Latest news with #MGP
Hindustan Times
8 hours ago
- Politics
- Hindustan Times
Goa mulls law to legalise traditional bullfight, CM says it's a taming sport
Panaji: Goa chief minister Pramod Sawant said the government will consider a law to legalise the traditional buffalo fight (Dhirio or Guerra) as 'it does not involve a fight between two bulls, but is rather a taming sport.' NGO People for Animals, filed a petition in 1996 against the government's failure to act against bullfights. (Representative photo) Speaking during a calling attention motion raised by Maharashtrawadi Gomantak Party (MGP) legislator Jit Arolkar, Sawant said, 'Jallikattu is a traditional Tamil sport often described as a bull taming event held during the Pongal festival held usually in January. It involves releasing a bull into the crowd and participants attempt to grab its hump and hold on for as long as possible. It is not a fight between two bulls.' The Government of India in 1960 enacted the Prevention of Cruelty to Animals Act, which said inciting 'any animal to fight… solely with a view to providing entertainment' would amount to 'treating animals cruelly.' A year later, Goa became part of the Indian Union, and the law came into force in the region. Also Read: Clash of cultures and rights in Goa's underground bullfighting pits As bullfights reportedly continued in Goa, NGO People for Animals, filed a petition in 1996 against the government's failure to act against bullfights. The Bombay High Court at Goa reiterated, '…inciting any animal to fight any other animal with a view to providing entertainment or organising, using or acting in the management of any place for animal fighting… is clearly prohibited by Section 11 of the said Act.' Arolkar argued that Dhirio has been a part of Goa's cultural and traditional fabric for decades, often associated with village feasts and community gatherings. 'The practice dates back to the Harappan civilisation with evidence uncovered suggesting that such fights were held for sport and entertainment,' Arolkar said. Also Read: Assam revives traditional bull fights nine years after SC ban Sawant said, 'I understand the sentiments of the members of this House that it is a traditional event along the coastal belt. Animal lovers went to court and it got banned. Keeping in mind the sentiments, and examining the issue legally, we will see what can be possible.' He added that there were six cases of illegal bullfighting registered so far in the state. Meanwhile, Aam Aadmi Party (AAP) MLA Venzy Viegas had moved a private members' bill in 2023 to legalise the practice, a bill that has been pending for vetting with the law department since then.
Indian Express
8 hours ago
- Indian Express
ED attaches properties worth over Rs 200 crore in Goa land grab scam
The Panaji zonal office of the Enforcement Directorate (ED) has attached immovable properties, with an estimated total value of over Rs 212 crore, located across the state in connection with an alleged land grab scam in Goa. In a statement on Wednesday, the ED said the provisional attachment order was issued in connection with an ongoing investigation into a land-grabbing and forgery conspiracy perpetrated by an organised criminal syndicate allegedly led by one Rohan Harmalkar and his accomplices. Maharashtrawadi Gomantak Party (MGP) leader and businessman Rohan Harmalkar was arrested by the ED on June 3 for allegedly hatching a conspiracy to illegally appropriate land through forged title deeds and selling several properties unlawfully. Harmalkar unsuccessfully contested the 2022 Goa Assembly election as an Independent candidate from the Cumbarjua constituency after he was denied a ticket by the BJP. He joined the MGP in 2024. He was arrested after the ED carried out multiple raids on April 24 and 25 under the Prevention of Money Laundering Act (PMLA). At the time, the ED said the searches uncovered 'voluminous incriminating property documents' whose estimated current market value exceeds Rs 1,000 crore, including forged title deeds, indicating manipulation of land records and fraudulent transfers of high-value land parcels spanning several lakhs of square metres in prime tourist hotspots. The ED said it initiated the investigation on the basis of two FIRs registered by the Goa Police against Harmalkar and other co-accused on charges of forgery, cheating, impersonation, and use of counterfeit documents to fraudulently acquire land parcels in North Goa. The ED alleged the 'investigation revealed that Harmalkar, in active conspiracy with…others, orchestrated a meticulously planned criminal enterprise to misappropriate multiple high-value properties situated in Anjuna, Revora, Nadora, Camurlim, Parra, and other adjoining areas falling within Bardez taluka and Mapusa.' 'The PMLA investigation disclosed the use of forged genealogical records, fabricated sale deeds, counterfeit wills, manipulated inventory proceedings and other fraudulent documents, by the accused, to falsely claim title over valuable immovable properties and to camouflage the same as legitimately held assets thereby generating substantial Proceeds of Crime as defined under section 2(1)(u) of the PMLA,' the ED said. The ED also alleged that a part of the proceeds of crime was received directly by Harmalkar and others, and was subsequently routed through the accounts of their family members and associates. 'So far, multiple immovable properties constituting direct proceeds of crime, valued at over Rs 212.85 crore, have been identified and provisionally attached under the provisions of the PMLA, 2002,' it said.
