CANADA: Brick Brewing enjoys record Q2
Brick Brewing Co. today released record financial results for the second quarter to 31 July.
While gross sales for Q2 increased by 57% to C$11.5m, net beer revenues rose by 240% to C$6.3m primarily as a result of growth in value and mainstream beer brands, coupled with the launch of the PC brands in Ontario and Quebec during the three-month period.
Net income was a record C$832,000 compared with C$554,000 in the second quarter last year, an improvement of C$278,000 or 50%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to C$1.19m in the second quarter compared with C$891,000 from the same quarter last year, an increase of 33%.
"I am very encouraged by our results to date, particularly in light of a rather dismal summer selling period for the industry as a whole," said Jim Brickman, executive chairman and founder.
"Our earlier initiatives on several fronts are clearly beginning to provide increasing momentum. It is a nice feeling," he added.
Doug Berchtold, president and CEO, added: "The company is well-positioned to seize upside volume potential. We are encouraged by the strength of the results for this quarter and are confident that these strategic changes under way at Brick will produce sustained growth in margins and income in future quarters."
Sectors: Beer & cider
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