E-Malt.com News article: Canada, Ont.: Brick Brewing Co. says beer portfolio continued to be strong in Q1

Brick Brewing Co. Limited, Ontario's largest Canadian-owned and Canadian-based publicly held brewery, released on June, 8 its financial results for the first quarter ended May 1, 2011.

"Our beer portfolio continued to be very strong in Q1 after a tremendous finish to fiscal 2011. The Laker trademark, which is our largest brand family, is positioned as the best beer value in Ontario and grew 25.8% year over year," said George Croft, President and CEO.

"The Seagram Coolers acquisition was significant for Brick, and solidifies our foundation for future growth," said Croft. "Our team is hard at work with changes that celebrate the rich tradition of, and potential for the Seagram trademark."

Financial highlights are as follows:

- Net revenues for the first quarter of fiscal 2012 were C$8.1 million compared to C$7.0 million in the first quarter of fiscal 2011.

- Sales volumes for Brick beer brands increased by 12.4% compared to the first quarter of fiscal 2011. Brick drove this sales growth despite unseasonably cool and rainy weather, which slowed sales for the overall industry.

- Gross profit percentage declined slightly from 22.1% to 20.7%, due to one-time costs related to Seagram trademark integration and preparations for a Global Food Safety certification. These one-time costs are expected to provide ongoing benefits to the company.

- EBITDA for the period ended May 1, 2011 was C$0.6 million, with a net loss of C$0.1 million.

Brick Brewing Co. Limited is Ontario's largest Canadian-owned and Canadian-based publicly held brewery. The company is a regional brewer of award winning premium quality and value beers. The company, founded in 1984, was the first craft brewery to start up in Ontario, and is credited with pioneering the present day craft brewing renaissance in Canada. The company has complemented its Waterloo family of premium craft beers with other popular brands such as Laker, Red Baron, Red Cap and Formosa Springs Draft. Brick trades on the TSX under the symbol BRB.


15 June, 2011