Canada, ON: Brick Brewing reports 24% revenue increase in Q1

Brick Brewing reported first-quarter net income of C$788,353 as revenue increased 24 per cent.

In the same period a year ago, the Kitchener-based company earned net income of C$30,778.

It had revenue of C$9.5 million in the three months ended May 1, up from C$7.7 million a year ago.

"Quite simply, the first quarter was a tremendous start to the year," chief executive officer George Croft said on June 2 in a news release.

Brick said volume of Laker, the brand that accounts for more than 85 per cent of its beer volume, increased 13 per cent in the quarter. Volume of its Waterloo craft beer brand jumped 30 per cent, while volume of its Seagram Coolers brand rose 16 per cent.

The company said revenue from contract manufacturing, in which it makes and bottles products for other companies, increased 50 per cent in the first quarter.

05 June, 2016