04-13-2015, 11:27 AM
Brick Brewing doubles Q4 profits
Waterloo Region Record
KITCHENER — Brick Brewing more than doubled its fourth quarter profits as sales of higher margin premium brands increased.
The Kitchener-based beer maker earned net income of $546,000 in the three months ended Jan. 31, it said Monday. That compares to $245,000 in the same period a year earlier.
For the full year, Brick recorded net income of $1.4 million, up from $525,000 a year earlier.
Fourth quarter net revenue increased to $9.1 million from $8 million. For the full year, net revenue slipped to $36.3 million from $37.7 million.
The company said profits rose because of higher prices, and increased volumes of higher margin premium brands and beverages it produces under co-packing agreements. Also, it did not have the expense of a promotion it ran a year earlier — a free can with Laker 12 packs.
Brick said volumes of its premium Waterloo brands increased 21 per cent in the year ended Jan. 31 compared to a year earlier. The Waterloo brands accounted for 5.5 per cent of its beer volume during the year.
Volumes of its Laker brand, which accounted for 88 per cent of beer volumes in fiscal 2015, fell 11.7 per cent.
Brick is in the middle of a project to expand its Kitchener facilities. It is adding a brew house to the existing bottling, packaging and distribution operations on Bingemans Centre Drive.
The company, which will vacate its facility on King Street South in Waterloo when the work is completed this fall, says the project is expected to deliver cost savings of $1 million a year.
Waterloo Region Record
KITCHENER — Brick Brewing more than doubled its fourth quarter profits as sales of higher margin premium brands increased.
The Kitchener-based beer maker earned net income of $546,000 in the three months ended Jan. 31, it said Monday. That compares to $245,000 in the same period a year earlier.
For the full year, Brick recorded net income of $1.4 million, up from $525,000 a year earlier.
Fourth quarter net revenue increased to $9.1 million from $8 million. For the full year, net revenue slipped to $36.3 million from $37.7 million.
The company said profits rose because of higher prices, and increased volumes of higher margin premium brands and beverages it produces under co-packing agreements. Also, it did not have the expense of a promotion it ran a year earlier — a free can with Laker 12 packs.
Brick said volumes of its premium Waterloo brands increased 21 per cent in the year ended Jan. 31 compared to a year earlier. The Waterloo brands accounted for 5.5 per cent of its beer volume during the year.
Volumes of its Laker brand, which accounted for 88 per cent of beer volumes in fiscal 2015, fell 11.7 per cent.
Brick is in the middle of a project to expand its Kitchener facilities. It is adding a brew house to the existing bottling, packaging and distribution operations on Bingemans Centre Drive.
The company, which will vacate its facility on King Street South in Waterloo when the work is completed this fall, says the project is expected to deliver cost savings of $1 million a year.