February 10/Atchison, Kan./News Bites U.S. Markets -- MGP Ingredients Inc. reported net income of $3,242,000, or $0.18 in diluted earnings per share, for the second quarter of fiscal 2011, which ended December 31, 2010. This compares with net income of $4,778,000, or $0.29 in diluted earnings per share, for the second quarter of the prior fiscal year. Income from operations for the second quarter of fiscal 2011 increased to $4,344,000, compared with $504,000 a year ago. Net income for the second quarter of fiscal 2010 included several one-time items, the most significant of which was an income tax benefit of $4,659,000. The year-ago results also included a loss of $3,047,000 related to the formation of the company's distillery joint venture, Illinois Corn Processing LLC (ICP). Total sales in the second quarter of fiscal 2011 were $57,951,000, a 21% increase from sales of $48,094,000 for the same period one year ago. The increase was principally due to higher sales of food grade alcohol.
For the first six months of fiscal 2011, net income was $8,244,000, or $0.46 in diluted earnings per share. This compares with net income of $8,516,000, or $0.51 in diluted earnings per share, for the prior year period. Income from operations for the first half of fiscal 2011 rose to $7,909,000 from $5,148,000 for the first half of fiscal 2010. Total sales for the first six months of fiscal 2011 were $114,929,000, a 17 percent increase from sales of $98,343,000 for the same period one year ago.