Sempreon, Inc. (CASK) news reflects the company's transition from MGP Ingredients to a new corporate identity on Nasdaq, plus updates from its Branded Spirits, Distilling Solutions and Ingredient Solutions businesses.
Company news can include quarterly results, dividends, business updates, name and ticker changes, credit agreement disclosures, annual meeting results and leadership appointments, all of which have appeared in company releases or SEC current reports under the MGP/Sempreon identity.
Product and brand coverage is also a major theme. Releases have covered bourbon, tequila and whiskey brands such as Penelope Bourbon, Yellowstone Bourbon, Rebel Bourbon, Remus Bourbon, El Mayor Tequila, Exotico Tequila and MGP-branded whiskey, along with distilling and ingredient solutions updates.
MGP Ingredients, Inc. (Nasdaq: MGPI) is set to hold a conference call/webcast on August 4, 2021, at 10 a.m. ET to discuss its second-quarter results for the period ending June 30, 2021. Financial results will be made available before the market opens that morning. David Colo, president and CEO, and Brandon Gall, CFO, will lead the call. Interested parties can access the call via webcast at ir.mgpingredients.com. A replay will be accessible post-call on the website.
MGP Ingredients (Nasdaq:MGPI) has appointed Amel Pasagic as Chief Information Officer to enhance its IT strategy following the acquisition of Luxco. Previously Vice President of IT at Luxco, Pasagic brings a decade of IT leadership experience. He will report to CEO Dave Colo and is expected to drive the company's IT initiatives, crucial for its growth post-acquisition. The acquisition of Luxco aims to expand MGP's branded spirits portfolio, enhancing market presence. MGP focuses on producing premium distilled spirits and ingredient solutions, backed by an extensive infrastructure across the U.S.
MGP Ingredients, Inc. (MGPI) has appointed David Bratcher as its new Chief Operating Officer. Previously, Bratcher served as President at Luxco, Inc., whose acquisition by MGP has been pivotal. He brings over 20 years of leadership experience from Luxco, playing a key role in its growth. His appointment aims to facilitate the integration of Luxco and bolster MGP's strategic initiatives, as noted by CEO Dave Colo. MGP specializes in distilled spirits and food ingredient solutions, with a diverse product portfolio and extensive operational infrastructure.
MGP Ingredients, Inc. (Nasdaq: MGPI) has appointed Erika Lapish as Vice President of Human Resources. With over 20 years in HR management, Lapish has experience in workforce integration due to business growth and mergers. MGP is focusing on growth following its recent acquisition of Luxco and shows ongoing strength in its Distilled Spirits and Ingredient Solutions segments. President and CEO Dave Colo emphasized the importance of talent in the company's success, marking Lapish's hire as significant during this pivotal time.
MGP Ingredients, Inc. (Nasdaq:MGPI) reported a strong Q1 2021 performance, with consolidated sales up 9.3% to $108.3 million, driven by a 31.1% increase in premium beverage alcohol sales. Operating income surged 49.6% to $20.5 million, while non-GAAP operating income rose 56.7% to $22.4 million. EPS increased to $0.90 from $0.57. The company has experienced temporary softness in its Ingredient Solutions segment due to natural gas curtailment but expects improved results in Q2. MGP also aims for 0% to 2% adjusted sales growth in fiscal 2021, excluding Luxco's integration.
MGP Ingredients, Inc. (Nasdaq:MGPI) has declared a quarterly dividend of $0.12 per share, payable on June 4, 2021, to stockholders of record as of May 21, 2021. This dividend reflects the company's ongoing commitment to returning value to shareholders amidst its operations in premium distilled spirits and specialty food ingredients. MGP operates multiple distilleries in the U.S. and offers a diverse range of well-known brands.
MGP Ingredients, Inc. (Nasdaq:MGPI) will discuss its first-quarter 2021 financial results on a conference call/webcast scheduled for May 5, 2021, at 10 a.m. ET. Financial results will be released pre-market on the same day. President and CEO David Colo, along with CFO Brandon Gall, will lead the discussion. The conference call will be accessible via a dedicated phone line and webcast on the company's investor relations website.
The newly launched Vita Frute Vodka Soda features a Blood Orange flavor, along with a 12-pack mix that includes Lime Basil, Pineapple Coconut, and Grapefruit. This product aims to meet the rising demand for hard seltzer beverages, which grew by 136% in 2020. Priced competitively, these beverages are 5% ABV, 100 calories, and gluten-free, targeting health-conscious consumers. The new flavors will be available nationwide this month, providing further opportunities for Luxco and its merged counterpart, MGP Ingredients (Nasdaq: MGPI).
MGP Ingredients, Inc. (MGPI) has completed its acquisition of Luxco, Inc. effective April 1, 2021. This strategic move significantly boosts MGP's scale in the branded spirits sector and diversifies its portfolio. The acquisition is expected to enhance MGP's gross margin and cash flow, with management projecting a low to middle single-digit percentage accretion in EPS in the first full year, excluding one-time expenses. CEO David Colo emphasized the potential for sustainable growth through operational optimization and synergy realization.
MGP Ingredients (Nasdaq:MGPI) reported strong financial results for 2020, with consolidated sales up 9.0% to $395.5 million. The fourth quarter saw a 9.1% increase in sales to $100.9 million, driven by premium beverage alcohol and Ingredient Solutions segments. Gross profit for the year rose 29.1% to $98.8 million. Adjusted operating income increased 20.9% to $57.1 million, despite a decrease in EPS to $2.37. However, ongoing pandemic uncertainties prevent the company from providing 2021 guidance.