New York-based Castle Brands Inc. reported financial results for the quarter and fiscal year ending March 31.
In the fourth quarter of fiscal 2019, the company had net sales of $26.9 million, an 11.7 percent increase over net sales of $24.1 million in the comparable prior-year period. Income from operations was $2.9 million, a 109.4 percent increase over income from operations of $1.4 million in the comparable prior-year period.
The company had net sales of $95.8 million in fiscal 2019, a 6.6 percent increase over net sales of $89.9 million in the prior fiscal year. Income from operations was $3.7 million, an 11.1 percent decrease from income from operations of $4.2 million in the prior fiscal year.
“This was an outstanding year for Castle Brands. Continued growth of our more profitable brands, such as Jefferson’s, Goslings and Knappogue Irish whiskey, resulted in continued growth in revenue and gross profit,” stated Richard J. Lampen, president and chief executive officer of Castle Brands, in a statement. Notable performances included continued growth of Jefferson’s bourbons, which led to a 20.6 percent increase in case sales for fiscal 2019 compared with the prior fiscal year as well as Goslings Stormy Ginger Beer case sales surpassing 2 million cases in fiscal 2019, a 6.4 percent increase versus the prior fiscal year.
“Jefferson’s is a key brand for us and we are very excited about our current bourbon inventories,” Lampen said. “The combination of our new fill programs and opportunistic purchases of aged whiskey resulted in our having over 30,000 barrels at the end of the fiscal year, enough to make approximately 750,000 cases (9L) of Jefferson’s.”
John Glover, executive vice president and chief operating officer of Castle Brands, added: “The growing popularity of ginger beer cocktails, including Goslings’ trademarked ‘Dark ‘n Stormy’ cocktail, has been an important growth driver of both Goslings Stormy Ginger Beer and Goslings Black Seal Rum. Ginger beer sales for the 12 months ended December 31, 2018 exceeded 2.0 million cases, making Stormy Ginger Beer the best-selling premium ginger beer in America. ” BI