Trade Resources Company News MGP Ingredients Reported Results for The First Quarter Ended March 31, 2014

MGP Ingredients Reported Results for The First Quarter Ended March 31, 2014

MGP Ingredients reported results for the first quarter ended March 31, 2014. Net income was $4.7 million, or $0.26 per diluted share, compared to net income of $1.4 million, or $0.08 per diluted share, in the first quarter of the prior year.

Results from the prior year quarter included a profit of $1.4 million, net of tax, from discontinued operations and zero earnings per share from continuing operations.

Net sales for the first quarter declined by approximately 9% from the year-ago quarter. Beverage alcohol sales improved significantly on higher shipments from the Indiana distillery.

Sales of industrial alcohol and by-products both declined compared to the same period a year ago. Ingredient segment sales in the first quarter declined from a year ago.

The Company's gross profit during the first quarter was $6.8 million, or 8.6 percent of net sales, compared to $7.2 million, or 8.3 percent of net sales in the prior year period.

The ingredients segment reported first quarter pre-tax operating income of $0.2 million, or approximately 2.1 percent of sales, compared to income of $1.5 million, or approximately 10.2 percent of sales, for the same quarter a year ago. Segment profitability in the first quarter was driven primarily by a lower margin mix of products sold.

Ingredient segment sales for the first quarter declined by 8.7 percent to $14 million from the prior year's quarter following a decline in flour prices of 10.9 percent compared to the previous year.

Source: http://ingredients.food-business-review.com/news/mgp-ingredients-reports-first-quarter-2014-results-090514-4263815
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MGP Ingredients Reports First Quarter 2014 Results