Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
eastsidedistillingWe think we look pretty good in gold. ??Our @laspiritscomp medals came in the mail and we couldn’t wait to show off the new bling! Let’s give a big round of applause to the hard work our master distillers Mel Heim and Travis Schoney have put into making so many gold winning spirits!
https://www.instagram.com/p/BkObfHWBB3J/?taken-by=eastsidedistilling
San Francisco World Spirits Competition
https://mailchi.mp/eastsidedistilling/see-whats-happening-at-eastside-distilling-this-may
Here's what we're drinking.
Cabezon Restaurant is nestled in Portland's quant NE Hollywood district.
https://mailchi.mp/eastsidedistilling/try-this-delicious-cocktail-from-cabezon-restaurant
Redneck Riviera Whiskey Adds Illinois — Now Distributed in 23 States
Tue June 26, 2018 9:01 AM
Breakthru Beverage Group to Distribute Redneck Riviera Whiskey in Illinois
PORTLAND, Ore.--(BUSINESS WIRE)-- Eastside Distilling, Inc. (EAST), makers of craft spirits, today announced that Breakthru Beverage Group will distribute Redneck Riviera Whiskey throughout the state of Illinois. With over 12 million residents, Illinois is the sixth largest state and significantly expands the distribution footprint for Redneck Riviera Whiskey.
Breakthru Beverage is Illinois’s oldest and most established distributor. Breakthru Beverage Illinois utilizes innovative technology, employs one of the industry’s most knowledgeable sales forces and reaches every corner of the state.
Grover Wickersham, Chairman of Eastside Distilling, commented, “We are pleased to enter into this distribution agreement with Breakthru Beverage Illinois. The state of Illinois and the city of Chicago are key for the success of Redneck Riviera Whiskey. Breakthru Illinois has well established relationships throughout the state and we believe they are the perfect partner to help us develop this market.”
Redneck Riviera Whiskey is a small batch whiskey with vanilla honey smoothness and a subtle finish that consumers are sure to love. Redneck Riviera Whiskey was crafted by the famed distilling team at Eastside, including Travis Schoney and Mel Heim. The team painstakingly developed what Eastside and John Rich believe is a superb whiskey unlike any other on the market, working over many months, with input from John Rich and friends.
Redneck Riviera Whiskey is now distributed in 23 states: Texas, California, Louisiana, Alabama, Georgia, Mississippi, Florida, North Carolina, South Carolina, North Dakota, South Dakota, Oregon, Tennessee, Oklahoma, Nebraska, Kentucky, Missouri, Washington, Iowa, Minnesota, Wisconsin, Alaska and Illinois.
About Redneck Riviera
Redneck Riviera is a privately held lifestyle brand that celebrates America’s hard-working men and women. Built for people who live to turn up the music and have fun with friends and family, Redneck Riviera is America’s “Work Hard, Play Hard” brand that offers something for everyone who likes to rock the red, white and blue all year long. Launched in 2014, the brand brings these values to life through footwear, apparel, hospitality, food, spirits and licensed products in a variety of categories. Redneck Riviera has expanded its reach with the opening of honky-tonk bar Redneck Riviera Las Vegas and a Nashville location opening in 2018. More information can be found here.
About Eastside Distilling
Eastside Distilling, Inc. has been producing high-quality, award-winning craft spirits in Portland, Oregon, since 2008. The company is distinguished by its highly decorated product lineup that includes Burnside Bourbon, West End American Whiskey, Goose Hollow Reserve, Below Deck Rums, Portland Potato Vodka, Hue-Hue Coffee Rum and a distinctive line of fruit infused spirits. Eastside Distilling is majority owner of Big Bottom Distilling (makers of The Ninety One Gin, Navy Strength Gin and Delta Rye whiskey) and the Redneck Riviera Whiskey Co. All Eastside, Big Bottom and Redneck Riviera spirits are crafted from natural ingredients for quality and taste. Eastside’s MotherLode Bottling subsidiary is one of the Northwest’s leading independent spirit bottlers and ready-to-drink canners. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue, and profitability. The Company assumes no obligation to update the cautionary information in this release.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180626005606r1&sid=acqr7&distro=nx&lang=en
View source version on businesswire.com: https://www.businesswire.com/news/home/20180626005606/en/
Company Contact:
Eastside Distilling
Steve Shum, CFO
971-888-4264
inquiries@eastsidedistilling.com
or
Investors:
Lytham Partners, LLC
Robert Blum, Joe Diaz or Joe Dorame
602-889-9700
east@lythampartners.com
Source: Eastside Distilling, Inc.
Copyright Business Wire 2018
EAST - Big Mistake so far? Still don't think so.
One look at the link to this 3 year chart shows the PPS offered several opportunities to play EAST as a trade, but in my opinion, definitely not a long.
https://www.nasdaq.com/symbol/east/stock-chart?intraday=off&timeframe=3y&splits=on&earnings=off&movingaverage=None&lowerstudy=volume&comparison=off&index=&drilldown=off
They are super interesting to watch because product, distribution, and publicity/equity-marketing-wise they are making good news pay off. I wish I had the opportunity to try the products?
Still they are bleeding money, and revenues have not topped $5 million. The bleeding should continue.
They've had two reverse splits for an effective 60 for 1 split which would have destroyed leverage.
They're dipping into the equity market is SOP without shame.
Ttl Comm. Shares Outs....
Q2 2017 ... 06/30/17 ... 3,342,000
Q3 2017 ... 09/30/17 ... 4,825,000
Q4 2017 ... 12/31/17 ... 4,890,000
Q1 2018 ... 03/31/18 ... 5,045,000
Only by R/S's have they been able to elevate the PPS to over $9. It's an illusion.
Had the R/S's not occurred, the PPS would be about 15¢.
Dilution and eventual PPS depression is in the future. Better buying opportunities will follow. Let others buy the diluting shares and be patient for improving fundamentals.
Eastside Distilling (EAST) Now Part of Russell Microcap® Index
Mon June 25, 2018 8:31 AM|Business Wire|About: EAST
PORTLAND, Ore.--(BUSINESS WIRE)-- Eastside Distilling, Inc. (EAST), makers of craft spirits, joins the Russell Microcap® Index, effective immediately after the NASDAQ market opens for trading today.
Eastside Common Stock became a member of the index as part of the periodic reconstitution of the Russell indexes in 2018. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
Grover Wickersham, Chairman of Eastside Distilling, commented, “Over the last twelve months, our team has created significant shareholder value, as is reflected in EAST’s increased share price and greater market capitalization. A positive byproduct of this is our inclusion today in the Russell Microcap Index. Joining this well-known index is a noteworthy milestone on the road to recognition of EAST in the professional investor community. We are pleased to be included in this index.”
For more information on the Russell Microcap® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
Country Platinum Artist Ambassador.
Multi-platinum redneck woman Gretchen Wilson, Texas-bred Granger Smith and his alter-ego Earl Dibbles Jr., and patriotic country star Colt Ford join forces with owner John Rich to spread the “Work Hard, Play Hard” vision.
http://beveragestartupnews.com/eastside-distilling-nasdaq-east-redneck-riviera-whiskey-appoints-3-spirit-ambassadors/
Eastside Distilling's (EAST) CEO Grover Wickersham on Q1 2018 Results - Earnings Call Transcript (follows below a few comments)
These guys really make it seem like they are pulling all of the correct levers. They tout their promotional acumen, products and production, even though we're talking about annual revenues of less than $4 million.
They are a "machine" and understand the importance of doing an earnings call. Although note the callers are a joke.
EAST is a company I am following and will for years to see what unfolds.
They are losing a lot of money. The PPS can't remain up here and dilution has to follow as more and more people catch on.
However, it's a very interesting management group to follow. At one point or another, the time will be right if they can "last". I think they will, but diluting capital raises and more debt is SOP.
Liquidity
Historically, the Company has funded its cash and liquidity needs through the issuance of convertible notes, extended credit terms and the sale of equity. The Company has incurred a net loss of $1,319,117 and has an accumulated deficit of $19,410,078 for the three months ended March 31, 2018. The Company has been dependent on raising capital from debt and equity financings to fund its operating activities. For the three months ended March 31, 2018, the Company raised $1,858,583 in proceeds from financing activities.
There was also this:
Reverse Stock Splits
All shares related and per share information in these financial statements has been adjusted to give effect to the 20-for-1 reverse stock split of the Company’s common stock effected on October 18, 2016, and the 3-for-1 reverse stock split of the Company’s common stock effected on June 15, 2017.
And This:
Issuance of Common Stock
During the first quarter of 2018, the Company issued 126,000 shares of common stock at $5.40 per share in connection with the exercise of warrants for cash proceeds of $680,400.
In January and February 2018, the Company issued 16,500 shares of common stock to directors and employees for stock-based compensation of $90,510. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $3.99 - $5.11 per share.
During the first quarter of 2018, the Company issued 12,525 shares of common stock to a consultant in exchange for services. The shares were valued using the closing share price of our common stock on the date of grant, with a range of $3.99 - $5.11 per share, for a total value of $50,118.
In December 2017, the Company issued 18,371 shares of common stock to directors and employees for stock-based compensation of $79,351. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $3.78 - $4.33 per share.
In December 2017, the Company issued 32,000 shares of common stock to a consultant in exchange for services, which were subject to a claw-back provision tied to specific performance. The shares were valued using the closing share price of our common stock on the date of grant, $4.54 per share.
In December 2017, the Company issued 14,384 shares of its common stock upon conversion of 8% convertible promissory notes with an aggregate principal amount converted of $52,500. No gain or loss recorded on the transactions.
In September 2017, the Company issued 14,760 shares of common stock to directors and employees for stock-based compensation of $56,221. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $3.78 - $4.38 per share.
In August 2017, the Company issued 83,334 shares of its common stock upon conversion of a 6% convertible promissory note with an aggregate principal amount converted of $500,000. No gain or loss recorded on the transactions.
In August 2017, the Company issued 5,209 shares of common stock to a third-party consultant in exchange for services rendered. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $3.40 - $3.50 per share.
In August 2017, the Company completed an underwritten public offering of 1,200,000 units consisting of 1,200,000 shares of its common stock and warrants to purchase up to an aggregate of 1,200,000 shares of its common stock (each, a “Unit”) at a public offering price of $4.50 per Unit. The warrants have a per share exercise price of $5.40, are exercisable immediately, and will expire five years from the date of issuance. The gross proceeds to the Company from this offering were $5.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses. On August 24, 2017, the underwriters exercised their option to purchase an additional 180,000 Units to cover over-allotments, that resulted in additional gross proceeds to the Company of $810,000, before deducting offering expenses.
In June 2017, the Company issued 2,716 shares of common stock to employees for stock-based compensation of $15,943, all of which were fully vested upon issuance. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $4.38 - $6.00 per share.
In May 2017, the Company completed the acquisition of a majority stake in BBD. We issued 28,096 shares of common stock to the owners of BBD as consideration for 90% of the BBD LLC units. Based on the closing share price of our common stock of $4.80 on May 1, 2017, the value of the transaction was $134,858. Issuance costs incurred were $14,400.
In April 2017, the independent directors, Messrs. Trent Davis and Michael Fleming, respectively, each exercised 4,630 stock options to purchase common stock at $5.40 per share.
In April 2017, the Company issued 50,335 shares of common stock to three third-party consultants in exchange for services rendered. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $4.35 - $4.50 per share.
