Business
Eastside Distilling Reports Third Quarter 2020 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., Nov. 12, 2020 /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., Nov. 12, 2020 /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 third quarter 2020 financial results for the period ended September 30, 2020.\nThird Quarter 2020 Highlights vs. Same Year-Ago Quarter\nSigned an LOI on the exit of Redneck Riviera Business Increased sales despite challenging business environment Continued sequential improvement in EBITDA\"The results for the third quarter reflect the continued path to reduce negative cash flow while investing in growth,\" said Paul Block, Eastside's CEO. \"Despite the COVID pandemic, the tide continues to rise for spirits consumption and Craft Canning. 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\nRevenues in the third quarter increased +7.0% to $4.8 million from $4.5 million in the year-ago quarter. This was primarily due to increases in canning revenue driven by the continued shift of craft breweries toward canning and away from kegs. Gross profit in the third quarter declined –5.3% to $1.6 million compared to $1.7 million in the year-ago quarter due to changes in margin mix in spirits and reinvestment in Craft Canning to meet the increased demand.\nTotal operating expenses in the third quarter declined -37.5% to $3.1 million from $5.0 million in the year-ago quarter. This reduction is due to lower marketing spending, 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 operations in the third quarter was ($1.8) million or ($0.17) per share compared to ($3.5) million or ($0.38) per share in the year-ago quarter.\nEBITDA improved to ($0.7) million compared to ($2.4) million in the year-ago quarter and increased +$0.2 million sequentially from last quarter.\nThe Company's cash used in operations was ($2.8) million in the first nine months of 2020 compared to ($7.9) million in the compara...