| 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
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
100,687 |
|
|
$ |
127,694 |
|
|
$ |
209,035 |
|
|
$ |
260,075 |
|
| Essential ingredient sales |
|
|
39,371 |
|
|
|
53,954 |
|
|
|
86,080 |
|
|
|
117,585 |
|
| Intersegment sales |
|
|
286 |
|
|
|
444 |
|
|
|
606 |
|
|
|
757 |
|
| Total Pekin Campus sales |
|
|
140,344 |
|
|
|
182,092 |
|
|
|
295,721 |
|
|
|
378,417 |
|
| Marketing and distribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales, gross |
|
$ |
70,157 |
|
|
$ |
72,589 |
|
|
$ |
124,587 |
|
|
$ |
156,936 |
|
| Alcohol sales, net |
|
|
64 |
|
|
|
104 |
|
|
|
98 |
|
|
|
218 |
|
| Intersegment sales |
|
|
2,388 |
|
|
|
2,499 |
|
|
|
5,140 |
|
|
|
5,342 |
|
| Total marketing and distribution sales |
|
|
72,609 |
|
|
|
75,192 |
|
|
|
129,825 |
|
|
|
162,496 |
|
| Western production, recorded as gross: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alcohol sales |
|
$ |
17,456 |
|
|
$ |
44,384 |
|
|
$ |
37,690 |
|
|
$ |
65,316 |
|
| Essential ingredient sales |
|
|
5,950 |
|
|
|
14,421 |
|
|
|
13,776 |
|
|
|
22,773 |
|
| Intersegment sales |
|
|
— |
|
|
|
62 |
|
|
|
(130 |
) |
|
|
62 |
|
| Total Western production sales |
|
|
23,406 |
|
|
|
58,867 |
|
|
|
51,336 |
|
|
|
88,151 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate and other |
|
|
2,783 |
|
|
|
4,151 |
|
|
|
5,831 |
|
|
|
8,285 |
|
| Intersegment eliminations |
|
|
(2,674 |
) |
|
|
(3,005 |
) |
|
|
(5,616 |
) |
|
|
(6,161 |
) |
| Net sales as reported |
|
$ |
236,468 |
|
|
$ |
317,297 |
|
|
$ |
477,097 |
|
|
$ |
631,188 |
|
| Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
130,200 |
|
|
$ |
168,419 |
|
|
$ |
281,311 |
|
|
$ |
366,596 |
|
| Marketing and distribution |
|
|
69,437 |
|
|
|
71,746 |
|
|
|
123,123 |
|
|
|
154,871 |
|
| Western production |
|
|
27,167 |
|
|
|
57,834 |
|
|
|
63,683 |
|
|
|
91,815 |
|
| Corporate and other |
|
|
2,943 |
|
|
|
3,414 |
|
|
|
5,738 |
|
|
|
5,786 |
|
| Intersegment eliminations |
|
|
(832 |
) |
|
|
(1,297 |
) |
|
|
(1,911 |
) |
|
|
(1,897 |
) |
| Cost of goods sold as reported |
|
$ |
228,915 |
|
|
$ |
300,116 |
|
|
$ |
471,944 |
|
|
$ |
617,171 |
|
| Gross profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
10,144 |
|
|
$ |
13,673 |
|
|
$ |
14,410 |
|
|
$ |
11,821 |
|
| Marketing and distribution |
|
|
3,172 |
|
|
|
3,446 |
|
|
|
6,702 |
|
|
|
7,625 |
|
| Western production |
|
|
(3,761 |
) |
|
|
1,033 |
|
|
|
(12,347 |
) |
|
|
(3,664 |
) |
| Corporate and other |
|
|
(160 |
) |
|
|
737 |
|
|
|
93 |
|
|
|
2,499 |
|
| Intersegment eliminations |
|
|
(1,842 |
) |
|
|
(1,708 |
) |
|
|
(3,705 |
) |
|
|
(4,264 |
) |
| Gross profit as reported |
|
$ |
7,553 |
|
|
$ |
17,181 |
|
|
$ |
5,153 |
|
|
$ |
14,017 |
|
| Income (loss) before provision for income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
5,971 |
|
|
$ |
10,790 |
|
|
$ |
6,087 |
|
|
$ |
5,672 |
|
| Marketing and distribution |
|
|
806 |
|
|
|
1,607 |
|
|
|
2,108 |
|
|
|
3,618 |
|
| Western production |
|
|
(5,977 |
) |
|
|
(783 |
) |
|
|
(16,954 |
) |
|
|
(6,484 |
) |
| Corporate and other |
|
|
(3,906 |
) |
|
|
(4,019 |
) |
|
|
(6,072 |
) |
|
|
(8,377 |
) |
| |
|
$ |
(3,106 |
) |
|
$ |
7,595 |
|
|
$ |
(14,831 |
) |
|
$ |
(5,571 |
) |
| Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
5,369 |
|
|
$ |
4,998 |
|
|
$ |
10,404 |
|
|
$ |
9,816 |
|
| Western production |
|
|
478 |
|
|
|
455 |
|
|
|
943 |
|
|
|
1,464 |
|
| Corporate and other |
|
|
228 |
|
|
|
228 |
|
|
|
455 |
|
|
|
455 |
|
| |
|
$ |
6,075 |
|
|
$ |
5,681 |
|
|
$ |
11,802 |
|
|
$ |
11,735 |
|
| Interest expense, net of capitalized interest: |
|
|
|
|
|
|
|
|
|
|
|
|
| Pekin Campus |
|
$ |
326 |
|
|
$ |
(151 |
) |
|
$ |
587 |
|
|
$ |
(635 |
) |
| Marketing and distribution |
|
|
98 |
|
|
|
109 |
|
|
|
193 |
|
|
|
604 |
|
| Western production |
|
|
598 |
|
|
|
(151 |
) |
|
|
1,229 |
|
|
|
(508 |
) |
| Corporate and other |
|
|
647 |
|
|
|
1,927 |
|
|
|
1,294 |
|
|
|
3,838 |
|
| |
|
$ |
1,669 |
|
|
$ |
1,734 |
|
|
$ |
3,303 |
|
|
$ |
3,299 |
|
|