MGP Ingredients Turns To Profit In Q2

(RTTNews) - MGP Ingredients Inc. (MGPI) reported that its second quarter of 2013 net income was $280,000 or $0.02 per share, compared to a net loss of $850,000 or a loss of $0.05 per share in the prior year.

Net sales for the second quarter declined by approximately 7 percent from the year-ago period. Higher beverage alcohol sales were offset by lower sales of bulk industrial alcohol. Net Sales for the quarter declined to $79.39 million from $85.53 million in the year ago quarter.

The company expects continued year-over-year sales declines in industrial alcohol for the remainder of 2013. In 2012 the Company's distillery segment included sales of alcohol under a marketing agreement with Illinois Corn Processing (ICP). The marketing agreement expired effective January 1, 2013. The Company has not sourced product from ICP since April 2013.