US: National Wine & Spirits turns loss round in 05
National Wine & Spirits has posted its figures for the fiscal year 2005. The US alcohol distributor said yesterday (14 June) that total revenue for the 12-month period to 31 March rose to US$553.6m from US$540.6m a year earlier.
Net income for the company also increased, to US$5.4m from a loss in 2004 of US$9.1m.
The company credited the rise in net income to greater gross profit on spirits case volume, reduced marketing and administration expense, and increased management fees. In a statement, National Wine & Spirits said that it was able to increase net income during the current fiscal year by US$14.6m primarily from increased gross profit of US$5.9m, the strategic alliance with Glazer's in Illinois which resulted in greater management fees of US$6.1m, and reductions in administrative expenses of US$2.3m, as compared to the prior fiscal year.
On 1 June it was announced that the company had reached an agreement in principle to acquire certain assets of Johnson Brothers' wine wholesaler business in Illinois. The final terms and conditions are presently being finalised by the parties. As a result of the proposed acquisition, which is anticipated to close by 1 August, the company expects to add the E & J Gallo Winery brands to its operations in Illinois under the Union Beverage company name.
National's portfolio includes brands from Fortune, Diageo, Moet-Hennessey USA, Pernod Ricard, Constellation, Brown-Forman, Beringer Blass Wine Estates, Allied Domecq, Sebastiani Winery, Banfi, Kendall Jackson, and Southcorp among others.
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