Rocky Mountain Liquor (CVE:RUM) said Thursday third quarter revenues climbed 11.75 percent driven by an increase in store operations.
Revenue grew to $15.1 million in the third quarter that ended September 30, compared with $13.5 million, a year earlier. Net income increased to $70.2 million versus a year-ago profit of $66.3 million.
“These results continue to validate Rum’s business strategy,” chief executive Peter Byrne said in a statement. “Our capital structure has allowed us to grow with minimal dilution for our shareholders.”
Rocky Mountain said it plans to cut its long-term debt before its fiscal year ends, and this is not expected to hurt the company's growth plans.
The company’s earnings before interest, taxes, depreciation and amortization climbed 32.46 percent to $1.07 million, up from $811,250 a year before.
Meanwhile, operating margin spiked 33.80 percent to $1.05 million up from $789,201 in the prior year quarter.
During the quarter, the liquor store operator finished construction of one new location in Cold Lake, Alberta. It also acquired two stores in Lethbridge, Alberta bringing its total to 39 stores in operation.
Rocky Mountain is the parent to the wholly owned subsidiary Anderson’s Liquor, which owns and operates liquor stores in Alberta. Its products range from beer, wine and ready to drink liquors as well as juice, ice and giftware.