Castle Brands Inc. (NYSE Amex: ROX), a developer and international marketer of premium beverage alcohol brands, today reported financial results for the three months and year ended March 31, 2011.
Operating Highlights for fiscal year ended March 31, 2011
- Total case sales for fiscal 2011 increased 7% to 307,277 cases compared to 286,186 cases in the prior fiscal year
- Rum case sales increased 14% on the momentum of Gosling’s Rum®, our largest selling brand
- Liqueur sales increased 26% led by Brady’s® Irish Cream
- Brand portfolio expanded to include Travis Hasse’s Original® Pie Liqueurs and A. de Fussigny® Cognacs
"Strong case sales growth of Gosling’s Rum and Jefferson's Bourbons in fiscal 2011, coupled with higher average revenues per case are a testament to the effectiveness of our strategy. We expect continued sales growth for our core brands, the addition of some exciting line extensions and improving financial performance in the current year,” stated John Glover, Chief Operating Officer of Castle Brands.
"When investors led by Dr. Phillip Frost, I.L.A.R. S.p.A., the owner of Pallini liqueurs, and Vector Group Ltd. invested in Castle Brands over two years ago, there were great opportunities as well as a number of challenges. Since then we have greatly reduced our losses, strengthened our balance sheet and positioned our brands for consistent growth. Today, our opportunities are greater and our challenges are far less daunting. This is truly an exciting time for Castle Brands as we believe our business has reached a key inflection point,” stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
In the fourth quarter of fiscal 2011, the Company had net sales of $8.9 million, a 39% increase from net sales of $6.4 million in the comparable prior-year period. Loss from operations decreased by 27% to $1.1 million in the fourth quarter of fiscal 2011, from $1.5 million for the 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 fourth quarter of fiscal 2011, compared to a net loss of $1.6 million, or $(0.01) per basic and diluted share, in the comparable prior-year period.