Castle Brands Announces Fourth Quarter And Fiscal 2010 Results
When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the documents incorporated by reference. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. We assume no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.
|CASTLE BRANDS INC. AND SUBSIDIARIES|
|Consolidated Statements of Operations|
|Three-months ended March 31,||Twelve-months ended March 31,|
|Cost of sales*||3,987,695||4,157,947||18,797,602||18,203,361|
|Reversal of provision for obsolete inventory||(67,669||)||(107,892||)||(657,599||)||(360,133||)|
|General and administrative expense||1,560,481||2,032,379||5,618,437||9,203,575|
|Depreciation and amortization||237,440||579,657||924,646||1,307,536|
|Goodwill and other intangible asset impairment||—||4,845,287||—||4,845,287|
|Loss from operations||(1,513,457||)||(7,802,613||)||(5,789,643||)||(20,524,075||)|
|Foreign exchange (loss) gain||(86,719||)||(1,255,595||)||2,126,214||(4,117,564||)|
|Interest income (expense), net||(6,118||)||(18,405||)||22,147||(1,579,012||)|
|Gain on sale of intangible asset||—||—||405,900||—|
|Gain on exchange of notes payable||—||—||270,275||4,173,716|
|Income tax benefit||37,038||37,038||148,152||148,152|
|Net (income) loss attributable to noncontrolling interests||(33,124||)||61,670||(5,197||)||227,773|
|Net loss attributable to common shareholders||$||(1,603,970||)||$||(9,075,785||)||$||(2,871,654||)||$||(21,688,299||)|
|Net loss per common share, basic and diluted||$||(0.01||)||$||(0.11||)||$||(0.03||)||$||(0.68||)|
|Weighted average shares used in computation, basic and diluted||107,995,207||81,549,666||104,691,880||31,883,995|
|*||Sales, net and Cost of sales include excise taxes of $1,170,890 and $1,048,556 for the three-months ended March 31, 2010 and 2009, respectively, and $5,022,230 and $4,222,394 for the years ended March 31, 2010 and 2009, respectively.|
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