This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MGP Ingredients, Inc. Announces FY 2010 Fourth Quarter Results

Highlights

  • Company reports Q4 diluted income of $0.14 per share vs. year-ago diluted loss per share of $0.18
  • Q4 pre-tax profits for ingredients segment up substantially, while pre-tax profits in distillery segment match prior year's fourth quarter level; 12-month pre-tax profits in both segments rise significantly vs. all of fiscal 2009
  • Full year fiscal 2010 diluted income of $0.51 per share compares with diluted loss of $4.17 in prior year
  • Debt reduced by $27.8 million from beginning to end of fiscal 2010

ATCHISON, Kan., Aug. 23, 2010 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI) today reported net income of $2,476,000, or $0.14 in diluted earnings per share, for the fourth quarter of fiscal 2010, which ended June 30, 2010. This compares with a net loss of $2,916,000, or $0.18 in diluted loss per share, for the fourth quarter of fiscal 2009. Total sales in the fourth quarter of fiscal 2010 were $54,359,000, a 4 percent increase above sales of $52,233,000 for the same period one year ago. The sales improvement was principally due to higher sales of high quality food grade alcohol that resulted from increased output from the company's previously announced joint venture, Illinois Corn Processing (ICP), LLC.

Historically, the company has reported its sales net of customer-paid freight costs. The fourth quarter and annual sales presented in this report, as well as previous quarterly and yearly amounts, are now stated gross, and all freight costs are now included in cost of sales.

For the 12 months of fiscal 2010, the company had net income of $8,738,000, or $0.51 in diluted earnings per share, on sales of $201,971,000. That compares to a net loss of $69,123,000, or $4.17 in diluted loss per share, on sales of $291,812,000 for fiscal 2009.

"This past fiscal year represents a significant and remarkably quick return to profitability," said Tim Newkirk, president and chief executive officer. "We ended the year on a strong note paced by higher sales of food grade alcohol and an improved sales mix of higher value specialty ingredients. At our ICP joint venture, we moved closer to full capacity volumes in the fourth quarter. The reduction in costs associated with the start-up of operations there, along with volume gains, produced a substantial upturn from the immediately preceding third quarter. In the fourth quarter, we also saw continued progress in sales of our specialty resistant wheat starch, which provides the nutritional benefits of fiber while also possessing a desirable flavor profile.  With a growing focus on health and wellness, food companies are searching for new ways to make their products more nutritious and more convenient without sacrificing taste. MGPI's fiber platform is especially well-suited for a wide variety of prepared packaged foods. Our newly configured sales and customer service teams are having a positive impact as measured by a growing development pipeline and, more importantly, an increasing number of customer products being formulated with our specialty ingredients."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7870 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs