EXHIBIT 99.1

CORRECTING and REPLACING -- MGP Ingredients, Inc. Reports Third Quarter 2012 Results

Growth in Premium Spirits Drives Improving Product Mix

ATCHISON, Kansas, Nov. 14, 2012 (GLOBE NEWSWIRE) -- In a press release issued with the same headline on Nov. 8, 2012 by MGP Ingredients, Inc. (Nasdaq:MGPI), please note that Income (Loss) from Operations for the Year to Date Ended Sept. 30, 2012 was incorrectly reported by GlobeNewswire as $1,914 in the Consolidated Statements of Comprehensive Income (Loss) table. The correct figure should read $ (1,914). The full, corrected version of the press release follows:

Highlights

MGP Ingredients, Inc. (Nasdaq:MGPI) (the "Company") today reported results for the third quarter ended September 30, 2012. Net income of $418,000, or $0.02 per diluted share, compared favorably with a net loss of $5.5 million, or $0.33 per diluted share, in the prior year.

Net sales for the third quarter were approximately even with the same quarter a year ago. Significantly higher beverage alcohol sales were offset by a reduction in sales for certain industrial alcohol applications. The recently acquired Lawrenceburg, Indiana, distillery continues to increase production of premium spirits, including bourbon and rye whiskeys. The food ingredients segment reported lower sales for the period due to decreased volume partially offset by improved pricing.

Net income for the third quarter was favorably impacted by unrealized hedging gains as recorded in the cost of sales. This was partially offset by the record-high corn basis, combined with competitive pricing in certain industrial alcohol markets. Net income compares favorably to the same period last year in which the Company reported an operating loss of $2.6 million, including significant losses on open derivative commodity contracts. Net income for the third quarter of 2012 also included a net loss of $135,000 from the ICP joint venture, which compares favorably to the prior-year period's net loss of $2.9 million from the ICP joint venture.

Net income for the first nine months of 2012 improved to $1.4 million, or $0.08 per diluted share, compared with a net loss of $15.1 million, or $0.91 per diluted share over the same period a year ago. Net sales for the first nine months of 2012 were $247.9 million, an increase of 18.6 percent over the same period last year.

"This was the most challenging quarter of the year in our alcohol markets, characterized by record-high corn prices and increased competition from fuel alcohol producers who are facing negative margins," said Tim Newkirk, President and Chief Executive Officer. "We most likely lost some market share at the lower end of the value spectrum, which tends to be more price-sensitive. Other products performed well, which is more reflective of our unique formulations and value-added services. The decline in industrial sales for the quarter was substantially offset by growth in our premium spirits. So, while our third quarter alcohol sales were relatively flat, our profit profile actually improved due to a stronger contribution from beverages."

Post-acquisition progress continues at the Indiana distillery. Production rates have more than doubled since the company assumed ownership in December 2011. Capital improvements and cost reduction programs, including a switch to natural gas, are expected to further increase manufacturing capacity at a lower cost per unit. Newkirk added, "We've made great inroads with our line of premium spirits this year, despite the fact that most of the important year-end order activity for 2012 took place before we acquired the facility. Our new beverage sales team is encouraged by the high level of interest among our key customers."

Segment Review: Premium Spirits and Industrial Alcohol

Segment Review: Food Ingredients

Segment Review: Biopolymers

Outlook

Newkirk said, "MGP has been running on a dual track this year. We reconfigured our resources to focus on the most promising opportunities in premium spirits. At the same time, we needed to remove more impediments to generating consistent profits and returns on capital. To that end we attacked the cost side of our business through manufacturing and supply chain improvements. This will be an ongoing commitment, with targeted savings of 2 to 4 percent per year to combat cost inflation and free up capital for growth. Another critical goal was to reduce the volatility of cash flows resulting from commodity price swings. Our new sourcing agreement not only gives us a constant grain supply in tight markets, but also minimizes the financial impacts below the operating line, as could be seen in the most recent quarter."

He concluded, "With all the changes at MGP, we're really back to the heart of what has made this company successful – providing quality products from processed grains, backed by innovation and customer service. Growth initiatives in our food ingredients segment include new opportunities in protein delivery. In premium spirits we're pursuing beverage innovations, including new mash bills, flavor extensions, and barrel aging techniques.

"Our task is not without continuing challenges, but we've eliminated much of the distraction around grain pricing. The focus is now on execution. This is particularly important as we re-introduce MGP to the world of premium spirits."

About MGP Ingredients

MGP is a leading independent supplier of premium spirits to the beverage alcohol industry. The company also formulates grain-based starches and protein food ingredients targeting health and wellness applications for the branded consumer packaged goods industry. Distilled spirits are produced at facilities in the adjacent towns of Lawrenceburg and Greendale, Ind. The company is headquartered in Atchison, KS, where a variety of distilled alcohol products and food ingredients are manufactured. For more information, visit www.mgpingredients.com.

The MGP Ingredients, Inc. Logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15667

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements as well as historical information. 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 of these terms or variations of them or similar terminology. They reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results 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 statement. Investors should not place undue reliance upon forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, among others: (i) disruptions in operations at our Atchison facility, (ii) the availability and cost of grain and fluctuations in energy costs, (iii) the effectiveness of our hedging strategy, (iv) our ability to close the prospective acquisition of Lawrenceburg Distillers Indiana, LLC and to integrate the acquired operations into our own, (v) the competitive environment and related market conditions, (vi) the ability to effectively pass raw material price increases on to customers, (vii) the ability to effectively operate the Illinois Corn Processing, LLC ("ICP") joint venture, (viii) our ability to maintain compliance with all applicable loan agreement covenants, (ix) our ability to realize operating efficiencies, (x) actions of governments and (xi) consumer tastes and preferences. For further information on these and other risks and uncertainties that may affect the Company's business, see Item 1A. Risk Factors in Part II of the Company's Transition Report on Form 10-K for the six-month period ended December 31, 2011.

