PRESS RELEASE
Published on
[Company Logo Omitted] News Release
1300 Main Street, P.O. Box 1300 * Contact: Steve Pickman or Nate Cairney
Atchison, Kansas 66002-0130 at 913-367-1480
913.367.1480 * 800.255.0302 * Fax 913.367.0192
www.mgpingredients.com * Symbol/Market: MGPI/NASDAQ
FOR IMMEDIATE RELEASE: MGP INGREDIENTS BOARD
AUTHORIZES STOCK BUY BACK
ATCHISON, Kan., December 9, 2002--The Board of Directors of MGP
Ingredients, Inc. (MGPI/Nasdaq) has authorized management to buy back up to 1
million shares of the company's common stock in open market and private
transactions. This authorization is in addition to previous stock repurchase
authorizations totaling 2 million shares. To date, the company has purchased
1,830,818 shares under the earlier authorizations.
The stock repurchase program contemplates that repurchases will be made in
accordance with Rule 10b-18 promulgated under the Securities Exchange Act of
1934. There is no assurance as to the actual number of shares that the company
will repurchase, and the company may suspend or cancel the program at any time
or from time to time. Purchases will depend on market conditions. Shares
purchased will be used to fund the company's stock incentive plans and for other
corporate purposes.
MGP Ingredients, Inc. is a leading producer and marketer of value-added
proteins and starches derived primarily from wheat. In addition, the company
produces natural food grade alcohol for use in beverage, food and industrial
applications, and fuel grade alcohol, commonly known as ethanol. The company is
headquartered in Atchison, Kan., and owns and operates production facilities at
that location, in Pekin, Ill., and Kansas City, Kan.
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