US: Castle Brands YTD sales up, but net losses widen
- Nine-month net losses widen to US$8.66m
- YTD net sales rise 16.4% to $35.66m
- Operating losses slow to $773,938
- Q3 whiskey sales up 74.2%, led by Jefferson’s Bourbon and rye
Castle Brands saw a healthy rise in sales in Q3
Castle Brands has seen a strong rise in nine-month sales, but net losses widened because of further non-cash charges.
The New York City-headquartered spirits producer said today (18 February) that net losses in the nine months to the end of December were US$8.66m, up from $2.89m the prior year. Sales in the period however rose by 16.4% to $35.66m.
Operating losses in the year-to-date slowed to $733,938 from $1.73m the prior year.
In Q3, the company saw net losses widen to $2.56m from $790,652 year-on-year. Sales in the three months were up 28% to $13.58m, while operating losses slowed to $110,398 from $441,583 in 2012.
The company said the continuing net losses in the quarter were “primarily due to $2.3m of non-cash charges, most of which related to the change in fair value of warrant liability”. But it added: “Due to our increased stock price and volume, the company will no longer be subject to these changes for warrant valuation in future periods.”
Castle’s whiskey sales were up 74% in Q3, helped by “very strong growth” of the group’s Jefferson’s Bourbons and rye whiskies and its Irish whiskies. Gosling’s Rum saw sales up 13% in the quarter, while Gosling’s Stormy Ginger Beer increased sales 79%.
To read the company's full statement, click here
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