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Diamond Estates Wines and Spirits Inc. announces fiscal 2016 financial results and amendment to DSU plan
Diamond Estates Wines and Spirits Inc. announces fiscal 2016 financial results and amendme...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines and Spirits Inc. announces fiscal 2016 financial results and amendment to DSU plan\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\nDiamond Estates Wines and Spirits Inc. announces fiscal 2016 financial results and amendment to DSU plan\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, July 22, 2016\n\n\n\nNIAGARA-ON-THE-LAKE, ON, July 22, 2016 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced its financial results for the fiscal year ending March 31, 2016 (\"FY2016\").\n\nFiscal 2016 Highlights:\n\n\nCompleted an equity raise for gross proceeds of $3,207,995; \nDebt to equity ratio improved significantly to 1.8:1; \nSales growth of 44.7% in the agency division on a full year of post-merger operations; \nCompleted plans and obtained approvals for a proposed new 2,400 square foot retail facility at the Niagara-on-the-Lake winery site; and \nCompleted the rebranding and relaunch of all the company's major brands to better focus on our target consumer's preferences.\nThe Company has reviewed its financial statement presentation of various costs, including customer incentive programs (such as Air Miles), discount programs and product returns, previously included in Advertising and Promotion and excise taxes previously included in change in inventories of finished goods and warehousing and receiving.  Following this review, management has determined that these costs are better presented as deductions against revenue.  This change in presentation resulted in a reduction in revenue previously reported by $1,354,267 for the nine months ended December 31, 2015 and $1,434,781 for the fiscal year ending March 31, offset by equal reductions in expenses for those periods. There was no change to EBITDA, and net income or loss as a result.\n\nSales for FY2016 were $29,194,116 versus $24,296,115 for FY2015, a 20.2% increase. This is primarily related to the full‑year impact of the business combination that created the Kirkwood Diamond Canada Partnership (KDC) half‑...