US: Nascent sees FY, Q4 sales soar but losses extend
Nascent Wine Company has posted a boost in sales for its full year and fourth quarter results.
The company said today (17 April) that it has seen net sales of US$42.4m for the full year of 2007, compared with $4.7m the previous year, as acquisitions in the alst 12 months kicked in.
However, for the full year of 2007, EBITDA was a loss of $3.1m compared with a loss of $0.5m for the full year of 2006.
Operating loss was $5.5m for the full year of 2007, compared with a loss of $1.8m for the full year of 2006, the company said. Net loss for 2007 was $9.4m, or $0.14 per diluted share, compared with net loss of $2m, or $0.06 per diluted share, in 2006.
Selling, general and administrative expenses were $10.7m, or 25.2% of net sales, for the full year of 2007 compared with $2.3m, or 50.1% of net sales, in 2006.
Nascent CEO Sandro Piancone said: "We are the first nationwide food distributor in Mexico, working with all the leading accounts like Wal-Mart, Costco, Soriana, Comercial Mexicana, am/pm and 7-Eleven. Because of our position and expertise in the Mexican market we are able to attract leading brands such as Miller Beer, Nestle, Haagen-Dazs and General Mills that have entrusted us to distribute and market their products."
Piancone added: "In 2008, we expect to improve gross and operating margins throughout the year by leveraging our infrastructure, continued organic growth in branded and private label products and potential strategic acquisitions."
Piancone concluded: "Looking to 2008, we are very excited about our long term growth prospects and believe we are well positioned to build upon our position as the leading distributor of imported products in Mexico. We believe our gross and operating margins will continue to improve from our fourth quarter results as we leverage the platform we have created."
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