Business
Eastside Reports Record Second Quarter 2019 Financial Results
PORTLAND, Ore., Aug. 14, 2019 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) reported second quarter 2019 financial results for the period ended
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"PORTLAND, Ore., Aug. 14, 2019 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) reported second quarter 2019 financial results for the period ended June 30, 2019. \nFinancial Results Gross sales were $4.3 million, an increase of 154% compared to $1.7 million in Q2 2018. Branded and retail sales increased 39% to $1.5 million, compared to $1.1 million in the year ago period. Branded product shipments increased 57% to 11,697 cases compared to 7,445 in Q2 2018. Co-Packing service sales increased 389% to $2.7 million compared to $0.6 million in the year ago period. Including Co-packing sales, the Company shipped 356,280 cases during the quarter.\nGross margins on net sales improved to 38% during Q2 2019 compared to 34% in Q1 2019. Operating expenses of $4.3 million were up slightly compared to $4.0 million in Q1 2019 and compared to $2.6 million in Q2 2018.\nNet loss was $(2.9) million compared to a net loss of $(2.9) million in Q1 2019 and $(1.9) million in Q2 2018. Adjusted EBITDA (see attached table for a reconciliation to Net Loss) during Q2 2019 was $(1.8) million, which compared to $(2.1) million in Q1 2019 and $(1.2) million in Q2 2018.\n\"Eastside has created a fully integrated spirits platform the likes of which you generally only see from the much larger, multi-national spirits companies,\" commented Steve Shum, Interim Chief Executive Officer. \"Our capabilities to create innovative products through our award-winning master distillers, develop attractive packaging and marketing around them through one of the industry's most successful branding firms, produce in scale across a variety of packaging types, and sell through a national distribution framework with a network of tier-one distributors across 46 states is highly unique. It has taken considerable time, effort, and resources to create this platform which we are now beginning to recognize the true value of.\"\n\"During the second quarter, branded case sales increased 57% while total gross sales increased 154% as our Craft Canning + Bottling acquisition continues to surpass expectations,\" Shum continued. \"Further, we improved efficiencies in our production operations where gross margins on net sales improved over the first quarter, helping to drive overall improvement in our adjusted EBITDA.\"\nNational Platform (Outside of Oregon) Gross sales (excluding co-pac...