Market Newsdesk

GERMANTOWN, Md., May 05, 2021 (GLOBE NEWSWIRE) — Orgenesis Inc. (NASDAQ: ORGS) (“Orgenesis” or the “Company”), a global biotech company working to unlock the full potential of cell and gene therapies, today announced that it plans to host a conference call at 8:30 AM Eastern Time on Friday, May 7, 2021 to discuss the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll free 888-506-0062 for U.S. callers or for international callers +1 973-528-0011 and using entry code 173027. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2585/41278 or on the Company’s Investor Events section of the website here.

A webcast replay will be available on the Company’s Investor Events section of the website (https://ir.orgenesis.com/events#/) through Saturday, May 07, 2022. A telephone replay of the call will be available approximately one hour following the call, through Friday, May 21, 2021 and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 41278.

About Orgenesis

Orgenesis is a global biotech company working to unlock the full potential of cell and gene therapies (CGTs) in an affordable and accessible format at the point of care. The Orgenesis POCare Platform is comprised of three enabling components: a pipeline of licensed POCare Therapeutics that are processed and produced in closed, automated POCare Technology systems across a collaborative POCare Network. Orgenesis identifies promising new therapies and leverages its POCare Platform to provide a rapid, globally harmonized pathway for these therapies to reach and treat large numbers of patients at lowered costs through efficient, scalable, and decentralized production. The POCare Network brings together patients, doctors, industry partners, research institutes and hospitals worldwide to achieve harmonized, regulated clinical development and production of the therapies. Learn more about the work Orgenesis is doing at www.orgenesis.com.

Contact for Orgenesis:

David Waldman
Crescendo Communications, LLC
Tel: 212-671-1021

MOUNTAIN VIEW, Calif., May 05, 2021 (GLOBE NEWSWIRE) — StarTree, Inc. today announced $24 million in Series A funding to build and offer a cloud analytics-as-a-service platform built around Apache Pinot™, which is uniquely designed to serve up fresh analytics at scale with low latency for thousands or millions of users. StarTree was founded by Apache Pinot’s creators, who built and operated the real-time analytics platform at LinkedIn and Uber. Apache Pinot has now been proven at scale by LinkedIn, Stripe, Uber, Walmart, Weibo, WePay and many others. StarTree will use the investment to spur broad adoption of user-facing analytics, as progressive data-driven companies provide real-time insights to customers and business partners to grow their engagement and revenue.

The Series A funding was led by Bain Capital Ventures and GGV Capital, with investment from existing investor CRV. StarTree previously raised $4 million seed funding in November 2019, led by CRV with additional investment from LinkedIn and a who’s who of individual investors: Neha Narkhede, co-founder at Confluent; Gokul Rajaram, DoorDash executive and Coinbase board member; Jason Warner, CTO at GitHub; Igor Perisic, Chief Data Officer at LinkedIn; Raghu Hiremagalur, CTO at LinkedIn; Jason Forget, CRO at Redis Labs; and Chet Kapoor, CEO at DataStax.

“From LinkedIn to Uber to Stripe, the most innovative companies increasingly provide real-time analytics as part of their applications,” said Glenn Solomon, managing partner at GGV Capital. “Providing scalable insights to users and customers serves as a strong competitive advantage, fueling more engagement and more revenue. Our research has shown that Apache Pinot is the highest performance real-time analytics platform in the market, putting StarTree in the unique position to democratize data for all users. We’re excited to back this incredible team.”

StarTree’s investors believe that user-facing analytics will grow into a multi-billion dollar market opportunity. Examples of user-facing analytics include more than 50 LinkedIn products, all powered by Apache Pinot, ingesting millions of events per second and serving more than 150,000 queries per second at millisecond latency. Sample applications include LinkedIn’s Who Viewed My Profile, LinkedIn’s Company Analytics and UberEats Restaurant Manager.

“Real-time analytics are moving beyond the enterprise, as digital pioneers increasingly see value in exposing insights to their customers, partners and franchisees,” said Enrique Salem, partner at Bain Capital Ventures. “That creates new pressure on existing data infrastructures, which are inadequate for real-time use cases. Data warehouses, data lakes and stream processing systems are all part of the modern data stack, but enterprises still need better ways to federate and serve up fresh analytics at scale with low latency. We believe a new generation of real-time OLAP data stores will meet the need, and StarTree is well positioned to become the category leader based on their groundbreaking work with Apache Pinot.”

“StarTree represents one of the best early technical teams I’ve ever seen in my venture career,” said Max Gazor, General Partner at CRV which led the Series Seed round in the company. “Under Kishore’s leadership, the company has very quickly built the market’s leading real-time data platform that companies of all sizes can leverage.”

Using Analytics to Fuel Customer, Partner and Member Engagement

“While at LinkedIn, I saw the positive impact that Apache Pinot and Apache Kafka delivered,” said Neha Narkhede, co-founder of Confluent and former lead engineer at LinkedIn. “The high-throughput, scalable, real-time analytics made possible by Pinot created new opportunities for LinkedIn and our members, driving improved engagement, delivering new features, and enabling every member direct access to their user analytics. I am excited to now support the commercial rollout of Apache Pinot through the work of StarTree, which will further democratize data analytics and the value enterprises create from their massive and growing data stores.”

“Apache Pinot revolutionized the way LinkedIn thinks about data analytics and delivers value to our members and customers through highly dimensional, near-real-time insights,” said Igor Perisic, Chief Data Officer, LinkedIn. “Member experiences, such as ‘Who Viewed My Profile’ data, have been enabled at scale thanks to Pinot’s performance profile. As the first company to use this technology, we are thrilled to see StarTree moving quickly toward commercialization so the rest of the world can reap similar benefits from the platform.”

Delivering Real-Time Data for More Users and Use Cases

StarTree’s founding team brings more than 40 years of combined experience building and operating distributed systems serving billions of users, and includes engineering leaders who developed Apache Pinot and Apache Helix, as well as other open-source projects including ThirdEye, Espresso and Samza.

“Businesses struggle to fully realize the value of their massive and growing data,” said Kishore Gopalakrishna, co-founder and CEO of StarTree. “StarTree meets that challenge by meaningfully expanding the types of people who can access and act on real-time data. With StarTree, all technical and non-technical users can make better decisions with the most up-to-date information. We are thrilled to work with top investors like Bain Capital, GGV and CRV to bring our vision to life, as we help businesses reimagine what’s possible with their data.”

StarTree’s commercial product is built on the same real-time distributed OLAP data store as Apache Pinot. The data store can ingest from batch data sources (such as Hadoop HDFS, Amazon S3, Azure ADLS, Google Cloud Storage) as well as stream data sources (such as Apache Kafka). The software-as-a-service product will be designed for analysts, data scientists and developers to build enterprise applications and business intelligence systems.

For more information about StarTree and Apache Pinot and to sign up for updates, please visit https://www.startree.ai/.

About StarTree

StarTree believes that all decision-makers – from the C-suite to the end-user – deserve the benefit of timely, data-driven insights. StarTree is the real-time analytics platform that brings together the scale, freshness, speed, and ease of use necessary for any company to make that vision a reality. Founded by the creators of Apache Pinot™, StarTree’s technology has been proven at scale at leading companies such as LinkedIn, Uber, Stripe and Walmart. The company is backed by Bain Capital Ventures, GGV Capital and CRV. To learn more, please visit https://www.startree.ai/.

About Bain Capital Ventures

Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Lime, LinkedIn, Redis Labs, Rent the Runway, SendGrid and SurveyMonkey. Bain Capital Ventures has $6.1 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.

About GGV Capital

GGV Capital is a global venture firm that invests in local founders, managing $9.2 billion with investments in the United States, Canada, China, Southeast Asia, India, Latin America, and Israel from offices in Silicon Valley, San Francisco, Singapore, Shanghai, and Beijing. As a multi-stage, sector-focused firm, GGV Capital invests in seed-to-growth stage companies across three sectors: Social/Internet, Enterprise Tech, and Smart Tech. Over the past two decades, the firm has backed more than 400 companies around the world, including Affirm, Airbnb, Alibaba, Big Commerce, Boss Zhipin, Grab, HashiCorp, Hello, JD MRO, Keep, Kujiale, Manbang, NIU, Opendoor Technologies, Peloton, Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, Wish, Xpeng, Zendesk, Zuoyebang, and more. More information at www.ggvc.com and @ggvcapital.

