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 (Nasdaq: MGPI) has appointed Jeffrey Ruger as Vice President of Information Technology, a newly created role. Ruger brings over 20 years of IT experience, previously serving as CIO for Fortune 500 companies, where he developed global business strategies. His responsibilities will include leading technological strategy development and administering an ERP system. CFO Brandon Gall emphasized the importance of robust technological infrastructure for business growth. Ruger has prior experience with WIRECO Group and Jarden Corp, where he managed significant IT initiatives and integrations.
MGP Ingredients (Nasdaq: MGPI) has elected Lori L.S. Mingus to its Board of Directors effective June 30, 2020. Mingus, owner of Torpa Design Co., brings extensive experience in graphic design and community involvement as part of the founding Cray family. CEO Dave Colo emphasized her valuable industry knowledge. The company, established in 1941, is known for premium distilled spirits and specialty wheat products, with operations in Atchison, Kansas, and other locations.
MGP (Nasdaq: MGPI) has launched its first Single Barrel release of Rossville Union Rye whiskey, a bottled-in-bond specialty product offered at $49.99 for 750-ml. The program invites select retailers to choose their preferred mash bills, resulting in a personalized offering. Demand has surpassed expectations in its inaugural year, according to Andrew Mansinne, VP of Brands. This launch coincides with National Rye Month and emphasizes MGP's position as a leading rye whiskey distiller.
MGP Ingredients, Inc. (Nasdaq:MGPI) reported a 2.3% increase in consolidated sales for Q2 2020, totaling $92.6 million. This was driven by a 5.4% rise in the Ingredient Solutions segment, despite a 1.6% increase in the Distillery Products segment. Gross profit surged 6.0% to $20.7 million. A cyberattack affected production but operations have resumed. Non-GAAP EPS rose to $0.54, up from $0.46. The company remains optimistic about demand for aged whiskey and industrial alcohol, indicating resilience amid COVID-19 challenges.
MGP Ingredients has declared a quarterly dividend of $0.12 per share, payable on September 4, 2020, to stockholders of record by August 21, 2020. This announcement reinforces the company's commitment to returning value to its shareholders. MGP Ingredients is a leading supplier of premium distilled spirits and specialty wheat proteins, with operations in Atchison, Kansas, and Lawrenceburg, Indiana. They focus on quality production and have a long-standing history in the industry.
MGP (Nasdaq: MGPI) announces the upcoming release of Remus Repeal Reserve Series IV Straight Bourbon Whiskey in September 2020, timed with National Bourbon Month. This limited edition bourbon commemorates Prohibition Repeal Day on December 5 and is crafted from reserve bourbons aged for 12 years. Retailing at $84.99 per 750-ml bottle, it features a high-rye character with rich flavors and has received significant accolades in previous years. MGP plans extensive consumer tastings and events around this release, highlighting demand for their premium bourbon offerings.
MGP Ingredients (MGPI) has appointed Allison Hardy as the new assistant general counsel as of June 10, 2020. Hardy brings substantial experience in finance and corporate governance, previously serving as senior legal counsel at Ultimus Fund Solutions, where she handled regulatory compliance and negotiations in acquisitions. Prior to that role, she was a partner at Stinson LLP, focusing on corporate finance and governance. MGP aims to leverage Hardy's expertise to support its growth initiatives, as stated by General Counsel TJ Lynn.
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