Canada, ON: Waterloo Brewing reports Q2 financial results
Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company"), Ontario's first craft brewery, announced on September 2 its financial results for the second quarter of fiscal 2022 which ended on August 1, 2021.
Waterloo Brewing reported EBITDA of C$8.0 million, an increase of C$2.2 million or 38.4% over the prior year, on net revenue of C$34.2 million. Net revenue increased by C$9.6 million or 39.2% from the second quarter of fiscal 2021.
"The results of our second quarter are a testament to our team's hard work," said George Croft, President and Chief Executive Officer of Waterloo Brewing. "With the commissioning of our second canning line now complete, we have begun to fill our capacity. Revenue from our co-manufacturing business increased by 128%, to C$17.1 million, during the second quarter compared to the same quarter in fiscal 2021."
The total volume of the Company's products decreased 3.3% during the quarter, slightly ahead of the industry's decline of 4.9%. LandShark® performed strong with growth of 38% during the second quarter due to the continued success of the 24-pack in-case promotions, as well as growth of the LandShark® seltzers, which were introduced last quarter.
The industry sales through The Beer Store were down 9.1% during the quarter compared to the second quarter of fiscal 2021. Owner brand beer sales were also negatively impacted by transition issues with ramp-up of TBS's new Caledon warehouse.
Seagram Island Time Coconut Lime, and Seagram White Peach cider, launched at the end of the first quarter, and are proving to be quite popular, contributing to a 4% growth of the Seagram portfolio during the quarter.
Gross margin improved to 32.6% in the quarter with the new canning line operational and no longer being required to outsource production, as well as margin improvements from the increase in co-manufacturing. While the shortage of aluminum cans within the beverage industry continues to put pressure on the Company's cost of materials, due to sourcing some cans from international partners, the Company expects to continue to show margin improvements during the balance of the year.
Waterloo Brewing's board of directors has approved a quarterly dividend at C$0.0276/share. The dividend is payable on October 29, 2021, to shareholders of record as of October 15, 2021.
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