E-Malt.com News article: Canada, ON: Brick Brewing reports decline in Q1 net revenue

Brick Brewing Co. Limited on June 5 released financial results for the first quarter of fiscal 2015, ended April 27, 2014.

Net revenue for the quarter was C$7.5 million, down from C$8.8 million in the first quarter of the prior year. EBITDA for the quarter came in at C$0.7 million, down from C$1.0 million in first quarter of the prior year, the company said.

"The long cold winter weather had a significant impact on the entire category, and our volumes were impacted as well," noted George Croft, President and CEO at Brick Brewing. "Weak industry volumes led to pricing pressure across the category, impacting both sales and margins. In addition to the slow start to spring, in the prior year first quarter we had a number of promotional offerings that were not repeated this year including; Laker 12 pack promotion with free can in case, Seagram cider mix pack as well as our Waterloo seasonal pack."

"The poor weather has now extended into a cool spring, and the overall category would certainly benefit from warmer weather," continued Mr. Croft. "Given the industry headwinds we're facing, it will be all the more important that we continue to focus on delivering great value to our customers, while maintaining our disciplined approach to cost control. We are working hard to deliver results. Our strong product lineup, our commitment to our customers, and our cost focus gives us the best chance to do that."

Brick is Ontario's largest Canadian-owned brewery. Founded in 1984, Brick Brewing Co. was the first craft brewery to start up in Ontario, and is credited with pioneering the present day craft brewing renaissance in Canada. Brick has complemented its Waterloo brand premium craft beers with other popular brands such as Laker, Red Baron, Red Cap and Formosa Springs Draft. In March 2011, Brick purchased the Canadian rights to Seagram Coolers and now produces, sells, markets and distributes Seagram Coolers across Canada. Brick trades on the TSX under the symbol BRB.


06 June, 2014