National Wine & Spirits Turns Loss Around
Company also announces acquisition of Johnson Brothers in Illinois
National Wine & Spirits announced yesterday that total revenue for the 12-month period ending March 31 rose to $553.6 million, up from $540.6 million during the same period last year.
Net income for the company also increased, to $5.4 million from a loss in 2004 of $9.1 million.
The company credited the rise in net income to greater gross profit on spirits case volume, reduced marketing and administration expense, and increased management fees.
In related news, the company announced earlier this month that it had reached an agreement in principle to acquire certain assets of Johnson Brothers’ wine wholesaler business in Illinois. The final terms and conditions are presently being finalized by both parties. As a result of the proposed acquisition, which targeted to close by August, the company expects to add the E & J Gallo Winery brands to its operations in Illinois under the Union Beverage company name.