E-Malt.com News article: Canada, ON: Brick Brewing reports fiscal 2012 results

Brick Brewing Co. Limited, Ontario's largest Canadian-owned and Canadian-based publicly held brewery, released its financial results for the fourth quarter and year ended January 31, 2012.

"A rigorous attention to the management of our costs, and the extraordinary daily effort of our entire staff to make our operation as productive as possible, produced tremendous results in the past fiscal year and will be invaluable assets for the growth of our business," declared George Croft, President and CEO. "Today, because of the concerted and collective effort of our team here at Brick Brewing, we've established a record of sustained profitability and volume growth."

"Growth of our beer brands of 11.9% outpaced the industry which declined by 2%," continued Mr. Croft. "Our beer business is enjoying great momentum having outperformed the industry for the last seven quarters. The Laker family has been our main growth engine through this period and, bolstered by even greater promotional support in this upcoming year, is poised to gain further momentum."

Several important strategies were introduced in 2012 that have produced, and will continue to produce, strong results for the business.

Financial highlights are as follows:

Net revenues for the fourth quarter and year end of fiscal 2012 were C$7.3 mln and C$34.1 mln respectively compared to C$6.9 mln and C$30.1 mln respectively in the fourth quarter and year end of fiscal 2011.

Gross profit percentage for fiscal 2012 increased from 23.2% to 23.4%.

EBITDA for the fourth quarter and year ended January 31, 2012 was C$0.6 mln and C$3.8 mln respectively. EBITDA for the fourth quarter and year ended January 31, 2011 was C$0.4 mln and C$4.3 mln respectively. Year end January 31, 2011 results include support from the Ontario Craft Brewers Opportunity Fund which the company no longer received during the year ended January 31, 2012. The incentive was equal to C$1.2 mln on a year-to-date basis in the previous fiscal period.

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 the Seagram Coolers brand which it has now relaunched as Seagram Blends.


27 April, 2012