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PORTLAND, Ore., Nov. 12, 2020 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a consumer focused beverage company that builds craft inspired experiential brands and high quality artisan products around premium spirits and ready-to-drink "RTD" craft cocktails, reported third quarter 2020 financial results for the period ended September 30, 2020. ThirdQuarter 2020 Highlightsvs. Same Year-Ago Quarter Signed an LOI on the exit of Redneck Riviera Business Increased sales despite challenging business environment Continued sequential improvement in EBITDA "The results for the third quarter reflect the continued path to reduce negative cash flow while investing in growth," said Paul Block, Eastside's CEO. "Despite the COVID pandemic, the tide continues to rise for spirits consumption and Craft Canning. As we continue to bring leadership, strategy and strong tactical execution to Eastside, we believe we can capture a disproportionate share of market and continue to accelerate topline growth." Financial Results Revenues in the third quarter increased +7.0% to $4.8 million from $4.5 million in the year-ago quarter. This was primarily due to increases in canning revenue driven by the continued shift of craft breweries toward canning and away from kegs. Gross profit in the third quarter declined 5.3% to $1.6 million compared to $1.7 million in the year-ago quarter due to changes in margin mix in spirits and reinvestment in Craft Canning to meet the increased demand. Total operating expenses in the third quarter declined -37.5% to $3.1 million from $5.0 million in the year-ago quarter. This reduction is due to lower marketing spending, reduced legal and professional fees, and lower rent and insurance expenses partially offset by higher non-cash depreciation and amortization expenses. Net loss including discontinued operations in the third quarter was ($1.8) million or ($0.17) per share compared to ($3.5) million or ($0.38) per share in the year-ago quarter. EBITDA improved to ($0.7) million compared to ($2.4) million in the year-ago quarter and increased +$0.2 million sequentially from last quarter. The Company's cash used in operations was ($2.8) million in the first nine months of 2020 compared to ($7.9) million in the comparable year-ago period, an improvement of $5.1 million. The Company's cash balance at end of the third quarter was $1.0 million, an increase of +233.3% compared to $0.3 million in the year ago quarter. Use of Non-GAAP Measures Eastside Distilling's management evaluates and makes operating decisions using various financial metrics. In addition to the Company's GAAP results, management also considers the non-GAAP measure of adjusted EBITDA as a supplement to GAAP results. Management believes this non-GAAP measure provides useful information about the Company's operating results and assists investors in comparing the Company's performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation. The table below provides a reconciliation of this non-GAAP financial measure with the most directly comparable GAAP financial measure. Conference Call The Company will hold a conference call today to discuss these results. Date and Time: Thursday, November 12, 2020 at 5:00pm ET Call-in Information: Interested parties can access the conference call by dialing (844) 889-4332 or (412) 717-9595. Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Conference Calls section of the Company's website at https://www.eastsidedistilling.com/conference-calls. Replay: A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation #10149818. A webcast replay will be available in the Conference Calls section of the Company's website at https://www.eastsidedistilling.com/conference-calls for 90 days. About Eastside Distilling 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 Redneck Riviera Whiskeywith companion brands Granny Rich Reserveand Howdy Dew!, Azuia 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 spirit bottlers and ready-to-drink canners. 