Castle Brands, a New York-based producer, importer and marketer of premium and super-premium branded spirits, has reported net sales of $10.4m for the first quarter (Q1) ended 30 June 2013, up 7.25%, compared to net sales of $9.7m for the same period in 2012.
The increase in sales was driven by strong growth of Gosling's rum, whose sales in the US increased by 19.7% to around 28,000 cases during the period.
Whiskey revenues increased by 26.1% in the quarter, driven by Jefferson's bourbons and rye growth.
Gross profit for the first quarter (Q1) of fiscal 2014 increased to $3.9m from $3.4m in comparable period previous year.
Castle Brands president and CEO Richard Lampen said they expect that the recently announced Strategic Review Committee, led by Sergio Zyman, will support their efforts to foster this continued growth.
"Growth of our core brands, coupled with our ability to trim G&A, resulted in further improvement in our EBITDA, as adjusted. We expect this trend to continue in the current fiscal year," Lampen added.
Castle Brands chief operating officer John Glover said the substantial growth for both Gosling's rum and Stormy Ginger Beer reflects the growing popularity of the trademarked cocktail, the Dark 'n Stormy.
"Jefferson's bourbons and rye whiskies also delivered very strong performances. We are pleased that we were able to purchase $2.5 million of aged bourbon earlier in the year and to recently expand the size of our bourbon facility to $4 million. We expect to make additional purchases of aged whiskies during the current fiscal year to support the growth of the Jefferson's brand," Glover added.
The increase in sales was driven by strong growth of Gosling's rum, whose sales in the US increased by 19.7% to around 28,000 cases during the period.
Whiskey revenues increased by 26.1% in the quarter, driven by Jefferson's bourbons and rye growth.
Gross profit for the first quarter (Q1) of fiscal 2014 increased to $3.9m from $3.4m in comparable period previous year.
Castle Brands president and CEO Richard Lampen said they expect that the recently announced Strategic Review Committee, led by Sergio Zyman, will support their efforts to foster this continued growth.
"Growth of our core brands, coupled with our ability to trim G&A, resulted in further improvement in our EBITDA, as adjusted. We expect this trend to continue in the current fiscal year," Lampen added.
Castle Brands chief operating officer John Glover said the substantial growth for both Gosling's rum and Stormy Ginger Beer reflects the growing popularity of the trademarked cocktail, the Dark 'n Stormy.
"Jefferson's bourbons and rye whiskies also delivered very strong performances. We are pleased that we were able to purchase $2.5 million of aged bourbon earlier in the year and to recently expand the size of our bourbon facility to $4 million. We expect to make additional purchases of aged whiskies during the current fiscal year to support the growth of the Jefferson's brand," Glover added.