In April 2017, the Company approved a restricted stock unit grant of 33,334 shares of common stock to the Company’s Chief Executive Officer, Grover Wickersham. The grant vested on April 5, 2017, of which 10,218 shares were withheld in order to satisfy Mr. Wickersham’s personal tax withholding responsibility. The shares were valued using the $4.80 closing share price of our common stock on the date of grant.
In April 2017, the Company issued 16,667 shares of its common stock upon conversion of 50 shares of preferred stock.
In March 2017, the Company issued 83,334 shares of its common stock upon conversion of 250 shares of preferred stock.
In March 2017, the Company issued 22,436 shares of its common stock upon conversion of 8% convertible promissory notes with an aggregate principal amount converted of $87,500. No gain or loss recorded on the transactions.
On March 8, 2017, the Company completed the acquisition of MotherLode. We issued 86,667 shares of common stock to the owners of MotherLode as consideration for the acquisition. Based on the closing share price of our common stock of $4.35 on March 8, 2017, the value of the transaction was $377,000. Issuance costs incurred were $5,580.
In March 2017, the Company issued 575 shares of common stock to employees for stock-based compensation of $2,517. The shares were valued using the $4.38 closing share price of our common stock on the date of grant.
In March 2017, the Company issued 19,796 shares of common stock to four third-party consultants in exchange for services rendered. The shares were valued using the closing share price of our common stock on the date of grant, with the range of $3.90 - $4.35 per share.
From March 31, 2017 to June 2, 2017, the Company issued 400,019 shares of its common stock for aggregate cash proceeds of $1,560,000, including 400,019 warrants for common stock.
From January 15, 2017 through February 16, 2017, the Company received warrant exercises and common stock subscriptions for 40,834 shares for aggregate cash proceeds of $159,250.
From January 4, 2017 to January 22, 2017, the Company sold 15,001 shares of common stock to accredited investors at a price of $3.90 per share for aggregate cash proceeds of $58,500.
Here's the 10Q
https://www.sec.gov/Archives/edgar/data/1534708/000149315218006713/form10-q.htm
Eastside Distilling's (EAST) CEO Grover Wickersham on Q1 2018 Results - Earnings Call Transcript
May 15, 2018 8:11 PM ET
EPS of $-0.27 Revenue of $1.41M (+ 69.9% Y/Y)
Eastside Distilling, Inc. (NASDAQ:EAST) Q1 2018 Earnings Conference Call May 14, 2018 11:30 AM ET
Executives
Robert Blum - Managing Partner, Lytham Partners
Grover Wickersham - Executive Chairman
Steve Shum - Chief Financial Office
Kim Davis - Controller
Analysts
Ian Gilson - Zacks Investment Research
Brian Sognefest - ROTH Capital Partners
Jeffrey Gwin - Group G Capital Partners
Operator
Good morning everyone, and welcome to the Eastside Distilling reports first quarter of fiscal year 2018 financial results conference call. All participants will be in a listen-only mode. [Operator Instructions] Please also note today’s event is being recorded.
At this time I would turn the conference call over Mr. Robert Blum. Mr. Blum, please go ahead.
Robert Blum
Thank you Jamie and good morning everyone. Thank you for joining us to discuss Eastside Distilling’s financial results for the quarter ended March 31, 2018. I’m Robert Blum at Lytham Partners, I will be your moderator for today's call.
Earlier, Eastside issued their first quarter 2018 results in a press release as well as filed its 10-Q. Joining us on today's call to discuss these results are to Grover Wickersham and Steve Shum. Following their remarks, we will open the call to your questions.
Please note that listeners both from the live portion of the call, as well as webcast will be able ask questions. If you are on the webcast, you can type your questions into the question box and press submit. We will take as many questions as time will permit for. [Operator Instructions]
Before begin with prepared remarks, we submit for the record the following statement. Certain matters discussed on this conference call by the Management of Eastside Distilling may be forward-looking statements within the meaning of section 27 A of the Securities Act of 1933, as amended, section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant for Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as, may, future, plan or planned, will or should, expected, anticipate, draft, eventually or projected. Listeners are cautioned that such statements are subject to a multitude of risks and uncertainties that could future circumstances, events or results to differ materially from those projected in the forward-looking statements.
Such matters involves risks and uncertainties that may cause actual results to differ materially include, but are not limited to, the Company's acceptance and the Company's products in the market success and obtaining new customers, success in product development, ability to execute its business model and strategic plans, success in integrating acquired entities in their assets, ability to obtain capital, ability to continue the growing concern and all the risk and related information described from time-to-time in the Company's filings with the Securities and Exchange Commission, including the financial statements and related information pertaining to the Company’s annual report on Form-10K for the year ended December 31, 2017 filed with the Securities and Exchange Commission on April 2, 2018.
Now I would like to turn the call over to Grover Wickersham, CEO of Eastside Distilling. Grover, please proceed.
Grover Wickersham
Thank you, Robert and good morning to all of you. Thank you for joining us today. Let me start by mentioning that with me in addition to Steve Shum is our Controller Kim Davis.
Our first quarter 2018 results had initial returns from the investments made and actions taken during 2017. To position Eastside Distilling as a leader in the emerging craft spirits segment of the spirit industry. The Eastside sales growth to 70% was achieved with just two months of Redneck Riviera shipments and a few weeks of wine canning operations during the quarter.
Additionally our Burnside Bourbon rebranding which launched at the end of last year has also gone better than expected. Sales of the rebranded line in the Pacific Northwest have already surpassed the peak levels for the line that we hit last year. Our new product pipeline continues to flow and you should expect more innovation from us in 2018.
A recent example is our just launched Oregon Oaked Rye it took Double Gold at the San Francisco World Spirits Competition. Tyne Blanton's Bourbon beating Wild Turkey Rye, Bulleit Rye, Woodford Reserve Rye, [South Wreck Rye] (Ph), Jim Beam Rye and about 200 others most of which are much more expensive. All told, I believe we are positioned for continued strong growth throughout the remainder of 2018 and barring unforeseen circumstances continuing on to 2019.
Before Steven and I go through the details of the quarter in depth, I think it's important to take a step back and look at how we have positioned Eastside for future success based on the business strategy we laid out at the very start of 2017.
As a reminder, that strategy is summarized as first creating and monetizing new and exciting brands through our great strength and developing innovative spreads and are close collaboration with the branding firm Sandstrom Partners.
Secondly, using our status as the only NASDAQ listed craft distiller to make strategic acquisitions. Thirdly, creating a cash sustaining business through our broad range of product sales in our Oregon home market and by co-packing the Pacific Northwest companies.
Starting in January of 2017, as one of the three prongs of our new business strategy for Eastside, we have set out to create a “brand factory.” We did this by closely associating with Sandstrom Partners.
The Eastside of 2016 produced tremendous craft spirits that one scores of awards, but frankly our packaging was awful. For the most part it was just wine bottle. Fortunately, for us we had one of the spirit industries most successful branding firms right in our own backyard namely Sandstrom partner.
As a reminder, to people who don’t know Sandstrom, it's the branding firm behind Bullet Bourbon, Aviation Gin, Stillhouse and St-Germain. These brands all grew into major success stories and two of them are acquired for more than 150 million.
The firs of our 2017 collaboration with Sandstrom began to emerge for the first time in the fourth quarter of 2017 in the form of the totally rebranded and reinvented Burnside line of bourbon in Whiskey. While the [strategy] (Ph) itself is winning national awards, our new craft spirit offerings carrying on our position of excellence in spirits.
As I mentioned, our new Burnside Oregon Oaked Rye won a very rare and hard to get Double Gold on May 1, 2018 in the SF World Spirits Competition, but this was just a total of 14 medals that we won in this preeminent and prestigious event. Our flagship Burnside lineup recently rebranded is once again seeing growth accelerate.
Remember, we stopped production in summer of 2017 and stopped opening new accounts. We did this to allow our customers to sell through the old Burnside in-store inventory. New Burnside came back strong and we recently surpassed previous peak sales levels. The rebranding of our cold brewed Coffee Rum product to Hue-Hue Coffee Rum is also being met with good reviews.
Our cold brewed coffee rum product is unlike anything else in the market and reimagining it as Hue-Hue Sandstrom Partners packaging highlighted the uniqueness of its batch process, cold brewed flavor and the richness of its Portland Roasted Guatemalan Coffee. This is the modern alternative to the sugariness of coffee liquors, it’s launched in Oregon in January, was very well received.
Eastside and Sandstrom are systematically working through and evaluating our existing product lineup, as well as loaning new ideas it could become successful product, especially in the very promising area of canned, ready to drink RTG beverages. We believe the plan is in place to create significant value with Sandstrom in the future.
The collaboration with Sandstrom can also be credited with a larger part of our landing John Rich as a partner. We got this business because we coupled Sandstrom’s impressive Redneck Riviera branding concepts in our pitch to John with Travis Schoney and Mel Heim's delicious Redneck Riviera blend. Again, this is a winning combination of world class marketing and world class spirit production.
As we reported in our earnings release, just over 2,800 nine liter cases of Redneck Riviera and just the two months it was available during Q1. We are continuing ad stays and build momentum. While John Rich and Eastside team were optimistic about what Redneck might do when it left the gate, the extent of its early success surprised even us.
It has been less than four months since we first shipped the brand and during that four month period we signed distribution agreements with the largest distributor in the southeast RNDC and added other key distributors including Southern Glazer. We expanded distribution from the initial five Gulf states in 15 states including California and are discussing further additions.
We set records by receiving authorization from Walmart in only our second month and landed other prestigious accounts including Specs in Texas, Safeway in Washington, HC in Florida and both Albertsons and Ralphs in Louisiana. As expected, John Rich has provided strong promotional support by making appearances on National TV shows as well as countless local TV and radio shows.
John makes many in-store appearances for vital planning to support retailers. Selling typically as many as 100 cases in a single signing event and he might do more than one sometimes as much as three on the single day. John promotes Redneck during his live performances with the Big and Rich band and at numerous events including Roth Capital Partners 2018 conference.
John joined the NASDAQ January 31 during the closing bell at NASDAQ for January, symbolizing how much he helped us ring the bell for Eastside’s Q1. We expect that John Rich’s promotion of brand will step up and notch later this year with [indiscernible] Brothers produced reality TV show called Living Big and Rich that will feature Redneck and even devote four shows to it.
Meanwhile John is on tour, hitting estimated 70 cities between now and year-end with each stop being a great promotional opportunity for our brand. Yes, we have had a busy four months, but what is most important is that we are not slowing down or stopping anytime soon.
To supplement John’s efforts we recently signed agreements with Gretchen Wilson a many times Grammy winning country star with Granger Smith and Colt Ford as Spirit Ambassadors for Redneck Riviera Whiskey. We will be issuing a press release shortly to provide further details.
These three country stars will be supporting the Redneck plans, on their tours, in their social media and in all their promotional efforts. This partnership is a natural fit for these artists, as fans of John, fans of the whiskey and fans of the American roots.
We look forward to 2018 to be tremendous year for Redneck Riviera Whiskey. However, we have many other things that we are doing here at Eastside in addition to Redneck Riviera Whiskey. In addition to our strategy of creating a Brand Factory we are using our production assets to generate cash from co-packing. We are just now beginning to get some traction in our initiative.
In early 2017 we acquired a craft bottling operation. This acquisition immediately enhanced our operational efficiencies, but it also allowed us to expand into the fast growing market segment. Tin line Ready to Drink, RTDs and Wine Canny. Overcoming operational issues has taken us longer than expected, but we are now operational.
