Business
Eastside Reports Preliminary Year End Financial Results and Provides Business Update
Company to hold conference call today at 5:00pm ET PORTLAND, Ore., Jan. 30, 2020 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) today announced
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"Company to hold conference call today at 5:00pm ET\n\n\nPORTLAND, Ore., Jan. 30, 2020 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) today announced preliminary fiscal year 2019 financial results and provided a business update.\nPreliminary Fourth Quarter Financial ResultsFourth quarter 2019 gross sales is anticipated to be between approximately $4.0 to $4.7 million, an increase of 65% to 94% compared to the year ago fourth quarter.\nPreliminary Year End Financial ResultsFor the fiscal year 2019 ended December 31, 2019, the Company anticipates gross sales of $16.7 to $17.4 million, an increase of approximately 132% to 142% compared to fiscal year 2018 gross sales of $7.2 million.\nOperational Updates and Profitability OutlookThe Company has initiated a series of operational changes aimed at reshaping the business to achieve adjusted EBITDA profitability in the fourth quarter of 2020. \nAsset-Backed Revolving Credit FacilitiesOver the last two months, the Company has increased its available working capital position by closing two new asset-backed revolving credit facilities totaling up to $10 million, including an up to $8 million inventory facility with Live Oak Bank and a $2 million Accounts Receivable factoring agreement with ENGS Capital. The facilities are anticipated to be used to fund growth in the business and refinance existing debt.\nManagement Commentary\"I am pleased to report that the Eastside Distilling team is executing a number of key operational initiatives designed to continue to drive growth in our national distribution platform, led by our Redneck Riviera branded products and begin the penetration of our Azuñia Tequila brands that we acquired in September,\" said Lawrence Firestone, CEO. \"We have worked through changes in how we distribute our products to drive case profitability, which has resulted in a number of new points of distribution, and an expectation for record first quarter case volumes. With the expected growth in the business, coupled with the improvements to cost of goods sold and operating expense, we are targeting to achieve adjusted EBITDA profitability by the fourth quarter of 2020.\" \nThe Company plans to issue a press release and file its 10-K for the year ended December 31, 2019 in mid to late March 2020.\nConference CallDate and Time: 5:00pm ET (2:00pm PT) on Thursday, January...