US brewery, Pyramid Breweries Inc., based in Seattle, announced on October results for the third quarter of 2003. Net revenue increased 9.2% to $10,272,000 from the third quarter in 2002. Net income for the quarter was $44,000, a reduction of $419,000 compared to the same period last year, due primarily to increased costs and an unfavorable product mix. EBITDA (Earnings before interest, taxes, depreciation, amortization and stock compensation expense) decreased $333,000, or 33.0%, to $678,000 for the quarter. Total beer shipments increased 0.8% to 32,000 barrels.

"The third quarter yielded mixed results," conceded president and CEO Martin Kelly. "We remain challenged by the competitive and economic environment in the Northwest, and we are dealing with unprecedented escalation in insurance and benefit costs, as well as significant material cost increases."

Kelly also announced the company intends to raise prices early next year to help deal with increasing cost pressures.

03 November, 2003