Eastside Distilling Inc Stock Price, News & Analysis

Eastside Distilling, Inc. (NASDAQ: EAST) will announce its Q4 and Fiscal Year 2020 financial results after market close on March 31, 2021. A conference call to discuss these results is set for the same day at 5:00 PM ET. The company will also conduct follow-up calls with investors on April 1 and 2. Interested parties can access the call by dialing (844) 889-4332 or via a live webcast on the company's website. The replay of the call will be available for three days.

Eastside Distilling, Inc. (NASDAQ: EAST) appointed Liz Levy-Navarro to its Board of Directors on March 22, 2021. She will also chair the Compensation Committee and serve on Audit and Nominating Committees. Levy-Navarro is a seasoned executive with extensive experience in business growth strategies and brand development, previously leading Orrington Strategies and working with Nielsen Holdings. Her expertise is expected to support Eastside Distilling's future initiatives in the consumer products sector, enhancing its operational strategies and market positioning.

Eastside Distilling, Inc. (NASDAQ: EAST) will participate in the Roth Capital Partners 33rd Annual Virtual Conference from March 15-17, 2021. Investors can arrange one-on-one meetings with Roth representatives. Since 2008, Eastside has been known for its award-winning craft spirits produced in Portland, Oregon, including Azuñia Tequilas®, Burnside Whiskeys®, and Portland Potato Vodkas®. The company's Craft Canning + Bottling subsidiary is a major independent canner in the Northwest. For more information, visit www.eastsidedistilling.com.

Eastside Distilling, Inc. (NASDAQ: EAST) is expanding its premium spirits line with the launch of the new "Eastside Brand." This includes a portfolio of limited-edition, hand-crafted spirits such as Lion's Small Batch Oak Finished Rye Whiskey and a 12-Year Select Straight Bourbon Whiskey. The products will be available in select markets in late March and on shelves by April 2021. Eastside aims to create unique, artisanal products that reflect Portland's vibrant culture, prioritizing loyal customers in Oregon before expanding to states like California and New York.

Eastside Distilling (NASDAQ: EAST) reported significant balance sheet improvements, exceeding NASDAQ's shareholder equity standards. Key enhancements include the Paycheck Protection Program forgiveness of $1,044,500, debt-to-equity conversion of $5,618,000, and a $4,000,000 equity boost from the Redneck Riviera transaction. The maturity of its senior loan facility has been extended to April 13, 2021. CFO Geoffrey Gwin highlighted increased liquidity to support growth in the expanding craft spirits market. Updates are expected during the 4th quarter earnings call in March.

Eastside Distilling has terminated its license agreement with Rich Marks and sold assets to Redneck Spirits Group for net proceeds of approximately $7.8 million. This transaction includes well-known products like Redneck Riviera Whiskey and aims to transform Eastside into a fully owned spirits brand portfolio. Key outcomes include a 50% reduction in whiskey barrel inventory, improved cash balance, and a $4 million decrease in overall debt. The company shifts focus towards artisanal products, enhancing its market strategy and operational efficiency.

Eastside Distilling (NASDAQ: EAST) has appointed Jason Ericson as Head Distiller, effective January 11, 2020. Jason joined the company in 2014 and has played a crucial role in expanding its production capability from under 1,000 to over 50,000 square feet. He apprenticed under former Master Distiller Melissa Heim and is recognized for his innovative approach to whiskey maturation. Michael Karstadt, SVP of Operations, expressed enthusiasm for Jason’s leadership qualities, emphasizing his passion for craft spirits. Eastside Distilling has been crafting award-winning spirits since 2008.

Eastside Distilling reported a 7.0% increase in revenue for Q3 2020, totaling $4.8 million, attributed to growing canning revenue. Despite a 5.3% decline in gross profit to $1.6 million due to margin shifts, the company saw a significant reduction in operating expenses, down 37.5% to $3.1 million. The net loss improved to ($1.8) million or ($0.17) per share, compared to ($3.5) million in the previous year. EBITDA also improved to ($0.7) million. Cash used in operations decreased significantly by $5.1 million year-over-year.

Eastside Distilling (NASDAQ: EAST) will announce its third quarter 2020 financial results after market close on November 12, 2020. A conference call is scheduled for the same day at 5:00 PM ET to discuss the results. Additional post-earnings calls will occur on November 13 and November 16, with investor inquiries directed to Amy Brassard at ir@eastsidedistilling.com. Eastside has been crafting award-winning spirits in Portland, Oregon, since 2008.