Business
Eastside Distilling Reports Second Quarter 2023 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., Aug. 14, 2023 /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\nPORTLAND, Ore., Aug. 14, 2023 /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, digital can printing, co-packing and mobile filling, reported second quarter end 2023 financial results for the period ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Highlights:\nCraft C+P reports a 43% increase in net sales from the prior-year second quarterCraft C+P printed a record number of cans for four consecutive months, over 4 million cans in the quarter, and achieved positive EBITDA for the Craft C+P segment in June 2023Spirits made incremental progress cutting operating losses from the prior-year second quarter\"While I am extremely pleased with the increase in digital can sales, the Company made progress improving operations across both of its businesses,\" said Geoffrey Gwin, Eastside's CEO. \"Craft has become the preeminent decorated digital can provider in the Pacific Northwest and our spirits business has made more progress in reaching our goal of EBITDA profitability than we expected at this point in the year.\"\nFinancial Results\nGross sales for the three months ending June 30, 2023 decreased to $2.8 million from $5.1 million due to bulk spirits sales of $2.6 million for the three months ending June 30, 2022. Excluding bulk spirits sales, gross sales increased $0.2 million from the prior-year quarter. Craft C+P sales increased due to digital can printing as that business segment won new customers and expanded business with existing customers.\nGross profit for the three months ending June 30, 2023 decreased to $26,000 from $1.5 million due to bulk spirits sales gross profit of $1.6 million for the three months ending June 30, 2022. Excluding bulk spirits gross profit, gross profit increased $0.2 million from the prior-year quarter. Gross margin was 1% for the three months ending June 30, 2023 and 30% for the three months ending June 30, 2022. Last year's gross margins were due to selling a portion of our inventory of highly valuable whiskey inventory. Craft margins increased sequentially as digital can printing volumes improved through the quarter.\nOperating costs for the three mon...