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Diamond Estates Wines & Spirits Reports Record Fiscal 2017 Financial Results
Diamond Estates Wines & Spirits Reports Record Fiscal 2017 Financial Results D...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines & Spirits Reports Record Fiscal 2017 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.prngen2{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\nDiamond Estates Wines & Spirits Reports Record Fiscal 2017 Financial Results\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, June 23, 2017\n\n\n\nImproved financial performance and key strategic initiatives position the Company for continued success\n\n\n\nNIAGARA-ON-THE-LAKE, ON, June 23, 2017 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced significant improvements in financial performance for the three and twelve-month periods ended March 31, 2017 (\"Q4 2017\" and \"FY2017\" respectively).\n\n\n \n \n\n \nFY2017 Highlights:\n\n\nRevenue was $34.3 million, an increase of 17.5% from $29.2 million in FY2016, driven by strong growth in export sales in the winery division; \nGross margin increased to 41.5% of revenue, compared to 40.6% in FY2016, due to increased export revenues and a reduction in promotional activity in the LCBO channel in the winery division, partially offset by a decline in gross margin in the agency division, reflecting a decision to clear out excess inventory; \nEBITDA1 rose 84.9% to $2.8 million, compared to $1.5 million in FY2016, as the winery benefited from increased operating leverage attributable to increased sales volume; \nCash flow from operating activities, before changes in non-cash working capital items, increased significantly to $1.8 million, up from $0.3 million in FY2016, reflecting the increased operating leverage; \nNet income of approximately $0.5 million versus a loss of $1.7 million in FY2016; \nOn April 6, 2017, subsequent to the end of Q4 2017, the Compan...