Quarterly report pursuant to Section 13 or 15(d)

Segments.

v3.21.2
Segments.
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENTS.
3. SEGMENTS.

 

The Company reports its financial and operating performance in three segments: (1) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and third-party fuel-grade ethanol (2) Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), and (3) Other production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at all of the Company’s other production facilities on an aggregated basis (“Other production”), none of which are individually so significant as to be considered a reportable segment.

 

The following tables set forth certain financial data for the Company’s operating segments (in thousands):

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2021     2020     2021     2020  
Net Sales                        
Marketing and distribution:                        
Alcohol sales, gross   $ 86,299     $ 71,117     $ 143,309     $ 128,623  
Alcohol sales, net     532       307       984       736  
Intersegment sales     2,618       1,838       4,862       6,153  
Total marketing and distribution sales     89,449       73,262       149,155       135,512  
                                 
Pekin Campus production, recorded as gross:                                
Alcohol sales   $ 132,296     $ 94,538     $ 227,380     $ 178,669  
Essential ingredient sales     49,578       33,633       94,655       73,504  
Intersegment sales     316       263       628       680  
Total Pekin Campus sales     182,190       128,434       322,663       252,853  
                                 
Other production, recorded as gross:                                
Alcohol sales   $ 22,153     $ 9,796     $ 38,121     $ 109,025  
Essential ingredient sales     7,252       2,683       12,395       32,921  
Intersegment sales     332       410       637       701  
Total Other production sales     29,737       12,889       51,153       142,647  
                                 
Intersegment eliminations     (3,266 )     (2,511 )     (6,127 )     (7,534 )
Net sales as reported   $ 298,110     $ 212,074     $ 516,844     $ 523,478  
                                 
Cost of goods sold:                                
Marketing and distribution   $ 85,746     $ 69,101     $ 139,705     $ 126,240  
Pekin Campus production     171,547       95,070       299,250       221,840  
Other production     27,325       18,354       51,442       160,663  
Intersegment eliminations     (1,741 )     (1,633 )     (2,623 )     (3,557 )
Cost of goods sold as reported   $ 282,877     $ 180,892     $ 487,774     $ 505,186  
                                 
Income (loss) before benefit for income taxes:                                
Marketing and distribution   $ 1,678     $ 2,043     $ 5,411     $ 4,286  
Pekin Campus production     10,726       27,459       20,736       19,280  
Other production     (1,666 )     (10,252 )     (7,609 )     (33,816 )
Corporate activities     (2,348 )     (4,396 )     (5,470 )     (2,052 )
  $ 8,390     $ 14,854     $ 13,068     $ (12,302 )
                                 
Depreciation:                                
Pekin Campus production   $ 4,326     $ 4,371     $ 8,671     $ 8,757  
Other production     1,468       3,697       2,966       9,982  
Corporate activities     17       33       33       67  
  $ 5,811     $ 8,101     $ 11,670     $ 18,806  
Interest expense:                                
Marketing and distribution   $ 222     $ 313     $ 426     $ 940  
Pekin Campus production     73       1,594       591       3,679  
Other production     46       29       182       60  
Corporate activities     704       2,711       1,731       5,275  
  $ 1,045     $ 4,647     $ 2,930     $ 9,954  

 

The following table sets forth the Company’s total assets by operating segment (in thousands): 

 

    June 30,
2021		     December 31,
2020		  
Total assets:            
             
Marketing and distribution   $ 140,204     $ 89,337  
Pekin Campus production     254,206       234,439  
Other production     83,330       102,409  
Corporate assets     21,464       50,633  
    $ 499,204     $ 476,818