Castle Brands Inc. (NYSE MKT: ROX), a developer and international marketer of premium and super-premium branded spirits, today reported financial results for the quarter and year ended March 31, 2013.
Operating highlights for the fiscal year ended March 31, 2013:
- Net sales increased 16.8% to $41.4 million for fiscal 2013, as compared to $35.5 million for the comparable prior-year period.
- EBITDA, as adjusted, improved by 69.5% to a loss of ($0.7) million, compared to a loss of ($2.4) million for fiscal 2012.
- Total case sales of beverage alcohol products increased 11.6% to 372,059 cases compared to 333,529 cases in the prior-year period.
- Strong growth of the Jefferson’s bourbons and rye lead to a 44.7% increase in whiskey revenues from the prior-year period.
- We purchased $2.5 million of aged bourbon in March 2013 to support the growth of the Jefferson’s brand.
- Gosling’s Black Seal Rum exceeded 100,000 cases sold in the U.S.
- General and Administrative decreased in fiscal 2013 and represented 11.7% of Sales, down from 14.0% in fiscal 2012.
“We are proud of the strong growth of our core brands, driven by our experienced sales force and effective marketing programs. These sales increases were achieved without corresponding increases to general and administrative expenses. This ability to scale our business led to stronger bottom line performance, with a 69.5% improvement in our EBITDA, as adjusted. We expect this trend to continue in the current fiscal year,” stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
“Gosling’s volume exceeded 100,000 cases in the US, an important milestone that reflects the strength of the brand and the growing popularity of the trademarked Dark ‘n Stormy cocktail. Sales of our Stormy Ginger Beer in the US increased 59% to 248,309 cases. Jefferson’s bourbons and rye whiskies also delivered very strong growth performance. We are particularly pleased to have secured $2.5 million of aged bourbon to support continued growth of the Jefferson’s brand,” stated John Glover, Chief Operating Officer of Castle Brands.