Media Contact:
Ashley Paula-Legge
Big Valley Marketing for StarTree
(707) 972-0073 
[email protected]   

DURHAM, N.C., May 05, 2021 (GLOBE NEWSWIRE) — Heat Biologics,Inc. (“Heat”)(NASDAQ:HTBX), a clinical-stage biopharmaceutical company focused on developing first-in-class therapies to modulate the immune system, including multiple oncology product candidates and a novel COVID-19 vaccine, today provided financial, clinical and operational updates for the first quarter ended March 31, 2021.

Jeff Wolf, Chief Executive Officer of Heat, commented, “We continue to make tremendous progress on our clinical programs, including both our oncology program and COVID-19 vaccine program, which we recently advanced into scale-up manufacturing. We are currently reviewing a variety of possible Phase 3 registration settings for HS-110 in combination with checkpoint inhibitors, following positive interim data from our Phase 2 trial in patients with advanced non-small cell lung cancer (NSCLC).”

“We recently announced promising new preclinical data around PTX-35, our potential first-in-class T-cell co-stimulatory antibody at the AACR Annual Meeting 2021. We are completing enrollment in our Phase 1 PTX-35 trial in patients with solid tumors and expect to share interim data later this year.”

“Finally, we have maintained a solid balance sheet with over $128 million of cash and short-term investments, which should provide us substantial runway to fund our current clinical programs and further expand our therapeutic portfolio. Moreover, we believe that upcoming catalysts and milestones have the potential to drive significant shareholder value in 2021,” concluded Mr. Wolf.

First Quarter 2021 Financial Results

• Recognized $0.5 million of grant revenue for qualified expenditures under the CPRIT and NIH grant compared to $0.9 million of grant revenue for the same period last year. The decrease in grant revenue in the current-year period primarily reflects the expected timing of completion of deliveries under the current phase of the contracts. As of March 31, 2021, we had deferred revenue of $0.09 million for CPRIT proceeds received but for which the costs had not been incurred or the conditions of the award had not been met.
• Research and development expenses was $3.4 million and $2.8 million for the three months ended March 31, 2021 and 2020, respectively.
• General and administrative expense was $4.8 million and $3.3 million for the three months ended March 31, 2021 and 2020. The increase was primarily due to stock compensation expense.
• Net loss attributable to Heat Biologics was approximately $7.5 million, or ($0.31) per basic and diluted share for the quarter ended March 31, 2021 compared to a net loss of approximately of $6.3 million, or ($0.77) per basic and diluted share for the quarter ended March 31, 2020.
• As of March 31, 2021, the Company had approximately $132 million in cash, cash equivalents and short investments.

About Heat Biologics, Inc.

Heat Biologics is a biopharmaceutical company focused on developing first-in-class therapies to modulate the immune system. Heat’s gp96 platform is designed to activate immune responses against cancer or infectious diseases. The Company has multiple product candidates in development leveraging the gp96 platform, including HS-110, which has completed enrollment in its Phase 2 trial, and a COVID-19 vaccine program in preclinical development. In addition, Heat Biologics is also developing a pipeline of proprietary immunomodulatory antibodies and cell-based therapies, including PTX-35 and HS-130 in Phase 1 clinical trials.

For more information, please visit: www.heatbio.com, and also follow us on Twitter.

Forward Looking Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 on our current expectations and projections about future events. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectation, and assumptions and include statements such as sharing interim data later this year from the Phase 1 PTX-35 trial in patients with solid tumors, cash and short-term investments providing Heat a substantial runway to fund Heat’s current clinical programs and further expand Heat’s therapeutic portfolio, and upcoming catalysts and milestones having the potential to drive significant shareholder value in 2021. These statements are subject to a number of risks and uncertainties, many of which are difficult to predict, including the timing of providing interim data from the Phase 1 PTX-35 trial in patients with solid tumors, ability of Heat’s vaccine platform to provide prevention and treatment of cancer and infectious diseases, such as COVID-19, the ability of Heat’s therapies to perform as designed, to demonstrate safety and efficacy, as well as results that are consistent with prior results, the ability to enroll patients and complete the clinical trials on time and achieve desired results and benefits, especially in light of COVID-19, Heat’s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, regulatory limitations relating to Heat’s ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, Heat’s ability to maintain its license agreements, the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities and its cash and short-term investments providing significant runway to fund Heat’s current clinical programs and further expand Heat’s therapeutic portfolio, its ability to continue to maintain its listing on the Nasdaq Capital Market and its ability to retain its key scientists or management personnel, and the other factors described in Heat’s annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC, and other subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and Heat undertakes no obligation to update any forward-looking statements contained in this release based on new information, future events, or otherwise, except as required by law.

