The Atchison-based ingredients maker said in a securities filing yesterday that it lost $42.7 million, or $2.58 per share, during the quarter ending Dec. 31. By comparison, the company earned $5.2 million, or 31 cents per share, during the same period a year ago.
Revenue during the quarter plummeted 22 percent to $73.2 million as the company stopped gluten and starch production at its Pekin, Ill., plant and cut back on production of fuel-grade alcohol.
MGP Ingredients said those and other restructuring decisions contributed to $17.5 million in charges for severance and other costs.
The year-ago period also benefited from a $7 million gain on settlement of litigation.
The company released its earnings after the markets closed Monday. During trading, shares gained 8 cents, or 10.8 percent, to 82 cents.