$ROX Castle Brands Announces Fourth Quarter and Fiscal 2017 Results
Castle Brands Castle Brands, Inc. (AMEX:ROX)
Today : Wednesday 14 June 2017
NEW YORK, June 14, 2017 /PRNewswire/ -- Castle Brands Inc. (NYSE MKT: ROX), a developer and international marketer of premium and super-premium drinks brands, today reported financial results for the quarter and fiscal year ended March 31, 2017.
Operating highlights for the fiscal year ended March 31, 2017:
Net sales increased 7.0% to a record $77.3 million for fiscal 2017, as compared to $72.2 million in the prior fiscal year.
Total gross profit increased 11.0% to $31.7 million, as compared to $28.6 million for the prior fiscal year.
Net income increased $2.2 million to $0.5 million, as compared to a net loss of ($1.7) million for the prior fiscal year.
EBITDA, as adjusted, improved by 46.0% to $5.2 million, as compared to $3.6 million in fiscal 2016.
U.S. depletions of Jefferson's bourbons were up 18.7% to 65,000 cases, as compared to 54,800 cases in the prior fiscal year.
Sales of Goslings Stormy Ginger Beer increased 23.3% to $20.0 million from $16.2 in the prior year due to strong sales in the U.S. and international markets. In March, Goslings Stormy Ginger Beer was added to the mixer section in approximately 4,500 Walmart stores in the U.S.
The Company increased its ownership in its subsidiary, Gosling-Castle Partners, to 80.1%.
The Company extended the terms of its export and distribution agreements for Goslings Rums and Goslings Stormy Ginger Beer through 2030, with 10-year extensions thereafter.
During the fiscal year, the Company purchased approximately 3,600 barrels of aged bourbon and laid down approximately 6,400 barrels of new fill.
"This was an outstanding year for Castle Brands. Continued growth of our more profitable brands, such as Jefferson's, Goslings and our Irish whiskeys, resulted in strong revenue growth and even greater growth in gross profit. We reported positive net income for the fiscal year for the first time in the Company's history and had a record level of EBITDA, as adjusted. We expect that these growth trends and improving financial performance will continue," stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
"The acquisition of an additional 20.1% stake in our Gosling-Castle Partners (GCP) subsidiary was a very important milestone for Castle Brands. GCP holds the exclusive long-term export and distribution rights for Goslings Rums and Goslings Stormy Ginger Beer for all countries other than Bermuda. The transaction increased Castle Brands' ownership of GCP to 80.1% and enabled consolidation for tax purposes. In addition, GCP's exclusive export agreement with Gosling's Export (Bermuda) Limited and exclusive distribution agreement with Castle Brands have been extended through March 31, 2030, with 10-year renewal terms thereafter. We are very glad to have increased our ownership in Goslings and further solidified our relationship with the Gosling family," Mr. Lampen added.
"We used our aged bourbon reserves to support increased sales of Jefferson's and its brand extensions, such as Jefferson's Ocean Aged at Sea. We also continue to add innovative expressions to increase sales and enhance the Jefferson's brand. Jefferson's is now one of the top five selling premium small batch bourbons and the only leading small batch brand not owned by a major spirits company. We are glad to see the strong depletion growth in the last fiscal year and are pleased to have bought aged bourbon and new fill to support future growth," said John Glover, Chief Operating Officer of Castle Brands.
"Our whiskey portfolio also benefitted from additions to our Irish whiskey offerings and the initiation of a barrel program for Knappogue Castle Whiskey. We expect strong growth in whiskey sales to continue. Goslings Stormy Ginger Beer also continues to grow rapidly. It is now available in approximately 4,500 Walmart stores in the U.S. Goslings' sponsorship of the 35th America's Cup should continue to drive the visibility of Goslings rum and ginger beer," Mr. Glover added.
In the fourth quarter of fiscal 2017, the Company had net sales of $22.6 million, a 13.1% increase from net sales of $20.0 million in the comparable prior-year period. Net income attributable to common shareholders was $0.2 million, or $0.00 per basic and diluted share, in the fourth quarter of fiscal 2017, as compared to net income of $0.4 million, or $0.00 per basic and diluted share, in the prior-year period.
EBITDA, as adjusted, for the fourth quarter of fiscal 2017 improved to $2.1 million as compared to $1.4 million for the comparable prior-year period.
The Company had net sales of $77.3 million for fiscal 2017, an increase of 7.0% from net sales of $72.2 million in fiscal 2016. This sales growth was driven by U.S. sales growth of Jefferson's bourbons and Goslings Stormy Ginger Beer. Net loss attributable to common shareholders was ($0.9) million, or ($0.01) per basic and diluted share in fiscal 2017, as compared to net loss of ($2.5) million, or ($0.02) per basic and diluted share, in the prior-year.
EBITDA, as adjusted, for fiscal 2017 improved to $5.2 million as compared to $3.6 million for the prior-year.
