US: Pyramid Breweries sales v-p quits

By | 6 December 2007

The vice president of sales at Pyramid Breweries has quit the company.

The Seattle-based brewer confirmed yesterday (5 December) that Gary McGrath has resigned from his position. The announcement, made in a filing to the US Securities and Exchange Commission, did not detail the reasons behind McGrath's resignation. He will be replaced by the current south regional director at Pyramid, Tim McGettigan.

No-one was immediately available for comment at Pyramid when contacted by just-drinks today.

Last month, Pyramid reported that its operating profit of US$103,000 in the third quarter of 2006 had reversed into a loss of $60,000 for the three months to the end of September this year. The reverse came on the back of a dip in net sales for the period, down to $14.6m from $15.8m in the quarter last year.

The sales fall was blamed on the fact that Pyramid now contract manufactures the Thomas Kemper Soda brand, and subsequently records revenues as a net amount in gross sales. The brewer also recorded a one-time net impact of $321,000 relating to a final arbitration settlement in favour of a former distributor, leading to a rise in expenses for the quarter.

Sectors: Beer & cider

Companies: Pyramid Breweries

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