ROX, Castle Brands Announces Preliminary Fiscal 2016 Results
Castle Brands Castle Brands, Inc. (AMEX:ROX)
Today : Thursday 19 May 2016
NEW YORK, May 19, 2016 /PRNewswire/ -- Castle Brands Inc. (NYSE MKT: ROX), a developer and international marketer of premium and super-premium branded spirits, today announced, after an initial review of its financial performance for fiscal 2016, preliminary, unaudited financial results for the fiscal year ended March 31, 2016. All fiscal 2016 figures in this release are approximate due to the preliminary nature of the announcement. Actual results may differ materially from these estimates once the financial closing procedures and final adjustments for fiscal 2016 are completed. Castle Brands anticipates releasing its complete financial results in June 2016.
Preliminary operating highlights for the fiscal year ended March 31, 2016:
Castle Brands had strong growth, with net sales of approximately $72.2 million in fiscal 2016, an increase of approximately 25% over net sales of $57.5 million in fiscal 2015.
Total spirits case sales of approximately 426,000 in fiscal 2016 represented an increase of 8.4% from total spirits case sales of approximately 393,000 in fiscal 2015, driven primarily by increased whiskey and rum sales.
Shipments of Jefferson's Bourbon increased 45% to approximately 61,000 cases in fiscal 2016, as compared to approximately 42,000 cases in fiscal 2015.
Shipments of Goslings Rums in the U.S. increased 8% to approximately 135,000 cases in fiscal 2016, as compared to approximately 125,000 cases in fiscal 2015.
Shipments of Goslings Stormy Ginger Beer increased 56% to approximately 1,115,000 cases in fiscal 2016, as compared to approximately 715,000 cases in fiscal 2015.
Based on the preliminary revenues, Castle Brands currently expects EBITDA, as adjusted, for fiscal 2016 to be in the range of $3.3 to $3.6 million, as compared to EBITDA, as adjusted, of $1.1 million in fiscal 2015.
"Fiscal 2016 was a strong year for Castle Brands with record net revenues and case sales led by substantial growth of Jefferson's Bourbons, Goslings Rums and Goslings Stormy Ginger Beer. This allowed us to decrease net loss and significantly increase EBITDA, as adjusted for fiscal 2016," stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
Table 1 below sets forth preliminary, unaudited case sales by category.
Non-GAAP Financial Measures
Within the information above, Castle Brands provides information regarding EBITDA, as adjusted, which is not a recognized term under GAAP (Generally Accepted Accounting Principles) and does not purport to be an alternative to income (loss) from operations or net income (loss) as a measure of operating performance. Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for allowances for doubtful accounts and obsolete inventory, stock-based compensation expense, other (income) expense, net, income from equity investment in non-consolidated affiliate, foreign exchange loss and net income attributable to noncontrolling interests is a key metric the Company uses in evaluating its financial performance on a consistent basis across various periods. EBITDA, as adjusted, is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and allocation of capital resources. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance or are based on management's estimates, such as allowance accounts, are due to changes in valuation, such as the effects of changes in foreign exchange, or do not involve a cash outlay, such as stock-based compensation expense. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, income from operations, net income, income before provision for income taxes and cash flows from operating activities. A reconciliation of preliminary, unaudited income before provision for income taxes to EBITDA, as adjusted, is presented below in Table 2.
About Castle Brands
Castle Brands is a developer and international marketer of premium and super-premium branded spirits including: Goslings Rum®, Jefferson's®, Jefferson's Presidential SelectTM, Jefferson's Reserve® and Jefferson's Ocean Aged at Sea® Bourbon, Jefferson's Chef's Collaboration and Jefferson's The Manhattan: Barrel Finished Cocktail, Jefferson's® Rye Whiskey, Knappogue Castle Whiskey®, Knappogue Twin Wood, Knappogue Castle 1951, Clontarf® Irish Whiskey, Pallini® Limoncello, Boru® Vodka and Brady's® Irish Cream. Additional information concerning the Company is available on the Company's website, www.castlebrandsinc.com.
