E-Malt.com News article: Canada: Brick Brewing reports improved EBITDA by $1.1 million in the first quarter compared to last year

Brick Brewing Co., Ontario's largest Canadian-owned and Canadian-based publicly held brewery, released its financial results for the first quarter ended April 30, 2008, according to CNW, June 10.

"We are encouraged by our first quarter results, which represent a$1.1 million EBITDA(x) improvement over the first quarter last year" said Jim Brickman, Executive Chairman and Founder. "In this traditionally slower period, we have managed to reduce the decline of our beer volumes and in addition, supplement our core business with profitable co-pack volumes," added Mr. Brickman.

"We are also seeing the positive effects from our aggressive initiatives to reduce costs and improve efficiencies. To be successful and prosper on a sustainable basis, we must seek to become the most cost efficient, high quality producer possible," he added.
First Quarter Financial Highlights

During the first quarter ended April 30, 2008, net revenues increased 7%to $7.3 million, compared to $6.9 million in the same period last year. In the first quarter, a seasonally slower quarter, EBITDA(x) was $363 thousand, compared to a loss of $771 thousand in the first quarter of last year, an improvement of over $1.1 million. In the quarter, there was a net loss of $108thousand compared with a net loss of $898 thousand for the same period last year.

About Brick Brewing

Brick Brewing Co. Limited is Ontario's largest Canadian-owned and Canadian-based publicly held brewery. The Company is a regional brewer of award winning premium quality and value beers. The Company, founded by Jim Brickman in 1984, 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 J. R. Brickman Founder's Series and Waterloo Dark premium craft beers with other popular brands such as Laker, Red Cap and Formosa Springs Draft. Brick trades on the TSX under the symbol BRB.


13 June, 2008