MGP Ingredients Reports 2Q Loss

ATCHISON, Kan. (AP) _ MGP Ingredients Inc. said Monday it swung to a second-quarter loss as its efforts to streamline operations cut into sales and racked up restructuring charges.

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.


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