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 impact of COVID-19 and related business disruption, the Company's ongoing financing requirements and ability to achieve any financing, 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, our ability to reduce operating or other expenses, the anticipated demand from the craft beer industry, the effects of COVID-19, including the impact on sales, and the success of initiatives implemented to address the business disruption resulting from COVID-19 and earnings guidance for the third quarter of 2020. The Company assumes no obligation to update the cautionary information in this release. Financial Summary Tables The following financial information should be read in conjunction with the unaudited financial statements and accompanying notes filed by the Company with the Securities and Exchange Commission on Form 10-Q for the period ended September 30, 2020, and which can be viewed at www.sec.gov and in the investor relations section of the Company's website at www.eastsidedistilling.com. Eastside Distilling, Inc. and Subsidiaries Consolidated Balance Sheets September 30, 2020 and December 31, 2019 September 30, 2020 December 31, 2019 Assets Current assets: Cash $ 959,126 $ 342,678 Trade receivables 1,312,578 1,324,333 Inventories 10,325,191 12,331,133 Prepaid expenses and current assets 604,358 397,083 Current assets from discontinued operations - 74,892 Total current assets 13,201,253 14,470,119 Property and equipment, net 3,366,831 4,687,469 Right of use asset 1,361,188 577,856 Intangible assets, net 14,141,556 14,674,790 Goodwill 28,182 28,182 Other assets 787,008 1,165,581 Non-current assets from discontinued operations 106,665 261,866 Total Assets $ 32,992,683 $ 35,865,863 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,981,171 $ 2,881,185 Accrued liabilities 820,028 888,296 Deferred revenue 315,775 - Secured trade credit facility, net of debt issuance costs 6,381,475 - Deferred Consideration for Azuia acquisition (current) 15,451,500 - Other current liabilities 250,000 - Current portion of notes payable 4,010,887 1,819,172 Current portion of lease liability 540,852 423,671 Current liabilities of discontinued operations 17,255 125,278 Total current liabilities 29,768,943 6,137,602 Lease Liability - less current portion 883,905 274,863 Secured trade credit facility, net of debt issuance costs - 2,961,566 Deferred Consideration for Azuia acquisition (long term) - 15,451,500 Notes payable - less current portion and debt discount 1,347,219 3,594,254 Non-current liabilities od discontinued operations 78,658 112,760 Total liabilities 32,078,725 28,532,545 Commitments and contingencies (Note 12) Stockholders' equity: Common stock, $0.0001 par value; 15,000,000 shares authorized; 10,149,252 and 9,675,028 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 1,014 967 Additional paid-in capital 52,609,016 51,566,438 Accumulated deficit (51,696,072) (44,234,087) Total Stockholders' Equity 913,958 7,333,318 Total Liabilities and Stockholders' Equity $ 32,992,683 $ 35,865,863 Eastside Distilling, Inc. and Subsidiaries Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2020 and 2019 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Sales $ 4,825,323 $ 4,509,522 $ 12,861,894 $ 11,973,314 Less excise taxes, customer programs and incentives 327,105 223,014 966,644 591,828 Net sales 4,498,218 4,286,508 11,895,250 11,381,486 Cost of sales 2,899,005 2,597,023 7,855,679 7,189,264 Gross profit 1,599,213 1,689,485 4,039,571 4,192,222 Operating expenses: Advertising, promotional and selling expenses 890,151 1,819,412 3,733,926 4,372,641 General and administrative expenses 2,366,307 3,224,038 6,851,577 8,595,051 Gain on disposal of property and equipment (111,410) (14,104) (130,546) (14,104) Total operating expenses 3,145,048 5,029,346 10,454,957 12,953,588 Loss from operations (1,545,835) (3,339,861) (6,415,386) (8,761,366) Other income (expense), net Interest expense (247,354) (113,287) (874,729) (338,599) Other income 36,745 58 36,745 852 Total other expense, net (210,609) (113,229) (837,984) (337,747) Loss before income taxes (1,756,444) (3,453,090) (7,253,370) (9,099,113) Provision for income taxes - - - Loss from continuing operations (1,756,444) (3,453,090) (7,253,370) (9,099,113) Loss from Discontinued operations (10,577) (91,209) (208,615) (337,112) Net loss attributable to Eastside Distilling, Inc. common shareholders $ (1,767,021) $ (3,544,299) $ (7,461,985) $ (9,436,225) Basic and diluted net loss per common share $ (0.17) $ (0.38) $ (0.75) $ (1.03) Basic and diluted weighted average common shares outstanding 10,103,936 9,255,347 9,947,208 9,155,397 Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Net Loss $ (1,767,021) $ (3,544,299) $ (7,461,985) $ (9,436,225) Add: Interest Expense 247,354 113,287 874,729 338,599 Loss (gain) on disposal of property and equipment (111,410) (14,104) (130,546) (14,104) Loss from discontinued operations 10,577 91,209 208,615 337,112 Stock-based compensation 312,732 544,878 1,114,651 1,311,993 Depreciation and amortization 588,680 433,492 1,858,146 1,092,486 Adjusted EBITDA $ (719,088) $ (2,375,537) $ (3,536,390) $ (6,370,139) SOURCE Eastside Distilling, Inc. Related Links https://www.eastsidedistilling.com

Answer: Eastside Distilling Reports Third Quarter 2020 Financial Results Company to Host Conference Call at 5:00pm ET Today