MGPI - Earnings call transcript Q4 2019

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Operator

Good day and welcome to the MGP Ingredients Fourth Quarter and Full Year 2019 Results Conference Call. [Operator Instructions].

I would now like to turn the conference over to Mike Houston. Please go ahead, sir.

Mike Houston

Thank you, Chuck. full thank webcast joining financial to the quarter and conference MGP results everyone, fourth and call discuss and morning, you the for Ingredients for Good XXXX. year the company's with Houston relations MGP's I'm Mike Lambert, firm. investor their Financial And Gus team, Officer. Officer; Brandon Griffin, joining of President Executive including Gall, Chief management Vice members and Finance me are and today of President and Chief

call open begin the with up call will remarks then management's We and questions. the to prepared

responsibility sales, begin to may effective we call, gross as today's the and well this statements is my statements margin as you before call plans inform However, objectives involve such it that as operating and forward-looking the certain of rate business. on projections tax of income, company's

results made with differ and forward-looking in of obligation forward-looking statements could The a number made the any from and update company today any filed assumes the annual including recent to the quarterly actual the factors call. statements factors, during materially reports company's Securities The risk described Commission. to due company's Exchange no most

a If at of www.mgpingredients.com. does website, the have access by copy you already not issued company's the press it MGP today, anyone release can

I'd President Gus like the At this Executive to Griffin. MGP's turn time, over and Gus? call to Officer, Chief

Augustus Griffin

against Thank call, financial key performance joining for we strategy. and of you, this we'll results, Mike, discussion Then questions. updates on metrics progress thank us. will of overview On our you take all a our provide your an and

to results. Now turning

aged we forecast quarter. guidance transacting large being in fourth communicated, we a sales due of fell had the to of previously significantly us the our As short for portion unsuccessful whiskey

operating X.X%. the for profit X.X%, gross a decreased X.X% consolidated income and As decreased result, year declined sales

in are quarter both our and the We the year. disappointed for certainly results,

in trends categories. changes or key position However, not the changes our in which reflect compete in those believe these affecting significant we categories consumer we competitive significant do results within

we realize we both implementation. believe year the of potential We areas. the the must our of we effectiveness our and from While in tactical strategic also very long-term learnings about confident our remain us execution these this continually help have we business, refine of will that pace

segment XX.X% XX.X%, and sales and beverage year each beverage due fourth distillate in In sales quarter Products Full of sales a full aged alcohol whiskey down with down reflecting for X.X%, year. of at individually. to segment, distillate our lower decreased premium decrease during quarter sales. both premium fourth aged Looking the Distillery new the of alcohol were primarily sales whiskey new

market. several outpaced of the brown we in years, faster the in market growing of has our sales the Over due past part goods market. overall the serve the growth broader This to than was subset

whiskey long-term overall is our rate the While business rye. that supplying in remember slowing important market, on not come American market the craft robust, more just underlying trend for overall all we to the our consumer to in target is remains category. of trends the for growth tiers is not that just segments and It built with line the believe now for gradually

in impacted negatively work prior customers by further were certain results their our below orders order XXXX Our year of excess inventory. reducing through to

any difficulty our customer in this or temporary category accurately regarding years view more the the several warning projecting of as rather we demand health Given advance, situation in a the than base. consumer sign

the require do we whiskey forward. aged are for new we our with going are increase customers of they but competing new We are an the in losing target competitors think we competing of We for believe of growth. for not these also We competitors, sales that for for distillate also with sales to existing think us but them business primarily market. number currently potential there is

the for change, share in competitive we and and volume our well changed future. We growing significant scale towards whiskey While advantage the a has to American increase plan continue will and focus to have to marketplace still global the positioned category. continue share be

going For does obvious potential our selling competitive we're this refine slash we or but prices new reasons, we rather the how are customers. not to provide approach specifics, going mean process to not with infrequent but

