US: Pyramid moves into red in Q3

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Pyramid Breweries yesterday said that its third quarter net revenue increased 9.2% to US$11,213,000 from the third quarter in 2003.

However the company reported a net loss for the quarter of US$420,000 compared to a US$44,000 profit in the same period last year. EBITDA (Earnings before interest, taxes, depreciation, amortization and stock compensation expense) for the quarter decreased US$342,000 or 50.4%, to $US336,000.

The company said that the loss for the quarter was impacted by rising costs of goods in the beverage division, costs related to the integration of Portland Brewing Company operations, planned increases in selling and personnel related expenses as well as marketing increases for the MacTarnahans brand and new promotional expenses for the Pyramid brand.

Total beer shipments increased 28.1%, to 40,645 barrels including the addition of the Portland Brewing Company barrelage.

"The Company is in the process of repositioning itself for the future," reported John Lennon, the company's new CEO. "We are making investments in sales personnel and marketing programs that will expand the reach of our brands and make them more attractive to consumers."

"However, we are naturally disappointed with the financial results for the quarter. Although we are seeing solid year to date top line revenue growth, we need to do a better job of managing our costs. In the coming months we will focus on cost reduction by gaining synergies and efficiency in our operations following the acquisition and integration of Portland Brewing Company."

For the nine months of the year, Pyramid's net sales increased 12.2%, to US$29,496,000. Total shipments for the beverage division increased 10.8%, to 134,783 barrels.

Net loss for the nine month period ended September 30, 2004 increased to US$1,270,000 compared to a net loss of US$236,000 for the same period of the prior year.

Sectors: Beer & cider

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