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 three and six month periods ended September 30, 2012.
Operating highlights for quarter ended September 30, 2012:
- Net sales increased 9.8% to $10.3 million for the quarter ended September 30, 2012, as compared to $9.4 million for the comparable prior-year period
- Total case sales of beverage alcohol products increased 7.6% to 92,704 cases compared to 86,148 cases in the prior-year period
- Gosling's rum case sales increased 16.3% from the prior-year period
- Gosling's Stormy Ginger Beer case sales increased 45.5% to 74,959 cases compared to 51,520 cases in the prior-year period
- EBITDA, as adjusted, improved by 74.9% to a loss of ($0.1) million, compared to a loss of ($0.5) million for the three months ended September 30, 2011
"We continue to increase net sales year-over-year, bringing us closer to profitability. The positive momentum in our business reflects the strength of our portfolio of premium brands, such as Gosling’s rum and Jefferson’s Bourbons,” stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands. “We are pleased with the growth our brands are experiencing due to our experienced sales team, growing points of distribution and effective marketing programs. We are selectively pursuing new brands, joint ventures and acquisitions in an effort to further enhance our portfolio.”
“The strong organic growth of our spirits business, coupled with effective cost control efforts, led to improved results in the quarter. Jefferson’s in particular has seen growth accelerate with the launch of Jefferson’s Rye, the continued expansion of our barrel program and the addition of listings in important Control States,” stated John Glover, Chief Operating Officer of Castle Brands.