Media and Investor Relations Contact

David Waldman
+1 919 289 4017
[email protected]

(tables follow)

HEAT BIOLOGICS, INC.

Consolidated Balance Sheets

HEAT BIOLOGICS INC.

Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

ATCHISON, Kan., May 05, 2021 (GLOBE NEWSWIRE) — MGP Ingredients, Inc. (Nasdaq:MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, today reported results for the first quarter ended March 31, 2021.

• Consolidated sales increased 9.3% to $108.3 million, as a result of double-digit growth in premium beverage alcohol within the Distillery Products segment.
• Consolidated gross profit increased 39.2% to $32.3 million, representing 29.8% of consolidated sales, due to improved gross profit in the Distillery Products segment.
• Consolidated operating income increased 49.6% to $20.5 million, inclusive of Luxco acquisition related costs.
• Non-GAAP operating income increased 56.7% to $22.4 million, exclusive of Luxco acquisition related costs.
• Earnings per share (“EPS”) increased to $0.90 per share from $0.57 per share, primarily due to higher operating income.
• Non-GAAP EPS increased to $1.01 per share from $0.61 per share, exclusive of Luxco acquisition related costs.

“We are very pleased with our continued momentum this quarter, which has again yielded record consolidated results,” said David Colo, president and CEO of MGP Ingredients. “Sales of premium beverage alcohol increased 31.1%, while brown goods sales grew 49.3% from last year, primarily due to higher aged whiskey and new distillate sales. As expected during the quarter, we experienced some temporary softness in our Ingredient Solutions segment primarily due to a natural gas curtailment that impacted approximately two weeks of production in February; however, we anticipate improved results in the second quarter as we have cycled past the weather related events in the first quarter.

“Integration of our recently completed acquisition of Luxco is well underway, and on track to achieve the synergy expectations we shared earlier in the year. Additionally, we anticipate fully transitioning our legacy MGP brands into the Luxco sales and marketing organization during the second quarter, which will be reflected in our quarterly results and reported under the Branded Spirits segment going forward,” continued Colo.

Distillery Products Segment – Brown Goods Sales Grew 49.3% Led by Strong Aged Whiskey Sales

In the first quarter of 2021, sales for the Distillery Products segment increased 11.5% to $89.2 million, reflecting a 31.1% increase in sales of premium beverage alcohol, primarily due to higher aged whiskey and new distillate sales. Gross profit increased to $28.3 million or 31.8% of segment sales, compared to $18.2 million, or 22.8% of segment sales in the first quarter 2020.

“We posted another record quarter in the Distillery Products segment, primarily driven by strong aged whiskey and new distillate sales, as a result of the continued robust consumer demand for our premium beverage alcohol offerings,” said Colo. “The macro consumer trend supporting the ongoing growth of the American Whiskey category remains solid, which is confirmed by the demand we’re experiencing from new and existing brown goods customers.

“As for industrial alcohol products, we are seeing improved pricing and margins following contract negotiations but anticipate spot market margins will normalize and return to historical levels as demand moderates and additional supply enters the market over the next several quarters.”

Ingredient Solutions Segment

For the first quarter of 2021, sales in the Ingredient Solutions segment increased 0.3% to $19.1 million. Gross profit declined to $4.0 million, or 20.7% of segment sales, compared to $5.0 million, or 26.0% of segment sales in the first quarter 2020.

“As expected, this quarter’s results do not properly reflect the solid demand we continue to experience in the Ingredient Solutions segment,” said Colo. “Despite the temporary natural gas curtailments, we finished the quarter with strong sales and margins in March and anticipate improved results in the second quarter as we have cycled past the weather related events in the first quarter. We believe our diverse customer base and product offering continue to be aligned with strong consumer trends.”

Other

MGP experienced a fire at the Atchison facility during the fourth quarter 2020, which damaged feed drying equipment and caused a temporary loss of production time. During the first quarter, the Company recorded a $3.6 million partial settlement from its insurance carrier and is working to construct a replacement drying system that is anticipated to be operational in the fourth quarter of 2021.

Corporate selling, general and administrative (“SG&A”) expenses for the first quarter 2021 increased $2.3 million to $11.8 million as compared to the first quarter 2020, primarily driven by the Luxco acquisition related costs.