We in believe a are significant this do distillate portion pricing large changes overall contracted. will of to not result our since sales new our

should to of refine missing, reducing to some to offer products begun We as we increase further are partners export customers, of be transacting these recruitment our delays. markets implementing accelerate the we growth we also going and focus with some potential, work This might help potential our overcome more already volume refinements. due to and of their other attract long-term funding new the sales such new on barriers closely to have range

new expect as sales growth to We our in rebound return the distillate in to from XXXX we XXXX. softness

years believe continued earlier and we going aged our lower customer XXXX, been in the whiskey continue sales Xx to with our to in Despite pricing inventory, will those whiskey anticipated a believe of aged whiskey sales our aged a pool both years of white aged recent strong than expectations. still forward. has both profit whiskey long-term whiskey value of realize Sales of more key play have which the aged older and in line roles recruitment in of contributor. We in

of the annual in forecasting but our year. volatility growth lower not in a confidence reduced whiskey sales difficulty in particular predictable rather and inherent our aged the ongoing volume for whiskey volumetric for predicting of in we whiskey forecast our The whiskey. diminish whiskey in long-term demand aged for our aged outlook sales U.S., in the reflects does our aged the reducing inventory, to growth of are the market, due aged the However, projections sales particularly

of comparable brown by goods to aged export. whiskey modestly in expect total our sales Combined, primarily to driven XXXX. We in XXXX, we be to sales expect grow growth

compressing X%, the margins. the the and continue prior market to other industry alcohol increased for year from Continuing down these exists. down - markets areas industrial X.X% hypercompetitive, be the oversupply period. of of industrial Sales premium for slightly Both white in still Sales chronic margins on the segment. with in of beverage year the dynamic slightly to the of decreased goods year, with

We situation expect foreseeable future. the for continue to the

Sales of factors. increased or dried micro X.X% reflecting short-term DDG, grains, distillers

Our macro outlook from to increased provide. services continues number customer growth environment that pricing services for based the the warehouse Revenue be warehouses other barrels on and reflecting, pricing led part, quarter in DDG our of XXXX. we aging unchanged in whiskey lower in the to first of in XX.X%

Sales this fourth year. our ever. strongest to finished significant We the X.X%. momentum XXXX great faced year two being challenges one Ingredient Turning quarter the of Solutions. grew with for with We

by was created a large The customer line tough the wheat loss end comparison product special the of our for XXXX. the at of textured first protein

have customers added to with now completed a leverage applications plant-based protein. seeking have comparison of cycling variety We and our new that

fourth evidence volume As in this double-digit growth product of the we progress saw this our in this and expect customer on XXXX. rebuilding to line building continue we quarter, base, in business

these around and full increased The our XXXX, second - double fourth were are and growth product strong customer up dietary was for RW orders source quarter now FDA year. Sales seeing uncertainty FiberRite RW lines digit the of for was double-digit the of product for a approval and of early lines. we fiber. as Fibersym resolved nicely up issue the part the in This

And plant-based in be and consumer trends, very be continue label. proteins, continue high-fiber, product Solutions with offerings Our new business. strong high-protein, non-GMO clean aligned including to recruiting we to Ingredient effective

offer. these Overall, favorable fully trends positioned well business capture segments from our our potential to and continue both benefit plan the of strategic to trends, consumer has us

This initial concludes my remarks.

and Let me now to a turn Brandon? key Brandon metrics over Gall for things numbers. the of review

Brandon Gall

Thanks, Gus.

For $XX.X by Solutions Products profit segment by a Distillery sales, was profits, segment Distillery XX.X% million an sales. Solutions Gross increase consolidated Gross decreased decreased due decline the XXX basis partially to XX.X%. Ingredient $XX.X increase margin million by which to sales gross offset an in to quarter, Products XX.X% Ingredient reflecting points partially in to gross decreased offset segment profits. in lower segment

For Gross XXXX. decline sales, X.X% for margin profit million Products as a Ingredient XXX a segment lower $XXX.X in by gross XX.X% Solutions basis $XX.X decreased by Ingredient Solutions of points decreased offset profits. X.X% by to segment Products to result million sales the and year, growth. sales Distillery Distillery to consolidated segment partially driven decreased Gross

and compensation expense. incentive decreased as or the million $X.X to to $X.X selling, by XX% driven expenses general compared million quarter lower administrative primarily for the fourth Corporate quarter XXXX,

settlement For due year, XXXX of declined corporate million the to lower legal full the partially certain offset from expenses matters. expense, of by SG&A $XX.X costs $X.X to XX.X% related or compensation by increased incentive million

income the gross and profit, to X.X% million offset SG&A Operating due for decreased lower lower to expenses. partially sales by $XX.X quarter

partially in sales offset X.X% year, the $XX.X SG&A to decreased expenses. operating gross full million and For reductions by profit, due to lower income

quarter of fourth year tax corporate compared rate XX.X% was Our the a ago. with for effective XXXX XX.X%

rate was the several the corporate compared XXXX. of expect the in in The to XX.X% with effective such granted rate For XX.X% year, we tax items recur in awards result XXXX. sizable favorable prior was vesting discrete as the full that years share-based do of not tax effective lower

