Castle Brands Announces Fourth Quarter And Fiscal 2010 Results
As of March 31, 2010, shareholders’ equity was $22.7 million.
Fourth Quarter 2010
In the fiscal 2010 fourth quarter, the Company had net sales of $6.4 million, an increase of 9.4% from net sales of $5.9 million in the prior year period. The Company had a net loss of $1.6 million, or $(0.01) per basic and diluted share, in the fiscal 2009 fourth quarter, compared to a net loss of $9.0 million, or $(0.11) per basic and diluted share, in the comparable 2009 period.
The Company's annual goodwill and intangible assets impairment testing resulted in no impairment charge in the fourth quarter of fiscal 2010 as compared to an impairment charge of $4.8 million in the fourth fiscal quarter of 2009. Fourth quarter 2009 results included a foreign exchange loss of $86,719 as compared to a loss of $1.3 million in fourth quarter 2009.Fiscal 2010 Developments U.S. Sales Despite a volatile U.S. retail environment, 2010 U.S. case sales increased 6% reflecting the growth of Gosling’s rums and Jefferson's bourbons, among other brands. Boru vodka case sales decreased 8%, but price related spending decreased significantly, making the brand profitable. International Sales Performance in international markets reflected a change in strategy whereby unprofitable brands and markets were de-emphasized and distribution relationships were re-crafted to achieve positive returns. Gosling’s rums and Clontarf Irish Whiskey continue as the top priority brands for international development and the Company entered into a new distribution agreement for the Nordic Region. Other key developments include:
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