Castle Brands Castle Brands, Inc. (AMEX:ROX)
Today : Wednesday 14 June 2017
NEW YORK, June 14, 2017 /PRNewswire/ -- Castle Brands Inc. (NYSE MKT: ROX), a developer and international marketer of premium and super-premium drinks brands, today reported financial results for the quarter and fiscal year ended March 31, 2017.
Operating highlights for the fiscal year ended March 31, 2017:
Net sales increased 7.0% to a record $77.3 million for fiscal 2017, as compared to $72.2 million in the prior fiscal year.
Total gross profit increased 11.0% to $31.7 million, as compared to $28.6 million for the prior fiscal year.
Net income increased $2.2 million to $0.5 million, as compared to a net loss of ($1.7) million for the prior fiscal year.
EBITDA, as adjusted, improved by 46.0% to $5.2 million, as compared to $3.6 million in fiscal 2016.
U.S. depletions of Jefferson's bourbons were up 18.7% to 65,000 cases, as compared to 54,800 cases in the prior fiscal year.
Sales of Goslings Stormy Ginger Beer increased 23.3% to $20.0 million from $16.2 in the prior year due to strong sales in the U.S. and international markets. In March, Goslings Stormy Ginger Beer was added to the mixer section in approximately 4,500 Walmart stores in the U.S.
The Company increased its ownership in its subsidiary, Gosling-Castle Partners, to 80.1%.
The Company extended the terms of its export and distribution agreements for Goslings Rums and Goslings Stormy Ginger Beer through 2030, with 10-year extensions thereafter.
During the fiscal year, the Company purchased approximately 3,600 barrels of aged bourbon and laid down approximately 6,400 barrels of new fill.
"This was an outstanding year for Castle Brands. Continued growth of our more profitable brands, such as Jefferson's, Goslings and our Irish whiskeys, resulted in strong revenue growth and even greater growth in gross profit. We reported positive net income for the fiscal year for the first time in the Company's history and had a record level of EBITDA, as adjusted. We expect that these growth trends and improving financial performance will continue," stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
"The acquisition of an additional 20.1% stake in our Gosling-Castle Partners (GCP) subsidiary was a very important milestone for Castle Brands. GCP holds the exclusive long-term export and distribution rights for Goslings Rums and Goslings Stormy Ginger Beer for all countries other than Bermuda. The transaction increased Castle Brands' ownership of GCP to 80.1% and enabled consolidation for tax purposes. In addition, GCP's exclusive export agreement with Gosling's Export (Bermuda) Limited and exclusive distribution agreement with Castle Brands have been extended through March 31, 2030, with 10-year renewal terms thereafter. We are very glad to have increased our ownership in Goslings and further solidified our relationship with the Gosling family," Mr. Lampen added.
"We used our aged bourbon reserves to support increased sales of Jefferson's and its brand extensions, such as Jefferson's Ocean Aged at Sea. We also continue to add innovative expressions to increase sales and enhance the Jefferson's brand. Jefferson's is now one of the top five selling premium small batch bourbons and the only leading small batch brand not owned by a major spirits company. We are glad to see the strong depletion growth in the last fiscal year and are pleased to have bought aged bourbon and new fill to support future growth," said John Glover, Chief Operating Officer of Castle Brands.
"Our whiskey portfolio also benefitted from additions to our Irish whiskey offerings and the initiation of a barrel program for Knappogue Castle Whiskey. We expect strong growth in whiskey sales to continue. Goslings Stormy Ginger Beer also continues to grow rapidly. It is now available in approximately 4,500 Walmart stores in the U.S. Goslings' sponsorship of the 35th America's Cup should continue to drive the visibility of Goslings rum and ginger beer," Mr. Glover added.
In the fourth quarter of fiscal 2017, the Company had net sales of $22.6 million, a 13.1% increase from net sales of $20.0 million in the comparable prior-year period. Net income attributable to common shareholders was $0.2 million, or $0.00 per basic and diluted share, in the fourth quarter of fiscal 2017, as compared to net income of $0.4 million, or $0.00 per basic and diluted share, in the prior-year period.
EBITDA, as adjusted, for the fourth quarter of fiscal 2017 improved to $2.1 million as compared to $1.4 million for the comparable prior-year period.
The Company had net sales of $77.3 million for fiscal 2017, an increase of 7.0% from net sales of $72.2 million in fiscal 2016. This sales growth was driven by U.S. sales growth of Jefferson's bourbons and Goslings Stormy Ginger Beer. Net loss attributable to common shareholders was ($0.9) million, or ($0.01) per basic and diluted share in fiscal 2017, as compared to net loss of ($2.5) million, or ($0.02) per basic and diluted share, in the prior-year.
EBITDA, as adjusted, for fiscal 2017 improved to $5.2 million as compared to $3.6 million for the prior-year.
