COSENTINO: CRIPPLING MANAGEMENT ISSUES BACK ON TRACK
Napa-based Cosentino Signature Wines saw sales rise 62% to $5.3 million in the six months to June 30 thanks to a surge in wine club membership, the company said. Shares rose 50% yesterday (September 26) as a result.
As you’ll recall, the company struggled with debt last fall, which ceo Larry Soldinger blamed on a lack of proper management. Splits over the future of the company were worsened when the bottling of Cosentino was delayed last fall, leading to supply problems.
“The lesson I have learned is to keep control of the management, and that is something I will hold on to,” Larry said.
He also reassured listeners that “un-coordinated relationships between the company’s previous management and our key distributors” was now stabilized.
“With the relationships with key distributors back in place and available inventory on hand, the first six months of 2007 saw record results for the period,” he continued.
Larry replaced Keith Smith as ceo in February.
As you’ll recall, the company struggled with debt last fall, which ceo Larry Soldinger blamed on a lack of proper management. Splits over the future of the company were worsened when the bottling of Cosentino was delayed last fall, leading to supply problems.
“The lesson I have learned is to keep control of the management, and that is something I will hold on to,” Larry said.
He also reassured listeners that “un-coordinated relationships between the company’s previous management and our key distributors” was now stabilized.
“With the relationships with key distributors back in place and available inventory on hand, the first six months of 2007 saw record results for the period,” he continued.
Larry replaced Keith Smith as ceo in February.
posted at 8:23 AM
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