Castle Brands reports 3Q increase in sales
February 16, 2010
Castle Brands Inc. reported an 8.4 percent increase in third quarter net sales over the same period last year and a net loss attributable to common stockholders of $237,230 for the three months ending Dec. 31.
The company had net sales of about $7.5 million for the third quarter of fiscal year 2010, up from $6.9 million during the same time period last year, the company said, in a statement.
The New York City-based company still reported a net loss attributable to common stockholders of $237,230, down from $2.2 million last year. The company’s total loss for the first three quarters of fiscal year 2010 is about $1.3 million versus about $12.7 million during the three months ending Dec. 31 last year.
“Our continued focus on improving margins and controlling expenses moved us closer to profitability in this quarter,” said Richard J. Lampen, president and chief executive officer, in a statement.
Case sales decreased domestically and abroad for the liquor company in the fiscal 2010 third quarter. The company’s total case sales for the third quarter of 2010 were 73,400, down from 79,884 last year.
In the first three quarters of fiscal year 2010, Castle Brands has sold 221,363 cases compared to 232,300 cases in the first three quarters of 2009. A 25.8 percent drop in international sales has spurred the overall decrease.
Castle Brands markets premium alcohol brands, such as Boru Vodka, Knappogue Castle Whiskey and Jefferson’s bourbon.