We begun canning wine for customers and we have seen expanding list of potential customers. As previously noted, we hope to use the canny line to our advantage in developing and marketing our own Eastside Ready to Drink cocktails and other product.
One of the most important steps we took last year and that was perhaps the most important step we took last year has been to strengthen our management team, so that we can position the Company to become a major player in the industry.
We recently brought on Tom Lloyd, a highly experienced operator as VP of Production. Tom previously lead a team of 1000 process engineers at Intel, and most recently handled the production for PropA divino a wine single serve in Oregon that went from zero to over 25 million in sales which with Tom running production.
And then on the sales side which is where we are putting tremendous emphasis. In addition to hiring the 27 year industry veteran Jerry Calderon any as our Senior VP of Sales, using Jerry’s contacts we recently poached Robert Manfredonia from Russian Standard where Robert had a stellar track record.
As our VP of National Accounts Robert brings a strong background and dealing with the countries big-box retailers, and he is already proving his worth. In his first three weeks on the job, he brought in Segway in Washington and ABC Liquors the largest liquor stores chain in Florida. We expect to have a great year with Robert. We are also expanding our sales with additional hiring of some first class reps Florida, Tennessee and in Texas.
Finally, we have added strength to our financial reporting control and finance functions by filling the vacancy left by our departing Controller with Kim Davis. Kim was previously CFO of the Oregon Liquor Control Commission and CFO of a major regional investment banking firm here in Portland. Kim is a great partner for Steve Shum and myself.
I would just depart from the prepared remarks, just to mention that I'm very proud of the fact that the Eastside is now getting a sufficient reputation in the industry that we are able to track people of this quality and I would say we are constantly getting resumes of very, very talented people. This is not something that was happening a year ago.
In addition to the realization of these whole strategic initiatives, we also are seeing the benefit of the recently enacted Craft Monetization and Tax Reform Act of 2017. It was enacted by Congress as part of the 2017 Tax Legislation package. It reduced the Federal Excise Tax from 13.50 to $2.70 per gallon for the first 100,000 proof gallons per year. This is an 80% tax reduction of a major cost in spirit manufacturing.
To put this in perspective and the event that Eastside’s production reaches is the 100,000 proof gallons per annum needed to fully utilize the tax benefit to the Tax Act, our annual savings was 300 million. These savings are improvement to our gross margin line which we expect to improve by in excess of two points in 2018 compared to 2017 just simply based on the tax reduction.
With that said, let me turn the call over to my fantastic CFO, Steve Shum to run you through the numbers and our finance strategy. Steve.
Steve Shum
Thanks Grover. While the first quarter is normally a seasonally softer period, especially compared to the seasonally strong fourth quarter, we are pleased to be reporting a sequential improvement in sales, margins and EBITDA in our first quarter as compared to the fourth quarter.
As Grover noted, we do see momentum continuing to build with our branding initiatives this is illustrated by our 2018 Oregon wholesale case growth January it was a 52% versus January 2017 which was similar to our overall case sales growth in fiscal 2017. February was up 65%, March 95% and April 98% versus the comparable month in 2017. So fairly the Oregon trends are favorable.
Our Boston growth comparisons do get harder this year, but our Oregon sales team is performing great and motivated to continue beating our goals. Gross sales in the first quarter totaled approximately 1.4 million as compared to 829,000 in the prior year an increase of 7%. Net sales which exclude the Excise Taxes and certain customer promotion activities increased nearly a 100% to the 1.22 million versus 612,000 in the prior year.
During the first quarter, we sold 8,305 cases. This consisted of 6,877 cases of our branded product and 1,428 cases of private label, reflecting an increase of 80% over the prior year in our branded products and a 40% case growth overall.
The higher branded products case sales were driven largely by the newly launched Redneck Riviera product and an increased in wholesale attraction within Pacific Northwest [indiscernible] and our newly re-launched Burnside brand which is progressing well. We also experienced some modest improvement in our retail case sales during the period.
The private label business benefit in the period from the initial production of our new canny wine as well as from an opportunistic private and profitable sale of bulk spirit period. Those profitable sales underscores the hidden value to our shareholders of large bulk spirit inventory with the sometimes overlooked. While it's not a focus we may periodically benefit from such sales as we did in the first quarter.
Overall wholesale revenues improved by approximately 53% to 755,000 compared to 429,000 last year. While we are pleased with the recent Burnside progress the product was still down compared to last year as the brand re-launch was still on early phases during the quarter. However, strong Vodka product growth along with the new Redneck Riviera product launch more than offset Burnside in the period contributing to the strong overall wholesale increase.
Looking ahead, we do expect Burnside product to contribute more significantly. As noted, since March of this year approximately four months post the re-launch, Burnside has been tracking above the legacy brand volumes in Oregon. We have also begun selling to key out of Oregon markets.
Going forward, the wholesale business will also greatly benefit from the new Redneck Riviera brand which continues to experience very strong momentum after the fast start in its initial two month debut.
Revenues in our private label business were approximately 350,000 for the period which actually exceeded what we did the entire year last year, was tripled over the year ago period. Again, this was a result of both the new canning operations coming online along with the sale of some excess spirits.
Revenues arrived from our retail and special events operations grew to approximately 305,000 which represented an 8% increase from a year ago. In May we launched a new initiative to draw our customers, improve the customer experience and sell additional high-margin products. We know this will bear fruit in the second half.
Gross profit in the period totaled approximately 593,000 compared to current 290,000 in the prior year. Gross margin relative to net sales is 49% versus 47% a year ago and overall 2017 margin of 37%. The gross margin in the period was positively impacted by the new FET rate which we have highlighted several times in the recent past, which was partially offset by higher customer incentive programs as compared to last year.
We certainly have a longer-term goal to further improve margins, and increased volumes and better spread our facilities costs. However, in the shorter run, margins may fluctuate around these levels as we continue to implement customer programs and incentives associated with the new product launch of Burnside, Hue-Hue and Redneck Riviera.
Advertising, promotional and selling expense for the year increased to 643,000, up approximately 67% from 386,000 last year. It was down actually slightly sequentially from the fourth quarter. This increase is primarily due to our launch related efforts to expand our product sales both regionally as well as in national markets.
Under agreement with John Rich if and when the Redneck brand is sold, we are allowed to recover 50% of our direct marketing expenses in support of the Redneck brand. We hope to provide more specific guidance on this in the future, but due to our emphasis on Redneck this amount is already well under six figures.
G&A expenses for the period totaled 1.2 million, an increase of 67% from last year. This increase was a result of additions to key personnel along with higher stock based compensation and depreciation expenses. In fact the higher stock based comp and depreciation expense accounted for nearly half of the G&A increase.
Net loss in the period totaled 1.3 million or $0.27 per share compared to a net loss of 900,000 or $0.35 a share in the year ago period. Our adjusted EBITDA during that period was a loss of approximately 780,000 which compared to a loss of 565,000 a year ago, and a loss of 930,000 to prior sequential fourth quarter. I would point out that the sequential improvement in EBITDA is something we hope to maintain as we move throughout the year.
Moving to the balance sheet cash, at the end of the period totaled approximately 1.5 million, inventories further increased from the year end totaling just over 5.3 million. As previously mentioned, we have purposely built our inventories to support the new product launches, especially new Redneck Rivera Whiskey product which we is seeing tremendous interest and momentum.
[indiscernible] to the period in we added to our working capital position by closing on additional note proceeds of 880,000 along with bringing an additional 735,000 in cash from voluntary early warrant exercises. We also executed a new of 3 million bulk spirit credit facility with an existing primary shareholder. This line has a 7% rate that is far better than the double-digit rates that are offered to the industry by typical bulk spirit lenders. This facility has an initial three-year term.
To further illustrate the support we have to serve shareholder, let me also note that this financing has no equity elements whatsoever meaning it is not convertible and it has no warrants attached. We have the full three million available to us on this facility and we could try any time to purchase bulk spirits. We believe this puts us in an excellent position, especially given our existing strong inventory levels.
That concludes my highlights for the quarter further, details are available on our 10-Q. With that, I will hand it back to Grover.
Grover Wickersham
Thanks Steve. I would also before we open up the Q&A just over a few points under the general concept of strategic initiatives. this is kind of forward-looking comments, but we have mentioned in the past that we have pillars out to potential industry strategic partners.
And as a way of organizing this effort the board formed a committee and that consist of Shelley Saunders the former CFO of Campari Canada and Jack Pearson the CEO of Sandstorm and also myself. As a trajectory of our brands continues to improve we think that we may be able to have options in regards to brand strategic partners.
My final comment on this subject, although you hear this from every CEO, I do believe that the share price is not fully reflected value of our brands to the extent that the valuations that occurred in this industry and bringing in strategic partner might be a way to demonstrate that. Secondly, acquisitions, we continue to see a constant potential deal flow, we tend to be very selective. We can't predict when we might enter into a transaction, but I just want shareholders aware that is extremely likely there will be more acquisition transactions in the future.
And then the third comment is we are very mindful of dilution, if you look at our financing efforts today that involves the minimum amount of equity and as noted by Steve, we have had almost $2 million in early exercise of publicly traded warrants. This is I think a evidence that we have some very supportive large institutional shareholders that they share our goal of maximizing shareholder value.
So with those comments, I would like to turn the call over to Q&A.
Question-and-Answer Session
Operator
[Operator Instructions] Our first question today comes from Ian Gilson from the Zacks Investment Research. Please go ahead with your question.
Ian Gilson
Good morning gentlemen, congratulations. As we look at the numbers, the average price per case has increased significantly and in fact I believe on a year-over-year basis its up close to 40%, how much of the revenue is non spirit based, so we have not accounted in the cases sold and what can we look for on a average selling price through the rest of the year.
Steve Shum
Well I think it’s important Ian to separate private label business when you are doing that calculation. The overall average per case price when isolating just the branded products relative to branded revenue wholesale and retail that was around $154 per case.
There is two dynamic that are impacting that one is, if you look at the wholesale side of the business as a percentage of the branded revenue again excluding private label, wholesale increased to 71% in this quarter versus about 60% last year, so that distribution mix if you will is going to put downward pressure on the average price and it did so in this quarter.
The other dynamic that happen is the heavier concentration in both vodka and Redneck Riviera is also brought the average per case price down a little bit. Vodka average is what promotional activities might be going on between $95 and $105 per case and the Redneck Riviera runs $150 per case and that’s compared to our Burnside line which is closer to $200 per case.
So product mix and channel mix impact average price per case. What we think going forward is, we would anticipate to stay around these levels, because we do see Burnside picking up some volume relative vodka.
Of course the Redneck Riviera dramatic growth will certainly continue to see higher percentages of that but on balance we would anticipate the average price per case to sit around these areas that we saw on the first quarter and its going to fluctuated of course depending on exact - mix.
Ian Gilson
Are you talking on a gross basis?
Steve Shum
Yes, on gross sales.
Ian Gilson
As we look at new customers for Redneck Riviera, I notice that we have [indiscernible] in international, that Albertson is national. Does the acceptance in one space or area carried through at the corporate level and give you extra push and then the same glossary chain other states.
Grover Wickersham
Well This is Grover. Thanks for the question Ian, good morning too. Yes, so I mean that’s definitely the case. I mean we found for example that we got into the Albertson’s in Louisiana that was partially because we got the largest change in Louisiana and Ralphs’ and having gotten into Albertson’s in Louisiana, we began to present to Albertson's national.
