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    Eastside Distilling Reports First Quarter 2024 Financial Results

    5/13/24 4:15:00 PM ET
    $EAST
    Beverages (Production/Distribution)
    Consumer Staples
    Get the next $EAST alert in real time by email

    Company to Host Conference Call at 5:00 pm ET Monday May 13, 2024

    PORTLAND, Oregon, May 13, 2024 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ:EAST) ("Eastside" or the "Company"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisanal products around premium spirits, digital can printing, co-packing and mobile filling, reported first quarter financial results for the period ended March 31, 2024.

    Eastside Distilling (PRNewsfoto/Eastside Distilling, Inc.)

    First Quarter 2024 Highlights:

    • Craft digitally printed a quarter-record 4.8 million cans representing a +320% increase over the prior year



    • Both operating segments made improvements in the quarter over the prior year excluding barrel sales at Spirits



    • Company decreased operating costs over $0.6 million

    Financial Results

    Gross sales for the three months ending March 31, 2024 decreased to $2.5 million from $2.9 million for the three months ending March 31, 2023.  Higher digital printing sales were offset by lower mobile canning and spirits sales. Spirits sales fell due primarily to the Company's bulk sale of 250 barrels for gross proceeds of $0.6 million during the three months ended March 31, 2023.

    Gross profit for the three months ending March 31, 2024 decreased to $0.2 million from $0.6 million for the three months ending March 31, 2023. Consolidated gross margin was 8% and 22% for the three months ending March 31, 2024 and 2023, respectively. Craft C+P gross margin increased due to higher printed can volumes. Spirits gross margin decreased due to gross profit of $0.5 million from bulk sales of barrels during the three months ended March 31, 2023.

    Operating costs for the three months ending March 31, 2024 decreased to $0.2 million from $0.6 million for the three months ending March 31, 2023 primarily due to decreased headcount and lower professional fees and sponsorship costs. The Company continues its broad restructuring in spirits as it realigns investment focusing on the most profitable spirits brands and regions.

    Net loss for the three months ending March 31, 2024 decreased to $1.3 million from $1.6 million for the three months ending March 31, 2023. The Company reported improved EBITDA of $(0.7) million and $(0.9) million for the three months ending March 31, 2024 and 2023, respectively. Craft's EBITDA loss improved to $(0.3) million. Spirits reported EBITDA of $(0.1) million in the quarter.  (See description of EBITDA in "Use of Non-GAAP Measures" below.)

    The Company will give further updates on its earnings conference call.

    Use of Non-GAAP Measures

    Eastside Distilling's management evaluates and makes operating decisions using various financial metrics. In addition to the Company's GAAP results, management also considers the non-GAAP measure of adjusted EBITDA as a supplement to GAAP results. Management believes this non-GAAP measure provides useful information about the Company's operating results and assists investors in comparing the Company's performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance.

    The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time items. The final table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure.

    First Quarter 2024 Conference Call Details

    Date and Time: Monday, May 13, 2024 at 5:00 pm ET

    Call-in Information: Interested parties can access the conference call by dialing (844) 889-4332 or (412) 717-9595.

    Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Conference Calls section of the Company's website at https://www.eastsidedistilling.com/conference-calls.

    Replay: A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, replay access code #10189029. A webcast replay will be available in the Conference Calls section of the Company's website at https://www.eastsidedistilling.com/conference-calls for 90 days.

    About Eastside Distilling

    Eastside Distilling, Inc. (NASDAQ:EAST) has been producing high-quality, award-winning craft spirits in Portland, Oregon since 2008. The Company is distinguished by its highly decorated product lineup that includes Azuñia Tequilas®, Burnside Whiskeys®, Hue-Hue Coffee Rum®, and Portland Potato Vodkas®. All Eastside spirits are crafted from natural ingredients for highest quality and taste. Eastside's Craft Canning + Printing subsidiary is one of the Northwest's leading independent mobile canning, co-packing and digital can printing businesses.

    Important Cautions Regarding Forward-Looking Statements

    Certain matters discussed in this press release may be forward-looking statements that reflect our expectations or anticipations rather than historical fact. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions, general competitive factors, the Company's ongoing financing requirements and ability to achieve financing, acceptance of the Company's products in the market, the Company's success in obtaining new customers, the Company's ability to execute its business model and strategic plans, and other risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). A detailed discussion of the most significant risks can be found in the "Risk Factors" section of the Company's Annual Report on Form 10-K. The Company assumes no obligation to update the cautionary information in this press release.

    Financial Summary Tables

    The following financial information should be read in conjunction with the audited financial statements and accompanying notes filed by the Company with the Securities and Exchange Commission on Form 10-K for the period ended December 31, 2023, which can be viewed at www.sec.gov and in the investor relations section of the Company's website at www.eastsidedistilling.com/investors.

