E-Malt.com News article: Canada, ON: Brick Brewing announces second quarter results

Brick Brewing Co. Limited, the largest Canadian-owned brewery in Ontario, released its financial results for the second quarter ended July 29, 2012 for its fiscal year 2013, heraldonline.com reported on September, 12.

"In the second quarter we achieved a combination of increased revenue and further cost reduction, which translated into EBITDA growth of 25%. On a year-to-date basis, EBITDA has improved by 44%," said George Croft, President and CEO.

"Brick beer brands declined by 4.7% during the quarter in comparison to an industry decline of 1.5%", continued Mr. Croft. "Overall price increases coupled with growth of the Waterloo and Seagram premium brands, contributed to a net revenue improvement of 7.3%."

"The Company experienced demand for canned product in excess of production capacity in the second quarter. We estimate that total sales volume would have been 3% higher without this production constraint. Our can line project will address this shortfall and is expected to be fully commissioned in Q1 of fiscal 2014", noted Mr. Croft.

"We have realized C$0.6 mln of operating cost reductions so far in fiscal 2013 and expect to deliver our full year commitment of C$1 mln. Our team is committed to constantly improving cost per unit, despite commodity price pressures," said Mr. Croft.

Net revenues for the second quarter of fiscal 2013 were C$11.5 mln compared to C$10.7 mln in the second quarter of fiscal 2012.

Gross profit percentage for the quarter increased to 33.2% from 27.7% in the prior year comparable quarter.

EBITDA for the second quarter ended July 29, 2012 was C$2.3 mln compared to EBITDA in the second quarter of fiscal 2012 of C$1.8 mln.

About Brick Brewing

Brick is Ontario's largest Canadian-owned and Canadian-based publicly held 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.


14 September, 2012