Net to offset and share income income. for the partially earnings $X.XX income to million operating due lower per quarter by X.X% increased $XX.X were lower taxes,

year, income and per lower was $X.XX prior offset net year, income. by in tax income full share due which share to earnings increased X% expense, to million $XX.X lower increased from to For primarily $X.XX the the partially per operating

net a million increase $XX.X cost. inventory in flow barrel $XX.X year-over-year the XXXX, XXXX at million distillate, which Cash was to total in in was net due to from bringing lower aging whiskey investment operations

priority increase of the sales While than investing in this inventory was higher XXXX, whiskey during was us net to in the for anticipated due lower aged period. year-over-year a

long-term for up XXXX $XX.X days quarter the in longer fourth supply outstanding was craft new Accounts reflecting accounts sales and million XXXX of slightly customers receivable the agreements. increase any with lowest days. histories of during in $XX.X receivable, quarter ended Despite the from million, sales XXXX, XX.X at development year-over-year at this year

$XXX remains facility invest as by continue shareholders. syndicate new its our credit to $XXX of announce sheet balance the credit availability with Fargo million. grow facility to were strong, week. funds million lenders The a revolving well to X-year to return We replaces pleased led last credit allowing and to facility new increases as Wells us million by MGP's $XXX

an The the a subject position existing and be approval, by capital in access note a addition another flexibility growth financial increased our plan, This Prudential, growing in facility may markets. acquisition to approval, is of shelf credit subject also This remaining $XX facility, to our strategic million. purchase million lender $XXX execute we accordion facility to additional shelf total million as MGP $XXX $XX of opportunities to facility contains lender an evaluating enhanced whereby, strengthen million. to with which option, that provides has including

remains our and acquisition to to opportunities, strategic investments allocation which returns In aim capital addition maximize programs, strategy robust to shareholders. with

whiskey aged of to $XXX.X million of XXXX. inventory cost in investment at grew Our end the at

we annual various volume reducing While aged company significant we growth our going levels expectations for profit library continue mash bills vintages whiskey, of to for forward. the are of our contribute believe will and

We inventory and any growth of equilibrium for believe in our for inventory close the on sales, own to the net to a also basis, will mash is market our bills aged whiskey support new aside sales set U.S. export reaching future increases be and brands.

important distillate has as in to Our another our inventory. investment demand aging customers of warehouse as been program well new expansion our support initiative

estimated will to expansion XXXX, track below we to And be XX, full year. be report efficiencies investment. to million million, due the an the forecast $XX.X scope warehouse this on total expansion happy December throughout of previous on later The our at remains spent program process. which completed we're is of gained the As $XX.X the approximately

at remain common including facility million increase the $XX.X for recently approximately capital improvement and first also committed maintenance. expenditures in authorized XXXX our XX% expansion, a The We per for warehouse now capabilities dividend, stands share. which to in investment our expansion facility operational and expect quarter and continuing in board $X.XX

to are confidence quarterly cash from We dividend operations. to increase strong in to continued in our response flow business deliver our pleased

We program opportunities. dividend purchase In the authorization, well as continue to with To But relative is we our consumer believe our this under to this allocation to value. million to confidence strategy strategy aligns shareholder with in business well view quarterly XXXX, do date, X-year to this as uniquely the as be Board as authorized program grow leverage. any $XX share we'll other have long-term the this program. shares growth as ability our yet demonstrative and repurchase underlying as a trends we to capital of well our positioned well enhance evaluate

Now to turning guidance.

XXXX. the income outlined to As modestly low XXXX. growth XXXX. to percentage has press estimate the expected XXXX in The this growth guidance margins MGP versus of is in in increase compared following XXXX company's offered range in mid-single-digit release gross operating for morning, XXXX projected the to X%. is sales as to are fiscal X%

do to XXXX effective per $X.XX is XXXX. expect are be be XX% not forecasted the recur favorable to approximately tax Earnings $X.XX in to forecasted the per of as we in rate share to discrete items range share.

that shares share not is expenses. guidance per impact outstanding It costs normalized CEO repurchases. the incentive note this share and important potential do to transition compensation possible that from guidance include Note also earnings includes any and excludes

me now concluding turn things for back Let to Gus over remarks.

