US: Soda sale boosts Pyramid Breweries Q1
Pyramid Breweries has posted a healthy net income rise in its Q1 thanks to the divestment of a soft drinks brand.
The Seattle-based company said yesterday (15 May) that net income for the three-month period came in at US$1.3m against a net loss of $505,000 in the corresponding period a year earlier. Pyramid credited the reverse to the $3.1m sale of the Thomas Kemper Soda brand in January to equity group Adventure Funds.
Gross sales for the quarter, however, slipped by 3% year-on-year to $11.2m. The company highlighted that it still produces the Thomas Kemper brand and that, as an agent, it now records these revenues as a net amount in gross sales. At the same time, Pyramid's beer product mix shifted to some of its lower margined brands due to improved shipment volumes in these brands.
"These … factors impacted our first quarter results and make it difficult to compare our results to the prior year, clouding the actual performance of the business," said CEO Scott Barnum. "Despite a particularly rough winter in our home state of Washington, the Pyramid brand shipments in the first quarter were still up over 9% compared to the prior year, and we continued to achieve record market share in aggregate across the west. Importantly, we successfully transitioned the TK Soda business to its new owner in the first quarter and are now fully positioned to focus on our core beer business."
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