Canada, ON: Brick Brewing reports profit for Q1 vs. C$134,279 loss in the same period a year ago

Higher beer prices and the first full quarter of sales of Seagram Blends coolers pushed Brick Brewing to a first-quarter profit of C$341,524, The Record communicated on June, 5.

The Waterloo-based company lost C$134,279 in the same period a year ago.

Operating income, which excludes income tax, depreciation and amortization, and finance costs, doubled to C$1.2 million in the three months ended April 29, Brick said.

Net sales, which exclude production taxes and distribution fees, increased six per cent to C$8.6 million.

“Our company is off to a fast start in fiscal 2013,” chief executive officer George Croft said in a news release.

Brick said sales in the first quarter were boosted by an increase in the price of its beer brands and higher volumes of Seagram Blends, a brand the company acquired on March 16, 2011. Seagram Blends volumes increased 58 per cent compared to the first quarter a year ago, it said.

During the first quarter, Brick launched two additions to its Waterloo Brewing portfolio – Waterloo Amber and Waterloo IPA.

“This launch of Waterloo Brewing Co. is only the beginning of our strategy to reaffirm our company’s craft brewing leadership and heritage,” said Croft.

Brick’s other beer brands include Laker, Red Baron, Formosa Springs and Red Cap.

06 June, 2012