Castle Brands’ Net Sales Up 25.7% in Year, Net Loss Narrows

Castle Brands had net sales for fiscal 2016 totaled $72.2 million, a 25.7% jump from a year earlier.

The company attributed the sales growth to the overall growth of Jefferson’s and Jefferson’s Reserve, Clontarf Irish whiskey and Goslings Stormy Ginger Beer.

Net loss was $2.5 million from $3.8) million in fiscal 2015.

The company said whiskey revenues increased 35.8% from the prior year due to continued strong performance of Jefferson’s bourbons and Knappogue and Clontarf Irish whiskeys.  Goslings Rum revenue increased 10.9% due to strong sales in both the U.S. and international markets.

Goslings Stormy Ginger Beer case sales increased 55.9% to some 1,115,000 cases from approximately 715,000 in the prior year.

The Company increased its reserves of aged bourbon and entered into two long-term new-fill agreements to augment its supplies of aged bourbon for its Jefferson’s brandand introduced new, upgraded packaging for its Goslings rums and Knappogue Castle Irish whiskeys.

“This was an outstanding year for Castle Brands. Continued strong growth of our more profitable brands, such as Jefferson’s Bourbon, Goslings Rum and our Irish Whiskeys, resulted in substantial revenue growth and even greater growth in gross profit. It also drove improved margins, decreased G&A as a percent of revenue, significantly reduced net loss and increased EBITDA, as adjusted. We expect that these growth trends and improving financial results,”  said Richard J. Lampen, president/ceo.

“Jefferson’s is now one of the top five selling premium small batch bourbons, Goslings Black Seal is now one of the top ten selling premium imported rums and Goslings Stormy Ginger Beer is now the largest selling premium ginger beer in the U.S.,” Lampen said.

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