US: Transitional year sees Drinks Americas loss gap grow
Drinks Americas Holdings has seen its losses widen in what it has described as a year of "transition".
The Connecticut-based drinks marketer, which includes Trump Super Premium Vodka in its portfolio, said yesterday (8 August) that net loss for its year to the end of April grew to US$9.4m compared to net losses of $5.8m a year earlier.
Sales in the year leapt by 278% to $6.1m, with the company expecting shipments of Trump vodka to hit shipments of 100,000 cases in the product's first year to November. Drinks Americas warned, however that shipments of its new 1.75-litre version of Trump vodka were delayed as a result of "production issues related to the complexities of bottle engineering and design".
Company president and CEO, Patrick Kenny, said: "Our fiscal 2007 was a year of transition from a development stage to commercialisation phase of our business. Our strategic positioning in 2006 to strengthen our balance sheet, develop national distribution for Trump Super Premium Vodka and Newman's Own (fruit juice range), and launch a national sales and marketing campaign, all laid the groundwork for several promising initiatives announced in the first two quarters of 2007, including our Trump Super Premium Vodka flavour extensions and our landmark partnership with Interscope Geffen A&M Records."
Going forward, the company said it is focusing on the Cognac and Tequila categories, as well as premium and craft beer and the non-alcoholic sector for new products.
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