USA: National Wine & Spirits, Inc. Reports Results for the Fiscal Year Ended
The revenue gain reflects the continued shift by consumers to more premium brands, the addition of new suppliers and brands to the company portfolio, and price increases due to suppliers and the Illinois tax increase.
Net income for the year increased to $5.9 million compared to $1.2 million. The Company achieved a 30.0% increase in EBITDA to $26.5 million compared to $20.4 million in the prior year.
The Company sold its Cameron Springs bottled water operation to Great Spring Waters of America, Inc. (Perrier) in June, 2000, for $10.5 million in cash, which was in excess of net book value. Cameron had been an operating division of the Company since 1991 and is a leading supplier of bottled water in Indiana.
TABLE OF RESULTS
Years Ended March 31,
(in thousands) 2000 1999 1998
Net products sales $604,987 $535,521 $505,141
Distribution fees 20,770 17,832 16,270
Total revenue 625,757 553,353 521,411
Gross profit 137,313 116,619 109,677
Operating Expenses 119,751 104,634 99,118
Income from operations 17,562 11,985 10,559
Net income $5,855 $1,159 $7,111
EBITDA 26,467 20,359 17,674
EBITDA margin 4.2% 3.7% 3.4%
(all products). 13,454 11,677 10,859
Indianapolis-based National Wine & Spirits, Inc. is one of the leading distributors of alcohol beverages in the U.S. The Company has a strong portfolio that includes brands from Seagram (VO), Fortune Brands (FO), Diageo (DEO), Beringer Wine (BERW), and Canandaigua Brands (CBRNA).
Forward-looking statements "as defined in the Private Securities Litigation Reform Act of 1995" may be included in this news release. A variety of factors could cause the Company's actual results to differ from the reported results expressed in such forward-looking statements.
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