US: Q2 net income down at Redhook
Redhook Ale Brewery has posted net income for the second quarter of 2005 of US$0.28m, or US$0.03 per share, down from US$0.29m, US$0.04 per share, in the corresponding period last year.
The US micro-brewer's shipments rose by 3.2% in Q2 to 64,000 barrels. But turnover in the second quarter fell by 14.9% to US$9.74m.
"We continue to execute our pricing strategy involving a reduction in discounting and price promotion at the expense of volume in the west compared to prior periods," said Redhook president and CEO, Paul Shipman. "However, we are pleased with the excellent reception of our new bottle and packaging designs that went to market in the west in the second half of May. The feedback from our wholesalers and retailers has been very positive and the product is selling well, though it's too early to see quantifiable results."
The Seattle-based company said it benefited in the second quarter from its investment in Craft Brands Alliance LLC, a joint venture between Redhook and Widmer Brothers Brewing Company which markets, sells and distributes both Redhook's and Widmer's products in the western US. But it added that an increase in fees it pays to Anheuser-Busch on sales in the midwest and eastern US also impacted on the Q2 performance.
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