| Segments |
The
Company reports its financial and operating performance in two segments: (1) ethanol production, which includes the production
and sale of ethanol, specialty alcohols and co-products, with all of the Company’s production facilities aggregated, and
(2) marketing and distribution, which includes marketing and merchant trading for Company-produced ethanol, specialty alcohols
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, |
|
| |
|
2018 |
|
|
2017 |
|
| Net
Sales: |
|
|
|
|
|
|
|
|
| Production: |
|
|
|
|
|
|
|
|
| Net
sales to external customers |
|
$ |
294,159 |
|
|
$ |
243,075 |
|
| Intersegment
net sales |
|
|
474 |
|
|
|
310 |
|
| Total
production segment net sales |
|
|
294,633 |
|
|
|
243,385 |
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
| Net
sales to external customers |
|
|
105,868 |
|
|
|
143,265 |
|
| Intersegment
net sales |
|
|
2,226 |
|
|
|
1,837 |
|
| Total
marketing and distribution segment net sales |
|
|
108,094 |
|
|
|
145,102 |
|
| Net sales including
intersegment activity |
|
|
402,727 |
|
|
|
388,487 |
|
| Intersegment
eliminations |
|
|
(2,700 |
) |
|
|
(2,147 |
) |
| Net
sales, as reported |
|
$ |
400,027 |
|
|
$ |
386,340 |
|
|
Cost
of goods sold:
|
|
|
|
|
|
|
|
|
| Production |
|
$ |
297,478 |
|
|
$ |
250,587 |
|
| Marketing and distribution |
|
|
100,932 |
|
|
|
143,676 |
|
| Intersegment
eliminations |
|
|
(1,745 |
) |
|
|
(2,150 |
) |
| Cost
of goods sold, as reported |
|
$ |
396,665 |
|
|
$ |
392,113 |
|
| |
|
|
|
|
|
|
|
|
| Income
(loss) before benefit for income taxes: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
(12,445 |
) |
|
$ |
(12,315 |
) |
| Marketing and distribution |
|
|
5,750 |
|
|
|
150 |
|
| Corporate
activities |
|
|
(3,365 |
) |
|
|
(1,320 |
) |
| |
|
$ |
(10,060 |
) |
|
$ |
(13,485 |
) |
| Depreciation
and amortization: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
9,932 |
|
|
$ |
8,847 |
|
| Corporate
activities |
|
|
232 |
|
|
|
263 |
|
| |
|
$ |
10,164 |
|
|
$ |
9,110 |
|
| Interest
expense: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
2,024 |
|
|
$ |
1,092 |
|
| Marketing and distribution |
|
|
363 |
|
|
|
308 |
|
| Corporate
activities |
|
|
2,118 |
|
|
|
1,237 |
|
| |
|
$ |
4,505 |
|
|
$ |
2,637 |
|
The
following table sets forth the Company’s total assets by operating segment (in thousands):
| |
|
March
31, 2018 |
|
|
December
31, 2017 |
|
| Total
assets: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
567,889 |
|
|
$ |
583,696 |
|
| Marketing and distribution |
|
|
152,073 |
|
|
|
127,242 |
|
| Corporate
assets |
|
|
4,517 |
|
|
|
9,358 |
|
| |
|
$ |
724,479 |
|
|
$ |
720,296 |
|
|