E-Malt.com News article: 1548

The Canadian specialist brewer, Brick Brewing Co. says its second-quarter profit rose slightly to $554,000 in difficult conditions while the craft brewer's sales edged up to $7.3 million from $7.2 million, according to Toronto Star Canada. For the period ended July 31, earnings amounted to four cents a share and compared with $551,000 or four cents per share a year earlier, Brick reported today. "I am pleased with our progress so far, considering the poor summer weather during this period and a host of other issues that seem to be challenging the general selling environment as a whole," Jim Brickman, president and founder, said in a release.

The Waterloo-based company said it maintained its sales revenue despite intense competition. More favourable co-packing deals contributed to earnings while core brands "performed well during this unsettled period," the firm said. More of the company's brands have been converted into the stubby bottle, including Waterloo Dark and Formosa Springs Draft, despite an ongoing bottle dispute with Ontario's beer distributor. "Recent changes in provincial taxation policies for small brewers have had a significant and positive effect on the company's earnings this quarter and have helped the continued viability of the Ontario craft brewing industry," Brick Brewing said.

The company also announced that industry heavyweight Peter Widdrington has been named non-executive chairman of the board. Widdrington, a director of the company since 1999, was a past CEO of Labatt Breweries and chairman of John Labatt Co. until 1991.


12 September, 2003