Business Wire
11 hours ago
- Business
- Business Wire
MGP Ingredients Reports Second Quarter 2025 Results
ATCHISON, Kan.--(BUSINESS WIRE)-- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of branded and distilled spirits and food ingredient solutions, today reported results for the second quarter ended June 30, 2025. "Our second quarter results came in largely as expected as we delivered solid execution and sequential improvement across all three business segments. Our decisive actions to improve visibility with our customers are working as second quarter brown goods volume and price declines were in line with our expectations. Our teams remain tightly focused on key initiatives and continue to execute on our strategic priorities, which I expect will position us well for the second half and give us the confidence to reaffirm our 2025 outlook,' said Brandon Gall, CFO. He added, 'I am pleased to welcome Julie as MGP's new CEO. She brings a strong strategic lens, deep commercial expertise, and a proven ability to lead teams. I look forward to partnering with her and I am confident that under her leadership, MGP will be better positioned to sharpen execution, accelerate growth initiatives, and advance our long-term vision of becoming a premier, branded spirits company.' "I am excited to take on the CEO role and look forward to building on the progress made by Brandon and the MGP team,' said Julie Francis, president and CEO. 'Our goal continues to be delivering sustainable growth and unlocking meaningful, long-term value for all stakeholders. We will work together with clarity, integrity, and agility to strengthen our customer-centric, brands-led approach and execute with excellence across our platforms." 2025 second quarter financial highlights compared to 2024 second quarter: Consolidated sales decreased 24% to $145.5 million. Consolidated gross profit decreased 30% to $58.4 million. Gross margin decreased by 350 basis points to 40.1%. Net income decreased 55% to $14.4 million. On an adjusted basis, net income decreased 45% to $20.9 million. Basic earnings per common share ('EPS') decreased to $0.67 per share from $1.43 per share. Adjusted basic EPS decreased 43% to $0.97 per share. Adjusted EBITDA decreased 38% to $35.9 million. Year-to-date capital expenditures declined 17% to $18.7 million compared to the year-ago period, while year-to-date operating cash flows increased $26.8 million to $56.4 million. Net debt leverage ratio stands at approximately 1.8x as of June 30, 2025. Consolidated Results Second quarter 2025 consolidated sales decreased by 24% compared to the year-ago quarter, primarily due to expected declines in brown goods sales within our Distilling Solutions segment and value and mid price tiered brands within our Branded Spirits segment. Lower brown goods sales also impacted profitability, leading to a 30% decline in second quarter gross profit. Operating income decreased to $20.3 million due to lower gross profit and an $8.0 million increase in the fair value of the contingent consideration liability related to the improved performance of the Penelope brand. Adjusted operating income decreased to $28.7 million as reduced gross profit was partially offset by lower advertising and promotion expenses. Second quarter advertising and promotion expenses decreased 41% to $6.9 million as we lapped elevated spend for certain advertising campaigns in the year-ago quarter and continued to realign our spend behind our most attractive growth opportunities. Branded Spirits advertising and promotion spend of $6.3 million was approximately 10% of Branded Spirits segment sales in the second quarter. Branded Spirits Branded Spirits segment sales decreased 5% to $60.5 million compared to the prior-year quarter. Our increased focus on our most attractive growth opportunities across the American whiskey and tequila categories continued to take hold, leading to 1% growth in our premium plus sales to $31.1 million. Within our premium plus portfolio, the Penelope brand continued its strong sales