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Diamond Estates Wines and Spirits Inc. Reports Third Quarter 2016 Financial Results
Diamond Estates Wines and Spirits Inc. Reports Third Quarter 2016 Financial Results ...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines and Spirits Inc. Reports Third Quarter 2016 Financial Results\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 Third Quarter 2016 Financial Results\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Feb. 22, 2016\n\n\n\n\n\n\nNIAGARA-ON-THE-LAKE, ON, Feb. 22, 2016 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced its fiscal results for the three and nine months ending December 31, 2015 (\"Q3 2016 and YTD 2016\").\n\nSales for Q3 2016 were $8,485,304 versus $7,877,312 for Q3 2015, a 7.7% increase. Gross profit was up 8.1% to $4,031,614 in Q3 2016 from $3,730,021 in Q3 2015. Gross margin for the Company's winery division increased by 1.0% to 44.5% in Q3 2016 from 43.5% in Q3 2015. This was offset by a similar decline in the agency division's buy/sell margin to 33.4% in Q3 2016 from 34.3% in Q3 2015 as foreign sourced product costs increased as a result of further declines in the value of the Canadian dollar. Standardized EBITDA also increased significantly to $676,122 in Q3 2016 from $345,286 in Q3 2015 as operating expenses declined to 39.5% of revenue from 43.0% respectively. The Company generated a significantly lower net loss in Q3 2016 of $75,153 versus $861,353 in Q3 2015. The net loss attributable to Diamond's shareholders was $207,469, a year over year improvement of $416,449 or 66.7%.  \n\nSales for YTD 2016 were $24,425,699 versus $18,907,188 in YTD 2015, an increase of 29.2% and primarily related to the creation of the Kirkwood Diamond Canada Partnership (\"KDC\"), effective October 1, 2014. Gross profit was up 27.4% to $11,955,909 in YTD 2016 from $9,384,505 in YTD 2015. Gross margin declined to 48.9% in YTD 2016 from 49.6% in YTD 2015 as the sales mix changed with the merger of the agency business resulting in more weighting on the Western Canada buy/sell distribution business. Standardized EBITDA grew 65.6% to $2,470,860 in YTD 2016 from $1,491,963 in YTD 2015. Operating expenses increased 20.2%, at a slower pace t...