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Diamond Estates Wines & Spirits Reports Q2 2019 Financial Results
Diamond Estates Wines & Spirits Reports Q2 2019 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 2019 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nDiamond Estates Wines & Spirits Reports Q2 2019 Financial Results\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Nov. 21, 2018\n\n\n\nCompany experiences strong turnaround in domestic winery operations and repositions agency business\n NIAGARA-ON-THE-LAKE, ON, Nov. 21, 2018 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced its financial results for the three-month period ended September 30, 2018 (\"Q2 2019\").\nQ2 2019 Highlights:\nRevenue was $8.2 million, a decline of 8.3% from $8.9 million in the three-month period ended September 30, 2017 (\"Q2 2018\"), driven by lower export sales in the winery division and the loss of a supplier in the agency division; Gross Margin was $3.7 million, a decline of 1.5% from $3.8 million in Q2 2018, driven primarily by accounting for the acquisition of Backyard Vineyards Corp. (\"BYV\"), partially offset by higher gross margin in the agency division; EBITDA was $0.3 million, compared to $0.8 million in Q2 2018; Net loss was $0.4 million, compared to slightly positive net income in Q2 2018; Sales in the Ontario grocery channel remained strong, with Diamond Estates' brands achieving the top market share position in grocery during the quarter and generating year-over-year sales growth in the LCBO / grocery channel of 17.2%; On September 12, 2018, the Company announced that its agency division has been rebranded as Trajectory Beverage Partners, reflecting the division's projected growth and new sales and marketing strategy; Completed the Company's first full quarter with the recently-acquired BYV, which has established Diamond Estates as a national VQA wine producer; The Company completed the build out of new office space in Oakville, Ontario and moved its agency business to that location; and The Company continued to accumulate accolades for its high-quality wines, with its Lakeview Cellars 2016 Vidal Icewine...