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Castle Brands Announces First Quarter Fiscal 2013 Results

Stocks in this article: ROX

Castle Brands Inc. (NYSE MKT: ROX), a developer and international marketer of premium and super-premium branded spirits and wine, today reported financial results for the quarter ended June 30, 2012.

Operating highlights for the quarter ended June 30, 2012:

  • Net sales increased 31.5% to $9.7 million for the quarter ended June 30, 2012, as compared to $7.4 million for the comparable prior-year period
  • Case volume increased 22.8% to 86,130 cases for the quarter ended June 30, 2012, as compared to 70,119 cases for the comparable prior-year period, primarily due to organic growth
  • Rum sales increased 33.3% to $4.1 million for the quarter ended June 30, 2012, as compared to $3.1 million for the comparable prior year period; due to the continued growth of Gosling’s rums
  • Loss from operations improved 44.7% to ($0.8) million for the quarter ended June 30, 2012 from ($1.4) million for the comparable prior-year period
  • EBITDA, as adjusted, improved 58.4% to a loss of ($0.5) million for the quarter ended June 30, 2012, as compared to a loss of ($1.1) million for the comparable prior-year period, primarily as a result of increased sales.

"It is important to note that while sales increased 31.5% for the quarter, our total SG&A expenses increased less than 2%. We have a strong sales force and management team, which should allow us to continue to increase sales substantially without corresponding increases to costs. This ability to scale our business led to significantly stronger bottom line performance, with a 58.4% improvement in our EBITDA, as adjusted. We believe these trends will allow us to become solidly profitable and build substantial shareholder value over the long-term,” stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.

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