US: 360 Global Wine sales rise on acquisition
360 Global Wine Company has seen first-quarter revenues rise on the back of its recent acquisition of Viansa Winery.
The Californian wine producer bought Viansa last July and the purchase drove a strong increase in sales during the first three months of 2006. First-quarter revenue reached US$4.2m, up from US$449,000 last year. Gross profit leapt to US$1.9m, up from US$159,000 during the first three months of 2005.
CEO Jake Shapiro said: "This has been an exciting quarter for 360. We are encouraged with the progress we are making in the wine business. Seasonally, our strongest quarters are our third and fourth quarters. We are very encouraged by the performance of this first quarter in 2006. With the management team that has been built at 360, we are looking forward to exciting growth potential for the company based upon both organic growth and strategic acquisitions."
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