And I would say that having Robert Manfredonia on board is a huge weapon in our arsenal, because Robert has spent the better part of his carrier dealing with national accounts like Albertson's and he is able to exploit that relationship. So I do think that once we get our foot in the door and one state in the change, we have a chance to get into other state and we have the right people to make those sales.
Ian Gilson
Okay, thank you. On the Excise Tax basis is the current level of taxes per case going to translate into the same percentage through the rest of the year?
Steve Shum
Yes. I mean again it will fluctuate a little bit based on mix, but yes.
Ian Gilson
Great. Thank you.
Operator
[Operator Instructions] At this I would like to turn the floor over to Mr. Blum with any webcast questions.
Robert Blum
Yes. Just a couple of our questions here folks. What will the next Sandstrom rebranded product be?
Grover Wickersham
We actually have a wealth of choices, we have several on the pipeline so I think it's a little hard to answer that question. I think that we are working on the rum and we are working on our fruited spirits which is growing [Indiscernible] category or Cherry Bomb, and our Marionberry and it's also some great ideas there.
But we are also looking at potential move products ups which would either be a product that Sandstorm thinks there is a space in the market where to be a good product, well alternatively a product is to brand extension. For example, an additional spirit in the Redneck line or an additional spirit in the vodka line that sort of thing.
So, in addition to that, as I mentioned, we are also looking at RTGs. So I can't exactly say which is the products that I mentioned is going to emerge from the pipeline first, but we are hoping to cast several this year.
Robert Blum
Alright. The next question here is when you think about sort of the continuing to introduce new product versus growing the volumes of your existing products, what should we think about that mix going forward?
Steve Shum
Well I certainly think in the very near-term that the growth is going to emanate from our existing products. We are pleased with their progress as we described and that will be the bulk of the growth in the short run. As Grover just mentioned, our goal is to introduce new innovative products or rebrand some of the other legacy packaging, but that will not only take a little time, but even meeting out the market as we have seen with Burnside, it takes some time to start building on that. So, again the heavy focus is on existing products in the market.
Robert Blum
Alright, next question here and then we will get back to some of the folks on the live call here. Talk about the go to market status within the canned wine venture?
Grover Wickersham
Yes. Well the canned wine, the category is really taking off, I think the concept that we had back last year of getting into providing canning capability and then using those same capabilities to come out with our own products, I think the strategy is very good. Unfortunately, our execution on it, we have taken longer than we thought to get it dialed in and that’s been a drag on our cash flow, I hope to see that trend reverse this quarter hopefully in a big way.
And I think that that will support the operation, pay for the operation and we want to use that as a platform to have our own products. We have a very long list that we are looking out with Sandstrom, but given that we have our own retail stores and we have such a great sales presence here in Oregon we are actually in excellent position to launch products here using that canning facility.
We are also looking at RTD and wine canning opportunities with our partner John Rich. So again, I can’t tell you right now and that’s most of it I don’t know which of our products will emerge first, but we will have products and hopefully the operational cost of that facility are going to be picked up by our customers in the co-packing area.
Robert Blum
Alright, very good. Jamie, I would like to turn it back over to you for additional questions from the audience here.
Operator
And our next question comes from Brian Sognefest from ROTH Capital. Please go ahead with your question.
Brian Sognefest
Hi guys. Just a quick housekeeping question, you ended the quarter with 1.5 million in cash on the balance sheet and then you said you got some additional cash in the early exercising of warrants of about 1.7 million, so does that mean you have around 3.2 million in cash plus the facility you talked about?
Grover Wickersham
Yes, that’s the proper math Brian.
Brian Sognefest
Okay. And then I was wondering if you are willing to give any insight into the Redneck Rivera, obviously that’s not the only business you are doing, but the important one at the moment and I know there are like Walmart and some others that - was that part of the first quarter or is that just going to start hitting in the second quarter?
Steve Shum
Yes, we were not in Walmart yet in the first quarter so that’s a lot of - some of these things we are discussing, we are not even impacted in Q1 they will hit in Q2.
Brian Sognefest
Okay. Anything you can talk about in terms of the ramp in California as well with Southern Glazers I think.
Grover Wickersham
Yes, actually I was just communicated with Jarrett about that. I think I have said the way it works with Walmart is you get approved for purchase and then the actual purchases are done by store managers and that’s happening this month. So we will start seeing sales at Walmart in this quarter for sure.
Brian Sognefest
Alright. Thanks guys.
Steve Shum
Thanks Brian.
Operator
Our next question comes from Jeffrey Gwin from Group G Capital Partners. Please go ahead with your question.
Jeffrey Gwin
Yes again, great quarter and I just want to follow-up on Brian's question about the rollout, specifically the number of doors that you are opening. I mean the case number are really helpful for Oregon lumpy numbers. But I’m curious if you can give us a sense of the numbers or doors that you are opening, I mean growth on month-on-month or that you have a target for the second quarter something like that.
Steve Shum
Well, we haven’t given specifics in the past on point to distribution, but I think we may start try to give a little bit of color on that, but as it relates to Redneck Riviera specifically, I believe we are approaching 1000 point distribution on the product and as the team Jarrett and the rest of the team feels is that they think that starts expanding quite significantly soon as things are just really starting to get rolling. I know that’s not necessarily giving you a precise answer, but remember, it’s also pretty early in this launch, I mean it’s going and going fantastic, but it’s still early.
Jeffrey Gwin
Great, that’s really helpful. And I know it’s hard to talk about the strategic partnership question, but when you think about that Grover I mean is that to help the Company with production or distribution or both? When you think of bringing someone in, obviously there is potential opportunity there to fund working capital growth and so on and so forth. So what specifically are you trying to accomplish with that?
Grover Wickersham
Well I think really it depends on somewhat on who the partner is, but its partially to assist in distribution. Partially there is a brain trust that you get when you team up with a major player, the smaller players like us are similar to in the high tech industry or the innovators, but there is a huge value that comes from being associated with a major industry player.
I would say international marketing is one of the key things, because the really successful brand at someone always seem to go international and [indiscernible] all this players are extraordinarily international. And the second thing I would mention or the third thing I guess it would be is the financial aspect.
Obviously we are investing a lot of money right to develop our brands and launch and our feeling is that this is a good investment, we hope to see our operational metrics are continuing to improve, we are starting to get operational leverage and as we add more and more accounts that kind of almost become an annuity so those are all very positive.
But I think having additional financial resources is important and I think from a strategic partner we are going to be able to get that at a higher stock price than our current stock price. And abasing that solely on the valuations that I see in the industry. I mean I don't want to give the impression we have talks going currently, we have feelers out. And I think as the quarter progresses and certainly as the third quarter goes on, I think opportunities in some form will materialize,
But if you look at the trajectories say of the Redneck brand but you also look at the excellent branding with Sandstorm we have got with Hue-Hue and we have got the Burnside line and we also are going to have the other things in our pipeline. This is unusual in the industry. The larger players have tried to create what you call them, sort of incubators to get brands going and if you look at the list of the [indiscernible] has for example, of their success stories, I mean I didn’t recognize a single one of the brands.
So I think we are in a position where we can offer that innovation and then it’s very valuable in the industries. So I think we command a good price for it. So those are my thoughts on the subject and I’m kind of excited about exploring that area. We would not be interested in acquisition I said that previously, but we would be interested in a genuine minority partnership from a major player.
And then I’m going to cut offs and going to hear from Steve, but I will just mention one last thing, as the Redneck brand takes off, a lot of people have not focus on this, but we actual have a right of first refusal on that brand. So in the future if that becomes a desirable acquisition and I’m sure it will almost positive will be we are kind of in a position of having that offer to a major player.
Jeffrey Gwin
Great. That’s really helpful. Good luck in the next quarter here, I’m looking forward to seeing results.
Steve Shum
Thanks Jeffrey.
Operator
And our next question is a follow-up from Ian Gilson from Zacks Investment Research. Please go ahead with your follow-up.
Ian Gilson
Yes thanks. Grover you mentioned international, don’t you have a relationship in Canada currently with the Ontario board and you still have it going.
Grover Wickersham
Well it was primarily with or older Burnside line, we are selling into Canada and that's something that we have ongoing conversations about how we can expand that?
Ian Gilson
Great. Thank you.
Operator
And ladies and gentlemen at this point we have reached the end of the today's question-and-answer session. I would like to turn the conference back over to management for any closing remarks.
Robert Blum
I just like to thanks all the shareholders on the call for their support. Steven and I are available anytime for to take phone calls or meet. We look forward to having a very, very exciting and remaining 2018 and also into 2019 and we appreciate the confidence that you put in us and we are working hard every day to get some great results. So thank you very much and that concludes our quarterly conference call for Q1.
Operator
Ladies and gentlemen that does conclude today's conference call. We do thank you for attending. You may now disconnect your lines.
General and administrative expenses
$1,040,942 3 months ending Sept.
TOTAL Sales (GROSS)
$895,182 3 month
Net loss (1,411,160) 3 month (3,602,104) 9 months***
Net cash provided by financing activities 8,033,942 9 months
Total liabilities 2,047,620
Cash - end of period $4,190,085
Proceeds from convertible notes payable, net of issuance costs 1,400,000
THEY HAVE A CONVERTABLE OUT THERE
To be clear they have to raise more money in 2018 = Dilution
Eastside Distilling to Change Ticker Symbol to “EAST” on January 4, 2018
December 29, 2017 02:00 PM Eastern Standard Time
PORTLAND, Ore.--(BUSINESS WIRE)--Eastside Distilling, Inc. (NASDAQ: ESDI) (“Eastside” or the “Company”) today announced that its board of directors has approved a change in the Company’s Nasdaq ticker symbol from “ESDI” to “EAST.” The change in ticker symbol is expected to commence at the market open on January 4, 2018.
"When the opportunity to change our ticker symbol to something as highly recognizable as 'EAST' became available, we moved quickly to secure it," said Grover Wickersham, Eastside's Chairman and CEO. “In 2017 we took the very big step of uplisting Eastside’s stock to NASDAQ. This greatly expanded the potential audience for our stock. In 2018, we plan to reach out to new institutional investors, individual investors and family offices, and tell them about the great things going on at our company. We think that the easier it is for new investors to remember who we are, the easier it will be to attract a wider following. We think this change also represents a clear break from our past as an OTC stock and our emergence as a public company with shares listed on a major national exchange.”
The change in ticker symbol will also apply to the Company’s publicly traded warrants. The warrants, which are also traded on the Nasdaq, will change from “ESDIW” to “EASTW.”
All filings and market related information will be reported under the new symbol effective January 4, 2018, as well. The CUSIP numbers for the common stock and the warrants will remain unchanged.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: ESDI) has been producing high-quality, award-winning craft spirits in Portland, Oregon since 2008. The company is distinguished by its highly decorated product lineup that includes Burnside Bourbon, West End American Whiskey, Goose Hollow Reserve, Below Deck Rums, Portland Potato Vodka, Hue-Hue Coffee Rum and a distinctive line of fruit infused spirits. Eastside Distilling is majority owner of Big Bottom Distilling (makers of The Ninety One Gin, Navy Strength Gin and Delta Rye whiskey) and the Redneck Riviera Whiskey Co. All Eastside, Big Bottom and Redneck Riviera spirits are crafted from natural ingredients for quality and taste. Eastside’s MotherLode Bottling subsidiary is one of the Northwest’s leading independent spirit bottlers and ready-to-drink canners. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue, and profitability. The Company assumes no obligation to update the cautionary information in this release.
