Craft beer producer Russell Breweries has released its financial results for the first quarter of Fiscal 2017, ended 30 November 2016.
The Company reports a positive EBITDA of $423,872 for Q1 of Fiscal 2017 ("Q1 2017F") compared to a positive EBITDA of $88,203 for Q1 of Fiscal 2016 ("Q1 2016F").
Q1 Fiscal 2017 Highlights
The Company had a net income and comprehensive income of $311,935 for Q1 2017F compared to net loss and comprehensive loss of $49,745 for the three months ended September 30, 2015 ("Q1 2016F").
The increase in net income and comprehensive income is primarily due to the increase in gross margin of $59,056 and the decrease in selling, general and administrative expenses of $260,799.
Net revenue for Q1 2017F were $2,228,582 up $158,189 or 8% compared to $2,070,393 for Q1 2016F mainly due to higher sales.
The gross margin for Q1 2017F increased by $59,056 or 5% to $1,226,921 compared to $1,167,865 for Q1 2016F. The gross margin percentage of Q1 2017F was down 1% to 55% compared to 56% for Q1 2016F.
The decrease in gross margin percentage is mainly due to higher cost of sales.
Selling, general and administration expenses for Q1 2017F were at $892,095 down $260,799 or 23% compared to $1,152,894 for Q1 2016F.
