E-Malt.com News article: Canada, ON: Brick Brewing Co. releases its financial results for the fourth quarter and year end of fiscal 2013

Brick Brewing Co. Limited, the largest Canadian owned and Canadian based publicly held brewery in Ontario, released on April, 25 its financial results for the fourth quarter and year ended January 31, 2013.

The company achieved a record annual EBITDA of C$4.49 mln on revenue of C$35.8 mln. This strong financial performance is the product of a stable base business on the Laker family of value beers bolstered by the double-digit growth of Waterloo Brewing Co. and Seagram. Success securing co-packaging agreements with other beverage alcohol manufacturers continued to leverage our available operating resources and improved the profitability of the overall business.

"We work hard at running a great company," said Russell Tabata, Chief Operating Officer. "Brick Brewing is the only regional brewer in Canada to be certified under the Global Food Safety Initiative, the highest standard of food safety in the world. We recently invested in a state-of-the-art canning line that will only improve productivity and quality further still. Last year we introduced a craft brewing division, Waterloo Brewing Co., and a family of refreshing, spring water coolers and pure apple cider under the Seagram brand. Our brewing team introduced an impressive wave of new products to the Ontario market in an incredibly short period of time."

"A stable Laker business, three new co-packaging agreements, Waterloo Brewing Co. volume up 30% on the year and Seagram up 14% demonstrate that the strategic choices we've made are working," offered George Croft, President and CEO. "Waterloo Brewing Co. and Seagram are high growth, high profit businesses that hold tremendous promise for our road ahead and are the focus of our growth efforts. What makes these financial and market achievements all the more significant is that they have been achieved despite difficult industry conditions. Brick Brewing continues to deliver outstanding results," added Croft."

Net revenues for the fourth quarter and year end of fiscal 2013 were C$8.1 mln and C$35.8 mln respectively compared to C$7.3 mln and C$34.1 mln respectively in the fourth quarter and year end of fiscal 2012.

Gross profit percentage for fiscal 2013 increased from 23.4% to 25.4%.

EBITDA for the fourth quarter and year ended January 31, 2013 was C$0.9 mln and C$4.9M respectively, before bonus compensation of C$0.4 mln. EBITDA for the fourth quarter and year ended January 31, 2012 was C$0.6 mln and C$3.9M respectively. There was no bonus compensation in the year ended January 31, 2012.

Brick is Ontario's largest Canadian-owned and Canadian-based publicly held brewery. Founded in 1984, Brick Brewing Co. was the first craft brewery to start up in Ontario, and is credited with pioneering the present day craft brewing renaissance in Canada. Brick has complemented its Waterloo brand premium craft beers with other popular brands such as Laker, Red Baron, Red Cap and Formosa Springs Draft. In March 2011, Brick purchased the Canadian rights to the Seagram Coolers and now produces, sells, markets and distributes Seagram Coolers across Canada.

02 May, 2013