     

    Eastside Distilling, Inc. and Subsidiaries

    Consolidated Balance Sheets

    March 31, 2024 and December 31, 2023

    Dollars in thousands, except share and per share







    March 31, 2024





    December 31, 2023







    (unaudited)











    Assets

















    Current assets:

















    Cash



    $

    336





    $

    403



    Trade receivables, net





    673







    559



    Inventories





    3,189







    3,212



    Prepaid expenses and other current assets





    498







    363



    Total current assets





    4,696







    4,537



    Property and equipment, net





    4,571







    4,768



    Right-of-use assets





    2,388







    2,602



    Intangible assets, net





    4,902







    5,005



    Other assets, net





    465







    568



    Total Assets



    $

    17,022





    $

    17,480





















    Liabilities and Stockholders' Equity (Deficit)

















    Current liabilities:

















    Accounts payable



    $

    2,392





    $

    2,076



    Accrued liabilities





    739







    575



    Deferred revenue





    66







    88



    Current portion of secured credit facilities, related party





    2,680







    -



    Current portion of secured credit facilities, net of debt issuance costs





    364







    -



    Current portion of notes payable





    8,079







    486



    Current portion of notes payable, related party





    92







    92



    Current portion of lease liabilities





    903







    888



    Other current liability, related party





    587







    -



    Total current liabilities





    15,902







    4,205



    Lease liabilities, net of current portion





    1,596







    1,824



    Secured credit facilities, related party





    -







    2,700



    Secured credit facilities, net of debt issuance costs





    -







    342



    Notes payable, net of current portion





    -







    7,556



    Total liabilities





    17,498







    16,627





















    Stockholders' equity (deficit):

















    Common stock, $0.0001 par value; 6,000,000 shares authorized as of March 31, 2024 and December 31, 2023; and 1,707,751

    shares and 1,705,987 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively





    -







    -



    Preferred stock, $0.0001 par value; 100,000,000 shares authorized; 2,500,000 Series B shares issued and outstanding as of

    both March 31, 2024 and December 31, 2023





    -







    -



    Preferred stock, $0.0001 par value; 240,000 shares authorized; 200,000 Series C shares issued and outstanding as of both

    March 31, 2024 and December 31, 2023





    -







    -



    Additional paid-in capital





    83,561







    83,559



    Accumulated deficit





    (84,037)







    (82,706)



    Total stockholders' equity (deficit)





    (476)







    853



    Total Liabilities and Stockholders' Equity (Deficit)



    $

    17,022





    $

    17,480



     

    Eastside Distilling, Inc. and Subsidiaries

    For the Three Months Ended March 31, 2024 and 2023

    (Dollars and shares in thousands, except per share amounts)

    (Unaudited)

     

    Consolidated Statements of Operations:







    2024





    2023

















    Sales



    $

    2,487





    $

    2,879



    Less customer programs and excise taxes





    76







    26



    Net sales





    2,411







    2,853



    Cost of sales





    2,225







    2,212



    Gross profit





    186







    641



    Operating expenses:

















    Sales and marketing expenses





    251







    511



    General and administrative expenses





    1,105







    1,364



    (Gain) loss on disposal of property and equipment





    (120)







    6



    Total operating expenses





    1,236







    1,881



    Loss from operations





    (1,050)







    (1,240)



    Other income (expense), net

















    Interest expense





    (248)







    (329)



    Other income (expense)





    5







    (29)



    Total other expense, net





    (243)







    (358)



    Loss before income taxes





    (1,293)







    (1,598)



    Provision for income taxes





    -







    -



    Net loss





    (1,293)







    (1,598)



    Preferred stock dividends





    (38)







    (38)



    Net loss attributable to common shareholders



    $

    (1,331)





    $

    (1,636)





















    Basic and diluted net loss per common share



    $

    (0.78)





    $

    (2.00)



    Basic and diluted weighted average common shares outstanding





    1,706







    824



     

    Eastside Distilling, Inc. and Subsidiaries

    For the Three Months Ended March 31, 2024 and 2023

    (Dollars in thousands)

    (Unaudited)

     

    Segments:



    (Dollars in thousands)



    2024





    2023



    Craft C+P

















    Sales



    $

    1,849





    $

    1,456



    Net sales





    1,814







    1,477



    Cost of sales





    1,765







    1,578



    Gross profit





    49







    (101)



    Total operating expenses





    638







    749



    Net loss





    (590)







    (884)



    Gross margin





    3

    %





    -7

    %



















    Interest expense



    $

    -





    $

    4



    Depreciation and amortization





    270







    368



    Significant noncash items:

















    (Gain) loss on disposal of property and equipment





    (120)







    6





















    Spirits

















    Sales



    $

    638





    $

    1,423



    Net sales





    597







    1,376



    Cost of sales





    460







    634



    Gross profit





    137







    742



    Total operating expenses





    234







    522



    Net income (loss)





    (92)







    221



    Gross margin





    23

    %





    54

    %



















    Depreciation and amortization



    $

    36





    $

    39





















    Corporate

















    Total operating expenses



    $

    364





    $

    610



    Net loss





    (611)







    (935)





















    Interest expense



    $

    248





    $

    325





















    Significant noncash items:

















    Stock compensation





    67







    111



     

    Adjusted EBITDA Reconciliation:







    Three Months Ended

    March 31,







    2024





    2023



    Net loss



    $

    (1,293)





    $

    (1,598)



    Add:

















    Interest expense





    248







    329



    Depreciation and amortization





    306







    407



    EBITDA





    (739)







    (862)



    (Gain) loss on disposal of property and equipment





    (120)







    6



    Stock compensation





    67







    111



    Adjusted EBITDA



    $

    (792)





    $

    (745)



     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/eastside-distilling-reports-first-quarter-2024-financial-results-302143656.html

    SOURCE Eastside Distilling, Inc.

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