trajectory with another quarter of above-category sales growth. As expected, sales of our mid and value priced portfolios, combined, declined by nearly 15% due to lower volumes of certain tequila, liqueur, and cordial brands. Branded Spirits gross profit decreased by 5% to $32.0 million, while segment gross margins increased modestly to 52.8%. Distilling Solutions Distilling Solutions segment sales decreased by 46% to $50.0 million, compared to the prior-year quarter. Although Distilling Solutions segment sales and profitability continued to be pressured by reduced customer demand for brown goods primarily due to elevated industry-wide barrel inventories, our second quarter brown goods sales volume and pricing were largely in line with our expectations, reflecting the positive impact of our proactive engagement and visibility with our customers. Distilling Solutions gross profit of $18.8 million decreased by 56%, or 37.6% of segment sales. Ingredient Solutions Ingredient Solutions segment returned to positive growth in second quarter 2025 as sales increased by 5% to $35.0 million compared to the year-ago quarter. As expected, sales improved sequentially from first quarter 2025 for each of the segment product lines reflecting commercialization of new domestic customers as well as improved operational execution relative to the first quarter. Segment gross profit increased to $7.6 million, or 21.7% of segment sales. 2025 Financial Outlook MGP provided consolidated guidance for fiscal 2025: Sales are projected to be in the range of $520 million to $540 million. Adjusted EBITDA is expected to be in the range of $105 million to $115 million. Adjusted basic EPS is expected to be in the $2.45 to $2.75 range, with weighted average basic shares outstanding of approximately 21.4 million, and an effective tax rate of approximately 25%. Full-year capital expenditures are now expected to be approximately $32.5 million relative to previous expectations of approximately $36 million. Conference Call and Webcast Information MGP Ingredients will host a conference call today, July 31, 2025, at 10 a.m. ET to discuss these results and current business trends. Investors can dial 844-308-6398 or 412-717-9605 (international) to listen to the live call. A live webcast will be available at the 'News and Events' section of the company's Investor Relations website at A replay of the conference call will be available on the company's website. About MGP Ingredients, Inc. MGP Ingredients Inc. (Nasdaq: MGPI) has been formulating excellence since 1941 by bringing product ideas to life across the alcoholic beverage and specialty ingredient industries through three segments: Branded Spirits, Distilling Solutions, and Ingredient Solutions. MGPI is one of the leading spirits distillers with an award-winning portfolio of premium brands including Penelope, Rebel, Remus, and Yellowstone bourbons and El Mayor tequila, under the Luxco umbrella. With distilleries in Indiana and Kentucky; a tequila distillery in Arandas, Mexico; and bottling operations in Missouri, Ohio, and Northern Ireland, the company creates distilled spirits for customers including many world-renowned spirits brands. In addition, the company's high-quality specialty fiber, protein, and starch ingredients provide functional, nutritional, and sensory solutions for a wide range of food products. To learn more visit Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements about the ability of MGP Ingredients, Inc. (the 'Company' or 'MGP') to be well-positioned, better-positioned, sharpen execution, accelerate growth initiatives, become a premier branded spirits company, deliver growth, unlock value, strengthen its approach, and execute with excellence; and the Company's 2025 outlook, including its expectations for sales, adjusted EBITDA, adjusted basic EPS, shares outstanding, tax rate, and capital expenditures. Forward looking statements are usually identified by or are associated with words such as 'intend,' 'plan,' 'believe,' 'estimate,' 'expect,' 'anticipate,' 'project,' 