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Diamond Estates Wines & Spirits Reports Q2 2018 Financial Results
Diamond Estates Wines & Spirits Reports Q2 2018 Financial Results Diamond Esta...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines & Spirits Reports Q2 2018 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.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbtb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n\n\n\n\n\n\nDiamond Estates Wines & Spirits Reports Q2 2018 Financial Results\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Nov. 27, 2017\n\n\n\nShort-crop strategy and supply chain issues impact short-term financial performance\n\n\n\nNIAGARA-ON-THE-LAKE, ON, Nov. 27, 2017 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced its financial results for the three and six-month periods ended September 30, 2017 (\"Q2 2018\" and \"YTD 2018\" respectively).\n\nQ2 2018 Highlights:\n\n\nRevenue was $8.9 million, a decrease of 13.2% from $10.3 million in Q2 2017, due to the Company's strategic response to poor grape harvests in 2014 and 2015, as well as supply chain challenges in the agency division;\nGross margin was $3.9 million, a decline of 11.6% from $4.4 million in Q2 2017. However, gross margin as a percentage of revenue increased to 43.8% from 43.0% in Q2 2017, reflecting the focus on supporting high priority distribution channels and customers;\nEBITDA1 declined 44.6% to $0.8 million, compared to $1.4 million in Q2 2017, reflecting operating challenges during the quarter;\nCash flow from operating activities, before changes in non-cash working capital items, declined 16.0% to $1.8 million in YTD 2018, compared to $2.1 million in YTD 2017;\nNet income was slightly positive, compared to $0.8 million in Q2 2017;\nWorking capital was $13.1 million as at September 30, 2017, an increase of $4.7 million from $8.4 million as at March 31, 2017;\nOn Septemb...