Castle Brands Q3 Sales Up, Net Loss Narrows
Castle Brands has reported net sales of $7.5m for the third quarter for fiscal 2010, compared to $6.9m for the same quarter previous year. Net loss for the quarter narrowed to $237,000 or $0 loss per basic and diluted share, compared to $2.2m or $0.14 loss per diluted share for the previous year quarter.
Net loss per basic and diluted share for fiscal 2010 was positively impacted by the increase in common shares outstanding resulting from the October 2008 $15m private placement and note conversion and the issuance of common stock in the September 2009 Betts & Scholl acquisition.
US case sales were 52,355 nine liter cases in the fiscal 2010 third quarter compared to 53,393 cases in the prior year period. International case sales decreased to 21,045 cases in the fiscal 2010 third quarter compared to 26,491 cases in the prior year period.
Total case sales for the fiscal 2010 third quarter were 73,400 cases as compared to 79,884 cases in the prior year period. Third quarter 2010 case sales included sales of the company's Tierras tequila, the first USDA certified organic tequila, Jefferson's Presidential Select bourbon and Betts & Scholl wines.
Net sales for the nine months ended December 31, 2009 increased to $22.1m from $20.2m in the comparable period prior year. Net loss for the nine month period was $1.3m, or $0.01 loss per basic and diluted share, compared to a net loss $12.7m or $0.81 loss per basic and diluted share, in the year ago period.
US case sales for nine months grew to 167,583 nine liter cases from 159,841 cases in the prior year period. International case sales decreased to 53,780 cases in nine months compared to 72,459 cases in the prior year period. Total case sales for nine months were 221,363 cases as compared to 232,300 cases in the prior year period.
Richard Lampen, president and chief executive officer of Castle Brands, said: Our continued focus on improving margins and controlling expenses moved us closer to profitability this quarter. Our recent reincorporation from Delaware to Florida is just one example of our expense reduction efforts.”
John Glover, chief operating officer of Castle brands, said: Our bourbon sales continued to grow during the quarter. To support future growth, we acquired in December 2009 a rare stock of aged bourbon to provide us with a guaranteed supply for our Jefferson's and Jefferson's Reserve very small batch bourbons.
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