Liquor Group Wholesale, Inc. (OTCBB: LIQR) today announced its results for their fiscal fourth quarter of 2008. Form 8K filed with the SEC as follows:
The Company announced unaudited net income on a U.S. GAAP basis of $324,923 or $0.037 per share, for the fourth quarter of its fiscal year and overall unaudited results of fiscal 2008. These figures include the costs of the merger with North American Food & Beverage including the time consuming and costly process of bringing the newly merged Company back into full reporting compliance with the Securities and Exchange Commission to allow it to trade again on the public markets.
Some of the Company’s key financial highlights for the fiscal year of 2008 include the following:
Gross margin of 30%
Operating income of 22.6%
Cash Flow from Operations of $0.034 pershare (9.5 Million weighted average in Q4)
$19,025,702 Market Capitalization ($2.00 per share S1 price)
33.5% Net Income
Current Ratio of +1.21 (Liquidity)
C. J. Eiras, President and CEO commented, “The Company has continued to see positive developments in its operations as evidenced by the strong performance in the final quarter of our fiscal year. The Net Income of $324,923 from fourth quarter operations demonstrates that even in this tough economy our Company was still profitable. The continued expansion of high margin brand sales coupled with increased market presence and continued growth of our portfolio has led to positive sales.”
Mr. Eiras continued, “The areas of our core business operations that have been positively impacted by our current business practices are increased sales in Control States due to new additions to our brand representation portfolio as well as the expansion of our sales force selling products with increased margins due to our buying power leverage. We believe that with some of the US’s leading premium products we can take advantage of the growing trends in the spirit and wine market as well as the value priced products that are increasingly becoming more main stream.”
The Company earned net income per share of $0.038 for the quarter which would be higher except for the one-time costs of the merger with North American Food and Beverage Corp. The Company provides these results to investors so that they might gain better insight into its underlying business trends from continuing operations. The Company also enjoys the use of a $22 million dollar net operating tax loss captured from North American Food and Beverage in the merger in August of 2007, an asset that has already come in handy every quarter this year to offset tax due on net profits.