Welcome!

News Feed Item

Diamond Estates Wines and Spirits Inc. Reports First Quarter Fiscal 2015 Results

NIAGARA-ON-THE-LAKE, ONTARIO -- (Marketwired) -- 08/21/14 -- Diamond Estates Wines & Spirits Inc. ("Diamond Estates" or "the Company") (TSX VENTURE: DWS), today announced its results for the quarter ending June 30, 2014 ("Q1 2015").

Sales for Q1 2015 were $5,166,577 compared to $5,972,682 for the quarter ended June 30, 2013 (Q1 2014"), representing a decline of 13.5%. Gross margin for Q1 2015 was 50.1% compared to 46.8% for Q1 2014. Total operating expenses for Q1 2015 were $2,222,708 versus $2,182,715 for Q1 2014, a change of $39,993. Net loss and comprehensive loss for Q1 Y2015 was $197,681 versus $338,774 in Q1 2014, resulting in loss per share of $0.003 in Q1 2015 versus $0.023 for Q1 2014.

The sales decline in the quarter was primarily due to fewer export shipments of Niagara wine. Q1 2015 export sales were down 49.5% from the prior year largely due to the disproportionate amount of the 2014 export revenue occurring in Q1 2014. Shipments for 2015 are forecast to be spread more evenly throughout the year. The export decline masked strong growth in retail sales from the winery (up 21.6%), licensee sales (up 8.5%) and bulk wine (up 40%). Sales to the LCBO and extra provincial channels were up 4.7% from the prior year. Year over year sales decline in the imported wines and spirits business was 13.8% due to the impact of lost revenue from brands no longer sold by the agency in 2015. The Company has acquired several new brands that are expected to generate significant revenue in 2015, largely offsetting the losses. These brands include Montes wines from Chile (for Quebec), Vicente Gandia wines from Spain (for Alberta and B.C.) and Blue Hour Tequila from Mexico (national).

"Diamond Estates has demonstrated significant progress against our business strategy in Q1" stated J. Murray Souter, President & CEO of Diamond Estates, "Our focus on profitability and cost management has resulted in improved margins and positive cash flow from operations. The acquisition of several new brands will catalyze growth in the imported wine and spirits business over the remainder of the year. Our winery division continues to grow organically in all sales channels. Expansion into the fast growing International Canadian Blends segment with the launch of Riders Valley and additional product offerings, including our award winning East Dell Black Label series are examples of our commitment to building profitable brands."

On September 24, 2013, the Company's shares commenced on the TSX Venture Exchange, as a result of the reverse take-over ("RTO") of Whiteknight Acquisitions II Inc., a listed Capital Pool Company. Coincident with this transaction, the Company also raised an additional $8,351,000 in equity and renegotiated its credit facilities to significantly reduce its bank indebtedness that created a platform for the future growth of its business.

About Diamond Estates Wines and Spirits Inc.

Diamond Estates Wines and Spirits Inc. is a producer, marketer and distributor of wines and spirits in Canada. The company operates two wineries in the Niagara region of Ontario producing VQA and blended wines under such well-known brand names as 20 Bees, EastDell, Lakeview, Dois Amigos, Hat Trick, Dan Aykroyd, Benchmark and Seasons. The company also imports fine wines and spirits from around the world and serves as the marketing and sales agent for these brands in all regions of the country. These brands include Fat Bastard wines from France, Fireball Whiskey Shooter from Canada, Hpnotiq Liqueur from France, Anciano wines from Spain, Francois Lurton wines from France and Argentina and a number of top bourbons. For further information on the company, please visit the company's SEDAR profile at www.sedar.com.

This news release may contain forward--looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward--looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

Diamond Estates Wines & Spirits Inc. common shares trade on the TSX Venture Exchange (symbol DWS).

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...