |
|
| Marketing and distribution |
|
|
3 |
|
|
|
127 |
|
| Corporate activities |
|
|
233 |
|
|
|
98 |
|
| |
|
$ |
8,651 |
|
|
$ |
3,409 |
|
| Interest expense: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
(5,900 |
) |
|
$ |
(922 |
) |
| Marketing and distribution |
|
|
(333 |
) |
|
|
(93 |
) |
| Corporate activities |
|
|
— |
|
|
|
— |
|
| |
|
$ |
(6,233 |
) |
|
$ |
(1,015 |
) |
The following table sets forth the Company’s
total assets by operating segment (in thousands):
| |
|
March 31, 2016 |
|
|
December 31, 2015 |
|
| Total assets: |
|
|
|
|
|
|
|
|
| Ethanol production |
|
$ |
521,977 |
|
|
$ |
536,013 |
|
| Marketing and distribution |
|
|
106,137 |
|
|
|
107,069 |
|
| Corporate assets |
|
|
15,085 |
|
|
|
31,598 |
|
| |
|
$ |
643,199 |
|
|
$ |
674,680 |
|
|