Operational Update
12 8월 2010 - 11:57PM
UK Regulatory
TIDMMCOZ
RNS Number : 9809Q
Cosentino Signature Wines plc
12 August 2010
Cosentino Signature Wines plc
Operational Update
Cosentino Signature Wines plc ("Cosentino" or the "Company"), the AIM listed,
ultra-premium brand Napa Valley based wine company, would like to update the
market on recent developments in the business.
As previously announced, the Company had received two signed term sheets from
two separate lenders to refinance its current senior and subordinated debt along
with providing the required working capital necessary to adequately operate its
business. Unfortunately, one of the two lenders failed to perform under the
terms of the term sheet and the Company was therefore unable to complete the
planned refinancing. In addition, although the Company's formal forebearance
agreement with its existing lenders has terminated, the Company continues to
maintain good relations with them.
Following this disappointment, the Company has been negotiating with a new
potential lender. The Company believes that the new potential lender is near
the completion of its due diligence process.
Operations continued to perform solidly despite the difficult general economic
environment. Over the first six months of 2010 wholesale sales increased by
around 30% over the same period in 2009 and retail sales increased by 4%. The
Company has, however, taken the decision to cease its custom crush operations
due to a lack of space, but with a view to recommencing the operations once the
refinancing is completed.
Overall gross margins of approximately 71% remain unchanged from the previous
year and operating expenses have been further reduced by 13% over the previous
year. EBITDA for the first six months of 2010 has increased by 34% over the
EBITDA for 2009.
The Company will update the market as appropriate upon further developments.
Cosentino Signature Wines plc
Larry Soldinger, Chairman - 001 847 726 8100
Seymour Pierce
Jonathan Wright - 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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