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BRICK BREWING ANNOUNCES Q3 RESULTS WITH EBITDA OF $984 THOUSAND

^{Published on 2010-12-09 16:41:11 - Market Wire}
 

 - Net revenue was $7.1 million compared to $7.3 million in the comparable period last year; - Gross profit percentage has increased to 30.0% versus 24.6%; and - EBITDA for the period ended October 31, 2010 was $984 thousand, an increase of 37.2% over the comparable period. - Net income of $0.2 million. 

 BRICK BREWING CO. LIMITED Consolidated Balance Sheet (unaudited) ------------------------------------------------------------------------- Third quarter ended Year ended October 31, January 31, 2010 2010 ------------------------------------------------------------------------- Assets Current assets: Accounts receivable 6,716,140 2,357,069 Inventories 5,492,059 5,251,714 Prepaid expenses 446,208 412,351 Future income taxes 566,000 566,000 ------------------------------------------------------------------------- 13,220,407 8,587,134 Property, plant and equipment 15,266,798 14,101,122 Intangible assets 5,899,532 5,731,954 Other assets - 188,871 Future income taxes 434,000 1,034,000 ------------------------------------------------------------------------- $ 34,820,737 $ 29,643,081 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Bank indebtedness $ 1,243,959 $ 1,792,406 Accounts payable and accrued liabilities 6,374,822 3,187,915 Current portion of long-term debt 624,000 816,100 Current portion of obligations under capital lease 200,112 146,418 ------------------------------------------------------------------------- 8,442,893 5,942,839 Long-term debt 2,800,834 1,251,800 Obligations under capital lease 30,763 138,106 Shareholders' equity: Share capital 34,578,264 34,678,264 Contributed surplus 861,484 772,455 Deficit (11,893,501) (13,140,383) ------------------------------------------------------------------------- 23,546,247 22,310,336 ------------------------------------------------------------------------- $ 34,820,737 $ 29,643,081 ------------------------------------------------------------------------- BRICK BREWING CO. LIMITED Consolidated Statement of Income, Comprehensive Income and Deficit (unaudited) Third quarter ended Fiscal year-to-date ended ------------------------------------------------------------------------- October 31, October 31, October 31, October 31, 2010 2009 2010 2009 ------------------------------------------------------------------------- Gross revenue $ 16,200,106 $ 15,717,895 $ 50,393,971 $ 51,141,174 Less production taxes and distribution fees (9,088,043) (8,437,835) (27,199,594) (26,903,965) ------------------------------------------------------------------------- Net revenue 7,112,063 7,280,060 23,194,377 24,237,209 Cost of sales 4,975,708 5,491,103 16,073,451 17,914,082 ------------------------------------------------------------------------- Gross profit 2,136,355 1,788,957 7,120,926 6,323,127 Selling, marketing and administration 1,124,734 1,067,183 3,699,876 3,122,059 ------------------------------------------------------------------------- Earnings before the undernoted 1,011,621 721,774 3,421,050 3,201,068 Other expense: Depreciation and amortization (579,577) (328,187) (1,393,559) (1,382,990) Interest on long-term debt (39,412) (34,610) (102,074) (111,511) Other expense (52,069) (4,771) (78,535) (19,414) ------------------------------------------------------------------------- (671,058) (367,568) (1,574,168) (1,513,915) ------------------------------------------------------------------------- Net income before provision for income taxes 340,563 354,206 1,846,882 1,687,153 Future income tax provision 128,000 112,690 600,000 553,463 ------------------------------------------------------------------------- Net income and comprehensive income 212,563 241,516 1,246,882 1,133,690 Deficit, beginning of period (12,106,064) (13,613,924) (13,140,383) (14,506,098) ------------------------------------------------------------------------- Deficit, end of period $(11,893,501) $(13,372,408) $(11,893,501) $(13,372,408) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net earnings per share: Basic $ 0.01 $ 0.01 $ 0.04 $ 0.04 Diluted $ 0.01 $ 0.01 $ 0.04 $ 0.04 ------------------------------------------------------------------------- BRICK BREWING CO. LIMITED Consolidated Statements of Cash Flows (unaudited) Third quarter ended Fiscal year-to-date ended ------------------------------------------------------------------------- October 31, October 31, October 31, October 31, 2010 2009 2010 2009 ------------------------------------------------------------------------- Cash provided by (used in): Operations: Income for the period $ 212,563 $ 241,516 $ 1,246,882 $ 1,133,690 Items not involving cash: Amortization of property, plant and equipment, and other assets 579,577 335,688 1,393,702 1,405,491 Stock based compensation 29,676 38,721 89,029 87,657 Future income tax provision 128,000 112,690 600,000 553,463 Change in non-cash operating working capital 208,821 (35,951) (1,446,367) (1,424,599) ------------------------------------------------------------------------- 1,158,637 692,664 1,883,246 1,755,702 Financing: Increase (decrease) in bank indebtedness (202,990) 211,668 (548,447) 1,291,915 Proceeds from new term debt, net 227,793 - 1,715,284 - Repayment of long-term debt (150,000) (408,150) (358,350) (865,650) Repayment of obligation under capital lease (42,993) (34,032) (126,970) (100,013) Change in share capital, net of fees (100,000) - (100,000) 3,200 ------------------------------------------------------------------------- (268,190) (230,514) 581,517 329,452 Investing: Purchase of property, plant and equipment, and other assets (728,737) (261,825) (2,220,186) (1,825,480) Purchase of intangible assets (161,710) (200,325) (244,577) (468,965) ------------------------------------------------------------------------- (890,447) (462,150) (2,464,763) (2,294,445) ------------------------------------------------------------------------- Net decrease in cash - - - (209,291) Cash, beginning of period - - - 209,291 ------------------------------------------------------------------------- Cash, end of period $ - $ - $ - $ - ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental cash flow information: Cash paid for interest 47,004 35,254 $ 132,159 $ 114,582 Non-cash investing and financing activities: Obligation under capital lease $ - $ - $ 73,321 $ - -------------------------------------------------------------------------