USA: MBC Holding Company Announces Strong Second Quarter Results

By Company Press Release | 4 August 2000

MBC Holding Company (Nasdaq Small Cap Market symbol: MBRW) (formerly known as Minnesota Brewing Company) today announced results of operations for the second quarter of 2000, which resulted a 300 percent increase in earnings-per-share and a 96.4 percent increase in net sales for the quarter compared to last year.Net sales for its second quarter ended June 30, 2000, were $8,508,739, an increase of 96.4% from net sales of $4,332,550 in the second quarter of 1999. For six month period ending on June 30, 2000 the Company had net sales of $13,943,239, which is an increase of 82.8% from net sales of $7,627,692 for the same period in 1999. The Company reported net income of $513,770 or $0.12 per share in the 2000 second quarter compared to net income of $131,410 or $0.04 per share for the same period in 1999. Net income for the six month period ending on June 30, 2000 was $588,408 or $.13 per share versus a net loss of $260,302 or ($.07) per share for the same period of the prior year."I am extremely pleased with the strength of our 2nd quarter numbers," said Jack Lee, Chief Executive Officer for MBC Holding Company. "We saw strong growth in export sales, expanded contract brewing operations and enhanced cost cutting measures that are the result of agreements with Gopher State Ethanol. The combination of these factors produced these results."