Augustus Griffin

key long-term multiyear of strong inventory that marked built Two fifth benefit our positioning MGP foundation our future of aging robust for substantial the strategic warehouse Thanks, the to our financial our Brandon. and plan, have category. delivered was which a expansion of improvements critical whiskey. XXXX growth. growth foundation has of part the to whiskey effort and year implementing this been of program from results A components American

As track well both continue have Brandon positioned. of mentioned these and programs earlier, on us

of meet part the and foundation product delivering excellence faced critical organization during of our strategy. challenges of production be all to to year, a made quantity our year, Another support our that future needed customers' We on facilities able had Though growth. is progress and operational strengthening significant to we our with needs. consistency quality, the strong building

quality. grade possible Food production Global once reputation our of BRC achieved Each from score facilities further for the the strengthening again our highest for of Safety, Standards AA

our throughout safety We comprehensive also employee-driven Up, our enhanced Safety organization. continue program, to expand

piece strong additions key and several organization foundation, Board both this key a made past we of our are People a year. and to

our we the month, will CEO of begin Next planned transition orderly role.

also of successive has of those plan Each the as strategic until anticipated growth year. growth. that past phases drivers defines Our phases of this and occurred

growth the sales We for provide years. driver key XXXX to expected of next and both whiskey aged few incremental the to increased of be growth

we volatile the branded growth of in accelerate volume Due expansion, growing sales the margin our plan forecast reduced our to its profit implementation of pace of phase and next U.S., cycle annual predictable for to our and initiative.

of growth, will While initiative. provide on incremental brands our we begin greater phases to place drivers continue emphasis key to we anticipate a the MGP to previous

including In Eight XXXX, Blended offerings. we added brands new edition and portfolio, Sand to & limited well-received our several Bourbon

District Texas, are we that geographic Maryland having of impact We per to our our point and Connecticut, the brands see also started expanded sales of and Most during footprint Columbia. a into evidence our year, launching increased efforts driving positive importantly, the distribution. retail also velocity marketing strong both distribution and

grew compared we by XXXX. While rates growth in again still sales last and as small, more than year, double-digit to solid total XX% expect

credit in including we Our MGP evaluating strengthen our sheet as opportunities financial and acquisition strong balance enhanced markets. plan, execute position facility our flexibility provide additional strategic growing growth that newly

strengths in no of grow. believe Due parts growth there leverage to disappointed volatility our our We share both do the better making investors' help to are XXXX will our and help We inherent business, to desire bullet refinements to predictability. of improving results. more results is silver the deliver we are predictable tactical us and us

believe on focus the establishment help. and we expectations and drivers key growth of in clearer this our our However, regarding that improving continual area will growth

continue We be the term. focused on long to

We have to against beyond. our strategy and support are strong and resources confident the and foundation XXXX have guidance we future built that to deliver a growth

ready of question-and-answer are to we Operator, portion remarks. prepared our call. the concludes That begin the

Operator

question will from come Group. Craig-Hallum [Operator Instructions]. And first our of Fuhrman Alex Capital

Alex Fuhrman

transactions bit wanted in I on the have and they been, give a that and larger fourth nature smaller or to Can were the of more color transacted of customers brands the about us aged transactions ask not they to failed those quarter. whiskey you little it were, whether craft types in be there why multinationals? many what of how terms might customers materialize

Augustus Griffin

Alex. I'd couple like of clarify Thanks, A points to Yes. there.

our first First four of of XXXX year-old was products. all, year selling

So we're along new some the there. venture Obviously, really on learned starting a we way. things

less a very third hit We going number we've we of sales confidently transact our the quarter, required of When we end the it the dozen. the year. stated we thought was for - than guidance that said to full at to were

most hard along and we were Some transaction of them very the so in We We - learned lessons December. in process established were confident further some were customers. of forth. them

the certainly delays, Some came things in funding had were of pushing thought going sale issues to that up, the We just off, do past, evaporate. we've they happen. people we - had X

Sometimes, we sell who a somebody company to to sells else.

only Some might with of X smaller like the to deal customers supplier.

