Eastside Distilling, Inc. (EAST) Reports Q3 Loss of $0.42

Eastside Distilling, Inc. (NASDAQ: EAST) reported Q3 EPS of ($0.42), versus $0.00 reported last year. Revenue for the quarter came in at $1.7 million versus the consensus estimate of $1.63 million.

Grover Wickersham, Chairman and CEO of Eastside Distilling, commented, “We continued to make strong progress with the roll-out of our Redneck Riviera Whiskey product, with year-to-date results significantly surpassing our original expectations. During the quarter, we made strong headway with a number of chain accounts, including new authorizations or launches in key stores, including Walmart, Winn-Dixie, Albertsons, Safeway, Jewel-Osco, and Binny’s, amongst others. We anticipate a significant jump in our points of distribution in early 2019 with these chain accounts based on approved authorizations and the various planned rollout schedules. We also will be running our first test with Costco planned for this month. In addition to the continued adoption of the product in key retailers, we are in the process of opening up the Northeast U.S. market during this 4th quarter, the last major geographic territory for the product. We couldn’t be more pleased with the marketing support of John Rich, who continues to bring awareness to the product through television, radio, social media, in-store bottle signings, personal outreach, and concerts. All told, we are on pace to do something very few, if any other, spirit brands have ever done in their first twelve months on the market. This is a great testament to everyone involved.”

Wickersham continued, “While our focus is clearly on the continued rapid adoption of Redneck Riviera Whiskey, we also have an eye towards the future. In that regard, we have strengthened our board of directors with a focus on a few key areas: additional celebrity-endorsed or co-owned products, as well as ready-to-drink and “evolved” and/or “cannabis derived” beverages. The addition of movie producer, Pat Crowley, and spirit-industry innovator, David Holmes, to our board of directors will be instrumental as we continue to evaluate these options.”

“The fourth quarter is always our seasonally highest quarter of the year. I expect us to further accelerate our growth rates in the coming quarter as Redneck Riviera Whiskey benefits from the launch of our holiday ‘Git Down Pack,’ continued adoption by retailers who are placing initial orders, as well as reorders by our early adopters. We are seeing increased momentum in Oregon as a result of initiatives taken within our Burnside and Portland Potato Vodka lines. We look forward to a strong finish to the year, and stage set for an even better 2019,” concluded Wickersham.

For earnings history and earnings-related data on Eastside Distilling, Inc. (EAST) click here.

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