Business
Diamond Estates Wines and Spirits Reports Improved Q3 2017 Results
Diamond Estates Wines and Spirits Reports Improved Q3 2017 Results Canada NewsWire...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines and Spirits Reports Improved Q3 2017 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Feb. 17, 2017\n\n\n\nQuarter highlighted by Company's wine entering Ontario grocery channel and significant balance sheet improvement   \n\n\n\nNIAGARA-ON-THE-LAKE, ON, Feb. 17, 2017 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced continued  growth in revenue and net earnings for the three and nine-month periods ended December 31, 2016 (\"Q3 2017\" and \"YTD 2017\" respectively).\n\n\n \n \n\n \nQ3 2017 Highlights:\n\n\nRevenue increased 12.2% to $8.8 million from $7.9 million in Q3 2016, driven by continued strength in export sales and solid growth in other channels; \nGross margin increased slightly to 39.0% from 38.4%, reflecting a reduction in promotional activity in the LCBO channel; \nQ3 2017 Standardized EBITDA (see \"Non IFRS Financial Measure\") was consistent with last year at $0.6 million, reflecting the timing of export sales, which were more concentrated in the first half of this year than last year; Standardized EBITDA is up strongly on a YTD basis at $3.3 million compared with $2.4 million last year; \nCash flow from operating activities, before changes in non-cash working capital items, increased 63.9% to $2.4 million in YTD 2017 from $1.5 million in YTD 2016; \nNet income in Q3 2017 was slightly positive versus a nominal loss in Q3 2016; YTD 2017 net income was $1.5 million compared with $0.4 million in YTD 2016; \nOn December 20, 2016, the Company completed a private placement offering of 40 million common shares at a price of $0.22 per share for total gross proceeds of $8.8 million; \nSince March 31, 2016, the Company's working capital has increased to $10.9 million from $3.2 million (excluding debt then-classified temporarily as current)  and its debt to equity ratio improved substantially to 0.59:1 from 1.76:1; and \nFollowing the Province of Ontario's is...