And it a one customer evaporated, a of to a We sale that really - essence, of that so. what a just we customer customer. so had a viable since begin don't customer, it's we thought with? was in know was certainly So

had they'd them, can't customers get solutions. I have we than had that we've found we - of transact, several ongoing go didn't and relationships those much can't other too too business into because then people because detail much off more people And we that. put with specifics so into temporary

think that control, that we our are are we going in can't that that and things realized things there's not that continual key so was forecast. include takeaway I the from we unpredictable to

Alex Fuhrman

quarter? that that, makes that quarter, just sales why all your And to return in sense if correctly. that to And in It the gives but will were what segment confidence return I like, fourth heard down a a of growth distillate have the been XXXX, then also fourth growth? give down fill a Can sense. new that us it's would you expectation if heard minute. you sales of segment the lot to in fill just sounds That will Okay. turning that, for correctly, new you I new

Augustus Griffin

certain and And these was contracts customers been excess had XXXX of their before, One even working above ordering these distillate they contractual contractual inventory. the our contracts do temporary had - back we've to said always new because drop on of who inventory. simply as customers is impacts found off sales really, excess some during larger only themselves through they the thing they in they a ordering little where a requirement had can their requirement bit. their situation down And on

marketplace, So in the that for too big up as much it up drop. but doesn't show rather us, a shows

of think So the towards hope towards we're we getting end that. the end of getting we're We that.

distillate in think are new one that do again, 'XX, look of underlying sales the that And through drivers people year-to-year to rebound important trend of drops from will to But I our grow the our it's opposed primary recoveries. we at and we distillate as new working sales the softness so XXXX - excess inventory. as think being

Operator

next will come with from our And Chappell SunTrust. Bill question

William Chappell

competition. I until numerous different want distillate took to heard trying it? we now company to realized that one, that and new go seems I'm back to December fourth new realized, understand, things why the distillate. explanations before in it were you year down Because it why in-sourcing was of following just filing and the the the it's throughout kind the quarter, of that

And it's not you of so it's this year? December we did year. have this that rebound didn't until mind, going that Why I in think with internally? year? should why going rebound what Do to us you And any comfortable should to seem like you it forecasting you get that confidence not see give abilities that? caught mean it last

Brandon Gall

is at performance fourth our lot QX, failed either to for to December in of in the spoke a the distillate realization Yes. place when the new transact. And through, completely as about based Bill, be total year the that's took The on the quarter. asked time already all transactions was aged we when Even call really around expect on QX, aged. the or Brandon. And of was Gus this response almost in up brown

was distillate seen year. the the It that did surprise QX So to in not us. was continuation had we down in new soft rightsizing already up just to that a fact point of that the

year. communicated are There as are into various and have that is, that us for we what are some the have customers. we different reasons. had have they we up into gives that XXXX, What's to that's go And ramp confidence going going ratcheted then with conversations our back there some

down are do a portion under to the we all there those also things a of have get. that and confidence lot still after sales our go looking button large have who sales new are and of that are hit the get back that out contract, us put those pause together but - a in. does We to distillate year, But that customers give

William Chappell

clear. be to just But

that time were You last confident this would it year grow.

on conversations and so happen. that commitments, based And and didn't

is anything So last this time different there from year?

Augustus Griffin

Are you talking new distillate?

William Chappell

New distillate.

Augustus Griffin

Yes.

last year, realize time went customers inventory. the those And confident. we we of think the I working very through, excess were through the to began year impact this as

what again, understand, We for the through it's last certainly a opposed supply of tiers, target I as part all overall year just analysis, over that also, not not it's we - on got January actually with We the market, craft everybody to the handle segments. just is. and the subset it's to better think our rye. and And the important all

a people bigger I it's it's a most So category much think than much realize. broader -

We a As missed third during was that, of particularly we us the talked quarter was we me, grow excuse - what was and second We Brandon any big probably the so XXXX we aged. exaggerated for didn't And to weren't fourth in said, for new going quarter excess give the said about year. that guidance talked was the into then quarter, we inventory. fourth - optics - third confidence quarter, the distillate. going the

looks So quarter-to-quarter bad. particularly the comparison

year to were figure excess light, - of so trying to working inventories, working XXXX, out to were - where aware excess through that, versus inventories But to how the versus project the year, we we through last your of that. during people question, customers came

growth of did underlying we that the So better last have than better subset we handle that rate the addressed at this have we on certainly point a and we a handle on year.

