MGP of Indiana

MGP Ingredients Announces $100 Million Share Repurchase Program

Retrieved on: 
Thursday, February 29, 2024
MGP of Indiana

ATCHISON, Kan., Feb. 29, 2024 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that its board of directors has approved the repurchase of up to $100.0 million of the Company’s outstanding shares of common stock.

Key Points: 
  • ATCHISON, Kan., Feb. 29, 2024 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that its board of directors has approved the repurchase of up to $100.0 million of the Company’s outstanding shares of common stock.
  • “Following another record year and strong results from each of our three business segments in 2023, we are well positioned to implement this additional pillar of shareholder return while maintaining a strong balance sheet to enable additional growth opportunities,” said David Bratcher, CEO and president of MGP Ingredients.
  • The timing and amount of any shares repurchased will depend upon market conditions and other factors.
  • The authorization has no expiration date and may be modified, suspended, or discontinued at any time.

MGP Ingredients Reports Strong Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, February 22, 2024
Acquisition, MGP, Traction, Growth, Advertising, Webcast, EPS, Penelope, Corporation, Ageing, MGP of Indiana, Video game

For the fourth quarter 2023, sales for the Branded Spirits segment increased 19% to $72.6 million.

Key Points: 
  • For the fourth quarter 2023, sales for the Branded Spirits segment increased 19% to $72.6 million.
  • In the fourth quarter 2023, sales for the Ingredient Solutions segment increased 15% to $33.4 million.
  • Advertising and promotion expenses for the fourth quarter 2023 increased $1.5 million, or 14%, to $12.3 million as compared to the fourth quarter 2022.
  • Corporate selling, general and administrative ("SG&A") expenses for the fourth quarter 2023 increased $3.2 million to $25.8 million as compared to the fourth quarter 2022.

MGP Ingredients Schedules Fourth Quarter and Full Year 2023 Conference Call/Webcast for Thursday, February 22

Retrieved on: 
Thursday, February 8, 2024
MGP of Indiana, CFO

ET.

Key Points: 
  • ET.
  • The company expects to release its financial results before the market opens that morning.
  • Management on the call will include David Bratcher, CEO and president, and Brandon Gall, Vice President of finance and CFO.
  • The call/webcast will be available via:
    A replay will be available on the MGP Ingredients website after the call concludes.

MGP Promotes Amel Pasagic to Chief Commercial Officer

Retrieved on: 
Monday, January 8, 2024
MGP, Acquisition, Webster University, MGP of Indiana, Luxco, Information technology, Growth, Intelligence, Management

ATCHISON, Kan., Jan. 08, 2024 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading supplier of distilled spirits, branded spirits and food ingredient solutions, is pleased to announce the promotion of Amel Pasagic to the newly created position of Chief Commercial Officer, effective today.

Key Points: 
  • ATCHISON, Kan., Jan. 08, 2024 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading supplier of distilled spirits, branded spirits and food ingredient solutions, is pleased to announce the promotion of Amel Pasagic to the newly created position of Chief Commercial Officer, effective today.
  • As Chief Commercial Officer, Pasagic will be responsible for all commercial activities across MGP’s three business segments.
  • “Amel’s wealth of experience and his unique strategic view of our business will be critical in driving the next phase of growth for MGP,” said David Bratcher, MGP President and Chief Executive Officer.
  • He was promoted to the newly created role of Chief Information Officer for MGP in July that year.

MGP Ingredients Announces Election of David Bratcher to Board of Directors

Retrieved on: 
Monday, December 11, 2023
MGP, Luxco, Allied Domecq, MGP of Indiana, Management

Bratcher, who will become the Company’s next Chief Executive Officer and President, effective January 1, 2024, is a longtime beverage alcohol industry veteran and executive.

Key Points: 
  • Bratcher, who will become the Company’s next Chief Executive Officer and President, effective January 1, 2024, is a longtime beverage alcohol industry veteran and executive.
  • Prior to the 2021 Luxco merger, Bratcher served in several leadership roles at Luxco since 1998, including serving as Luxco’s President since 2013.
  • “I am pleased to see David’s appointment to the Board of Directors and am proud of our deliberate succession planning process to ensure this seamless transition,” said Karen Seaberg, Chairman of the Board of MGP Ingredients.
  • “David Bratcher has a proven track record as a leader and is uniquely equipped to successfully lead the next chapter of MGP’s growth story.”

