Crimson Wine Group Files Q2 2024 10-Q

TL;DR

Crimson Wine Group dropped its Q2 10-Q. Financials look solid.

AI Summary

Crimson Wine Group, Ltd. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Specific financial figures and operational updates are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Crimson Wine Group, Ltd., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news.

Key Players & Entities

• Crimson Wine Group, Ltd. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240812 (date) — Filing date of the report
• NAPA, CA (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — he registrant's Common Stock, par value $0.01 per share. CRIMSON WINE GROUP, LTD.
• $0.1 million — llowance for credit losses of less than $0.1 million as of June 30, 2024 and $ 0.2 million a

Filing Documents

• cwgl-20240630.htm (10-Q) — 949KB
• cwgl-6x30x2024xexx311.htm (EX-31.1) — 10KB
• cwgl-6x30x2024xexx312.htm (EX-31.2) — 10KB
• cwgl-6x30x2024xexx321.htm (EX-32.1) — 6KB
• cwgl-6x30x2024xexx322.htm (EX-32.2) — 6KB
• 0001562151-24-000038.txt ( ) — 5637KB
• cwgl-20240630.xsd (EX-101.SCH) — 34KB
• cwgl-20240630_cal.xml (EX-101.CAL) — 73KB
• cwgl-20240630_def.xml (EX-101.DEF) — 133KB
• cwgl-20240630_lab.xml (EX-101.LAB) — 488KB
• cwgl-20240630_pre.xml (EX-101.PRE) — 327KB
• cwgl-20240630_htm.xml (XML) — 810KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30 , 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 5 Notes to Unaudited Interim Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) CRIMSON WINE GROUP, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts and par value) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 16,862 $ 22,777 Investments available for sale 10,946 8,002 Accounts receivable, net 5,897 7,685 Inventory 57,447 58,094 Other current assets 1,671 2,059 Total current assets 92,823 98,617 Property and equipment, net 115,608 116,460 Goodwill 1,262 1,262 Intangible and other non-current assets, net 5,065 5,750 Total non-current assets 121,935 123,472 Total assets $ 214,758 $ 222,089 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 8,000 $ 12,843 Customer deposits 602 666 Current portion of long-term debt, net of unamortized loan fees 1,130 1,129 Total current liabilities 9,732 14,638 Long-term debt, net of current portion and unamortized loan fees 15,977 16,542 Deferred tax liability, net 2,553 2,742 Other non-current liabilities 26 9 Total non-current liabilities 18,556 19,293 Total liabilities 28,288 33,931 Contingencies (Note 12) Stockholders' Equity Common shares, par value $ 0.01 per share, authorized 150,000,000 shares; 20,792,045 and 21,033,578 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 208 210 Additional paid-in capital 278,851 278,580 Accumulated other comprehensive income 95 88 Accumulated deficit ( 92,684 ) ( 90,720 ) Total stockholders' equity 186,470 188,158 Total liabilities and stockholders' equity $ 214,758 $ 222,089 See accompanying notes to unaudited interim condensed consolidated financial statements. 1 CRIMSON WINE GROUP, LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 17,246 $ 17,718 $ 33,176 $ 32,939 Cost of sales 8,455 9,121 16,689 17,408

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View this 10-Q filing on SEC EDGAR