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Castle Brands Announces Fiscal 2011 Third Quarter Results

Castle Brands Inc. (NYSE Amex: ROX), an emerging developer and international marketer of premium branded spirits and fine wine, today reported financial results for the three and nine months ended December 31, 2010.

In the fiscal 2011 third quarter, the Company had net sales of $8.7 million, a 16% increase from net sales of $7.5 million in the comparable prior year period. Loss from operations was $1.2 million in the fiscal 2011 third quarter, unchanged from the comparable prior year period. The Company had a net loss attributable to common shareholders of $1.5 million, or $(0.01) per basic and diluted share, in the fiscal 2011 third quarter, compared to a net loss attributable to common stockholders of $237,000, or $(0.00) per basic and diluted share, in the comparable fiscal 2010 period. Results for the fiscal 2011 third quarter included a $119,000 foreign exchange loss as compared to a $628,000 foreign exchange gain and a $406,000 gain from the sale of the Sam Houston bourbon brand in the prior year period.

U.S. case sales were 65,644 nine liter cases in the fiscal 2011 third quarter, a 25% increase from 52,335 cases in the prior year period. International case sales decreased 6% to 19,856 cases in the fiscal 2011 third quarter as compared to 21,045 cases in the prior year period. Total case sales for the fiscal 2011 third quarter grew 16% to 85,500 cases from 73,400 cases in the prior year period. Third quarter 2011 case sales included sales of Travis Hasse's Pie Liqueurs, launched in September 2010, A. de Fussigny cognacs, launched in August 2010, and cc: brand wines, launched in September 2010.

Net sales for the nine months ended December 31, 2010 grew 5% to $23.0 million from net sales of $22.1 million in the comparable prior year period. Loss from operations was $4.3 million in the nine months ended December 31, 2010, unchanged from the comparable prior year period. The Company had a net loss attributable to common shareholders of $4.8 million, or $(0.05) per basic and diluted share, in the nine months ended December 31, 2010, compared to a net loss attributable to common stockholders of $1.3 million, or $(0.01) per basic and diluted share, in the comparable fiscal 2010 period. Results for nine months ended December 31, 2009 included a $270,000 gain on the exchange of an outstanding 3% note payable for common stock, a $406,000 gain from the sale of the Sam Houston bourbon brand and a foreign exchange gain of $2.2 million as compared to a foreign exchange loss of $173,000 in the nine months ended December 31, 2010.

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