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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.



Condensed Consolidated Statements of Operations

    Three months ended June 30,
2010     2009
Sales, net* $ 6,110,495     $ 5,854,226
Cost of sales* 3,884,551 3,960,292
Reversal of provision for obsolete inventory   (24,589 )       (415,072 )
Gross profit   2,250,533         2,309,006  
Selling expense 2,511,453 2,679,490
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 )
Other income 957 2
Other expense -- (10,212 )
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 loss (1,671,683 ) (606,103 )
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






Weighted average shares used in computation, basic and diluted, attributable to common shareholders  



* 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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