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Segments
 6 Months Ended
Jun. 30, 2024
Segments [Abstract]  
SEGMENTS

2. SEGMENTS.

 

The Company reports its financial and operating performance in three segments: (1) Pekin Campus production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (2) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties, and (3) Western production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at the Company’s two western production facilities on an aggregated basis, neither of which are individually so significant to be considered a separately reportable segment.

 

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 

 

The following table sets forth the Company’s total assets by operating segment (in thousands): 

 

   June 30,
2024		   December 31,
 2023		 
Total assets:        
Pekin Campus  $236,722   $251,048 
Marketing and distribution   103,982    101,196 
Western production   57,677    57,533 
Corporate and other   34,117    44,464 
   $432,498   $454,241