TORONTO, May 9, 2024 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX:CSW), a leading Canadian manufacturer, marketer and distributor of spirits, wines and ready-to-drink beverages ("RTDs"), today announced its fiscal 2024 third quarter financial results for the three-month period ended March 31, 2024 ("Q3") and the nine-month period ended March 31, 2024 ("FYTD March"). Q3 Revenue +50% year-over-year and FYTD March Revenue +37% year-over-year Adjusted Earnings from Operations +91% year-over-year in Q3 and +33% year-over-year in FYTD March (Reported Earnings from Operations +91% in Q3 and +21% in FYTD March) Quarterly Dividend declared of $0.21 per share FINANCIAL RESULTS The third quarter of the fiscal year reflected Revenue growing +50% compared to the same period last year, driven by: Strong Domestic Case Good performance (sales +9% excluding the contribution from Ace Beverage Group Inc. (ABG)) with particularly positive value conversion, enhanced by the contribution of the ABG brands (Total Domestic sales +54% including ABG); International markets' sales +82%, driven by continued sales through new market opportunities; Commissions +29% from the dynamic performance of key strategic imported brands. Adjusted Earnings from Operations1 and Reported Earnings from Operations in the third quarter each grew +91% versus the same period last year. This growth reflects Revenue growth, including the contribution of the ABG brands, and diligent cost management with a focus on purposeful resource investment. This strong growth was achieved despite the addition of ABG marketing activities and overheads. Benefitting from a strong Q3, Revenue for FYTD March was +37% compared to the same period last year, driven by: Solid Domestic Case Good sales excluding ABG +2%, despite a general slowdown in the Spirits market and stock level normalization at liquor boards. With the inclusion of the ABG brands, Domestic sales grew +45%; International markets' sales +44%, driven by shipments through new market opportunities and a rebound in Lamb's performance in the UK;  Resilient commissions on par with last year, despite a strong comparable in the prior year. In FYTD March, marketing, sales and administrative expenses grew +20% when compared to the same period last fiscal year, reflecting new marketing activities and overheads related to ABG brands, combined with strategic investments behind key brands. As a result, adjusted Earnings from Operations1 in FYTD March grew +33% (+21% Reported) versus the same period last year. Corby's President and Chief Executive Officer, Nicolas Krantz, stated, "I am proud of our portfolio's exceptional performance, which has been consistently outpacing the value growth of the overall Spirits and RTD market for six consecutive quarters. This achievement shows the effectiveness of our portfolio and sales execution strategy, which is focused on amplifying growth across our brands, while catering to diverse price points. Our commitment to execution excellence is yielding tangible results, evident in our robust financial performance this quarter and year-to-date. Furthermore, I am excited by the journey of Corby and ABG towards leadership in Canada's dynamic RTD category. Our concerted efforts to bolster market share in Western Canada through the pending acquisition of Nude RTD is a strategic decision that underscores our commitment to sustained growth and market leadership. We expect to close this transaction early in the fourth quarter and look forward to executing on the exciting opportunities ahead." For further details on financial results for Q3 and FYTD March, please refer to Corby's Management's Discussion and Analysis and consolidated financial statements and accompanying notes for the three-and-nine month periods ended March 31, 2024, prepared in accordance with International Financial Reporting Standards. MARKET TRENDS The Total Beverage alcohol market (excluding Beer and Cider) was largely flat over the last nine months: Channel performance normalized with On-Premise sales now ahead of pre-pandemic levels; Spirits sales have seen a slight decline, but the RTD (Ready-To-Drink) category has exhibited solid mid-single digit growth; Value performance continues to outpace volume across all categories. In the last three months, the market has shown early signs of positive momentum and we are cautiously optimistic on the outlook for the balance of calendar 2024. QUARTERLY DIVIDEND The Corby Board of Directors is pleased to declare a dividend of $0.21 per Voting Class A Common Share and Non-Voting Class B Common Share of the Company, consistent with the amount of last dividend payment. This dividend is payable on June 12, 2024 to shareholders of record as at the close of business on May 29, 2024. QUARTERLY CONFERENCE CALL Corby management will host a conference call on Monday, May 13, 2024, at 5:00 p.m. (EST) to review and discuss the financial and operational results for the period. Corby welcomes stakeholders, investors, and other individual followers to access the conference call by dialing 416-764-8659 or toll free 1-888-664-6392 before the start of the call, or by joining via webcast at https://app.webinar.net/M7gNyBwE9Xl. Following the conclusion of the call, a playback of the conference call will be available for 30 days by calling 416-764-8677 or 1-888-390-0541 and entering passcode 994729#. 1) NON-IFRS FINANCIAL MEASURES & RATIOS Non-IFRS financial measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Management believes the non-IFRS measures defined above are important supplemental measures of operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes that these measures allow for assessment of the Company's operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. The following table presents a reconciliation of Adjusted Earnings from Operations and Adjusted Net Earnings to their most directly comparable financial measures for the three-and-nine month periods ended March 31, 2024, and 2023: Three months ended Nine months ended Mar. 31, Mar. 31, Mar. 31, Mar. 31, (in millions of Canadian dollars, except per share amounts) 2024 2023 $ Change  % Change  2024 2023 $ Change  % Change  Earnings from Operations $        9.2 $        4.8 $        4.4 91 % $      32.0 $      26.5 $        5.5 21 % Adjusted for transaction costs related to ABG acquisition - - - n/a 0.1 - 0.1 n/a Adjusted for restructuring provisions - - - n/a 0.5 - 0.5 n/a Adjusted for fees related to distributor transition - - -