Pyramid Breweries Inc. (Nasdaq:PMID) today announced its Board of Directors has declared a quarterly cash dividend of $.04 per common share, payable on October 13, 2000 to shareholders of record on September 29, 2000
“Pyramid’s shareholders continue to benefit from our strong and improving operating performance. Substantially higher sales and new operating efficiencies are resulting in increased cash flow,” said Martin Kelly, President and Chief Executive Officer.
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Pyramid recently reported second quarter net sales increased 9% to $7.9 million — the seventh consecutive quarter in which the company showed sales gains over the prior year. Net income for the second quarter was $443,000, which was $354,000 higher than the second quarter of the prior year. The company also reported a 40% increase in EBITDA (earnings before interest, taxes, depreciation and amortization) to $1.1 million for the quarter.
The company initiated its dividend program in the fourth quarter of 1999. The company believes that a portion of the dividends paid in 2000 may be a return of capital for Federal income tax purposes.
Pyramid Breweries Inc. is a leading brewer of specialty, full-flavored beers and sodas. The company brews more than 20 styles of ales and lagers under its Pyramid Ales and Thomas Kemper Brewing Company brands as well as four styles of old-fashioned sodas under the Thomas Kemper Soda Company label. Pyramid operates two local breweries and two restaurants, the Pyramid Alehouse in Seattle, Washington and the Pyramid Alehouse in Berkeley, California. For more information, visit www.PyramidBrew.com.
Statements concerning future performance, developments or events constitute forward-looking statements that are subject to a number of risks and uncertainties, which are described in the company’s filings with the Securities & Exchange Commission, press releases and other communications. Actual events and results may differ materially from stated expectations.
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