Business
Eastside Distilling Reports Fourth Quarter and Year End 2020 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., March 31, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"Company to Host Conference Call at 5:00pm ET Today\n\n\nPORTLAND, Ore., March 31, 2021 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink \"RTD\" craft cocktails, reported fourth quarter and year end 2020 financial results for the period ended December 31, 2020.\nYear End 2020 Highlights \nSignificant progress on business transformation with the exit of Redneck Riviera and refocused business model Increased sales at Craft and selective spirits brands despite a challenging business environment Continued sequential improvement in consolidated operating results\"The results for the fourth quarter reflect the continued path to improve the operating performance of the Company, building a sustainable growth strategy that capitalizes on the fast-growing craft spirits and canning businesses,\" said Paul Block, Eastside's CEO. \"Despite the COVID pandemic, we navigated a very challenging year. As we continue to bring leadership, strategy, and strong tactical execution to Eastside, we believe we can capture a disproportionate share of market and continue to accelerate topline growth.\"\nFinancial Results\nGross sales for the year ending December 31st, 2020 increased 21.2% to $14.8 million from $12.2 million in the prior year. This was primarily due to increases in spirits sales and canning sales and services. Spirit sales increased primarily due to the acquisition of Azuñia Tequila in September 2019, which accounted for $1.7 million increase over last year as well as a $0.2 million increase in Portland Potato Vodka brand sales. Canning and bottling revenue increased year over year, which has benefited from a shift in consumer preferences to consume alcohol at home rather than at on-premise locations. Gross profit in 2020 increased 12.2% to $4.6 million from $4.1 million in the prior year.\nTotal operating expenses in 2020 declined 9.1% to $12.7 million in 2020 from $14.0 million in the prior year. This reduction was due to lower compensation and benefits, reduced legal and professional fees, and lower rent and insurance expenses; partially offset by higher non-cash depreciation and amortization expenses.\nNet loss including discontinued opera...