Canada, ON: Brick Brewing reports net revenue of C49.8 mln for 2017
Brick Brewing Co. Limited (Brick or the Company), Ontarios largest Canadian-owned brewery, released on April 12 its results for the fourth quarter and full year ended January 31, 2018.
Brick recorded annual EBITDA (ex one-time costs) of C$9.0 million on a net revenue of C$49.8 million. EBITDA for the fourth quarter was C$1.81 million.
George Croft, Brick President and Chief Executive Officer commented, We are pleased with the growth of our owner brands and co-pack business. The integration of our operating facilities is now complete, and we look forward to the challenge of delivering exceptional results in the upcoming year. We experienced challenging market conditions during 2017 with a cool, wet summer which drove overall full-year industry volume lower by 5.1%. Despite the category declines, Laker grew 6% in the year, Waterloo was up 10% and the LandShark and Margaritaville family grew 45%. We are excited about a new can line upgrade project that is well under way and will double our canning capacity. We expect to leverage the increased capacity and improved supply chain efficiencies over the next fiscal year in both our own branded volumes and with our contract manufacturing.
Brick reported 28% growth or C$2.3 million in contract manufacturing revenue for the year, the result of growth with both current and new customers.
Croft added, We have recently announced a number of new products and packaging, including Chudleighs Cider, Waterloo Radler Sampler and Landshark draft that we are confident will resonate with our consumers. We are also excited about the upcoming craft offerings which we believe will be a key element in realizing our growth targets in the year ahead. All of these contribute to our confidence in our ability to deliver value and growth to our shareholders for the long term.
Full year highlights:
Net Revenue increased to C$49.8 million, from C$45.2 million in the prior year.
Gross Profit margin was 28.7% and 30.4% ex one-time costs, a decrease from 34.8% in prior year.
Selling, Marketing and Administration expenses decreased to C$9.14 million, down from C$9.25 million in prior year.
EBITDA was C$8.2 million and C$9.0 million, ex one-time costs, up from C$8.8 million in the prior year.
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