Castle Brands Inc. (ROX) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.42 million in the quarter, against a net loss of $0.81 million in the last year period. Revenue during the quarter grew 6.41 percent to $18.31 million from $17.21 million in the previous year period. Gross margin for the quarter expanded 294 basis points over the previous year period to 41.89 percent. Total expenses were 95.34 percent of quarterly revenues, down from 99.44 percent for the same period last year. This has led to an improvement of 410 basis points in operating margin to 4.66 percent.
Operating income for the quarter was $0.85 million, compared with $0.10 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.58 million compared with $0.68 million in the prior year period. At the same time, adjusted EBITDA margin improved 466 basis points in the quarter to 8.61 percent from 3.95 percent in the last year period.
"Continued strong growth of our more profitable brands, such as Jefferson’s and our Irish whiskeys, resulted in solid revenue growth and even greater growth in gross profit. This allowed us to increase income from operations, report net income and increase EBITDA, as adjusted. We expect these trends of increasing sales and improving financial performance to continue over the balance of the fiscal year and beyond," stated Richard J. Lampen, President and Chief Executive Officer of Castle Brands.
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