Thursday, August 18, 2011

Castle Brands Inc. Announces a 21% Increase in Net Sales

(by Shanken News Daily) New York-based Castle Brands Inc. has announced a 21% increase in net sales to $7.4 million for its fiscal 2012 first quarter, ended June 30. Bolstered by Gosling’s Rum, Pallini Limoncello and Boru vodka’s U.S. growth, group volume rose 19% to more than 70,000 cases. Net losses for the quarter, however, grew 21.7% to just under $2.1 million, as operating losses fell slightly, from $1.7 million to $1.3 million. Castle Brands president and CEO Richard Lampden said the company would continue to streamline operations and reduce overhead and distribution costs, with the “full benefits of these cost savings efforts to be recognized in the current fiscal year.”

No comments: