| 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, |
|
| Net
Sales |
|
|
2020 |
|
|
|
2019 |
|
| Production, recorded
as gross: |
|
|
|
|
|
|
|
|
| Ethanol/alcohol
sales |
|
$ |
186,696 |
|
|
$ |
179,388 |
|
| Co-product
sales |
|
|
68,802 |
|
|
|
68,806 |
|
| Intersegment
sales |
|
|
594 |
|
|
|
364 |
|
| Total
production sales |
|
|
256,092 |
|
|
|
248,558 |
|
| |
|
|
|
|
|
|
|
|
| Marketing
and distribution: |
|
|
|
|
|
|
|
|
| Ethanol/alcohol
sales, gross |
|
$ |
55,477 |
|
|
$ |
107,154 |
|
| Ethanol/alcohol
sales, net |
|
|
429 |
|
|
|
455 |
|
| Intersegment
sales |
|
|
1,892 |
|
|
|
1,818 |
|
| Total
marketing and distribution sales |
|
|
57,798 |
|
|
|
109,427 |
|
| |
|
|
|
|
|
|
|
|
| Intersegment
eliminations |
|
|
(2,486 |
) |
|
|
(2,182 |
) |
| Net
sales as reported |
|
$ |
311,404 |
|
|
$ |
355,803 |
|
| |
|
|
|
|
|
|
|
|
| Cost
of goods sold: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
271,690 |
|
|
$ |
258,594 |
|
| Marketing and distribution |
|
|
57,119 |
|
|
|
101,829 |
|
| Intersegment
eliminations |
|
|
(4,515 |
) |
|
|
(2,331 |
) |
| Cost
of goods sold, as reported |
|
$ |
324,294 |
|
|
$ |
358,092 |
|
| |
|
|
|
|
|
|
|
|
| Income
(loss) before benefit for income taxes: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
(24,593 |
) |
|
$ |
(17,566 |
) |
| Marketing and distribution |
|
|
941 |
|
|
|
6,119 |
|
| Corporate
activities |
|
|
(3,504 |
) |
|
|
(2,714 |
) |
| |
|
$ |
(27,156 |
) |
|
$ |
(14,161 |
) |
| Depreciation
and amortization: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
9,614 |
|
|
$ |
12,005 |
|
| Corporate
activities |
|
|
99 |
|
|
|
121 |
|
| |
|
$ |
9,713 |
|
|
$ |
12,126 |
|
| Interest
expense: |
|
|
|
|
|
|
|
|
| Production |
|
$ |
2,116 |
|
|
$ |
1,706 |
|
| Marketing and distribution |
|
|
627 |
|
|
|
588 |
|
| Corporate
activities |
|
|
2,564 |
|
|
|
2,442 |
|
| |
|
$ |
5,307 |
|
|
$ |
4,736 |
|
The
following table sets forth the Company's total assets by operating segment (in thousands):
| |
|
March
31, 2020 |
|
|
December
31, 2019 |
|
| Total
assets: |
|
|
|
|
|
|
| Production |
|
$ |
471,891 |
|
|
$ |
492,060 |
|
| Marketing and distribution |
|
|
82,288 |
|
|
|
106,863 |
|
| Corporate
assets |
|
|
16,930 |
|
|
|
13,572 |
|
| |
|
$ |
571,109 |
|
|
$ |
612,495 |
|
|