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Eastside Distilling Q4 loss widens 23.4% YOY

Eastside Distilling Inc. said its normalized net income for the fourth quarter was a loss of 54 cents per share, compared with a loss of 54 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $418,360, compared with a loss of $339,020 in the prior-year period.

The normalized profit margin rose to negative 58.0% from negative 76.2% in the year-earlier period.

Total revenue climbed 62.1% on an annual basis to $721,050 from $444,740, and total operating expenses grew 31.2% year over year to $1.3 million from $986,750.

Reported net income totaled a loss of $669,380, or a loss of 87 cents per share, compared to a loss of $3.8 million, or a loss of $6.06 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $3.00 per share, compared with a loss of 91 cents per share in the prior year.

Normalized net income was a loss of $2.3 million, compared with a loss of $505,950 in the prior year.

Full-year total revenue increased 61.3% from the prior-year period to $1.7 million from $1.1 million, and total operating expenses grew 181.8% year over year to $5.2 million from $1.9 million.

The company said reported net income came to a loss of $3.6 million, or a loss of $4.72 per share, in the full year, compared with a loss of $4.1 million, or a loss of $7.29 per share, the prior year.