Welcome to our dedicated page for Eastside Distilling news (Ticker: EAST), a resource for investors and traders seeking the latest updates and insights on Eastside Distilling stock.
Eastside Distilling news centers on a completed corporate transition that added Beeline Financial Holdings, an AI-enhanced digital mortgage and title technology platform, alongside updates on the company’s legacy craft spirits activities. Recurring announcements include financial results, stockholder meeting matters, governance changes, capital actions, and balance-sheet transactions.
The company’s news also covers completed asset sales and debt exchanges involving Craft Canning + Printing and Bridgetown Spirits, as well as registered direct offerings and other securities-related actions tied to its public-company capital structure.
Eastside Distilling Inc. (NASDAQ: EAST) announced a non-binding letter of intent to terminate its License Agreement with Rich Marks and divest certain assets to Redneck Spirits Group for over $8 million. This move aligns with the Company's focus on core growth platforms in craft spirits and mobile canning. The 3rd quarter revenue is projected between $4.5 and $5 million, with improved EBITDA expected. The Company is implementing a sustainable growth plan with five key objectives, including restructuring debt and enhancing its spirits brand portfolio.
On October 2, 2020, Eastside Distilling (NASDAQ: EAST) announced the appointments of Janet Oak as Chief Branding Officer and Ashley Rydecki as Vice President of Financial Planning & Analysis. Effective October 1 and September 28, 2020, respectively, Oak will focus on enhancing brand strategy, while Rydecki will leverage her extensive financial expertise to improve operational planning. CEO Paul Block and CFO Geoffrey Gwin emphasized their valuable industry experience, expecting these changes to aid in the company’s strategic shift and financial integration.
Eastside Distilling reported a 7% increase in gross sales for Q2 2020, totaling $4.3 million, primarily driven by Azuñia Tequila and mobile canning growth. The net loss improved to $(2.2) million from $(2.9) million year-over-year, with adjusted EBITDA improving to $(0.951) million from $(1.849) million. A restructuring plan aims to cut operating expenses by $2 million annually. Despite challenges from COVID-19, demand for mobile canning surged as breweries shift from kegs to cans.
Eastside Distilling (NASDAQ: EAST) will release its Q2 2020 financial results on August 13, 2020, after market close. A conference call will follow at 4:30 PM ET to discuss the results. Interested participants can join by dialing (844) 889-4332 or (412) 717-9595, or via a live webcast on the Company’s website. A replay of the call will be available for three days. Eastside Distilling specializes in high-quality craft spirits, operating since 2008 with a notable product lineup including Redneck Riviera Whiskey and Azuñia Tequilas.
Eastside Distilling, Inc. (NASDAQ: EAST) has transitioned its 2020 Annual Meeting of Stockholders to a virtual-only format due to COVID-19 concerns. The meeting is scheduled for July 30, 2020, at 2:00 p.m. PT. Stockholders as of June 5, 2020, can join via an online platform, where they will have the ability to vote and ask questions. Proxy voting is encouraged ahead of the meeting, and detailed instructions are provided for both stockholders of record and beneficial owners.
Eastside Distilling, Inc. (NASDAQ: EAST) announced the appointment of Paul Block as CEO, effective July 1, 2020. Block, who joined as Chairman in April 2020, will succeed Lawrence Firestone, credited with improving fiscal management during his tenure. Block aims to strengthen Eastside's market presence and explore growth through acquisitions. His extensive experience includes leadership roles at Miller Brewing and Guinness, where he achieved significant revenue increases. The company is recognized for its award-winning craft spirits and aims for operational excellence as it moves forward.
Eastside Distilling (NASDAQ: EAST) will participate in the June 2020 Lytham Partners Virtual Investor Growth Conference on June 24, 2020, at 4:00 PM ET. A webcast will be available on their investor relations site. Additionally, management will hold virtual one-on-one meetings on June 24 and 25. Eastside Distilling, since 2008, is known for its craft spirits produced in Portland, Oregon, including brands like Redneck Riviera and Azuñia Tequilas. For more details, visit www.eastsidedistilling.com.