Business
Diamond Estates Wines and Spirits Inc. Reports Profitable Second Quarter 2016 Financial Results and Announces Issuance of Deferred Share Units
Diamond Estates Wines and Spirits Inc. Reports Profitable Second Quarter 2016 Financial Re...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines and Spirits Inc. Reports Profitable Second Quarter 2016 Financial Results and Announces Issuance of Deferred Share Units\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. Reports Profitable Second Quarter 2016 Financial Results and Announces Issuance of Deferred Share Units\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Nov. 20, 2015\n\n\n\n\n\n\nNIAGARA-ON-THE-LAKE, ON, Nov. 20, 2015 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced its fiscal results for the three and six months ending September 30, 2015 (\"Q2 2015 and YTD 2016\").\n\nSales for Q2 2016 were $8,381,108 versus $5,863,300 for Q2 2015, a 42.9% increase. Gross profit was up 37.1% to $4,199,241 in Q2 2016 from $3,062,528 in Q2 2015. Gross margin declined to 50.1% in Q2 2016 from 52.2% in Q2 2015 as the sales mix changed as a result of the business combination that created KirkwoodDiamond Canada Partnership (KDC) effective October 1, 2014. Standardized EBITDA also increased significantly to $1,044,444 in Q2 2016 from $786,872 in Q2 2015 as operating expenses declined to 37.6% of revenue from 38.8% respectively. The Company generated a net profit in Q2 2016 of $382,817 versus $116,323 in Q2 2015. The net profit attributable to Diamond's shareholders was $230,678, a year over year improvement of $114,355 or 98.3%. \n\nSales for YTD 2016 were $15,940,395 versus $11,029,876 in YTD 2015, an increase of 44.5% and primarily related to the launch of KDC. Gross profit was up 40.1% to $7,924,502 in YTD 2016 from $5,654,484 in YTD 2015. Gross margin declined to 49.7% in YTD 2016 from 51.3% in YTD 2015. Standardized EBITDA grew 56.5% to $1,794,945 in YTD 2016 from $1,146,679 in YTD 2015. Operating expenses increased 36.0%, lower than the revenue growth rate, to $6,129,557 in YTD 2016 from $4,507,805 in YTD 2015. The Company generated net profit in YTD 2016 of $443,132, up $524,491 from a net loss of $81,359 in YTD 2015.\n\nThe sales increase is primarily related to the business combinat...