Castle Brands Castle Brands, Inc. (AMEX:ROX)
Today : Thursday 19 May 2016
NEW YORK, May 19, 2016 /PRNewswire/ -- Castle Brands Inc. (NYSE MKT: ROX), a developer and international marketer of premium and super-premium branded spirits, today announced, after an initial review of its financial performance for fiscal 2016, preliminary, unaudited financial results for the fiscal year ended March 31, 2016. All fiscal 2016 figures in this release are approximate due to the preliminary nature of the announcement. Actual results may differ materially from these estimates once the financial closing procedures and final adjustments for fiscal 2016 are completed. Castle Brands anticipates releasing its complete financial results in June 2016.
Preliminary operating highlights for the fiscal year ended March 31, 2016:
Castle Brands had strong growth, with net sales of approximately $72.2 million in fiscal 2016, an increase of approximately 25% over net sales of $57.5 million in fiscal 2015.
Total spirits case sales of approximately 426,000 in fiscal 2016 represented an increase of 8.4% from total spirits case sales of approximately 393,000 in fiscal 2015, driven primarily by increased whiskey and rum sales.
Shipments of Jefferson's Bourbon increased 45% to approximately 61,000 cases in fiscal 2016, as compared to approximately 42,000 cases in fiscal 2015.
Shipments of Goslings Rums in the U.S. increased 8% to approximately 135,000 cases in fiscal 2016, as compared to approximately 125,000 cases in fiscal 2015.
Shipments of Goslings Stormy Ginger Beer increased 56% to approximately 1,115,000 cases in fiscal 2016, as compared to approximately 715,000 cases in fiscal 2015.
Based on the preliminary revenues, Castle Brands currently expects EBITDA, as adjusted, for fiscal 2016 to be in the range of $3.3 to $3.6 million, as compared to EBITDA, as adjusted, of $1.1 million in fiscal 2015.
"Fiscal 2016 was a strong year for Castle Brands with record net revenues and case sales led by substantial growth of Jefferson's Bourbons, Goslings Rums and Goslings Stormy Ginger Beer. This allowed us to decrease net loss and significantly increase EBITDA, as adjusted for fiscal 2016," stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
Table 1 below sets forth preliminary, unaudited case sales by category.
Non-GAAP Financial Measures
Within the information above, Castle Brands provides information regarding EBITDA, as adjusted, which is not a recognized term under GAAP (Generally Accepted Accounting Principles) and does not purport to be an alternative to income (loss) from operations or net income (loss) as a measure of operating performance. Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for allowances for doubtful accounts and obsolete inventory, stock-based compensation expense, other (income) expense, net, income from equity investment in non-consolidated affiliate, foreign exchange loss and net income attributable to noncontrolling interests is a key metric the Company uses in evaluating its financial performance on a consistent basis across various periods. EBITDA, as adjusted, is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and allocation of capital resources. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance or are based on management's estimates, such as allowance accounts, are due to changes in valuation, such as the effects of changes in foreign exchange, or do not involve a cash outlay, such as stock-based compensation expense. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, income from operations, net income, income before provision for income taxes and cash flows from operating activities. A reconciliation of preliminary, unaudited income before provision for income taxes to EBITDA, as adjusted, is presented below in Table 2.
About Castle Brands
Castle Brands is a developer and international marketer of premium and super-premium branded spirits including: Goslings Rum®, Jefferson's®, Jefferson's Presidential SelectTM, Jefferson's Reserve® and Jefferson's Ocean Aged at Sea® Bourbon, Jefferson's Chef's Collaboration and Jefferson's The Manhattan: Barrel Finished Cocktail, Jefferson's® Rye Whiskey, Knappogue Castle Whiskey®, Knappogue Twin Wood, Knappogue Castle 1951, Clontarf® Irish Whiskey, Pallini® Limoncello, Boru® Vodka and Brady's® Irish Cream. Additional information concerning the Company is available on the Company's website, www.castlebrandsinc.com.
