E-Malt.com News article: Canada: Brick Brewing Co. releases financial results for Q2 of 2015

Brick Brewing Co. Limited, the largest Canadian-owned and Canadian-based publicly held brewery in Ontario, released its financial results for the second quarter of its 2015 fiscal year, newswire.ca reported on September, 11.

Net Revenues for the second quarter of fiscal 2015 were C$10.4 mln compared to C$11.4 mln in the second quarter of fiscal 2014. Gross profit for the quarter improved to 31.4% in the second quarter of fiscal 2015, compared to 21.4% in Q2 of the prior year. The improved margins are driven by the non-repeat of promotional costs to support Laker 12 pack bottles in the prior year, coupled with lower operating costs, improving premium product mix and favorable pricing. EBITDA for the second quarter of fiscal 2015 came in at C$1.6 mln compared to EBITDA of C$0.4 mln in the second quarter of fiscal 2014.

"The success we've seen in the Waterloo trademark is very encouraging. Waterloo craft premium brands grew by 39% with strength in our core portfolio, our seasonal mix-pack launch, and the new Waterloo Radler, which has been the hit of the summer. Seagram volume was down in the quarter, driven by reduced listings at the LCBO and the absence of a cider mix pack versus year ago. The Seagram malt based offerings at The Beer Store have done very well and we're also pleased with the introduction of Seagram malt based products in the important Quebec market. The Laker trademark is showing year-on-year volume decline, however Brick is seeing improved profitability, both in absolute dollars and margins. When you bring together the pieces - no one-time promotional costs, significant growth in the premium Waterloo trademark and lowered operating cost, it all came together to allow us to put up a strong EBITDA result," stated George Croft, President and CEO.

Brick is Ontario's largest Canadian-owned 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.


12 September, 2014