Business
Eastside Distilling Reports Second Quarter 2021 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., Aug. 12, 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., Aug. 12, 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 second quarter 2021 financial results for the period ended June 30, 2021.\nSecond Quarter 2021 Highlights: \nGrew spirits volume and revenue double digits despite challenging business environment Reduced pricing discounts and shifted portfolio mix resulting in improved operating margins Craft Canning continues to expand customer base including wine and non-alcoholic beverages Significant reduction in year over year operating costs Fully diluted EPS of $0.13 at the mid-point of the year Significantly improved liquidity refinancing near-term maturities and making key investments in growth\"Eastside has been on a tough road with a lack of liquidity, high cash burn rate, competing interests and high employee turnover; however, I believe we have about 90% of the Company turnaround completed at this time. We have made significant progress toward our goals and have shifted our focus to growth in the second half of 2021,\" said Paul Block, Eastside's CEO. \nFinancial Results\nGross sales for the three months ending June 30, 2021 decreased 6% to $3.6 million from $3.8 million for the three months ending June 30, 2020. This was primarily driven by a decrease in canning services compared to last year when sales were positively impacted by a shift from kegs to cans caused by the COVID-19 pandemic. This decline in canning was offset by increased spirits sales of Burnside and Azuñia partially offset by lower sales of Legacy brands resulting in positive price mix. Both divisions were negatively impacted by higher cost of materials and freight due to price pressures on the supply chain. In addition, canning margins were negatively impacted by a shift from sales of canning services to lower margin consumables sales. As a result, gross profit for the three months ending June 30, 2021 decreased to $1.1 million from $1.4 million for the three months ending June 30, 2020.\nThe Company continued to make improvements in lowering operating expenses which declined 22% for the three month...