July 15, 2009 Jacksonville, FL – Liquor Group Wholesale (OTCBB:LIQR) posted its Fiscal 3rd Quarter results today, documenting twenty-seven periods of consecutive accrued profitability.
LIQR posted a modest Basic EPS prior to distributing shares of common stock for both 2008 & 2009 Employee/Vendor/Supplier Stock-sharing plan disbursements and implementation of its annual compensation plan for Officers and Directors. Additionally, the company paid down several supplier balances early to accrue substantial discounts, taking advantage of “cash on hand” rather than leaving it stagnant, and it expended legal and administrative costs associated with preparing for distributor acquisitions, laying the groundwork for consolidation which should continue to benefit the company and shareholders over the long term as acquisitions are announced.
The Company’s sales force continues to outpace major supplier inventories. All but one major supplier was able to fulfill outstanding back-orders: Drinks Americas (OTCBB:DKAM) left confirmed orders generated during the last several quarters of more than $830,000 unfilled and did not reimburse Liquor Group for more than $60,000 in marketing expenses. Liquor Group has taken legal action against DKAM to recover revenues and expenses lost.
Liquor Group also achieved new contract positions with major suppliers such as Adamba Imports and renewed contracts with long-time suppliers such as Old St. Andrews Scotch, demonstrating that our Patent-Pending Bailment System is working, even with larger suppliers.
“This was a great quarter for Liquor Group,” says Jason Bandy, CFO. “Our U.S. Wholesale operation, although a small part of overall operations (under 10%), has now been publicly-traded for three quarters, and continues to grow and profit; during these tough times, it’s nice to know our business model is not just working, it’s flourishing!”