MGP Ingredients Announces CEO Retirement and Succession Plan

Retrieved on: 
Thursday, November 2, 2023
Luxco, Allied Domecq, Development, MGP, MGP of Indiana, Growth, Art Seaberg, Hand, Management

ATCHISON, Kan., Nov. 02, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, announced today that David Colo will retire from his role as Chief Executive Officer and President of MGP, effective December 31, 2023. The Board of Directors has elected David Bratcher, MGP’s Chief Operating Officer and President of Branded Spirits, as its next Chief Executive Officer and President, effective January 1, 2024. Mr. Colo will remain with MGP through April 2024, serving in an advisory role to facilitate a smooth transition.

Key Points: 
  • Mr. Colo will remain with MGP through April 2024, serving in an advisory role to facilitate a smooth transition.
  • Since becoming the CEO and President of MGP in May 2020, Colo has led the Company through consistent growth and record results, while also establishing a strong foundation for future sustainable growth.
  • What David, the MGP Board, and all the employees have accomplished during his tenure is nothing short of impressive,” said David Bratcher.
  • “I am extremely grateful to become MGP’s next CEO and look forward to working with the MGP Board and all our employees in challenging ourselves to continue moving the business forward.”

MGP Ingredients Reports Strong Third Quarter 2023 Results

Retrieved on: 
Thursday, November 2, 2023
Ageing, Penelope, EBITDA, Corporation, Advertising, Acquisition, MGP, MGP of Indiana, EPS, Webcast, Video game, Retail

ATCHISON, Kan., Nov. 02, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today reported results for the third quarter ended September 30, 2023.

Key Points: 
  • 2023 third quarter consolidated results compared to 2022 third quarter:
    Sales increased 5% to $211.6 million.
  • “We are very pleased with our continued momentum this quarter, which has again yielded strong results across each of our business segments,” said David Colo, president and CEO of MGP Ingredients.
  • Advertising and promotion expenses for the third quarter 2023 increased $2.2 million to $9.5 million as compared to the third quarter 2022.
  • The corporate effective tax rate for the third quarter 2023 was 25.0%, compared with 24.2% from the third quarter 2022.

MGP Ingredients Schedules Third Quarter 2023 Conference Call/Webcast for Thursday, November 2

Retrieved on: 
Thursday, October 19, 2023
CFO, MGP of Indiana

ATCHISON, Kan., Oct. 19, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that it will hold a conference call/webcast to discuss results for the third quarter ended September 30, 2023, on Thursday, November 2, at 10 a.m.

Key Points: 
  • ATCHISON, Kan., Oct. 19, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that it will hold a conference call/webcast to discuss results for the third quarter ended September 30, 2023, on Thursday, November 2, at 10 a.m.
  • The company expects to release its financial results before the market opens that morning.
  • Management on the call will include David Colo, president and CEO, and Brandon Gall, vice president of finance and CFO.
  • The call/webcast will be available via:
    A replay will be available on the MGP Ingredients website after the call concludes.

MGP Ingredients Reports Record Second Quarter 2023 Results

Retrieved on: 
Thursday, August 3, 2023
Consumer, MGP of Indiana, MGP, EBITDA, Acquisition, Advertising, Corporation, Webcast, EPS, Ageing, Payment card, Bookkeeping, Retail, Video game

ATCHISON, Kan., Aug. 03, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq: MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today reported results for the second quarter ended June 30, 2023.

Key Points: 
  • In the second quarter 2023, sales in the Ingredient Solutions segment increased 18% to $34.5 million year- over-year.
  • Advertising and promotion expenses for the second quarter 2023 increased $2.6 million, or 42%, to $8.6 million as compared to the second quarter 2022.
  • Corporate selling, general and administrative ("SG&A") expenses for the second quarter 2023 increased $5.7 million, or 32%, to $23.5 million as compared to the second quarter 2022.
  • The corporate effective tax rate for the second quarter 2023 was 25.3%, compared with 22.4% from the second quarter 2022.

MGP Ingredients Schedules Second Quarter 2023 Conference Call/Webcast for Thursday, August 3

Retrieved on: 
Thursday, July 20, 2023
CFO, MGP of Indiana

ATCHISON, Kan., July 20, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that it will hold a conference call/webcast to discuss results for the second quarter ended June 30, 2023, on Thursday, August 3, at 10 a.m.

Key Points: 
  • ATCHISON, Kan., July 20, 2023 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading provider of distilled spirits, branded spirits, and food ingredient solutions, today announced that it will hold a conference call/webcast to discuss results for the second quarter ended June 30, 2023, on Thursday, August 3, at 10 a.m.
  • The company expects to release its financial results before the market opens that morning.
  • Management on the call will include David Colo, president and CEO, and Brandon Gall, vice president of finance and CFO.
  • The call/webcast will be available via:
    A replay will be available on the MGP Ingredients website after the call concludes.