XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.3
Segments
 9 Months Ended
Sep. 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
September 30,		   Nine Months Ended
September 30,		 
   2024   2023   2024   2023 
Net Sales                
Pekin Campus, recorded as gross:                
Alcohol sales  $106,459   $128,554   $315,494   $388,629 
Essential ingredient sales   41,217    51,634    127,297    169,220 
Intersegment sales   321    363    927    1,120 
Total Pekin Campus sales   147,997    180,551    443,718    558,969 
Marketing and distribution:                    
Alcohol sales, gross  $54,531   $58,805   $179,118   $215,741 
Alcohol sales, net   71    74    169    292 
Intersegment sales   2,862    3,392    8,002    8,734 
Total marketing and distribution sales   57,464    62,271    187,289    224,767 
                     
Western production, recorded as gross:                    
Alcohol sales  $36,395   $57,159   $74,084   $122,477 
Essential ingredient sales   10,408    17,841    24,184    40,614 
Intersegment sales   8    37    (122)   99 
Total Western production sales   46,811    75,037    98,146    163,190 
                     
Corporate and other   2,733    4,060    8,565    12,342 
Intersegment eliminations   (3,191)   (3,792)   (8,807)   (9,953)
Net sales as reported  $251,814   $318,127   $728,911   $949,315 
                 
Cost of goods sold:                
Pekin Campus  $141,823   $179,995   $423,135   $546,591 
Marketing and distribution   53,553    58,051    176,676    212,923 
Western production   49,079    73,584    112,762    165,401 
Corporate and other   2,952    3,538    8,690    9,322 
Intersegment eliminations   (1,553)   (1,202)   (3,465)   (3,100)
Cost of goods sold as reported  $245,854   $313,966   $717,798   $931,137 
                 
Gross profit (loss):                
Pekin Campus  $6,174   $556   $20,583   $12,378 
Marketing and distribution   3,911    4,220    10,613    11,844 
Western production   (2,268)   1,453    (14,616)   (2,211)
Corporate and other   (219)   522    (125)   3,020 
Intersegment eliminations   (1,638)   (2,590)   (5,342)   (6,853)
Gross profit as reported  $5,960   $4,161   $11,113   $18,178 
                 
Loss before provision for income taxes:                
Pekin Campus  $1,997   $(1,956)  $8,083   $3,716 
Marketing and distribution   1,626    2,403    3,733    6,019 
Western production   (4,119)   (20)   (21,075)   (6,497)
Corporate and other   (1,945)   (3,916)   (8,013)   (12,298)
   $(2,441)  $(3,489)  $(17,272)  $(9,060)
                 
Depreciation and amortization:                
Pekin Campus  $5,328   $4,961   $15,733   $14,778 
Western production   502    458    1,445    1,921 
Corporate and other   228    228    682    683 
   $6,058   $5,647   $17,860   $17,382 
                 
Interest expense, net of capitalized interest:                
Pekin Campus  $496   $108   $1,083   $(527)
Marketing and distribution   98    111    291    713 
Western production   619    678    1,848    173 
Corporate and other   654    1,103    1,948    4,940 
   $1,867   $2,000   $5,170   $5,299 

 

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

 

   September 30,
2024		   December 31,
2023		 
Total assets:        
Pekin Campus  $227,491   $251,048 
Marketing and distribution   90,215    101,196 
Western production   63,920    57,533 
Corporate and other   35,785    44,464 
   $417,411   $454,241