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  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2017-01-12 00:00:00",
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      "text": "With stagnant sales, MGPI’s inventory turnover has been falling for many quarters, and yet its gross margins are near record highs.",
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      "text": "Quarterly Inventory Turnover Plunging...",
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      "text": "inventory turnover: 3.7x",
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      "text": "With stagnant sales, MGPI's inventory turnover has been falling for many quarters, and yet its gross margins are near record highs. The Company does not disclose how much older and higher margin whiskey may be sold off to support current margins. MGPI has also attributed recent gross margin increases to \"plant efficiencies,\" but then had a chemical hazard, which sent innocent people to the hospital a month later.",
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      "text": "Source: MGPI Financial Filings. Defined as LTM Cost of Goods Sold / Average LTM Total Inventory",
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