Contacts
Company Contact:
Eastside Distilling
Grover Wickersham, CEO
503-922-0140
or
Steve Shum, CFO
971-888-4264
inquiries@eastsidedistilling.com
or
Investors:
Lytham Partners, LLC
Robert Blum, Joe Diaz or Joe Dorame
602-889-9700
esdi@lythampartners.com
they are doing a symbol change to EAST in Jan
that throws most people off as to the reverse splits and losses.
additional shares that insiders hold - you have to read the prefferred share issue to see how they set themselves up to be protected long term at the expense of the normal shareholders...
Early in their life they were offered funding and a major distribution distributership but turned it down...
then diluted the shit out of the stock and Reverse split it, TWICE so far
I will watch it for now... maybe try to buy it out of bankruptcy when they go there... if they go that route
Time will tell.
In the mean time you need a thick book to keep track of their mistakes and growing pains ...
ESDI is a peanut of a company, trying to ramp up revenues while burning through cash as they try to grow.
As in investor in another small liquor company I see all of the troubles that lie ahead for ESDI. I've lived through the growing pains "over-there" since 2009.
Most of them were not anticipated by me. Some of them evidently were not anticipated by them. It's FUNNY to realize what happened, when and why.
Just to reach breakeven the other company had to grow revenues to almost $100 million.
ESDI has a long way to go but they are trying to be creative.
ESDI insiders won't be taking out loan after loan. They won't be loaning a lot of personal money to the company.
They will keep doing equity raises and diluting shareholders. I wonder how many times and how much money they will raise.
It's perfectly reasonable as long as you don't see the insiders granting themselves lots of shares and seeing Form 4's divesting of them.
Unfortunately I see indications of them doing just that at ESDI. At the other company insiders never sell their shares and in many cases make open market buys.
https://www.sec.gov/Archives/edgar/data/1265078/000124915517000079/xslF345X03/primary_doc.xml
https://www.sec.gov/Archives/edgar/data/1534708/000124915517000078/xslF345X03/primary_doc.xml
https://www.sec.gov/Archives/edgar/data/1534708/000124915517000077/xslF345X03/primary_doc.xml
It's good to be able to compare companies for a better perspective.
Another liquor company was run by scammers. The insiders were also good salesmen and fooled a lot of people.
So I like what's happening at ESDI product-wise but I intend to be a prudent investor. No reason the get burnt this early.
I'll watch and wait a long time. Let them start to not only talk the talk, but walk the walk.
I want to watch what happens to the O/S and better understand why the PPS can be propped up over $4, with annual revenues fewer than $4 million and a net loss of almost $5 million.
ESDI's story is just beginning.
Bad Management ...
too bad they don't hire someone to run it that knows how to....
It could be a great company, in my opinion.
But they lack vision, it's not a lego deal like they act it is.
in my opinion It is fixable and could grow into a great company.
But the current money people would have to let someone else run it.
get ready for sub $4 stock...
Management fails to impress the market
Eastside Distilling (ESDI) Annual Shareholder Meeting and Tour of Its New Production Facility.
http://beveragestartupnews.com/eastside-distilling-esdi-annual-shareholder-meeting-and-tour-of-its-new-production-facility/
Production Has Already Begun on the Redneck Riviera Branded Spirits.
Award-Winning Eastside Distilling (ESDI) and Country Music Superstar John Rich Team up to Develop Redneck Riviera Branded Spirits.
Redneck Riviera to Make Special Announcement.
http://beveragestartupnews.com/redneck-riviera-to-make-special-announcement/
John Rich Debuts Redneck Riviera at Grand Bazaar.
An interesting tie-in with John Rich, a country singer, and businessman - with two bar/restaurants, one in Las Vegas and one in Nashville.
https://vegas.eater.com/2017/1/19/14321050/john-rich-redneck-riviera-now-open-grand-bazaar
Go to 17:10 mark on the conference call to hear about the proposed project with Redneck Riviera. Can't believe this was buried in a multi-subject press release - though they did say details to follow.
Conference Call.
https://www.webcaster4.com/Webcast/Page/1518/23450
Redneck Riviera Whiskey Co, LLC
Eastside Distilling has formed a wholly owned subsidiary, Redneck Riviera Whiskey Co, a Tennessee LLC. This subsidiary is slated to hold intellectual property associated with a proposed line of Redneck Riviera branded spirits. Both Eastside Distilling and John Rich, the licensor of the brand, will share equity in the brand itself and benefit from the increased value of the brand, if any, through the sale of licensed product. Further details about this agreement, including the Company’s strategic plans, will be announced in due course.
Beveraeg Start-Up News
Also in 10Q.
In addition, through MotherLode Craft Distillery (“MotherLode”), our wholly-owned subsidiary acquired in March 2017, we also provide contract bottling and packaging services for existing and emerging spirits producers, some of whom contract with us to blend or distill spirits. MotherLode has also launched a new canning line of Ready-to-Drink (RTD) products, primarily designed for the wine and pre-mixed alcoholic drink industry.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12382331
Eastside Launches Burnside Goose Hollow Reserve Straight Bourbon
Burnside Goose Hollow Reserve is the creation of Eastside’s Master Distiller Mel Heim. The Goose Hollow Reserve is a limited bottling expression of Straight Bourbon Whiskies that are meticulously blended and aged in Garryana Casks. (Photo: Business Wire)
November 09, 2017
09:01 AM Eastern
Standard Time
PORTLAND, Ore.--(BUSINESS WIRE)--Eastside Distilling, Inc. (NASDAQ: ESDI) (“Eastside” or the “Company”), a producer of award-winning craft spirits, today announced first deliveries of its new Burnside Goose Hollow Reserve.
Burnside Goose Hollow Reserve is the creation of Eastside’s Master Distiller Mel Heim. The Goose Hollow Reserve is a limited bottling expression of Straight Bourbon Whiskies that are meticulously blended and aged in Garryana Casks. Eastside aptly dubbed this bourbon “Goose Hollow” after the storied Portland neighborhood that was officially established with this moniker in 1879—the same time the term bourbon became consistently used in the U.S. and Kentucky. Goose Hollow is nestled in the lower elevations of Portland’s West Hills near Tanner Creek, a forested lowland gulch in the SW side of the city. The Goose Hollow blend itself is earthy, woody and dense and localized with the use of glorious Oregon oak.
Mel Heim elaborated, “On the nose you should smell a robust oak, pine mixed with smoky coals. Once aerated, notes of fruitcake, apricot and caramel begin to be released. You will taste the unflinchingly 92 proof which undergoes a metamorphosis on the palate from peppery wood and bitter chocolate to tobacco, plums and vanilla. We think if Goose Hollow had an official flavor that this would be it.”
The bourbon is showcased in the vibrant new look of the Burnside Bourbon family of individually screen-printed bottles, designed in Portland by spirits branding firm, Sandstrom Partners, and produced locally.
You can find the new Burnside Bourbon at numerous locations throughout Oregon, or at one of Eastside Distilling’s Tasting Rooms.
About the History of the Goose Hollow Neighborhood of Portland
Goose Hollow is one of the oldest and most historic neighborhoods in Portland, bordering what is now Burnside Street. It first referred to a hollow around Tanner Creek (named in the 1830s for the first tannery west of the Rockies). The creek carved out the deep, meandering hollow and then headed east, crossing today’s Burnside, and towards the Pearl District and parts of Old Town and Chinatown. In the early days of the city, there were Native American encampments in the hollow near today's Alder Street, and women sold baskets, kindling, and berries. From 1870 to 1909, Chinese farmers rented land in the hollow. Portland’s merchant/capitalist class—some German, some Jewish refugees from Eastern Europe, some British—built homes in the heights that are now part of Goose Hollow. The area around the hollow was populated by settlers from the East and other immigrants, many from Ireland, and it is now the home of more than one Irish Bar.
According to our source, the Oregon Encyclopedia, Police Chief James Lappeus is credited with naming the neighborhood Goose Hollow in the 1870s. At that time, flocks of geese were allowed to run freely through the neighborhood and in the hollow. Local housewives would feed them and treat them as their own, personal “protein source” with predictable consequences. The Chief’s inspiration was a ruckus that occurred when a police officer responding to a fight between neighborhood women over ownership of geese was himself assaulted.
Because “Hollow” as a place name had “down market” and even disreputable associations, in 1911 the blue-nosed Oregon State legislature attempted change it to “Paradise Valley.” The bill was narrowly beaten back, just like Chief Lappeus’s patrolman. So, we proudly name our reserve bourbon, aged in Oregon oak, in honor of these forebears and their neighborhood. We applaud the Portlanders who successfully resisted this effort to change our history by renaming a place so rich in character.
Since the mid-1970s, the place name Goose Hollow applies to the flats and adjacent heights—King’s Hill, Vista Ridge, and Gander Ridge—and canyons—Tanner Creek Canyon and Cable Car Canyon. All are in Goose Hollow.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master-crafted spirits since 2008. Makers of award-winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbol NASDAQ: ESDI. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Portland Potato Vodka Reaches First 1,000 Case Month
November 13, 2017 09:01 AM
Eastern Standard Time
PORTLAND, Ore.--(BUSINESS WIRE)--Eastside Distilling, Inc. (NASDAQ: ESDI), a producer of award-winning craft spirits, today announced that its award-winning Portland Potato Vodka surpassed 1,000 cases sold for the month of October. This important milestone is an all-time record for the Northwest’s premium potato vodka. Portland Potato Vodka is currently available in 750 ml, 1.75 liter and 50ml sizes. A 375ml bottle is slated for November release.
Portland Potato Vodka has a clean, crisp taste that mixes especially well in Oregon’s favorite cocktails and can be enjoyed straight-up on the rocks. The key to producing a vodka this smooth is to start with the right ingredients. Most vodka is made from grain, because it is as much as two thirds less expensive than potatoes. Potatoes, on the other hand, are the original source of Vodka and worth the extra expense. Portland Potato Vodka, the leading locally produced Vodka, also has the pristine water of Mt. Hood. Potatoes make for a vodka that is low-octane and exceptionally clean. If you’re looking for a tasty gluten free alternative to grain-based spirits, you’ve found your drink of choice.
"Portland Potato Vodka is silky through and through. It opens with refreshing mineral water and gentle ethyl notes. You can finally say goodbye to the 'burn' that you feel from corn and wheat vodkas. Absolutely no burning sensation with a sweep of cotton candy sweetness," commented Mel Heim, Eastside’s Master Distiller.
Portland Potato Vodka recently received a Gold Medal rating by Blue Lifestyle Seal of Approval (92 points), and a Gold Medal and Best of Category at the 2017 Los Angeles International Spirits Competition (91 points). The new Hot Potato version of Portland Potato is a habanero infused variation and is produced in collaboration with the Secret Aardvark hot sauce company.
Grover Wickersham, CEO of Eastside Distilling, commented, “Our Portland Potato Vodka continues to gain momentum, as evidenced by our sales more than tripling from last year to our first ever 1,000 case shipment month in October. I thank our loyal customers and I encourage them to share our great Vodka with their friends and family over the holidays and to ask their local bartenders to start carrying us as a superior local alternative to Texan and Russian Vodkas.”
