CANADA: "Transitional" 2011 sees Big Rock Brewery return to black as president steps down
- Full-year net profits hit CAD2.5m (US$2.5m) versus CAD8.2m loss in 2010
- Net sales hold steady at CAD45.2m
- Operating profits slip by 19% to CAD3.3m
- Company president, Bill McKenzie, stands down
At the same time as releasing its FY numbers, Big Rock Brewery confirmed that its president is standing down
Big Rock Brewery has seen 2010's net losses reverse in its latest full year, and delivered increased volumes in 2011.
The Canada-based craft brewer said late last week that net profits in 2011 totalled CAD2.5m (US$2.5m), a turnaround from the CAD8.2m FY loss for 2010. Net sales were flat at CAD45.2m in the year, although volumes registered a 4% rise to 220,973 hectolitres, the highest annual sales volumes in the company's history.
Operating profits fell, meanwhile, by 19% to CAD3.3m, with Big Rock blaming higher delivery costs and a "demand-driven increase in the proportion of value-priced beer sold" by the brewer.
For the final quarter of 2011, net profits leapt by 217% to CAD856,000, with sales rising by 1.5% to CAD10m. Operating profits came in at CAD1.1m versus operating losses in the corresponding period a year earlier of CAD345,000.
"From an accounting perspective, 2011 has been a year of significant transition," said company CFO, Barbara Feit, "with the combined impact of the adoption of IFRS and the conversion from an income trust to a corporation having an impact on 2010 restated results."
A dividend of CAD0.20 per share will be paid on 16 April to shareholders of record on 30 March.
Separately, Big Rock announced last week that its president, Bill McKenzie, has resigned "to pursue other interests". No details of a replacement - or a succession process - were forthcoming.
To read Big Rock's FY statement, click here.
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