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Brick Brewing Reports Fiscal 2011 Annual Results including $3.7 Million EBITDA*

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  Published in House and Home on Wednesday, April 20th 2011 at 18:41 GMT by Market Wire
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 Years ended January 31 (in thousands of dollars except per share amounts) 2011 2010 ------------------------------------------------------------------------- Income Statement Net revenue 30,106 29,916 ------------------------------------------------------------------------- Gross profit 8,685 7,184 ------------------------------------------------------------------------- EBITDA* 3,727 3,049 ------------------------------------------------------------------------- Net income before income taxes 1,596 895 ------------------------------------------------------------------------- Net income 2,949 1,347 ------------------------------------------------------------------------- Diluted earnings per share 0.10 0.05 ------------------------------------------------------------------------- Balance Sheet Total assets 34,720 29,643 ------------------------------------------------------------------------- Shareholders' equity 25,392 22,404 ------------------------------------------------------------------------- Operational Metrics Gross margin 28.8% 24.0% ------------------------------------------------------------------------- EBITDA as a % of net revenue 12.4% 10.2% ------------------------------------------------------------------------- 

 Brick Brewing Co. Limited Consolidated Balance Sheet 2011 2010 ------------------------------------------------------------------------- Assets Current assets: Accounts receivable $ 4,519,591 2,357,069 Inventories 5,292,747 5,251,714 Prepaid expenses 321,899 412,351 Future income taxes 720,000 566,000 ------------------------------------------------------------------------- 10,854,237 8,587,134 Property, plant and equipment 15,525,802 14,101,122 Intangible assets 6,062,187 5,731,954 Other assets 45,000 188,871 Future income taxes 2,233,000 1,034,000 ------------------------------------------------------------------------- $ 34,720,226 $ 29,643,081 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current liabilities: Bank indebtedness $ 371,543 $ 1,792,406 Accounts payable and accrued liabilities 5,118,947 3,187,915 Current portion of long-term debt 624,000 816,100 Current portion of obligations under capital lease 162,439 146,418 ------------------------------------------------------------------------- 6,276,929 5,942,839 Long-term debt 3,026,731 1,158,395 Obligations under capital lease 24,650 138,106 Shareholders' equity: Share capital 34,598,668 34,678,264 Contributed surplus 891,160 772,455 Deficit (10,097,912) (13,046,978) ------------------------------------------------------------------------- 25,391,916 22,403,741 Commitments Contingencies Subsequent events ------------------------------------------------------------------------- $ 34,720,226 $ 29,643,081 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Brick Brewing Co. Limited Consolidated Statement of Income and Deficit 2011 2010 ------------------------------------------------------------------------- Gross revenue $ 64,732,543 $ 63,277,345 Less production taxes and distribution fees (34,627,022) (33,360,935) ------------------------------------------------------------------------- Net revenue 30,105,521 29,916,410 Cost of sales 21,420,037 22,732,433 ------------------------------------------------------------------------- Gross profit 8,685,484 7,183,977 Selling, marketing and administration 4,917,618 4,041,627 ------------------------------------------------------------------------- Earnings before the undernoted 3,767,866 3,142,350 Other expenses: Depreciation and amortization 1,774,829 1,794,487 Impairment of intangible assets 50,000 194,280 Interest on long-term debt and capital leases 148,340 137,409 Amortization of financing fees 113,100 19,035 Other 44,798 32,518 Severance costs 40,733 69,501 ------------------------------------------------------------------------- 2,171,800 2,247,230 ------------------------------------------------------------------------- Net income before recovery of income taxes 1,596,066 895,120 Future income tax recovery (1,353,000) (451,560) ------------------------------------------------------------------------- Net income and comprehensive income 2,949,066 1,346,680 Deficit, beginning of period (13,046,978) (14,506,098) Cumulative effect of adopting new accounting policies, net of tax - 112,440 ------------------------------------------------------------------------- Deficit, beginning of period restated (13,046,978) (14,393,658) ------------------------------------------------------------------------- Deficit, end of period $ (10,097,912) $ (13,046,978) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net earnings per share: Basic $ 0.10 $ 0.05 Diluted $ 0.10 $ 0.05 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Brick Brewing Co. Limited Consolidated Statement of Cash Flows 2011 2010 ------------------------------------------------------------------------- Cash provided by (used in): Operations: Net income $ 2,949,066 $ 1,346,680 Items not involving cash: Amortization of property, plant and equipment, intangibles and other assets 1,862,940 1,802,587 Impairment of intangible assets 50,000 194,280 Stock based compensation 118,705 98,862 Notional interest representing accretion 10,326 - Future income tax recovery (1,353,000) (451,560) Change in non-cash operating working capital (192,397) (1,036,392) ------------------------------------------------------------------------- 3,445,640 1,954,457 Financing: Increase/(decrease) in bank indebtedness (1,420,863) 1,792,406 Increase/(repayment) of long-term debt 1,676,236 (904,965) Repayment of obligation under capital lease (97,435) (134,758) Change in capital stock (net of fees) (80,296) 20,280 Stock options exercised 700 - ------------------------------------------------------------------------- 78,342 772,963 Investing: Purchase of property, plant and equipment, and other assets (3,107,610) (2,411,793) Purchase of intangible assets (416,372) (524,918) ------------------------------------------------------------------------- (3,523,982) (2,936,711) ------------------------------------------------------------------------- Net decrease in cash - (209,291) Cash, beginning of period - 209,291 ------------------------------------------------------------------------- Cash, end of period - - ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental cash flow information: Cash paid for interest $ 181,986 $ 147,608 -------------------------------------------------------------------------