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Liquor Group Wholesale Finishes 27th Consecutive Profitable Period
Liquor Group Wholesale, Inc. Announces Profitable Fiscal 2009 Operating Results
Jacksonville, Florida – August 31, 2009 – Liquor Group Wholesale, Inc. (OTCBB:
) announced its unaudited results for fiscal fourth quarter of 2009, prior to the annual shareholder conference.
Fiscal year net income was $729,828 or $0.0682 basic weighted earnings per share before non-cash expenses. The Company enjoys all profits through the use of a $25 million net operating tax loss captured in the merger of August 2007, an asset utilized to offset tax due on net profits every quarter.
Key financial highlights for fiscal 2009 include:
• Gross margin of 38.8%
• Net income of 40.2%
• Current liquid ratio of +1.85
C. J. Eiras, President and CEO commented, “Liquor Group Wholesale, which represents approximately 8% of Liquor Group associated worldwide operations continued to see positive developments in operations again this year, as evidenced by strong performance in the final quarter of our fiscal year. Once again our profitability demonstrates that even in this tough economy our operational system works. Our continued portfolio expansion of high-margin brands coupled with increased market presence has again led to positive results for our shareholders.”
Eiras continued “Our core business operations were again positively impacted by the advantages of our patent-pending business model. Increased sales are partly attributed to some new additions to our brand portfolio as well as the expansion of our sales force and territories, which continued to outpace supplies of products due to our buying power and leverage. Some of the leading premium products in the market have begun taking advantage of our growing operation; and our business model is increasingly becoming more accepted by the alcohol beverage industry.”
The Company provides these results to investors so that they might gain better insight into its underlying business trends from continuing operations.
Aug 31, 2009. 10:53 AM
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Here is an excerpt from LIQR's 10Q filed today:
On June 30, 2009, the Company filed a breach of contract claim against Drinks Americas Holdings, LTD / Drinks Americas, Inc. ("DKAM") claiming damages in excess of $1.95 million. The Company documented the failure of DKAM to pay their contracted and agreed marketing obligations totaling $7,000 per month for each month of the contract beginning May 2008 to the time of the filing; as well as DKAM's failure to fulfill back order obligations to Liquor Group customers in 18 States in excess of $830,000. Under the terms of our contract with DKAM, the contract entitles the Company to triple damages against DKAM, which now exceed more than $2.0 million. Further details of the claim can be found in the Company's filing on Form 8-K dated July 1, 2009.
Jul 15, 2009. 10:04 PM
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DKAM is listed in this article but they offer no dividend.
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