USA: Pyramid Breweries Inc. declares $.04 per share quarterly cash dividend
"We continue to produce sales increases in Pyramid beer, Thomas Kemper soda and the alehouses," said Martin Kelly, President and Chief Executive Officer. For the third quarter, shipments were up 7% in Pyramid beer, 26% in Thomas Kemper soda and sales increased 2% in the alehouses. "In addition to the improvement in operating results, our cash balance exceeded $7 million at the end of the third quarter," said Kelly.
Pyramid recently reported third quarter net sales increased 5% to $7.7 million -- the eighth consecutive quarter in which the company showed sales gains over the prior year. Net income for the third quarter was $365,000, which was $307,000 higher than the third quarter of the prior year. The company also reported a 32% increase in EBITDA (earnings before interest, taxes, depreciation and amortization) to $1.0 million for the quarter.
The company initiated its dividend program in the fourth quarter of 1999. The company believes that a portion of the dividends to be paid in 2001 may be a return of capital for Federal income tax purposes.
Pyramid Breweries Inc. is a leading brewer of specialty, full-flavored beers and sodas. The company brews more than 20 styles of ales and lagers under its Pyramid Ales and Thomas Kemper Brewing Company brands as well as four styles of old-fashioned sodas under the Thomas Kemper Soda Company label. Pyramid operates two local breweries and two restaurants, the Pyramid Alehouse in Seattle, Washington and the Pyramid Alehouse in Berkeley, California. For more information, visit www.PyramidBrew.com.Statements concerning future performance, developments or events constitute forward-looking statements that are subject to a number of risks and uncertainties, which are described in the company's filings with the Securities & Exchange Commission, press releases and other communications. Actual events and results may differ materially from stated expectations.
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