E-Malt.com News article: 737

Canadian brewer, Sleeman Breweries Ltd., said net profit fell in the fourth quarter after a tax provision and charges related to management changes, but 2002 sales hit a new record. Sleeman said it planned strict spending controls in 2003, and was confident it would meet guidance for 2003 -- it expects to increase earnings per share by at least 15 % from 2002's normalized earnings per share of 68 Canadian cents. For the quarter ended Dec. 28, the brewery reported net profit of C$2 million ($1.36 million), or 12 Canadian cents a share, against C$2.2 million, or 14 Canadian cents a share, in the fourth quarter of 2001.

Sleeman Breweries Ltd. announced a net income for 2002 of C$12.3 million, 26% rise versus 2001, or C$0.77 per share on a diluted basis. The company has registered net revenues of C$37.8 million for the fourth quarter of 2002, up 10% from the fourth quarter of 2001, on the back of an 8% increase volumes. Net revenues for the year rose by 11% to C$157.1 million, with total volumes for the year rising by 10% to 1.12 million hl. EBITDA for the full year was 5% higher at C$29.9m.

"In 2002, Sleeman strengthened its complete offering across the premium domestic, value and import brand segments, and we were rewarded with significant volume growth that outpaced the industry at large, which grew at less than 1%," said Sleeman's chairman and CEO, John Sleeman. "If not for an unexpected tax increase in Alberta, which lowered our revenues and EBITDA by approximately C$4.0m in the year, our earnings growth would have been significantly higher. We have exciting marketing and advertising plans for 2003, which we expect will drive sales momentum and profitability as we pursue our strategic plan."


07 March, 2003