William Chappell

I to new questions got on And stick aged, but on distillate. again want some I've

your said release don't believe is thing other you The you has position in the competitive changed.

the you - aren't if are you such Then upstarts scale aren't have cost past, talking winning And as you customers. quality. customers? to new just existing said your so Why because out lowest trying why have advantage business new the business you've not from player share you're understand, you? the I'm and more losing fair more than winning that there? taking about you I'm of other But why in

Augustus Griffin

were winning new glad that And not we as Yes. customers, would many we're increasing I'm question. And focus, losing again, volume as about we Great our specific are our customers share. - not you don't we towards it's like. because, focus gaining we're putting

forward. think I fight, advantages weren't has little we - It's share. and being volume much are really realize in don't to that we our the the this to into focus. making a been we to understanding and to going turned more focus were will change bit that full late sure have in sure a as we very And on make our may gain share we position more marketplace we're we of going our and competitive - a leveraging now

William Chappell

get guidance? aged an XXXX on that And so, that, if any of will in fully clarify, aged do then there I I the want to is your side, expectation sales just confident And how so happen?

Augustus Griffin

Yes. were in fully there Yes. sales of aged, XXXX, too. Again,

understand we sold I it's So important people have to to think X-year-old. that

forecast, we sell said if fourth we forward. leftover. all third XXXX, do those wouldn't so of we leftover. Obviously, through sales we XXXX have have and the much, the XXXX quarter, X-year-old had if for have leftover. going any, projected will we come We continue will to as quarter through that In XXXX these didn't Obviously, come sales we X-year-old

only So have X-year-old, we some also X-year-old. we have not

guess - our learning experience. from a I taking are We very

on We are is - that aged. for overly and making are - not in getting we're things sure most what projecting we being predictable overly we confident not feel basing what

being that export. think increase most increase said and we've in we powered modestly, So of coming by from increase export, will it

talk we bear about our us in us begin this fruit heard increasing export, and our investment year. manpower that You've will investment, think to

make very forecast to U.S. want happen, we and so are volatility as not saying predictable, a our a, I annual Again, aren't acknowledging that approach won't to they is much taking increases, market. possible. the we increases in as but can And we're volumetric volumetric cautious they sure think, reduce the

William Chappell

have in put And away in missed amount XXXX? And to quarter? plans the meaningful away inventory put then I you might Did there it. are fourth a aged

Augustus Griffin

Yes.

because ended inventory for And versus - that put up net away we we remember, that as much with sold. the a So the had forecasted didn't we simple away. net fact right, we higher fourth what number, is put quarter for, we sell number as what meant a

net in that the - simply because that had So had was didn't than that forecast the quarter anticipated, than increase had was we that away, planned. higher put fourth transact higher we sales we we

said in sales we for aged the were equilibrium have We approaching that U.S.

close U.S. are we're part aged is think reducing It's for there. So our us forecast we getting versus a pretty important. prior reducing that's Again, reducing, sales of the that our - to due forecast into and market our forecast.

were much - in the standard heard our us past the pretty every year we reducing So long-term export, sales incremental aged to of about we require continue away always which of brands. will would But put we to a we whiskey We more aged think bills. going we're still sell. away support What quantity increases talked growth own the some mash think new going do sell the to forecast. away. also put there. And to that we're our expecting you've in demand put is And of

William Chappell

one Last me. for

even just off negotiating understand. guidance went we to and you tools. customers your and the of said through past were I I'm trend and of kind So year, mean trying playing

that like you the make it make than does the assets have as public the sense. to I it and more Why enough a - be where seems now it have and no you have capital debt. to of valuation company, because sense - be You mean is right honest? to valuation stock much doesn't why not

trying So it understand just to does. I'm why

Augustus Griffin

in growth I our And have all strategy. starting out phases goes uses back we of XXXX to that have think we out in of that believe capital. long-term really played The laid much of except growth. longer for more give as anticipated, and was phase of pretty this both thought aged us growth we going incremental last where it growth a to bump with

phase is - where next growth, for the brands. think - pay uses And phase off of funds. of - and very the of that's strongly of primary growth feel one think accelerating and we'll implementation we we that of will that, in our long-term really that our own We investors the

Operator

back This to to the closing Griffin, would ahead, Executive turn I any Officer, session. sir. remarks. go concludes Chief for our Gus question-and-answer Please conference over like

Augustus Griffin

and you quarter. full look for year for your first company and to fourth talking our you again quarter for call. today interest after forward us Thank with in the our We joining

Operator

conference The has concluded. attending today's now Thank you presentation. for

disconnect. now You may

MGP Ingredients (MGPI) 26 Feb 202019 Q4 Earnings call transcript