Castle Brands Announces Preliminary Fiscal 2019 Results
Operating highlights for the fiscal year ended
- Ten years of strong growth in the
Jefferson'sand Goslings brands drove expected record net sales of approximately $95.8 millionin fiscal 2019, an increase of 7% over net sales of $89.9 millionin fiscal 2018. Net sales for the fourth quarter of fiscal 2019 are expected to be approximately $26.9 million, an increase of 12% from the prior-year period.
- Record gross profit expected in the range of
$37.0 to $37.5 millionin fiscal 2019.
- Sales of Goslings Stormy Ginger Beer from all sources were 2,205,700 cases and
Castle Brandsreported sales of 446,000 cases of spirits; both record results. Jefferson'sBourbon grew 19% in overall case sales and, more impressively, over 23% for products retailing for more than $50per bottle. Jefferson'sBourbon is one of the top-five small-batch bourbons in America; and is the only such brand not owned by a major spirits company.
Stormy Ginger Beerhas continued its record of delivering strong growth over the 10 years it has been in existence. Sales and points of distribution continued to grow across all distribution channels in the US, including grocery stores, club stores, liquor stores, national account chains, bars, and restaurants.
- Goslings Rum U.S. case sales grew 5.5% in the fiscal year ended
March 31, 2019as compared to the prior fiscal year. Gosling's rum is one of the top-ten premium imported rum brands in America; and, as with Jefferson's, it is the only brand in that group not owned by a major spirits company.
- Knappogue Castle Single Malt Irish Whiskey saw its best year ever, posting strong double-digit growth. New super premium packaging and the release of unique limited expressions at higher price points contributed to this performance.
"We are proud of Castle Brand's case sales performance in the fiscal year ended
"We expect that growth of these brands, particularly
About this announcement
All financial results in this release are approximate and unaudited due to the preliminary nature of the announcement. Actual results may differ materially from these estimates once the financial closing procedures and final adjustments for fiscal 2019 are completed.
Forward Looking Statements
This press release includes statements of our expectations, intentions, plans and beliefs that constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. You can identify these and other forward-looking statements by the use of such words as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "thinks," "estimates," "seeks," "predicts," "could," "projects," "potential" and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include our history of losses and expectation of further losses, our ability to expand our operations in both new and existing markets, our ability to develop or acquire new brands, our relationships with distributors, the success of our marketing activities, the effect of competition in our industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described under the caption "Risk Factors" in
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