'forecast,' 'hopeful,' 'should,' 'may,' 'will,' 'could,' 'encouraged,' 'opportunities,' 'potential,' and similar terminology. These forward-looking statements reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance, Company financial results, and Company financial condition and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially from our expectations include without limitation any effects of changes in consumer preferences and purchases and our ability to anticipate or react to those changes; our ability to compete effectively and any effects of industry dynamics and market conditions; damage to our reputation or that of any of our key customers or their brands; failure to introduce successful new brands and products or have effective marketing or advertising; changes in public opinion about alcohol or our products; our reliance on our distributors to distribute our branded spirits; our reliance on fewer, more profitable customer relationships; interruptions in our operations or a catastrophic event at our facilities; decisions concerning the quantity of maturing stock of our aged distillate; any inability to successfully complete our capital projects or fund capital expenditures or any warehouse expansion issues; our reliance on a limited number of suppliers; work disruptions or stoppages; climate change and measures to address climate change; regulation and taxation and compliance with existing or future laws and regulations; tariffs, trade relations, and trade policies; excise taxes, incentives and customs duties; our ability to protect our intellectual property rights and defend against alleged intellectual property rights infringement claims; failure to secure and maintain listings in control states; labeling or warning requirements or limitations on the availability of our products; product recalls or other product liability claims; anti-corruption laws, trade sanctions, and restrictions; litigation or legal proceedings; limited rights of common stockholders and anti-takeover provisions in our governing documents; the impact of issuing shares of our common stock; higher costs or the unavailability and cost of raw materials, product ingredients, energy resources, or labor; failure of our information technology systems, networks, processes, associated sites, or service providers; acquisitions and potential future acquisitions; interest rate increases; reliance on key personnel; commercial, political, and financial risks; covenants and other provisions in our credit arrangements; pandemics or other health crises; ability to pay any dividends and make any share repurchases; and the effectiveness or execution of our strategic plan. For further information on these risks and uncertainties and other factors that could affect the Company's business, see the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and its Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2025, as well as the Company's other SEC filings. The Company undertakes no obligation to update any forward-looking statements or information in this press release, except as required by law. Non-GAAP Financial Measures In addition to reporting financial information in accordance with U.S. GAAP, the Company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, GAAP. In addition to the comparable GAAP measures, the Company has disclosed adjusted operating income, adjusted income before income taxes, adjusted net income, adjusted MGP earnings, adjusted EBITDA, net debt, net debt leverage ratio, and adjusted basic and diluted EPS, as well as guidance for adjusted EBITDA and adjusted basic EPS. The presentation of these non-GAAP financial measures should be reviewed in conjunction with operating income, income before income taxes, net income, net income used in earnings per common share calculation, debt, and basic and diluted EPS computed in accordance with U.S. GAAP and should not be considered a substitute for the GAAP measure. We believe that the non-GAAP measures provide useful information to investors regarding the