EAST: Oregon operations achieve positive net income. Rapid growth in RRW pushes case sales to record levels and growth is expected to continue through the fourth quarter 2019. The company is looking for new CEO.
By Ian Gilson, PhD, CFA
NASDAQ:EAST
READ THE FULL EAST RESEARCH REPORT
Steve Shum, the company's interim CEO and current CFO has resigned from Eastside Distilling (NASDAQ:EAST) to become the CEO of another company. The board of directors is looking for someone to become CEO as soon as possible and then they will look for a CFO. Mr. Shum will act as CFO until the filing of the 10-Q for the third quarter.
The sales of Redneck Riviera Whiskey reached new highs in 3Q19 at close to 120,000 750 ml bottles and is on track to exceed this in the 4Q19. This compares to just under 10,000 cases in the first six months of this year.
The integration of Azunia Tequila going well and there are signs of some synergy between the new premium products and the traditional Burnside line on a national basis.
The canning operations are expanding its reach to third party distillers and maintaining its high growth rate.
Oregon achieved positive net income during September 2019.
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