MGP Ingredients, a Kansas-based independent supplier and producer of premium distilled spirits, has reported 2.3% decline in distillery products sales to $70.8m in the first quarter (Q1) ended 31 March 2013, against the sales during the comparable period in 2012.
Though the company posted rise in sales for premium spirits, whiskeys, bourbons and distillers feed, the overall sales were down due to decline in sales of low-grade industrial alcohol products.
Distillery products segment also reported pre-tax operating income of $4.3m in Q1 2013, compared to a pre-tax profit of $2.6m during the same quarter a year ago.
MGP Ingredients president and chief executive officer Tim Newkirk said the company is gearing up for the next phase of growth in premium spirits.
"More recently, we raised our profile among the hundreds of artisan craft distillers with the release of our new mash bills," Newkirk added.
"Almost half of the spirits industry growth in 2012 was from flavored new products. We are uniquely positioned to support a large number of famous and emerging distiller brands with new product development, production and warehousing.
"Our Indiana location, near the famous Whiskey Trail, is ideal for establishing MGP as the innovation leader for all things whiskey and bourbon."