TORONTO, Aug. 26, 2020 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B) today reported its financial results for the fourth quarter and year ended June 30, 2020. The Corby Board of Directors today also declared a dividend of $0.20 per share payable on September 30, 2020 on the Voting Class A Common Shares and Non-Voting Class B Common Shares of the Company to shareholders of record as at the close of business on September 16, 2020.
Net earnings of $26.7 million (or $0.94 per share) reflect an increase of 4%, or $1.0 million for the year ended June 30, 2020, when compared to the same period last year. Revenue for the year grew 2% due to the strong performance of key Corby-owned brands in both domestic and certain export markets, as well as improved commissions from represented brands. Our brands and those that we represent remained resilient during the months of COVID-19 social distancing, though certain portfolio challenges arose from COVID-19 pandemic related closures of certain on-premise channels.
Net earnings of $7.2 million (or $0.25 per share) were reported for the three-month period ended June 30, 2020, reflecting a decrease of 8%, $0.6 million (or $0.02 per share) when compared to the same quarter in the prior year. Revenue for the fourth quarter decreased 3%, following strong third quarter sales resulting from shifts in pandemic-related consumer purchasing trends.
"The COVID-19 pandemic had a profound impact on Canadians, our communities and our business partners. Our teams have proven their agility and resilience and commitment to our brands, values and purpose by delivering strong financial growth during a time of crisis. We managed costs tightly in some areas during the pandemic but also continued to invest in our strategic brands; doubling down on short-term opportunities with a vision of building long-term value. As we start emerging from our social bubbles, we will see that the world is no longer the same as it was six months ago. It is at times like these that we need to work smartly to identify and capitalize on opportunities," noted Nicolas Krantz, President and Chief Executive Officer of Corby.
For further details, please refer to Corby's management's discussion and analysis and consolidated financial statements and accompanying notes for the three-months and year ended June 30, 2020, prepared in accordance with International Financial Reporting Standards.
Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, Mumm® champagne, and Jacob's Creek®, Wyndham Estate®, Stoneleigh®, Campo Viejo®, and Kenwood® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn.
This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and, as such, actual results or expectations could differ materially from those anticipated in these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars.
SOURCE Corby Spirit and Wine Limited
For further information: CORBY SPIRIT AND WINE LIMITED, Edward Mayle, Vice-President and Chief Financial Officer, Tel.: 416-479-2400, [email protected], www.Corby.ca