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: ESDI) is located in Southeast Portland’s Distillery Row and has been producing high-quality, master-crafted spirits since 2008. Makers of award winning spirits, the Company is unique in the marketplace and distinguished by its highly decorated product line-up that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The Company is publicly traded under the symbol NASDAQ: ESDI. For more information, visit: www.eastsidedistilling.com
Eastside Launches Burnside Goose Hollow Reserve Straight Bourbon
Burnside Goose Hollow Reserve is the creation of Eastside’s Master Distiller Mel Heim. The Goose Hollow Reserve is a limited bottling expression of Straight Bourbon Whiskies that are meticulously blended and aged in Garryana Casks. (Photo: Business Wire)
November 09, 2017
09:01 AM Eastern
Standard Time
PORTLAND, Ore.--(BUSINESS WIRE)--Eastside Distilling, Inc. (NASDAQ: ESDI) (“Eastside” or the “Company”), a producer of award-winning craft spirits, today announced first deliveries of its new Burnside Goose Hollow Reserve.
Burnside Goose Hollow Reserve is the creation of Eastside’s Master Distiller Mel Heim. The Goose Hollow Reserve is a limited bottling expression of Straight Bourbon Whiskies that are meticulously blended and aged in Garryana Casks. Eastside aptly dubbed this bourbon “Goose Hollow” after the storied Portland neighborhood that was officially established with this moniker in 1879—the same time the term bourbon became consistently used in the U.S. and Kentucky. Goose Hollow is nestled in the lower elevations of Portland’s West Hills near Tanner Creek, a forested lowland gulch in the SW side of the city. The Goose Hollow blend itself is earthy, woody and dense and localized with the use of glorious Oregon oak.
Mel Heim elaborated, “On the nose you should smell a robust oak, pine mixed with smoky coals. Once aerated, notes of fruitcake, apricot and caramel begin to be released. You will taste the unflinchingly 92 proof which undergoes a metamorphosis on the palate from peppery wood and bitter chocolate to tobacco, plums and vanilla. We think if Goose Hollow had an official flavor that this would be it.”
The bourbon is showcased in the vibrant new look of the Burnside Bourbon family of individually screen-printed bottles, designed in Portland by spirits branding firm, Sandstrom Partners, and produced locally.
You can find the new Burnside Bourbon at numerous locations throughout Oregon, or at one of Eastside Distilling’s Tasting Rooms.
About the History of the Goose Hollow Neighborhood of Portland
Goose Hollow is one of the oldest and most historic neighborhoods in Portland, bordering what is now Burnside Street. It first referred to a hollow around Tanner Creek (named in the 1830s for the first tannery west of the Rockies). The creek carved out the deep, meandering hollow and then headed east, crossing today’s Burnside, and towards the Pearl District and parts of Old Town and Chinatown. In the early days of the city, there were Native American encampments in the hollow near today's Alder Street, and women sold baskets, kindling, and berries. From 1870 to 1909, Chinese farmers rented land in the hollow. Portland’s merchant/capitalist class—some German, some Jewish refugees from Eastern Europe, some British—built homes in the heights that are now part of Goose Hollow. The area around the hollow was populated by settlers from the East and other immigrants, many from Ireland, and it is now the home of more than one Irish Bar.
According to our source, the Oregon Encyclopedia, Police Chief James Lappeus is credited with naming the neighborhood Goose Hollow in the 1870s. At that time, flocks of geese were allowed to run freely through the neighborhood and in the hollow. Local housewives would feed them and treat them as their own, personal “protein source” with predictable consequences. The Chief’s inspiration was a ruckus that occurred when a police officer responding to a fight between neighborhood women over ownership of geese was himself assaulted.
Because “Hollow” as a place name had “down market” and even disreputable associations, in 1911 the blue-nosed Oregon State legislature attempted change it to “Paradise Valley.” The bill was narrowly beaten back, just like Chief Lappeus’s patrolman. So, we proudly name our reserve bourbon, aged in Oregon oak, in honor of these forebears and their neighborhood. We applaud the Portlanders who successfully resisted this effort to change our history by renaming a place so rich in character.
Since the mid-1970s, the place name Goose Hollow applies to the flats and adjacent heights—King’s Hill, Vista Ridge, and Gander Ridge—and canyons—Tanner Creek Canyon and Cable Car Canyon. All are in Goose Hollow.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master-crafted spirits since 2008. Makers of award-winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbol NASDAQ: ESDI. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
ESDI - I like what these guys are doing - Still not opening an SDI
Eastside Distilling Launches New Bourbons and Whiskeys to Bottle What’s Cool About Oregon
http://www.businesswire.com/news/home/20171005005326/en/
Burnside's flagship product - Oregon Oaked Bourbon - takes its color inspiration from one of two towers that sits at either end of the Burnside Bridge. Special products from Burnside honor the neighborhoods that Burnside Street passes, including West End and Goose Hollow. (Photo: Business Wire)
October 05, 2017 08:31 AM Eastern Daylight Time
PORTLAND, Ore.--(BUSINESS WIRE)--Eastside Distilling, Inc. (NASDAQ: ESDI) (“Eastside” or the “Company”), a producer of award-winning craft spirits, today announced first deliveries of West End Blend, an American whiskey that is finished in Oregon Oak. West End is crafted from whiskeys that age for up to five years in traditional American white oak before being transferred to barrels of Oregon Oak. Oregon Oak finishing, prized for the complexity it adds to bourbon and whiskey, is gaining popularity inside and outside Oregon. The vibrant new look of the West End bottle is the product of a nine month “all Portland” creative collaboration with local spirits branding powerhouse, Sandstrom Partners ("Sandstrom"), and is meant to reflect West End’s uniqueness and its roots in Portland, Oregon.
The West End blended whisky is scheduled to be followed shortly by two bourbon products and later this season by a rye whiskey. All members of the Burnside family of bourbons and whiskeys share the common characteristic of being finished by resting in casks made by hand from Oregon Oak, thereby making the product line unique among spirits offerings. The Company released the first bourbon finished in Oregon Oak in 2012. After its success in winning many gold medals in competition, the Company decided to fully embrace the technique that it had pioneered, and chose to finish all of its spirits using the method.
Eastside’s Master Distiller, Mel Heim, commented that “Oregon Oak is unlike other American white oaks that are used to make the barrels that begin the bourbon aging process. Oregon Oak, or ‘Garryana’ as the species is called, is almost sponge like from the fast growing it does in the wet Oregon winters. Not only does it soak up the whiskey and deeply flavor it, it has an unusually high content of vanillin when charred. Vanillin is a natural compound that mocks vanilla bean flavoring and a little hint of it is a great compliment to whisky, bourbon or rye.”
“It’s not as easy as just putting bourbon into a barrel,” continued Ms. Heim. “The oaking process is like dancing with Mother Nature, since individual barrels of this wood can be very different. Oregon Oak has much more flavor variation than other oaks. The level of toast or char can also alter the flavor dramatically. It’s a bit nerve wracking at times, but I love the art to it, and the fact that each batch I do has its own character and is totally Oregon.”
Sandstrom’s branding unbundles Burnside Bourbon from the image of Major General Ambrose Burnside that was previously on the bottles and realigns it with Burnside Street, the Portland street artery that divides Portland’s North and South. Burnside Street is now a thriving hub of activity that's alive with creative expression, art galleries, Powell’s Books, iconic record stores and music venues that makes it the epicenter for one of Portland’s most celebrated music scenes. Sandstrom also wanted the Burnside Bridge to play a role in the redesign because of its civic significance and took design cues from it. If Burnside is the heart of Portland, then the bridge is the heart of Burnside. Burnside Bourbon's new design, with its bold typography and unexpected color relationships, draws its inspiration from the music posters that graced any number of telephone poles along the busy street.
Grover Wickersham, chairman and chief executive officer of Eastside Distilling, said “We sell amazing, small batch craft bourbon and whiskeys that have a different character to them than the mainstream brands. Sandstrom Partners’ bottle design is true to our philosophy of being different, and it captures our unique quality and Oregon roots.”
Wickersham added, “Burnside Street became notorious in the 1860s for liquor and card rooms that drew the sailors from a large dock at the foot of Burnside. The street's original history for saloons and sailors may be an inappropriate association for a bottled water brand, but I think it might be a perfect association for a whiskey that has real character and flavor to it like West End.”
In December of 2016, Eastside entered into a strategic partnership with Sandstrom for spirits branding that extends to its Eastside's entire IP of existing and contemplated products. Sandstrom is a significant shareholder of Eastside and is represented on Eastside's Board of Directors. The current release of the Burnside brand is the first of what Eastside anticipates will be many brand innovations in collaboration with Sandstrom.
About Sandstrom Partners
Founded in Portland, Oregon in 1990, Sandstrom Partners is a brand development company that focuses on the creation and revitalization of thought leading brands. Thought leading brands defined as brands that desire to appeal to new audiences, change the category paradigm and capitalize on emerging trends. Some of Sandstrom Partners current and past clients/brands include Tazo Tea, Bacardi Oakheart, Sonoma Cider, Castor & Pollux, Stillhouse Distilling, Miller Brewing, Converse, Brown Forman/Chambord and Old Forester, Diageo/Bulleit Bourbon, Virgin Mobile, Levi Strauss, Target, ESPN, Nike, Reebok, Adidas, Smith Tea, Coca-Cola, Pernod Ricard, Full Sail, Session Lager, St-Germain, Brown-Forman, Sokol Blosser, Hansen's Soda and Aviation Gin.
About Eastside Distilling
Eastside Distilling, Inc. (NASDAQ: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master crafted spirits since 2008. Makers of award winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbol NASDAQ: ESDI. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Class action ???
down from 6 to sub 4 the slide continues
Closes of Underwriters’ Over-allotment.
http://marijuanastockreview.com/eastside-distilling-esdi-inc-announces-closing-of-underwriters-over-allotment/
Forget Craft Beer. Craft Liquor Is the Next Big Thing.
https://seekingalpha.com/instablog/295897-roland-rick-perry/5025864-eastside-distilling-graduates-nasdaq-capital-markets
ESDI moved to the Nasdaq from the OTC:
http://otce.finra.org/DLDeletions
Heading lower it looks like, no faith in the company is really showing
Forgeting the past is Very Foolish.
The company has done 2 reverse splits in a short time period,
they also did convertable debt deals, both wiping out significant value to other shareholders.
20-for-1 reverse stock split of the Company’s common stock effected on October 18, 2016.
3-for-1 reverse stock split
An original 10,000 share position acquired at $2 a share
is now 166 shares, or $20,000 invested is less than $1000 now.
This is a direct result of poor management.
The only people who profited by the reverse splits were insiders.
They hold different series of stock.
Stockholders’ equity:
Series A convertible preferred stock, $0.0001 par value; 3,000 shares authorized; 50 and 300 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively (liquidation values of $125,000 and $750,000, respectively) $49,426 $245,838
I think additional series A has been issued from the filings but not sure .../
Issuance of common stock in exchange for services 86,317 89,100
Stock-based compensation 158,658
Common stock issued in exchange of notes payable $ 87,500
If the company reverse split all classes of stock then it would be a different story.
https://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=BTSrtTv7lARBrFpMTtulJg%253d%253d&CorpName=EASTSIDE+DISTILLING%2c+INC.
Previous Stock Value: Par Value Shares: 100,000,000 Value: $ 0.0001 Par Value Shares: 45,000,000 Value: $ 0.0001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 14,500.00 New Stock Value: Par Value Shares: 100,000,000 Value: $ 0.0001 Par Value Shares: 15,000,000 Value: $ 0.0001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 11,500.00
Reverse Splits.