Company's performance and overall results of operations. In addition, management uses these non-GAAP measures in conjunction with GAAP measures when evaluating the Company's operating results compared to prior periods on a consistent basis, assessing financial trends, and for forecasting purposes. Non-GAAP financial measures may not provide information that is directly comparable to other companies, even if similar terms are used to identify such measures. The attached schedules provide a full reconciliation of historical non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure. Full year 2025 guidance measures of adjusted EBITDA and adjusted basic EPS are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measures because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. Such items include without limitation, acquisition related expenses, restructuring and related expenses, and other items not reflective of the Company's ongoing operations. MGP INGREDIENTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in thousands) December 31, 2024 ASSETS Current Assets: Cash and cash equivalents $ 17,320 $ 25,273 Receivables, net 117,190 148,488 Inventory 379,702 364,944 Prepaid expenses 5,711 3,983 Refundable income taxes 320 3,448 Total current assets 520,243 546,136 Property, plant, and equipment 581,901 562,714 Less accumulated depreciation and amortization (256,150 ) (246,042 ) Property, plant, and equipment, net 325,751 316,672 Operating lease right-of-use assets, net 15,270 15,540 Investment in joint venture 7,519 7,024 Intangible assets, net 266,824 268,451 Goodwill 247,789 247,789 Other assets 2,664 4,173 TOTAL ASSETS $ 1,386,060 $ 1,405,785 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term debt $ 6,400 $ 6,400 Accounts payable 41,932 66,336 Contingent consideration - current 108,000 — Federal and state excise taxes payable 3,855 5,358 Accrued expenses and other 18,424 14,356 Total current liabilities 178,611 92,450 Long-term debt, less current maturities 94,663 121,277 Convertible senior notes 196,023 195,864 Long-term operating lease liabilities 11,814 11,940 Contingent consideration — 85,300 Other noncurrent liabilities 2,291 2,981 Deferred income taxes 62,529 63,430 Total liabilities 545,931 573,242 Total equity 840,129 832,543 TOTAL LIABILITIES AND TOTAL EQUITY $ 1,386,060 $ 1,405,785 Expand MGP INGREDIENTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Dollars in thousands) Year to Date Ended June 30, 2025 2024 Cash Flows from Operating Activities Net income $ 11,370 $ 52,601 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 11,638 10,618 Share-based compensation 2,030 1,981 Equity method investment gain (494 ) (614 ) Deferred income taxes, including change in valuation allowance (901 ) (10 ) Change in fair value of contingent consideration 22,700 9,500 Other, net 446 270 Changes in operating assets and liabilities: Receivables, net 31,103 (14,766 ) Inventory (15,224 ) (11,754 ) Prepaid expenses (1,752 ) (1,217 ) Income taxes payable (refundable) 3,128 (1,818 ) Accounts payable (10,687 ) (6,345 ) Accrued expenses and other 4,663 (10,738 ) Federal and state excise taxes payable (1,504 ) 2,241 Other, net (159 ) (367 ) Net cash provided by operating activities 56,357 29,582 Cash Flows from Investing Activities Additions to property, plant, and equipment (32,156 ) (33,397 ) Other, net (11 ) (260 ) Net cash used in investing activities (32,167 ) (33,657 ) Cash Flows from Financing Activities Payment of dividends and dividend equivalents (5,156 ) (5,344 ) Repurchase of Common Stock (1,035 ) (9,735 ) Loan fees paid related to borrowings (2,712 ) — Proceeds from long-term debt 28,000 50,000 Principal payments on long-term debt (52,200 ) (28,200 ) Net cash provided by (used in) financing activities (33,103 ) 6,721 Effect of exchange rate changes on cash and cash equivalents 960 (23 ) Increase (decrease) in cash and cash equivalents (7,953 ) 2,623 Cash and cash equivalents, beginning of period 25,273 18,388 Cash and cash equivalents, end of period $ 17,320 $ 21,011 Expand Quarter