USA: National Wine & Spirits, Inc. Reports Results for the Quarter Ended June 30, 2000
Indianapolis-based National Wine & Spirits, Inc. reported its financial results for the quarter ended June 30, 2000. Net income was $10.2 million for the quarter, driven by the sale of Cameron Springs for approximately $10 million in cash. Revenue for the quarter decreased 4.6% to $162.2 million compared to $170.1 million in the prior year, which was in line with our expectations. Gross margin increased $0.7 million from the prior year due to increased margin percentages.The revenue for the current quarter ended June 30, 2000, shows a decline from the same quarter in the prior year, reflecting excessively higher sales in the prior year due to a significant buy-in by the retail trade in the Illinois market due to a state tax increase that was effective July 1, 1999. Improved gross margins in Illinois and other markets offset the revenue declines.Net income for the quarter increased $6.4 million to $10.2 million, compared to $3.8 million for the prior year's quarter. EBITDA was $8.2 million as compared to $8.8 million in the prior year, also within our expectations. EBITDA was $25.8 million for the latest twelve months ended June 30, 2000 as compared to $23.3 million for the twelve-month period ended June 30, 1999.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), Canandaigua Brands(CDB), Brown-Forman (BFA;BFB), Allied Domecq, Sebastiani Winery, Sutter Home Winery, Banfi, and Beringer Wine(BERW) among others.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.