US: CEO departure hits Pyramid profits

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US craft brewer Pyramid Breweries has reported falling second-quarter profits due to costs linked with last month's resignation of its CEO.

The Seattle-based brewer has posted net income of US$28,000 for the three months to the end of June. Former CEO John Lennon quit last month "to pursue other business interests".

Pyramid said on Friday (4 August) that after stripping out costs linked to Lennon's departure, net income more than doubled to US$401,000. Sales rose 6% to US$14.6m driven by the popularity of Pyramid's core brands.

Scott Barnum, Lennon's replacement as CEO, said: "The Pyramid brand, led by our flagship Hefe Weizen, is on a roll and the company has momentum."

Meanwhile, the US government has told Pyramid that it thinks the Seattle company owes US$2.1m in federal taxes and interest on beer brewed under a contract with Portland Brewing.

Pyramid said that Portland had already paid US$1m in taxes for the period under review, which runs from January 2005 to May this year.

The brewer said it "diagrees" with the tax assessment and added that it "intends to consider all of its options" to get the bill reduced.

Sectors: Beer & cider

Companies: Pyramid Breweries

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