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Castle Brands Announces Fiscal 2012 Third Quarter Results

The Company had constant net sales of $8.7 million in the third quarter of fiscal 2012 and the comparable prior-year period. Increased spirits sales were offset by lower wine sales due to production timing of certain wine vintages. Loss from operations was ($0.8) million for the three months ended December 31, 2011, an improvement of 34.8% from a loss of ($1.2) million for the comparable fiscal 2011 period. Including the ($0.1) million dividend accrued under the terms of the Series A Preferred Stock, the Company had a net loss attributable to common shareholders of ($1.4) million, or $(0.01) per basic and diluted share, in the fiscal 2012 third quarter, compared to a net loss attributable to common shareholders of ($1.5) million or $(0.01) per basic and diluted share, in the comparable fiscal 2011 period.

EBITDA, as adjusted, for the third quarter of fiscal 2012 improved to a loss of ($0.5) million, compared to a loss of ($1.0) million for the prior-year period.

For the nine months ended December 31, 2011, the Company had net sales of $25.5 million, a 10.6% increase from $23.0 million in the prior-year period. Loss from operations was ($2.9) million for the nine months ended December 31, 2011, an improvement of 32.2% from a loss of ($4.3) million for the comparable fiscal 2011 period. Including the $0.5 million deemed dividend recognized in the nine months ended December 31, 2011 as a result of the calculated beneficial conversion feature and accrued dividends in connection with the Series A Preferred Stock transaction, the Company had a net loss attributable to common shareholders of ($4.5) million, or $(0.04) per basic and diluted share, in the first nine months of fiscal 2012, compared to a net loss attributable to common shareholders of ($4.8) million or $(0.5) per basic and diluted share, in the comparable fiscal 2011 period.

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