/C O R R E C T I O N -- Corby Spirit and Wine Limited/

In This Article:

Amended News Release - The prior news release of Corby Spirit and Wine Limited issued on August 21, 2024 has been amended to clarify that the dividend of $0.22 per share declared by the Board of Directors represents "an increase from the previous quarterly dividend payment at $0.21 per share". All other information in the prior news release remains unchanged. The amended news release is as follows.

Corby Spirit and Wine Limited reports its fiscal 2024 fourth quarter and year-end results and announces dividend of $0.22 per share

TORONTO, Aug. 21, 2024 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B), a leading Canadian manufacturer, marketer and importer of spirits, wines and ready-to-drink cocktails ("RTDs"), today announced its financial results for the fiscal fourth quarter ("Q4") and full-year 2024 ("FY24") periods ended June 30, 2024.

Q4 Revenue at $66.5 million (+50%) and FY24 Revenue at $229.7 million (+41%) underpinned by value market share gains and recent strategic acquisitions of ABG and Nude

Adjusted Earnings from Operations1 at $9.2 million (+56%) in Q4 and at $44.6 million (+37%) in FY24

(Reported Earnings from Operations at $8.7 million (+385%) in Q4 and at $40.7 million (+44%) in FY24)

Adjusted Net Earnings1 at $5.4 million (+10%) in Q4 and at $28.5 million (+13%) in FY24

(Reported Net Earnings at $4.8 million (+194%) in Q4 and at $23.9 million (+9%) in FY24)

Quarterly Dividend increased to $0.22 per share

FINANCIAL RESULTS

Q4 FY24 results: Revenue for the fourth quarter of fiscal 2024 was $66.5 million, reflecting strong growth of +$22.3 million / +50% compared to the same period last year. Year-on-year growth was driven primarily by the inclusion of Ace Beverage Group ("ABG") and Nude brand revenue of $19.8 million and $2.9 million, respectively, with both companies acquired during fiscal 2024. Organic revenue1, which excludes the contribution from these acquisitions, was $43.8 million during the quarter, a modest decline of -1% compared to the prior year period. The primarily factors impacting organic revenue growth were:

  • Resilient domestic case goods revenue of $30.8 million, growing by +3% despite a negative $2.4 million impact related to a customer pricing dispute (as further discussed in Corby's Management's Discussion and Analysis for the three-months and year-ended June 30, 2024. Excluding this impact, Q4 domestic case goods revenue increased by +11% and overall Q4 organic revenue increased by +4%);

  • Export case goods sales of $4.3 million (-27%), which reflected a normalization of quarterly phasing in an otherwise strong full year result when compared to the FY23, with performance lapping unusually strong shipments from new market pipeline fills and innovation launches in the US in Q4 FY23;

  • Commissions of $7.1 million, a decline of -4%, with flat PR brands sales and lower agency sales year-on-year, reflecting the lapping of sales from certain third-party wine brands no longer represented by Corby.