Business
Corby Spirit and Wine Announces Full Year Results and Quarterly Dividend
Corby Spirit and Wine Announces Full Year Results and Quarterly Dividend Canada Ne...
About this update from Corby Spirit And Wine Limited Class A
[{"type":"text","content":"\n\n\n\nCorby Spirit and Wine Announces Full Year Results and Quarterly Dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 26, 2020\n\n\n\nTORONTO, Aug. 26, 2020 /CNW/ - Corby Spirit and Wine Limited (\"Corby\" or the \"Company\") (TSX: CSW.A) (TSX: CSW.B) today reported its financial results for the fourth quarter and year ended June 30, 2020. The Corby Board of Directors today also declared a dividend of $0.20 per share payable on September 30, 2020 on the Voting Class A Common Shares and Non-Voting Class B Common Shares of the Company to shareholders of record as at the close of business on September 16, 2020.\nNet earnings of $26.7 million (or $0.94 per share) reflect an increase of 4%, or $1.0 million for the year ended June 30, 2020, when compared to the same period last year. Revenue for the year grew 2% due to the strong  performance of key Corby-owned brands in both domestic and certain export markets, as well as improved commissions from represented brands. Our brands and those that we represent remained resilient during the months of COVID-19 social distancing, though certain portfolio challenges arose from COVID-19 pandemic related closures of certain on-premise channels.\nNet earnings of $7.2 million (or $0.25 per share) were reported for the three-month period ended June 30, 2020, reflecting a decrease of 8%, $0.6 million (or $0.02 per share) when compared to the same quarter in the prior year. Revenue for the fourth quarter decreased 3%, following strong third quarter sales resulting from shifts in pandemic-related consumer purchasing trends.\n \"The COVID-19 pandemic had a profound impact on Canadians, our communities and our business partners.  Our teams have proven their agility and resilience and commitment to our brands, values and purpose by delivering strong financial growth during a time of crisis. We managed costs tightly in some areas during the pandemic but also continued to invest in our strategic brands; doubling down on short-term opportunities with a vision of building long-term valu...