Castle Brands Announces Fiscal 2011 First Quarter 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 Condensed Consolidated Statements of Operations (Unaudited)|
|Three months ended June 30,|
|Cost of sales*||3,884,551||3,960,292|
|Reversal of provision for obsolete inventory||(24,589||)||(415,072||)|
|General and administrative expense||1,244,999||1,374,084|
|Depreciation and amortization||235,731||219,372|
|Loss from operations||(1,741,650||)||(1,963,940||)|
|Foreign exchange gain||57,515||1,041,953|
|Interest (expense) income, net||(25,543||)||18,781|
|Gain on exchange of 3% note payable||--||270,275|
|Income tax benefit||37,038||37,038|
|Net (income) loss attributable to noncontrolling interests||(51,125||)||47,110|
|Net loss attributable to common shareholders||$||(1,722,808||)||$||(558,993||)|
|Net loss per common share, basic and diluted, attributable to common shareholders||$||(.02||)||$||(.01||)|
|Weighted average shares used in computation, basic and diluted, attributable to common shareholders||108,103,518||101,708,944|
* Sales, net and Cost of sales include excise taxes of $1,060,396 and $1,174,604 for the three-months ended June 30, 2010 and 2009, respectively.
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