Winebow Group LLC's operating performance has improved through the past two quarters beginning October 2018 as a result of pricing initiatives taking hold, improved market performance of third-party import brands, and increasing sales contributions from the higher-margin "integrated" portfolio (under which Winebow also distributes the wine labels that it imports from around the world). We expect profitability to further improve over the next year as the benefits from a reduced sales force and cost reductions improve margins. However, positive free cash flow generation has only recently improved into the second half of fiscal 2019. Whether working capital declines meaningfully and better cash flow generation is sustained, allowing for further debt reduction, remains uncertain. With the sale of the Massachusetts assets
