Strong EBITDA Growth
EBITDA increased by 25.4% to $16.1 million in the quarter from $12.9 million in the prior year, due to margin favorability and the Ontario Grape Support Program.
Improvement in Gross Margin
Gross margin improved to 42.4%, up from 38.4% in the same period last year, driven by a $20 million cost savings program.
Significant Debt Reduction
Net debt position reduced from $182.4 million to $169 million, with cash from operations increasing to $19.2 million from $15.3 million in the prior year.
Positive Domestic Wine Sales
Domestic wine sales were strong, driven by expanded retail distribution in Ontario and positive traffic trends at estate wineries.
Successful Noncore Asset Sale
Completed the sale of a 7-acre land parcel in British Columbia for $1.3 million, as a step towards focusing on high-return areas.