The corporate effective tax rate for the quarter was 23.0% compared with 24.7% in the year ago period, primarily due to additional tax credits recognized as a result of the new drying system investment.

EPS increased to $0.90 for the first quarter 2021, compared to $0.57 for the first quarter 2020. First quarter 2021 non-GAAP EPS increased to $1.01 per share from $0.61 per share, exclusive of Luxco acquisition related costs, as compared to the prior year period.

2021 Outlook

MGP is offering the following guidance for fiscal 2021, excluding Luxco’s financial results and acquisition related costs:

• 2021 adjusted sales growth is projected in the 0% to 2% range versus 2020.
• The Company’s estimate of growth in adjusted operating income in 2021 is 7% to 12%.
• Adjusted earnings per share are forecasted to be in the $2.05 to $2.15 range, with shares outstanding expected to be approximately 22.0 million at year end.

Adjusted sales growth reflects reduced sales of third-party industrial alcohol and reduced average selling prices resulting from selling wet versus dried distillers grains by-products. Full year adjusted earnings per share guidance includes the impact of the 5.0 million shares issued in connection with the Luxco acquisition, while the first quarter earnings per share results were calculated based on 17.0 million shares outstanding prior to the transaction’s close.

The Company anticipates providing 2021 consolidated guidance inclusive of Luxco as part of the second quarter earnings announcement, at which point MGP will have completed the finance and accounting requirements associated with the transaction.

Conclusion

“While we are off to a strong start to the year, we remain conscientious of the uncertainty the pandemic brings and how its lingering effects might impact results,” said Colo. “We remain committed to the execution of our long-term growth strategy, further building on the momentum from last year. We recently achieved a significant milestone in our strategic plan with the completion of the Luxco acquisition. The newly combined company will greatly expand our portfolio of higher value-added branded spirits from coast to coast. We now have three business segments that are uniquely aligned with strong consumer trends, which we believe will create long-term and sustainable shareholder value.

“Inventory of aging whiskey declined $6.7 million from the fourth quarter to $98.7 million, at cost, at the end of first quarter 2021, reflecting strong sales of aged whiskey and reduced put-away of whiskey for aging. We are very pleased with the continued execution of this critical component of our long-term strategy. Our library of various mash bills and vintages has truly enabled MGP to provide additional value to customers while contributing significant levels of profit and cash flow for the company.”

Conference Call and Webcast Information

MGP Ingredients will host a conference call for analysts and institutional investors at 10 a.m. ET today to discuss these results and current business trends. The conference call and webcast will be available via:

About MGP Ingredients, Inc.

MGP Ingredients, Inc. (Nasdaq: MGPI) is a leading producer of premium distilled spirits, branded spirits, and food ingredient solutions. Since 1941, we have combined our expertise and energy aimed at formulating excellence, bringing product ideas to life collaboratively with our customers.

As one of the largest distillers in the U.S., MGP’s offerings include bourbon and rye whiskeys, gins, and vodkas, which are created at the intersection of science and imagination, for customers of all sizes, from crafts to multinational brands. With U.S. distilleries in Kentucky, Indiana, Kansas, and Washington D.C., and bottling operations in Missouri, Ohio, and Northern Ireland, MGP has the infrastructure and expertise to create on any scale.

MGP’s branded spirits portfolio covers a wide spectrum of brands in every segment, including iconic brands from Luxco, which was founded in 1958 by the Lux Family. Luxco is a leading producer, supplier, importer and bottler of beverage alcohol products. Our branded spirits mission is to meet the needs and exceed the expectations of consumers, associates and business partners. Luxco’s award-winning spirits portfolio includes well-known brands from five distilleries: Bardstown, Kentucky-based Lux Row Distillers, home of Ezra Brooks, Rebel, Blood Oath, David Nicholson and Daviess County; Lebanon, Kentucky-based Limestone Branch Distillery, maker of Yellowstone Kentucky Straight Bourbon Whiskey, Minor Case Straight Rye Whiskey and Bowling & Burch Gin; Jalisco, Mexico-based Destiladora González Lux, producer of 100% agave tequilas, El Mayor, Exotico and Dos Primos; MGP’s historic distillery in Lawrenceburg, Indiana, where the George Remus Straight Bourbon Whiskey and Rossville Union Straight Rye Whiskey are produced; and the Washington, D.C.-based Green Hat Distillery, producer of the Green Hat family of gins. The innovative and high-quality brand portfolio also includes Everclear Grain Alcohol, Pearl Vodka, Saint Brendan’s Irish Cream, The Quiet Man Irish Whiskey and other well-recognized brands.

