CANADA: Brick records reduced loss in first quarter
Sales revenues in the first quarter rose slightly from C$4.1m to $4.3m. However, operating income before interest and amortization dropped from C$240,000 to $148,000 in the first quarter of the current fiscal year. The company attributed this fall to last year's disposal of the Algonquin brand. Premium beer sales volumes rose by 11%, the company said.
"We are pleased with these operating results considering the company was earning full margin on the Algonquin brands in this period last year. The fact we have made up a good portion of this profit margin shortfall after two quarters is very encouraging," said the company's president Jim Brickman. "Also encouraging is the successful relaunch of Red Cap in the historic 'stubby' bottle, which is yet to be reflected as it happened near the end of the first quarter, and I am delighted to add that sales are exceeding expectations."
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