Understandably reverse splits create a feeling of hurt and a dampening of enthusiasm for early (pre-reverse) investors.
However one has to block out the past and look at "an" opportunity, as if today, is the first day one discovered the opportunity.
In basic terms, in any stock, it doesn't matter if you're down 50% or up 50% in the particular investment.
What matters is your personal assessment of the future potential, as if today was the first day you discovered it.
Assess and then decide. Forget the past.
ESDI one for 3 reverse split:
http://otce.finra.org/DLSymbolNameChanges
Nice a REVERSE SPLIT
the last one sure screwed shareholders,
any doubts that this one won't screw shareholders also...
they set up the different classes of shares to wipe out former shareholder value and are about to do just that.
Death throngs await as any smart investor will sell all they own
NOW !!!! , and NEVER BUY BACK...
Maneuvering For An Uplisting?
PORTLAND, OR / ACCESSWIRE / June 12, 2017 / Eastside Distilling, Inc. (ESDI) ("Eastside" or the "Company"), a producer of award-winning master-crafted spirits, announced today that its Board of Directors have approved a 1-for-3 reverse split of the Company's outstanding common stock from 9,939,649 to 3,313,217, and a proportional decrease in the Company's authorized common stock from 45 million shares to 15 million shares. Pursuant to the Nevada Revised Statutes, the Company's Board of Directors is authorized to effectuate a reverse stock split without stockholder approval where such split is accomplished with a concurrent proportional decrease in the Company's authorized common stock.
Steve Shum, CFO of Eastside, said, "Our goal is for Eastside to uplist to a major national exchange or market and gain access to a greater number of investors that invest in companies that are nationally listed. The reverse split is being done so that the Company can meet the share price limitations it must meet to list on a national exchange such as NASDAQ or NYSE. Listing is subject to our satisfying the full listing requirements, of which share price is a primary one. These price and trading rules apply somewhat onerous burdens on small companies like us. Despite that, we see uplisting as having big advantages to our stockholders that outweigh the short term inconveniences associated with conducting a reverse split. Any stockholders who would have questions about the reverse split, are welcome to contact Grover, our Chairman, or myself for a further explanation."
Full release: https://finance.yahoo.com/news/eastside-distilling-announces-plan-effect-214600748.html
Sales $829,669
Total operating expenses $1,148,062
Loss from operations (858,494 )
Net loss attributable to common shareholders $ (906,855)
Basic and diluted weighted average common shares outstanding 2017- 7,842,971 2016- 2,275,625
5567346 new shares issued
cumulative net operating loss carryforward (NOL) of approximately $3.8 million
read page 18 and 19 in their filing, issuance or shares and options...
tells the real story of whats to come...
the company "could" make it... has been able to get financing by the reverse split of previous investors, so they could do the same thing again if needed and reverse it again...\
time will tell.
I'm nutral in opinion as to if they can make the deal work.
on a dip it might be worth buying and throwing into the sh*tpile to see if it pays off long term.
$829,000 1Q.
They did $829,000 in the last quarter, that's a pretty impressive bar bill!
3 months ending March 31st, 2017.
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12065052
Eastside Distilling Acquires Controlling Stake in Big Bottom Distilling
Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.com
SOURCE Eastside Distilling, Inc.
Founder Ted Pappas and Lead Distiller Travis Schoney To Remain In Place and Continue Growth of Big Bottom Distilling
PORTLAND, Ore., May 1, 2017 /PRNewswire/ -- Eastside Distilling, Inc. (OTCQB: ESDI) ("Eastside" or the "Company"), today announced the acquisition of a majority stake in Big Bottom Distilling ("BBD"), a Hillsboro, Oregon-based distiller of award winning and super premium gins, whiskeys, brandies, rum, and vodka. BBD was founded by Ted Pappas, a past president of the Oregon Distillers Guild. BBD will continue to operate as a distinct business entity and produce spirits in collaboration with Eastside's Master Distiller and EVP of Operations, Melissa "Mel" Heim.
Eastside intends to place BBD's craft spirits into joint distribution, on a selective basis, with Portland Potato Vodka, Burnside Bourbon, Cherry Bomb, Coffee Rum, Marionberry Whiskey and its other popular craft spirits. The extensive BBD product portfolio includes several craft spirits that are highly complementary to Eastside's product line, including The Ninety One Gin, Navy Strength Gin (114 proof) and Delta Rye (111 proof) rye whiskey, among others.
Since its founding, Big Bottom Distilling has transitioned from an independent bottling operation to the distilling of their own award-winning spirits. Inspired by the craft spirits movement in Oregon, Big Bottom Distilling's small-batch, hand-crafted spirits provide consumers with unique takes on traditional spirits. The spirits portfolio created by Ted Pappas and lead distiller Travis Schoney, formerly of High West Distilling of Park City, Utah, has won, and continues to win, awards for such specialty finished whiskeys as the Barlow Trail Port Cask Finished Whiskey. BBD will continue their exclusive Warehouse Series – a boutique line of limited production spirits, like Hungarian oak finished rye, sold to collectors on a first come, first served, basis.
BBD craft spirits are primarily distributed in Oregon, California and Illinois. Eastside intends to leverage its own distribution base and sales team, on a selective basis, in the U.S. and Canada. Eastside's production team, led by its EVP, Mel Heim, will jointly create and produce innovative and high quality spirits, such as spirits aged in Eastside's signature Oregon Oak barrels, as pioneered by Mel Heim and Lenny Gotter starting in 2010.
Eastside and BBD are collaborating on the expanding production of a super-premium American Single Malt Whiskey, made with malted Pacific Northwest barley, fermented and distilled entirely on premises (i.e., in bond) by Ted Pappas, Travis Schoney and, joined now, by Eastside's Mel Heim.
Grover Wickersham, Executive Chairman of Eastside Distilling, commented, "Ted Pappas, and lead distiller, Travis Schoney, are emotionally invested in creating the epitome of high quality craft spirits. Our goal is to help place tasting glasses into the hands of a multitude of Oregonian craft spirit fans, who we think appreciate super-premium craft spirits. BBD's offerings complement Eastside's, so there's an opportunity for great synergies and a lot of fun working together, which is one of the biggest parts of making craft spirits."
Ted Pappas, Founder of Big Bottom Distilling and past President of the Oregon Distillers Guild, commented, "This is the ideal opportunity we have been seeking for Big Bottom Distilling. This relationship with Eastside will allow us to grow at a faster rate and get our products distributed to a broader market. This will also give us the opportunity to focus on our single malt whiskey production and establish our position in this category. We will continue on the path started in 2010 and retain the integrity, quality and identity that the company was founded on while integrating into the overall organization."
Melissa Heim, Executive VP of Operations and Master Distiller of Eastside Distilling, said, "Eastside is creating a great opportunity for craft businesses to maintain their entrepreneurial spirit and dedication to the craft spirits movement while expanding their consumer base. I look forward to working with Ted, Travis and the rest of their team to continue producing high quality, unique spirits that I know consumers inside and outside Oregon will continue to love."
The transaction is structured as an exchange of 84,286 Eastside shares for BBD LLC units, and will maintain the independence of BBD as a separate entity underneath the operational umbrella of Eastside Distilling. BBD and Eastside will benefit from brand synergies because of the limited overlap with Eastside products. Eastside will devote sales, marketing, financial capital and production resources to expanding BBDs business, which in 2016 had total revenues of approximately $201,000.
About Ted Pappas
After graduating from The Citadel and serving time in the United States Air Force, Ted moved to San Francisco, California where he pursued a career in managed healthcare. Ted has been in the healthcare industry for the last 20 years, settling in healthcare IT for one of the largest healthcare providers in the country. After relocating his family to Portland in 2004, Ted was inspired to start his own whiskey business in 2010 as a result of his strong passion for whiskey and the influence of the craft distillery movement in Portland. Ted served on the Oregon Distillers Guild Board of Directors from April 2012 to March 2017 holding the office as Vice President (4/12-12/13) and President (12/13-03/17).
About Travis Schoney
BBD's Lead Distiller, Travis Schoney formerly with High West Distillery in Park City, Utah, joined BBD in November 2012. For the five years from 2007 until 2012, Mr. Schoney was employed by High West as Assistant Distiller and Blender. Mr. Schoney is an integral part of the BBD team and helped win many awards for gins, brandies and whiskey. He is currently overseeing the distillation of a much-anticipated single malt whiskey, distilled from Pacific Northwest barley, using a whiskey mash fermented in-house by Mr. Schoney using BBDs proprietary strain of yeast. Mr. Schoney will continue to manage production for BBD in collaboration with Eastside and will carry forward the company's practice of crafting quality Oregon spirit.
Big Bottom Distilling's lineup of hand crafted spirits includes:
BARLOW TRAIL American Blended Whiskey
Big Bottom's American Blended Whiskey is a proprietary blend of three well-aged whiskeys and contains no neutral spirits, staying true to what they're all about - whiskey. It exhibits subtle floral notes with hints of salted caramel and vanilla along with just the right amount of oak and spice.
Gold Medal Winner at 2014 Great American Distiller's Festival; Silver Medal Winner at 2015 Great American Spirits Festival and 2014 Washington Cup Spirits Competition
BARLOW TRAIL American Blended Whiskey, Finished in Port Casks
Big Bottom continues the tradition of finishing spirits in wine casks with Barlow Trail, Port Cask Finish. It presents a bright, sweet berry and citrus nose. On the palate, it showcases a fresh, ripe berry followed by a small hint of peppery spice that gives way to a very smooth, rich and malty quality from the French Oak Port casks.
Gold Medal Winner at 2015 Great American Spirits Festival; First Place Winner at 2015 Best of the NW: SIP NW Spirits Competition "Best Whiskey"; Silver Medal Winner at 2015 American Craft Spirits Association (ACSA) Awards
DELTA RYE WHISKEY
Delta Rye is a harmonious blend of spicy Indiana distilled straight rye whiskey with a slightly sweeter Canadian distilled 3 year old rye whiskey. This rye blend exhibits intense spice with hints of citrus and mint while it finishes with some vanilla and bold oak. Proofed at 111, the full flavors of these two rye whiskeys create a perfect balance for the most discerning palate.
STARKA
Starka is traditional aged vodka dating back to the 15th century in Eastern Europe. Big Bottom along with 2 other local Oregon distillers embarked upon a collaborative effort in 2014 called the Oregon Starka Project. Each distiller created an exclusive variation of Starka by choosing specific barrels that are distinct to the producer. Big Bottom aged this vodka for 12months in Zinfandel casks that also housed their bourbon. The result is a remarkable Starka offering a fresh old twist to the world of vodka.
THE NINETY ONE GIN
The Ninety One Gin contains 16 botanicals that offer a complex bouquet of floral qualities complementing the juniper. A slightly sweet gin with non-traditional gin characters, it boasts a rich, full mouth feel with a creamy body that finishes with a hint of spice.
Gold Medal Winner at 2015 American Craft Spirits (ACSA) Awards; Gold Medal Winner at 2015 Great American Spirits Festival; 92 Score by Wine Enthusiast in 2015; Bronze Medal Winner at 2015 San Francisco World Spirits Competition; Third Place Winner at 2015 Best of the NW: SIP NW Spirits Competition "Best Gin"
NAVY STRENGTH GIN
Big Bottom Navy Strength Gin is a 114° gin containing the same 16 botanicals as the 91° Gin. It presents a slightly heavier juniper bouquet than the 91° gin with a delicate hint of lemongrass and citrus. This Navy Strength Gin offers a balanced spice throughout the palate followed by a mild head and crisp finish.