In addition, our Ingredient Solutions segment offers specialty proteins and starches that help customers harness the power of plants and provide a host of functional, nutritional and sensory benefits for a wide range of food products.

The transformation of American grain into something more is in the soul of our people, products, and history. We’re devoted to unlocking the creative potential of this extraordinary resource. For more information, visit mgpingredients.com.

Cautionary Note Regarding Forward-Looking Statements

The forward-looking statements contained herein include, but are not limited to, statements about the expected effects on MGP Ingredients, Inc. (“the Company”) of the recent acquisition of Luxco, Inc. and its affiliates (“Luxco”), anticipated earnings enhancements, synergies and other strategic options. Forward looking statements are usually identified by or are associated with such words as “intend,” “plan,” “believe,” “estimate,” “expect,” “anticipate,” “hopeful,” “should,” “may,” “will,” “could,” “encouraged,” “opportunities,” “potential,” and/or the negatives or variations of these terms or similar terminology.

These forward-looking statements reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance, and Company financial results and financial condition and are not guarantees of future performance. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, among others: (i) the ability to realize the anticipated benefits of the acquisition of Luxco; (ii) the ability to successfully integrate the businesses; (iii) disruption from the acquisition of Luxco making it more difficult to maintain business and operational relationships; and (iv) significant transaction costs and unknown liabilities. Additional factors that could cause results to differ materially include, among others, (i) disruptions in operations at our Atchison facility, our Lawrenceburg facility, or any Luxco facility, (ii) the availability and cost of grain, flour, and agave, and fluctuations in energy costs, (iii) the effectiveness of our grain purchasing program to mitigate our exposure to commodity price fluctuations, (iv) the effectiveness or execution of our strategic plan, (v) potential adverse effects to operations and our system of internal controls related to the loss of key management personnel, (vi) the competitive environment and related market conditions, (vii) the impact of the COVID-19 pandemic, (viii) the ability to effectively pass raw material price increases on to customers, (ix) our ability to maintain compliance with all applicable loan agreement covenants, (x) our ability to realize operating efficiencies, (xi) actions of governments, and (xii) consumer tastes and preferences. For further information on these and other risks and uncertainties that may affect our business, including risks specific to our Distillery Products and Ingredient Solutions segments, see Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

Non-GAAP Financial Measures

In addition to reporting financial information in accordance with U.S. GAAP, the company provides certain non-GAAP financial measures that are not in accordance with, or alternatives for, GAAP. In addition to the comparable GAAP measures, MGP has disclosed adjusted operating income, adjusted income before taxes, adjusted net income, adjusted MGP earnings, and basic and diluted adjusted earnings per share. The presentation of non-GAAP financial measures should be reviewed in conjunction with operating income, income before taxes, net income, net income attributable to common shareholders and basic and diluted earnings per share computed in accordance with U.S. GAAP and should not be considered a substitute for these GAAP measures. The non-GAAP adjustments referenced in the section entitled “Reconciliation of Selected GAAP Measures to Non-GAAP Measures,” take into account the impacts of items that are not necessarily ongoing in nature and/or predictive of the Company’s operating trends. We believe that these non-GAAP measures provide useful information to investors regarding the company’s performance and overall results of operations. In addition, management uses these non-GAAP measures in conjunction with GAAP measures when evaluating the Company’s operating results compared to prior periods on a consistent basis, assessing financial trends and for forecasting purposes. Non-GAAP financial measures may not provide information that is directly comparable to other companies, even if similar terms are used to identify such measures. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

For More Information

Investors & Analysts:
Mike Houston
646-475-2998 or [email protected]

Media:
Greg Manis
913-360-5440 or [email protected]

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(a)   MGP Earnings has been defined as “Net income attributable to common shareholders and used in EPS calculation.”

(b)   The Business acquisition costs are included in the Condensed Consolidated Statement of Income within the Selling, general and administrative line item. The adjustment includes transaction and integration costs associated with the Luxco acquisition.

(c)   The CEO transition costs are included in the Condensed Consolidated Statement of Income within the Selling, general and administrative line item. The adjustment includes additional employee related costs in connection with the transition of CEOs.