CANADA: Troubled first quarter for Brick Brewing
Brick Brewing Co. has posted a dip in sales and a rise in losses for its first quarter.
The Canadian brewer, which is considering selling up, said yesterday (12 June) that net sales for the three-months to 30 April fell by 10.3% year-on-year, coming in at C$6.9m (US$6.4m). In volume terms, sales dipped by 6%, while net loss for the period hit C$898,000 compared to a profit of C$126,000 a year earlier.
"One of the causes for the decrease in sales volume were difficulties encountered by Brick in implementing marketing initiatives at The Beer Store," said Doug Berchtold, president and CEO. "We intend to continue to take all necessary steps to maintain the competitiveness of our products at TBS, and have developed a number of marketing and selling strategies for that purpose."
Last month, the brewer said it was reviewing "strategic alternatives available to the company to enhance shareholder value". Among the options being considered are a sale, a recapitalisation review or "some form of business combination".
Berchtold added: "This review is ongoing. While the review is comprehensive there can be no assurance that the review will result in any specific strategic or financial transaction being completed and no timetable has been set for the completion of the review."
A public announcement will be made "at the appropriate time", the company concluded.
Brick Brewing Co.'s CEO's quit due to lack of sale, according to local reports....
Brick Brewing Co has ruled out a sale of the company, following a strategic review of the business....
Brick Brewing Co. has seen its results flounder in the first half of this year....
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