         
MGP INGREDIENTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
         
(unaudited) Quarter Ended Year to Date Ended
(Dollars in thousands, except per share) Sept. 30, 2012 Sept. 30, 2011 Sept. 30, 2012 Sept. 30, 2011
Gross Sales $ 76,189 $ 76,138 $ 251,882 $ 209,231
Less Excise Taxes 82 -- 3,897 107
Net Sales $ 76,107 $ 76,138 $ 247,985 $ 209,124
Cost of Sales 70,047 73,347 230,382 202,602
Gross Profit $ 6,060 $ 2,791 $ 17,603 $ 6,522
         
Selling, General and Administrative Expenses $ 6,037 $ 5,074 $ 20,070 15,644
Gain on Sale of Assets, Net (889) -- (841) --
Other Operating Costs 38 294 288 719
Income (Loss) from Operations $ 874 $ (2,577) $ (1,914) $ (9,841)
         
Gain on Joint Venture Interest -- -- 4,055 --
Other Income, Net (1) 46 3 51
Interest Expense (225) (114) (712) (206)
Equity in Earnings (Loss) of Joint Ventures (130) (2,830) 164 (5,002)
Income (Loss) Before Income Taxes $ 518 (5,475) $ 1,596 $ 14,998
         
Provision for Income Taxes 100 34 152 68
Net Income (Loss) $ 418 $ (5,509) $ 1,444 $ (15,066)
         
Other Comprehensive Income (Loss) 826 (3,520) 1,011 (532)
Comprehensive Income (Loss) $ 1,244 $ (9,029) $ 2,455 $ (15,598)
         
Basic Earnings (Loss) Per Common Share $ 0.02 $ (0.33) $ 0.08 $ (0.91)
Diluted Earnings (Loss) Per Common Share $ 0.02 $ (0.33) $ 0.08 $ (0.91)
         
Weighted Average Shares Outstanding–Basic 16,976,054 16,847,100 16,936,366 16,709,933
Weighted Average Shares Outstanding–Diluted 16,976,120 16,847,100 16,936,679 16,709,933
         
           
CONSOLIDATED BALANCE SHEET(UNAUDITED)
           
(Dollars in thousands) Sept. 30, 2012 Dec. 31, 2011 (Dollars in thousands) Sept. 30, 2012 Dec. 31, 2011
ASSETS     LIABILITIES AND STOCKHOLDERS' EQUITY    
Current Assets:     Current Liabilities:    
Cash and Cash Equivalents $ --  $ 383 Current Maturities on Long-term Debt $ 1,710 $ 1,670
Restricted Cash 129 7,605 Revolving Credit Facility 26,368 21,142
Receivables 30,294 27,804 Accounts Payable 15,094 22,704
Inventory 34,505 31,082 Accounts Payable to Affiliate, Net 2,572 6,167
Prepaid Expenses 1,737 958 Accrued Expenses 5,418 4,023
Deferred Income Taxes 4,763 6,056 Derivative Liabilities 148 3,465
Refundable Income Taxes 414 566 Total Current Liabilities $ 51,310 $ 59,171
Derivative Assets 606 1,304 Other Liabilities:    
Assets Held for Sale -- 2,300 Long-term Debt, Less Current Maturities 5,564 6,852
Total Current Assets $ 72,448 $ 78,058 Deferred Credit 3,747 4,195
      Accrued Retirement, Health and Life 5,283 6,309
      Insurance Benefits    
Property and Equipment, at Cost 189,052 185,386 Other Noncurrent Liabilities 1,460 2,144
Less Accumulated Depreciation (112,336) (108,307) Noncurrent Deferred Income Taxes 4,763 6,056
Net Property, Plant and     Total Other Liabilities $ 20,817 $ 25,556
Equipment $ 76,716 $ 77,079 Total Liabilities $ 72,127 $ 84,727
Investment in Joint Ventures 7,762 12,147 Stockholders' Equity 86,514 84,430
Other Noncurrent Assets 1,715 1,873 TOTAL LIABILITIES AND    
TOTAL ASSETS $ 158,641 $ 169,157 STOCKHOLDERS' EQUITY $ 158,641 $ 169,157
           
Capital Structure          
Net Investment in:          
Cash and Cash Equivalents $ -- $ 383      
      Financed By:    
Working Capital $ 21,138 $ 18,887 Long-term Debt* $ 5,564 $ 6,852
Property, Plant and Equipment 76,716 77,079 Deferred Liabilities 15,253 18,704
Other Noncurrent Assets 9,477 14,020 Stockholders' Equity 86,514 84,430
Total $ 107,331 $ 109,986 Total $ 107,331 $ 109,986
           
*Excludes short-term portion. Short- term portion is included within working capital.
CONTACT: For More Information
         Investors & Analysts:
         George Zagoudis, Investor Relations
         913-360-5441 or george.zagoudis@mgpingredients.com

         Media:
         Shanae Randolph, Corporate Director of Communications
         913-360-5442 or shanae.randolph@mgpingredients.com