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.
About Corby
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