Bronze Medal Winner at 2015 Washington Cup Spirits Competition
BARREL AGED GIN
Big Bottom Barrel Aged Gin undergoes a solera process with the use of 3 different woods in our whiskey barrels – Oregon oak, Hungarian oak and North American white oak. It presents a subtle floral sweetness of juniper and warm spices followed by creamy sweet oak characters.
Silver Medal Winner at 2016 Berlin International Spirits Competition
APPLE BRANDY
The 2015 Oregon Apple Brandy is a blend of 5 Oregon apple varietals giving it a more complex fruit quality. This brandy exhibits crisp red apples with autumn spices and the essence of vanilla. A special blend of in-house yeast strains gives way to darker fruit esters allowing for a creamy spiced caramelized apple finish.
Gold Medal Winner at 2015 Great American Spirits Festival
PEAR BRANDY
The 2015 Oregon Pear Brandy is made from a blend of Asian pears that were grown and hand harvested from the Willamette Valley. Exhibiting a fresh ripe Asian pear nose, the brandy unveils sweet and earthy characters while finishing with some moderate spice
Gold Medal Winner at 2015 Great American Spirits Festival; Bronze Medal Winner at 2015 Washington Cup Spirits Competition
CALHOUN BROS. AGED RUM
This 4 year old rum is further aged in Big Bottom bourbon barrels creating a perfect balance of sweetness and complex spice. The initial aroma of caramelized sugar, bourbon and molasses is followed by warm spices of cinnamon, cloves, nutmeg and allspice resulting in a smooth, rich and full finish.
Gold Medal Winner at 2015 Great American Spirits Festival
About Eastside Distilling
Eastside Distilling, Inc. (OTCQB: ESDI) is located in Southeast Portland's Distillery Row, and has been producing high-quality, master crafted spirits since 2008. Makers of award winning spirits, the company is unique in the marketplace and distinguished by its highly decorated product lineup that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka, and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The company is publicly traded under the symbol OTCQB: ESDI. For more information visit: www.eastsidedistilling.com or follow the company on Twitter and Facebook.
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue, and profitability. The Company assumes no obligation to update the cautionary information in this release.
Investors:
Robert Blum, Joe Diaz or Joe Dorame
Lytham Partners, LLC
(602) 889-9700
esdi@lythampartners.com
eastsidedistillingWe're here at #Portland #Spring Food and Wine Fest at @oregonconventioncenter. Try a sample of Eastside Distilling favorites like #burnsidebourbon, @PortlandPotatoVodka and more! The party's just starting- hope to see you here soon!
https://www.instagram.com/p/BS4JXM9B7YB/
ESDI: Strategy change and increased G&A impacts 4Q revenue and earnings. Increased production of higher priced spirits should bolster margins.
By Ian Gilson, PhD, CFA
OTC:ESDI
On March 31, 2017 Eastside Distilling (ESDI) filed its 10K for 2016 with the SEC and held a conference call on April 6, 2017 to discuss the results.
Gross sales declined from the 4Q15 due to a change in strategy made in the 3Q15. Revenue had been driven by volume and it was decided to emphasize higher margined products, albeit at lower price points, such as the popular Potato Vodka. One impact of this change was an increase in excise tax per case as a proportion of gross sales per case. Excise taxes are based on the alcohol content and do not depend on selling prices.
As we had mentioned special event and retail sales declined in 2016 due to fewer tasting rooms. This should reverse in 2017 since new rooms have been added. This revenue carries no distributor costs.
Sales outside of Oregon increased from $0.2 million to nearly $1 million, sales from retail operations declined from $1.3 million to $1.2 million and sales to the Oregon Liquor Control Commission increased from $0.7 to $0.9 million.
The company has announced its first sales in Alaska and we expect continued growth in sales outside of Oregon.
Eastside distilling stated that its ah sufficient cash and cash flow to carry it through the next twelve months. The costs of raising money had a significant negative impact on cash flow in 2016.
The company intends to move its spirits more into the Super Premium sector of the spirits market, with an emphasis on the Potato Vodka and the Burnside Oregon Oaked Bourbon (with a higher alcohol content). Since the company now has bottling capability it can offer private label spirits and small volume seasonal offerings at minimal extra costs and above average selling prices.
Other areas of revenue are e-commerce sales, but there may be legal problems since the laws on wine may not carry over to the spirits world.
Overall we have a positive outlook for increased revenue and declining expenses for 2017 and 2018.
Eastside Distilling Expands into Alaska
Alaska residents to get their first taste of Eastside's portfolio of products, including its Burnside Bourbon, Portland Potato Vodka, Barrel Hitch American Whiskey, and Below Deck Silver Rum
PORTLAND, Ore., April 5, 2017 /PRNewswire/ -- Eastside Distilling, Inc. (OTCQB: ESDI), the Portland, Oregon-based producer of award-winning craft spirits, today announced it has received its first order from Alaska for the company's flagship product, Burnside Bourbon, as well as its Portland Potato Vodka, Barrel Hitch American Whiskey, and Below Deck Silver Rum.
"The residents of Alaska are in for a real treat as we bring our small-batch, hand-crafted spirits to the last frontier," commented Mel Heim, vice president of operations and master distiller for Eastside Distilling. "Our Burnside Bourbon is bottled at 96 proof, providing a bit of a kick for those cold winter nights, with cinnamon and oak flavors that make it an ideal sipping drink or to be mixed as a cocktail. They will also love the Northwest's premium potato vodka, Eastside's own Portland Potato Vodka. Oregon's legendary water from the watershed of Mt. Hood gives our Portland Potato Vodka a crisp taste, with a note of minerals."
"Meanwhile, our Barrel Hitch American Whiskey has a smooth body, with toasted oak flavor with hints of green apple and vanilla, that is a perfect sipper. Our small-batch Below Deck Spiced Rum mixes especially well with your favorite cocktail. We look forward to the continued expansion of Eastside's portfolio as we continue to bring a piece of Portland's best craft spirits to the rest of the world."
About Eastside Distilling
Eastside Distilling, Inc. (OTCQB: ESDI) is located in Southeast Portland's Distillery Row and has been producing high-quality, master-crafted spirits since 2008. Makers of award winning spirits, the Company is unique in the marketplace and distinguished by its highly decorated product line-up that includes Barrel Hitch American Whiskies, Burnside Bourbon, Below Deck Rums, Portland Potato Vodka and a distinctive line of infused whiskeys. All Eastside spirits are master crafted from natural ingredients for unparalleled quality and taste. The Company is publicly traded under the symbol OTCQB: ESDI. For more information, visit: www.eastsidedistilling.com
Important Cautions Regarding Forward-Looking Statements
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; the Company's ability to continue as a going concern; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's ability to obtain additional capital, the Company's success in product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission, including the financial statements and related information contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission on March 31, 2017. Examples of forward-looking statements in this release may include statements related to our strategic focus, product verticals, anticipated revenue and profitability. Further, such forward looking statements in this press release include but are not limited to: that the Company's growth will continue on its current trajectory; the stage is set for significant growth and improved bottom line performance ahead and beyond; that the second half is traditionally our busiest of the year, when the Company typically generates close to 70% of its annual business. The Company assumes no obligation to update the cautionary information in this release.
Company Contact:
Investor Relations Contact:
Eastside Distilling
Robert Blum, Joe Diaz or Joe Dorame
(971) 888-4264
Lytham Partners, LLC
inquiries@eastsidedistilling.com
(602) 889-9700
esdi@lythampartners.com
EASTSIDE DISTILLING, INC. (OTCMKTS:ESDI) Files An 8-K Other Events
03/27/2017 | 09:50pm CEST
Eastside Distilling, Inc. (the “Company”) is currently offering up to 1,200,000 units (the “Units”) at $1.30 per Unit, each Unit consisting one share of common stock and one three year common stock purchase warrant exercisable at $2.50 per share (subject to adjustment), for total gross proceeds of up to $1,560,000 (the “Unit Offering”). The Unit Offering described above is being offered to exemptions from the registration requirements of the Securities Act of 1933, as amended, and will be made to a limited number of accredited investors to a Confidential Private Offering Memorandum.
This Current Report on Form 8-K is not an offer to sell or the solicitation of an offer to buy the Units. The disclosure provided in this Current Report on Form 8-K is being made to ensure compliance with certain prior agreements between the Company and MR Group I, LLC whereby the Company has granted MR Group I a right of first refusal in connection with certain securities offerings, while also agreeing that it will not disclose to MR Group I any material non-public information, such as the fact that the Company has undertaken to make an offering of securities.
Eastside Distilling - Check out this delicious cocktail creation made with Burnside Bourbon
https://www.instagram.com/p/BSEa3dEBLUv/
Eastside Distilling - Celebrate National Cocktail Day with a Paris Martini:
https://www.instagram.com/p/BSCmd7IB0r8/
I'm not really impressed with the management bios.
What is impressing me is the YoY revenue gains, and sequential Quarterly increases, albeit allowing for last December being the peak revenue quarter.
That bodes very well for growing past breakeven. Though they have a long way to go, and probably plenty of diluting equity raises too.
It will be interested to see if they file for a 10K submission extension again or if they can file on time this year.
Most interesting will be what the year over year revenue bump is.
I like sin stocks. I've been in ROX going on 8 years already.
This one looks all too familiar as an insider printing press that lines insiders pockets with multiple classes of shares and warrants.
Insider commitment is high, but that doesn't appear as a result of them self funding the company.
Is that correct or incorrect?
All directors and officers as a group (6 persons) 3,467,933 ... 63.14% of O/S ... 54.10% of voting power
I don't mind options that they pay for as a means to fund the company. I mind if they are constantly flipping them to profit. I don't see the Form 4's that indicate insider selling.
I will follow ESDI for a while to get a handle on what's going on.
In the mean time, good luck to you.
Money guys look like they are running it ...
That said, rarely do money guys make that transition well,
normally they are good at managing money not people,
when they hire the right person to step in then everyone wins, but egos
normally get in the way for a while till the money guys get bored
and move to a new project...
Thoughts ????
Just my opinion, and it really doesn't answer your question.
The real answer is that I am not impressed yet...
Still, what's up with the revenue growth. They have good margins, and expenses seem in check.
Is new management getting it right?
Original group did not know what they were doing and got their lunch ate...
Funding group took over the company.
Little guys got screwed with a RS...
Normal story ...
Next PR could be about how they are now bottling in a old garage to save cash and
using homeless as workers to give back to the community ... but ...
You folks look like you're following a company made exclusively for the insiders to benefit with a smile.
Are they sellers of shares?
Looks like series A preferred stock has an overwhelming voice.
They're growing.
Has anyone on the message board tried their products?
Followers
|
11
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
1088
|
Created
|
06/10/14
|
Type
|
Free
|
Moderators |
Eastside Distilling, Inc. (NASDAQ: EAST) has been producing high-quality, award-winning craft spirits in Portland, Oregon, since 2008. The Company is distinguished by its highly decorated product lineup that includes Azuñia Tequilas, Burnside Whiskeys, Hue-Hue Coffee Rum, and Portland Potato Vodkas. All Eastside spirits are crafted from natural ingredients for quality and taste. Eastside's Craft Canning + Bottling subsidiary is one of the Northwest's leading independent ready-to-drink canners.
www.eastsidedistilling.com/about-usVolume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |