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Eastside Distilling(EAST) - 2020 Q4 - Annual Report
2021-03-30 16:00
U. S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _____________ Commission File Number 000-54959 EASTSIDE DISTILLING, INC. (Name of small business issuer as specified in its charter) Nevada 20-3937596 (State or other ...
Eastside Distilling(EAST) - 2020 Q3 - Earnings Call Transcript
2020-11-13 22:13
Eastside Distilling, Inc. (NASDAQ:EAST) Q3 2020 Earnings Conference Call November 12, 2020 5:00 PM ET Company Participants Amy Brassard - Corporate Affairs Director Paul Block - Chairman and Chief Executive Officer Geoffrey Gwin - Chief Financial Officer Conference Call Participants David Bain - ROTH Capital Peter Merkel - Magis Operator Good afternoon, and welcome to the Eastside Distilling Reports Second (sic) [Third] Quarter Fiscal Year 2020 Financial Results Conference Call [Operator Instructions]. Plea ...
Eastside Distilling(EAST) - 2020 Q3 - Quarterly Report
2020-11-12 21:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Common Stock, $0.0001 par value EAST The Nasdaq Stock Market LLC (Title of Each Class) (Trading Symbol) (Name of Each Exchange on Which Registered) FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ t ...
Eastside Distilling(EAST) - 2020 Q2 - Earnings Call Transcript
2020-08-14 23:20
Eastside Distilling, Inc. (NASDAQ:EAST) Q2 2020 Earnings Conference Call August 14, 2020 4:30 PM ET Company Participants Robert Blum - Lytham Partners Paul Block - Chief Executive Officer Geoffrey Gwin - Chief Financial Officer Conference Call Participants David Bain - ROTH Capital Harold Weber - Aegis Capital Operator Good afternoon, and welcome to the Eastside Distilling Reports Second Quarter Fiscal Year 2020 Financial Results Conference Call. [Operator Instructions] Please note this event is being recor ...
Eastside Distilling(EAST) - 2020 Q2 - Quarterly Report
2020-08-13 20:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 EASTSIDE DISTILLING, INC. (Exact name of registrant as specified in its charter) Common Stock, $0.0001 par value EAST The Nasdaq Stock Market LLC (Title of Each Class) (Trading Symbol) (Name of Each Exchange on Which Registered) FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...
Eastside Distilling(EAST) - 2020 Q1 - Earnings Call Transcript
2020-05-15 03:17
Financial Data and Key Metrics Changes - Revenue for Q1 2020 was $3.7 million, an 8% increase compared to the same period last year [37] - Gross margins decreased to 26% from 34% in Q1 2019, impacted by a shift in sales mix and negative adjustments totaling $300,000 [37] - EBITDA loss improved by $267,000 to a loss of $1.865 million compared to Q1 2019 [38] - Cash position improved to $1.3 million from $342,000 at the end of 2019 due to closing a credit line [39] Business Line Data and Key Metrics Changes - The on-premise business was heavily affected by COVID-19, leading to a significant decline in sales [11] - Redneck Riviera whiskey saw a 54% growth in depletions compared to Q1 2019, although shipments did not match this growth [33] - Craft Canning experienced strong demand, with expectations for continued growth in Q2 [20][21] Market Data and Key Metrics Changes - The shift to off-premise sales resulted in a loss of approximately $1 million in top-line revenue due to the pandemic [12] - Consumers shifted to larger bottle sizes, negatively impacting sales of smaller bottles where the company primarily competes [11] Company Strategy and Development Direction - The company aims to become a leading mid-tier craft spirits company, focusing on acquiring and developing premium brands [24] - Initiatives to improve sales include promotional discounts and reallocating sales resources to support off-premise sales [13][14] - The company is working on outsourcing production to improve margins and reduce costs [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but expressed optimism about operational improvements and revenue growth in Q2 [22] - The company is adapting to new market conditions and focusing on execution initiatives to drive growth [35] - There is a commitment to managing expenses and improving cash flow while preparing for business normalization [41] Other Important Information - The company has completed the shutdown of unprofitable retail operations, which will positively impact future financial results [15] - A new board member with extensive experience in consumer products has been appointed to help guide the company's transformation [43] Q&A Session Summary Question: Can you provide insights on outsourcing and its impact on margins? - Management indicated that phase 1 of outsourcing will improve manufacturing overhead and reduce freight costs, with more details to come after negotiations [46][48] Question: Will the company de-emphasize on-premise sales in the near term? - The company plans to pivot back to on-premise sales as conditions allow, while currently focusing on off-premise opportunities [50][51] Question: Is there a case volume target for Redneck Riviera in 2020? - Management has not provided specific case volume targets due to the uncertainty of the COVID environment but will reassess after Q2 [56]
Eastside Distilling(EAST) - 2020 Q1 - Quarterly Report
2020-05-14 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Common Stock, $0.0001 par value EAST The Nasdaq Stock Market LLC (Title of Each Class) (Trading Symbol) (Name of Each Exchange on Which Registered) FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to __ ...
Eastside Distilling(EAST) - 2019 Q4 - Earnings Call Transcript
2020-03-31 03:53
Eastside Distilling, Inc. (NASDAQ:EAST) Q4 2019 Earnings Conference Call March 30, 2020 5:00 PM ET Company Participants Robert Blum - Lytham Partners Lawrence Firestone - CEO Robert Manfredonia - President Conference Call Participants David Bain - ROTH Capital Jim McIlree - Bradley Woods Harold Weber - Aegis Capital Operator Good afternoon, and welcome to the Eastside Distilling Reports Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call. All participants will be in a listen-only mode. [Op ...
Eastside Distilling(EAST) - 2019 Q4 - Annual Report
2020-03-30 21:02
Market Overview - The global spirits market generates total revenues exceeding $400 billion annually, growing at an estimated rate of 2-4%[22] - Distilled spirits sales in the U.S. increased by 5.3% in 2019, reaching a record $29 billion, with American whiskey sales up 10.8% to $4 billion[23] - The spirits industry gained market share over beer and wine sales, with revenues growing by 0.5% to 37.8% of the total beverage alcohol market in 2019[23] - The U.S. spirits industry has consolidated significantly, with eight major companies dominating the market, making it challenging for smaller companies to gain distributor recognition[50] Company Growth and Acquisitions - The company acquired 90% of Big Bottom Distilling in May 2017 and the remaining 10% in December 2018, enhancing its presence in the ultra-premium segment[20] - The Azuñia tequila brand was acquired in September 2019, complementing the company's portfolio in the high-growth tequila category[20] - The company aims to become a "house of brands" by acquiring and developing nascent brands for national distribution, targeting tier 1 producers for future sales[26] - The sales of premium brands have increased over 1,000% since 2010, reflecting the company's growth in the craft spirits market[35] Distribution and Sales Strategy - The company has developed a national distribution network with relationships in 49 U.S. states since the introduction of Redneck Riviera Whiskey in 2018[48] - The company has established relationships with wholesale distributors in 49 states, relying on them for sales and product placement[54] - The company aims to expand its distribution territories and register trademarks in additional markets as it grows[66] Product Focus and Market Position - The company focuses on premium and super-premium segments, which typically yield higher prices per case and gross profit margins[72] - The high-end and super-premium spirit products saw revenue increases of 7.6% and 7.9% respectively in 2019[24] Operational Changes - The company closed its four retail stores in the Portland area effective March 23, 2020, to streamline operations[55] - As of March 30, 2020, the company employed 89 full-time employees, with 23 in sales and marketing, 58 in production, and 8 in administration[79] Regulatory Environment - The company is subject to extensive federal and state regulations regarding the production, distribution, and marketing of alcoholic beverages[73] Supplier Relationships - The company utilizes a limited number of suppliers for sourcing spirit products, including a 20-year exclusive agreement with Agaveros Unidos de Amatitan for tequila[46][47] - The company utilizes Park Street Imports for back-office administrative and logistical services, enhancing cash flow through factoring services[59] Brand Development - The company has engaged Sandstrom Partners for brand development, resulting in the rebranding of key products and the launch of new brands like Hue Hue and Granny Rich[62]
Eastside Distilling(EAST) - 2019 Q3 - Earnings Call Transcript
2019-11-15 03:39
Eastside Distilling, Inc. (NASDAQ:EAST) Q3 2019 Earnings Conference Call November 14, 2019 5:00 PM ET Company Participants Joe Dorame – Lytham Partners Lawrence Firestone – Chief Executive Officer Steve Shum – Chief Financial Officer Robert Manfredonia – President Conference Call Participants Ian Gilson – Zacks Investment Research Ross Taylor – ARS Investment Partners Harold Weber – Aegis Capital Chris Leshock – Ballast Equity Operator Good day, and welcome to the Eastside Distilling Reports Third Quarter F ...