Eastside Distilling, Inc. (NASDAQ:EAST)

PORTLAND, Ore., March 3, 2020 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) today announced the appointment of G. Stuart Schreiner as Interim Chief Financial Officer, effective February 28, 2020.

Mr. Schreiner joins Eastside Distilling with 25 years of experience in finance and operational leadership, where he has served in both a consulting and executive capacity for a wide array of public and private companies. His expertise includes creating effective financial processes, systems and controls that enable problem solving to occur, primarily for companies transitioning from investment stage to positive cash flow. He has also served as a consultant on integration for companies involved in mergers and acquisitions.

"Stu brings 25 years of proven financial and operational capabilities that are ideally suited for Eastside Distilling as we implement a series of operational changes aimed at reshaping our business model to achieve positive adjusted EBITDA," commented Lawrence Firestone, CEO of Eastside Distilling. "Having worked with Stu previously, I am confident that his hands-on approach to continuous improvement will add value to Eastside going forward."

Mr. Schreiner has been a financial consultant with Tatum, LLC, C-Squared Solutions and GSS Consulting LLC since 2002. During and prior to that time, he has additionally held various senior level positions, including Director of Finance or Chief Financial Officer, with Hands-On Labs, Inc., Melco Industries, Inc., AirCell, Inc., Nathan Wechsler CPA, Cablecom-General, Translogic Corporation, Fischer Imaging, and Century International. Mr. Schreiner is a Certified Public Accountant (inactive) and has a B.S. in Accounting, with Honors from Bentley College.

Third Quarter 2019 Financial Results

• Gross sales were $4.7 million, an increase of 179% compared to $1.7 million in Q3 2018, and up 12% sequentially compared to $4.3 million in Q2 2019.
• Net loss was $(3.5) million during Q3 2019 compared to a net loss of $(2.9) million in Q2 2019 and $(2.6) million in Q3 2018.

Management Commentary

"We delivered strong third quarter case count and revenues. Demand for our products in off-premise distribution channels is strong," said Lawrence Firestone CEO. "We closed the acquisition of Azuñia just before the quarter end and are excited to integrate these great organic tequila products into our lineup as this will continue to add to our growth story going forward."

First Quarter Results:

• Total revenue for first quarter of 2011 increased 172% to $5.2 million from $1.91 million in the first quarter of 2010.
• Gross profit increased 122% to $2.42 million, as compared to $1.09 million in the prior year.
• Net income increased 113% to $1.41 million, as compared to $0.66 million in first quarter of 2010.
• Fully diluted earnings per share increased 81% to $0.199, compared to $0.11 in the first quarter of 2010.

"The first quarter of 2011 was our first quarter as a reporting company following our merger. I am pleased to announce that the Company attained significant increases in sales and earnings in the first quarter of 2011, more than doubling revenues and net income from the first quarter of 2010. We remain excited about the prospects of continuing at this rapid pace of growth," commented Mr. Tan, Eastern Security & Protection Services, Inc.’s President, Chief Executive Officer and Chairman.

Year End 2010 Results:

"Fiscal year 2010 was a milestone year for the Company as we completed our transition from privately-owned to publicly-traded company. In addition, the appointments to our Board of Directors and Officers have further strengthened our management team. I am also pleased to announce that the Company attained significant increases in sales and earnings in 2010, more than doubling revenues and net income. We remain excited about the prospects of continuing at this rapid pace of growth," commented Mr. Tan, Eastern Security & Protection Services, Inc.’s President, Chief Executive Officer and Chairman.

• Total revenue for fiscal year 2010 increased 163% to $16.49 million from $6.27 million in fiscal year 2009.
• Gross profit increased 153% to $7.36 million, as compared to $2.91 million in the prior year.
• Net income increased 135% to $4.19 million, as compared to $1.78 million in fiscal year 2009.
• Fully diluted earnings per share were $0.588, compared to $0.25 in fiscal year 2009.