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Diamond Estates Wines & Spirits Reports Solid Q1 2018 Financial Results
Diamond Estates Wines & Spirits Reports Solid Q1 2018 Financial Results Diamon...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines & Spirits Reports Solid Q1 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nDiamond Estates Wines & Spirits Reports Solid Q1 2018 Financial Results\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Aug. 24, 2017\n\n\n\nRevenue growth in winery division drives stronger year-over-year financial performance\n\n\n\nNIAGARA-ON-THE-LAKE, ON, Aug. 24, 2017 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced continued improvement in financial performance in the three-month period ended June 30, 2017 (\"Q1 2018\").\n\nQ1 2018 Highlights:\n\n\nRevenue was $9.6 million, an increase of 5.3% from $9.1 million in Q1 2017, driven by strong growth in export sales and the LCBO channel, which includes grocery stores;\nGross margin was $4.5 million, representing 46.3% of revenue, compared to $4.0 million, or 43.8% of revenue in Q1 2017, as the winery division implemented targeted price increases, reduced promotional activity in the LCBO channel and generated improved operating leverage;\nEBITDA1 rose 11.5% to $1.4 million, compared to $1.3 million in Q1 2017, as the winery division generated increased operating leverage attributable to increased sales volume;\nCash flow from operating activities, before changes in non-cash working capital items, increased 24.7% to $1.2 million, up from $1.0 million in Q1 2017, reflecting the increased operating leverage;\nNet income increased 23.5% to $0.9 million, compared to $0.7 million in Q1 2017;\nOn April 6, 2017, the Company announced an agreement to acquire the 49.99% minority interest in its agency business, Kirkwood Diamond Canada (\"KDC\") previously owned by its joint venture partner, Kirkwood Brands Ltd. The Company agreed to pay $4.4 million to complete the acquisition. On May 5, 2017, the Company completed the transaction, increasing its interest in the agency business to 100%;\nOn May 17, 2017, the Company opened its new retail store, Lakeview Wine Co., at its production facility in Ni...