Business
Eastside Distilling Reports Third Quarter 2021 Financial Results
Company to Host Conference Call at 5:00pm ET Today PORTLAND, Ore., Nov. 15, 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., Nov. 15, 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 third quarter 2021 financial results for the period ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Highlights: \nRaised $4.3 million of cash during the quarter and $4.0 million subsequent to quarter-end; the proceeds will primarily be used to fund the 3-year growth initiatives Improved spirits gross profit over 50% despite challenging business environment Significant reduction in year over year operating costs and improved year over year EBITDA performance Signed a non-binding term sheet with a lending group for a 3 year $9.6 million ABL facility which is expected to close in December\"The Company continues to improve on the most important critical measures like current ratio, net income, liquidity, shareholder equity, cash balance, debt maturity, spirits gross margin, operating expense, material sourcing, product pricing and cash balance. Unfortunately, the lingering effects of the COVID pandemic, the Company's historical liquidity issues and the integration of the Azuñia franchise have created short term challenges that have suppressed sales. We have pivoted to our 3-year growth strategy and anticipate sequential revenue performance forward, especially as we begin 2022,\" said Paul Block, Eastside's CEO. \nFinancial Results\nGross sales for the three months ending September 30, 2021 decreased to $3.3 million from $4.3 million for the three months ending September 30, 2020 primarily driven by a decrease in canning and bottling revenue compared to the prior year. During 2021, the craft beer canning industry supply chain restrictions have become less impactful and on-premise accounts have opened from the COVID pandemic, brewers have begun to purchase raw material again and shift sales to the on-premise bottle and keg packages. This year-on-year shift in supply and return to on-premise sales caused the mobile beer canning industry to service smaller runs at higher costs suppressing sales and margin. In addition, sales of spirits were down fr...