![#](https://e-malt.com/Images/left_top_corner16x200.gif) | E-Malt.com News article: Canada, AB: Big Rock Brewery announces its financial results for Q2 and H1 2021![Brewery news](https://e-malt.com/Images/BeerBullet2.gif)
Big Rock Brewery Inc. announced on July 29 its financial results for the three and six months ended June 30, 2021.
Financial Highlights
For the three months ended June 30, 2021, compared to the three months ended June 30, 2020, the company reported:
• net revenue increased by 14.8%, from C$11.9 million to C$13.7 million; • adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") of C$2.0 million versus C$2.5 million (see "Non-GAAP Measures"); • sales volumes decreased by 1.0% from 46,693 hl to 46,233 hl; • net income of C$0.8 million versus net income of C$0.6 million; and • operating income of C$1.1 million, compared to operating income of C$1.1 million.
For the six months ended June 30, 2021, compared to the six months period ended June 30, 2020, the Corporation reported:
net revenue increased by 16.5%, from C$20.9 million to C$24.3 million; Adjusted EBITDA of C$2.8 million versus C$2.5 million (see "Non-GAAP Measures"); sales volumes decreased 1.6% from 83,183 hl to 81,833 hl; net income of C$0.3 million versus net loss of C$0.3 million; and operating income of C$0.6 million, compared to operating income of C$0.1 million.
During the second quarter, Big Rock completed the disposition of its Etobicoke brewery for net proceeds of C$2.1 million of which C$1.1 million were applied to settle outstanding lease obligations associated with the disposed assets with the remaining proceeds used for working capital and other general corporate purposes.
During the first half of 2021, the company had drawn a combined C$4.5 million under its credit facilities to fund its capital expansion program. As of June 30, 2021, the Corporation had C$7.4 million drawn under its total credit facilities of C$16 million.
"Our ability to grow revenue as we have continued to navigate the lock-down conditions throughout the first half of 2021 has been a great win for the organization," said President & CEO Wayne Arsenault. "We are very happy with how our White Peaks product has been received in the market since the launch earlier this year, and we look forward to continuing our tradition of innovation. With the Etobicoke transaction completed, we are now better enabled to focus on our core business while continuing to service the Greater Toronto and area markets via our Liberty Commons location. As health restrictions continue to ease in our core markets, we are looking forward to serving our consumers on-premises and benefitting from the stronger margins that come from kegs versus retail packaging. The strategic 2021 capital plan remains on-plan and on-budget and we are excited to continue to grow our capabilities as both an independent brewer and a co-pack partner."
03 August, 2021
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