March 13/Atchison, Kan./PRNewswire -- MGP Ingredients Inc. (MGPI) reported financial results for the second quarter and six months ended December 31, 2011. As previously announced, the company changed its fiscal year end to December 31 from June 30. As a result, the six months ended December 31, 2011, represent a transition period, with the next fiscal year covering the period from January 1, 2012, through December 31, 2012.
Net income for the six month period ended December 31, 2011, includes a $13 million purchase gain and an $8.3 million tax benefit associated with the acquisition of LDI's Distillery Business, partially offset by operating losses in distillery products, ingredients solutions and other segments, including an impairment charge on long-lived assets and a loss related to joint venture operations.