Ended June 30, 2024 Operating Income Income before Income Taxes Net Income MGP Earnings (a) Basic and Diluted EPS Reported GAAP Results $ 43,387 $ 42,125 $ 32,017 $ 31,738 $ 1.43 Adjusted to remove: Impairment of long-lived assets and other (f) 21 21 16 16 — Fair value of contingent consideration (b) 5,400 5,400 4,104 4,104 0.19 Business acquisition costs (g) 15 15 11 11 — Executive transition costs (c) 843 843 641 641 0.03 Unusual items costs (h) 1,639 1,639 1,246 1,246 0.06 Adjusted Non-GAAP results $ 51,305 $ 50,043 $ 38,035 $ 37,756 $ 1.71 Expand Year to Date Ended June 30, 2024 Operating Income Income before Income Taxes Net Income MGP Earnings (a) Basic and Diluted EPS Adjusted to remove: Impairment of long-lived assets and other (f) 137 137 105 105 — Fair value of contingent consideration (b) 9,500 9,500 7,249 7,249 0.33 Business acquisition costs (g) 86 86 66 66 — Executive transition costs (c) 1,218 1,218 929 929 0.04 Unusual items costs (h) 1,639 1,639 1,251 1,251 0.06 Adjusted Non-GAAP results $ 84,884 $ 81,551 $ 62,201 $ 61,748 $ 2.79 Expand MGP INGREDIENTS, INC. DESCRIPTION OF NON-GAAP ITEMS (a) MGP Earnings is defined as "Net income used in Earnings Per Common Share calculation," which accounts for the impacts of the net loss attributable to noncontrolling interest and income attributable to participating securities. (b) Fair value of contingent consideration relates to the quarterly adjustment of the contingent consideration liability related to the acquisition of Penelope Bourbon LLC. It is included in the Condensed Consolidated Statement of Income as a component of operating income and relates to the Branded Spirits segment. (c) The executive transition costs are included in the Condensed Consolidated Statement of Income within the selling, general, and administrative line item. The adjustment includes costs related to the transition of certain executive and board of director positions. (d) The professional services fees are included in the Condensed Consolidated Statement of Income within the selling, general, and administrative line item. The adjustment includes costs related to professional services in conjunction with the goodwill impairment valuation. (e) The restructuring and other costs are included in the Condensed Consolidated Statement of Income within the selling, general, and administrative line item. The adjustment includes special one-time severance costs related to the reduction in force that occurred during the period. (f) The impairment of long-lived assets and other relates to impairments of assets as well as miscellaneous expenses in connection with the closure of the Atchison distillery. Impairment of long-lived assets and other are included in the Condensed Consolidated Statement of Income as a component of operating income and relates to the Distilling Solutions segment. (g) Business acquisition costs are included in the Condensed Consolidated Statement of Income within the selling, general, and administrative line item and include transaction and integration costs associated with the acquisition of Penelope Bourbon LLC. (h) The unusual items costs are included in the Condensed Consolidated of Income within the selling, general, and administrative line item. The adjustment includes professional and legal costs associated with special projects. Expand Quarter Ended June 30, Year to Date Ended June 30, 2025 2024 2025 2024 Net Income $ 14,427 $ 32,017 $ 11,370 $ 52,601 Interest expense 1,897 2,205 3,751 4,224 Income tax expense 4,308 10,108 4,979 16,370 Depreciation and amortization 5,830 5,329 11,638 10,618 Share based compensation 1,288 865 2,030 1,981 Equity method investment gain (237 ) (910 ) (494 ) (614 ) Fair value of contingent consideration 8,000 5,400 22,700 9,500 Executive transition costs 376 843 682 1,218 Professional service fees — — 382 — Restructuring and other costs — — 613 — Impairment of long-lived assets and other — 21 — 137 Business acquisition costs — 15 — 86 Unusual items costs — 1,639 — 1,639 Adjusted EBITDA $ 35,889 $ 57,532 $ 57,651 $ 97,760 Expand The non-GAAP adjusted EBITDA measure is defined as earnings before interest expense, income tax expense, depreciation and amortization, share based compensation, equity method investment gain, fair value of contingent consideration, executive transition costs, professional service fees, impairment of long-lived assets and other, business acquisition costs, restructuring and other costs, and unusual items costs. See "Reconciliation of selected GAAP measure to adjusted non-GAAP measures" and "Description of Non-GAAP items" for further details on selected non-GAAP items. (a) TTM is defined as trailing twelve months. (b) Net debt leverage ratio is defined as net debt divided by adjusted EBITDA. Expand See "Reconciliation of selected GAAP measure to adjusted non-GAAP measures" and "Description of Non-GAAP items" for further details on selected non-GAAP items. DISTILLING SOLUTIONS Quarter Ended June 30, Quarter versus Quarter Change Increase/(Decrease) 2025 2024 $ Change % Change Brown goods $ 35,057 $ 75,443 $ (40,386 ) (54 )% Warehouse services 8,001 8,392 (391 ) (5 ) White goods and other co-products 6,942 9,553 (2,611 ) (27 ) Total Distilling Solutions Sales $ 50,000 $ 93,388 $ (43,388 ) (46 )% Gross profit $ 18,812 $ 42,473 $ (23,661 ) (56 )% Gross margin % 37.6 % 45.5 % (7.9 ) pp (a) Operating income $ 17,741 $ 41,528 $ (23,787 ) (57 )% Depreciation and amortization $ 2,025 $ 1,968 $ 57 3 % Expand INGREDIENT SOLUTIONS SALES Quarter Ended June 30, Quarter versus Quarter Change Increase / (Decrease) 2025 2024 $ Change % Change Specialty wheat starches $ 18,474 $ 19,203 $ (729 ) (4 )% Specialty wheat proteins 12,612 11,200 1,412 13 Commodity wheat starches 3,061 2,973 88 3 Commodity wheat proteins 827 — 827 n/a Total Ingredient Solutions $ 34,974 $ 33,376 $ 1,598 5 % Gross profit $ 7,591 $ 7,126 $ 465 7 % Gross margin % 21.7 % 21.4 % 0.3 pp (a) Operating income $ 6,290 $ 5,784 $ 506 9 % Depreciation and amortization $ 1,307 $ 1,170 $ 137 12 % Expand (a) Percentage points ('pp'). Expand MGP INGREDIENTS, INC. OPERATING SEGMENT RESULTS (UNAUDITED) (Dollars in thousands) BRANDED SPIRITS SALES Year to Date Ended June 30, Year to Date versus Year to Date Sales Change Increase/(Decrease) 2025 2024 $ Change % Change Premium plus $ 53,417 $ 51,613 $ 1,804 4 % Mid 28,520 31,822 (3,302 ) (10 ) Value 16,277 21,664 (5,387 ) (25 ) Other 10,533 9,088 1,445 16 Total Branded Spirits $ 108,747 $ 114,187 $ (5,440 ) (5 )% Gross profit $ 54,182 $ 56,165 $ (1,983 ) (4 )% Gross margin % 49.8 % 49.2 % 0.6 pp (a) Operating income $ (409 ) $ 8,143 $ (8,552 ) (105 )% Depreciation and amortization $ 4,285 $ 3,675 $ 610 17 % Expand DISTILLING SOLUTIONS SALES 2025 2024 $ Change % Change Brown goods $ 68,713 $ 141,774 $ (73,061 ) (52 )% Warehouse services 16,078 16,348 (270 ) (2 ) White goods and other co-products 12,152 20,118 (7,966 ) (40 ) Total Distilling Solutions $ 96,943 $ 178,240 $ (81,297 ) (46 )% Gross profit $ 37,492 $ 76,556 $ (39,064 ) (51 )% Gross margin % 38.7 % 43.0 % (4.3 ) pp (a) Operating income $ 35,623 $ 74,597 $ (38,974 ) (52 )% Depreciation and amortization $ 4,080 $ 3,925 $ 155 4 % Expand Year to Date Ended June 30, Year to Date versus Year to Date Sales Change Increase/(Decrease) 2025 2024 $ Change % Change Specialty wheat starches $ 34,327 $ 41,474 $ (7,147 ) (17 )% Specialty wheat proteins 19,960 21,195 (1,235 ) (6 ) Commodity wheat starches 5,780 6,235 (455 ) (7 ) Commodity wheat proteins 1,390 37 1,353 3,657 Total Ingredient Solutions $ 61,457 $ 68,941 $ (7,484 ) (11 )% Gross profit $ 10,043 $ 13,306 $ (3,263 ) (25 )% Gross margin % 16.3 % 19.3 % (3.0 ) pp (a) Operating income $ 7,298 $ 10,504 $ (3,206 ) (31 )% Depreciation and amortization $ 2,578 $ 2,339 $ 239 10 % Expand (a) Percentage points ('pp'). Expand MGP INGREDIENTS, INC. DILUTIVE SHARES OUTSTANDING CALCULATION (UNAUDITED) Quarter Ended June 30, Year to Date Ended June 30, Principal amount of the bonds $ 201,250,000 $ 201,250,000 $ 201,250,000 $ 201,250,000 Par value $ 1,000 $ 1,000 $ 1,000 $ 1,000 Number of bonds outstanding (a) 201,250 201,250 201,250 201,250 Initial conversion rate 10.3911 10.3911 10.3911 10.3911 Conversion price $ 96.23620 $ 96.23620 $ 96.23620 $ 96.23620 Average share price (b) $ 29.73403 $ 78.03794 $ 31.56250 $ 82.27766 Impact of conversion (c) $ — $ — $ — $ — Cash paid for principal (201,250,000 ) (201,250,000 ) (201,250,000 ) (201,250,000 ) Conversion premium $ — $ — $ — $ — Average share price $ 29.73403 $ 78.03794 $ 31.56250 $ 82.27766 Conversion premium in shares (d) (e) — — — — Expand (a) Number of bonds outstanding is calculated by taking the principal amount of the bonds divided by the par value. (b) Average share price is calculated by taking the average of the daily closing share price for the period. If the average share price is less than the conversion price of $96.23620 per share, the impact to EPS is anti-dilutive and therefore the shares were excluded from the diluted EPS calculation. (c) Impact of conversion is calculated by taking the number of bonds outstanding multiplied by the initial conversion rate multiplied by the average share price. If the average share price is less than the conversion price then the impact of conversion is zero. (d) The impacts of the Convertible Senior Notes are included in the diluted weighted average common shares outstanding if the impact is dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter exceed the conversion price of $96.23620 per share. (e) Conversion premium in shares is calculated by taking the conversion premium divided by the average share price. If the average share price is less than the conversion price, then the conversion premium in shares is zero. Expand
GMA Network
12 hours ago
- Entertainment
- GMA Network
Taylor Swift to have 13 wax figures in Madame Tussauds
Taylor Swift is set to have 13 wax figures in Madame Tussauds! According to an article posted in the famed wax museum's website, the new wax figures were inspired by Taylor's looks from her record-breaking The Eras tour. The figures will be situated in 13 cities across four continents, which include Amsterdam, Berlin, Blackpool, Budapest, Hollywood, Hong Kong, Las Vegas, London, Nashville, New York, Orlando, Shanghai and Sydney. The collection "is the most ambitious launch in Madame Tussauds' more than 250-year history," which reflects on Taylor's standing as one of the most influential and enduring celebrities of the 21st century. Taylor kicked off her The Eras tour in March 2023 and concluded it in December 2024, spanning across 51 cities in the world. —Jade Veronique Yap/MGP, GMA Integrated News
GMA Network
14 hours ago
- Entertainment
- GMA Network
Shuvee Etrata, River Joseph, Esnyr recreate 'Shuvee Stop' PBB moment in TikTok video
Shuvee Etrata, River Joseph and Esnyr just reenacted one of most memorable moments from "Pinoy Big Brother: Celebrity Collab Edition." On Instagram, the Kapuso housemate posted a video of the trio doing the "Shuvee, stop!" scene between Shuvee and River inside Bahay ni Kuya. In the clip, Shuvee and River played themselves, while Esnyr took on the role of Xyriel Manabat and later on Klarisse de Guzman. Shuvee and River lip-synced their original lines. "Shuvee, stop," Shuvee wrote in the caption and included an angry emoji. Meanwhile, River left a playful comment: "Shuvee, don't stop." The video was a reference to the a secret task on PBB, where some of the housemates had to capture specific emotional reactions from their fellow housemates using a hidden camera. One of the emotions they needed was River's anger, the most difficult part of the task due to his calm nature. To trigger River, Shuvee pretended to be harsh toward Xyriel during a fake workout session. The act worked when River, visibly upset, yelled, "Shuvee, stop!" The two later reconciled after the task was revealed to be staged. Shuvee and her final duo Klarisse were the last housemates get evicted through public voting in the PBB collab edition. Meanwhile, River finished as the fourth big placer with his duo AZ Martinez. —Jade Veronique Yap/MGP, GMA Integrated News
