 | E-Malt.com News article: Canada, ON: Brick Brewing Co. Limited releases its financial results for the first quarter for its fiscal year 2014
Brick Brewing Co. Limited released its financial results for the first quarter ended April 28, 2013 for its fiscal year 2014.
Net revenue for the first quarter was C$8.8 mln up from C$8.6 mln in the first quarter of the last fiscal year. Gross margin for the quarter improved to 26.3% from 25.8% during the same period last year.
"A winter that was longer and colder than last year resulted in overall sales declines for the beer industry in the first quarter of over 5%, yet Brick's overall volume was up 5.7%," stated George Croft, President and CEO Brick Brewing. "Despite the negative trend for the industry our Waterloo Brewing Co. family of premium craft beer was up 75%, Seagram coolers and ciders were up 11.3% and our co-pack business increased by 35.7%. Significant price discounting of nationally supported mainstream competitive beer brands reduced our Laker volume by 7.7% which was more than offset by the more profitable balance of our portfolio."
"We made a choice to increase our brand building marketing investment in support of our core Seagram, Waterloo Brewing Co. and Laker businesses driving SM&A up by 26% versus this period last year," continued George Croft. "We have some outstanding new products especially within our Seagram and Waterloo brands. That increased marketing support reduced our EBITDA this quarter to C$1.0 mln however we exceeded our internal EBITDA target. We plan for this increased support to generate increased consumer demand in Q2 and sustain demand through the balance of the year."
Brick Brewing produced considerable news and innovation in its first quarter by launching a new Pilsner and Small Batch Brews seasonal mix pack from Waterloo Brewing Co. They also extended the promotion of a free, bonus tall-can in 12 and 24-bottle packs of Laker. "We like our position, and look forward to continued strong performance heading into the key summer months." said Croft.
12 June, 2013
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