N@N

BRICK BREWING ANNOUNCES FIRST QUARTER RESULTS, INCLUDING EBITDA(X) OF $595 THOUSAND

^{Published on 2011-06-08 18:20:54 - Market Wire}
 

 - Net revenues for the first quarter of fiscal 2012 were $8.1 million compared to $7.0 million in the first quarter of fiscal 2011. - Sales volumes for Brick beer brands increased by 12.4% compared to the first quarter of fiscal 2011. Brick drove this sales growth despite unseasonably cool and rainy weather, which slowed sales for the overall industry. - Gross profit percentage declined slightly from 22.1% to 20.7%, due to one-time costs related to Seagram trademark integration and preparations for a Global Food Safety certification. These one-time costs are expected to provide ongoing benefits to the company. - EBITDA* for the period ended May 1, 2011 was $0.6 million, with a net loss of $0.1 million. 

 (in thousands of dollars) Quarterly period ended ------------------------------------------------------------------------- May 1, 2011 May 2, 2010 Net income (loss) $ (134) $ 115 Add: Future income tax expense - 80 Amortization 623 635 Interest expense 163 35 ------------------------------------------------------------------------- Subtotal 786 750 Less: Future income tax recovery 57 - ------------------------------------------------------------------------- Subtotal 57 - EBITDA* 595 865 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the quarters ended May 1, 2011 and May 2, 2010 (Not audited or reviewed by the Company's external auditor) Quarter Quarter ended ended May 1, 2011 May 2, 2010 ------------------------------------------------------------------------- Revenue $ 8,132,603 $ 6,971,144 Cost of sales 6,450,465 5,432,274 ------------------------------------------------------------------------- Gross profit 1,682,138 1,538,870 ------------------------------------------------------------------------- Selling, marketing and administration expenses 1,564,725 1,264,641 Other expenses 145,695 44,450 Finance costs, net 162,997 34,770 ------------------------------------------------------------------------- Profit/(loss) before tax (191,279) 195,009 ------------------------------------------------------------------------- Income tax expense/(benefit) (57,000) 80,000 ------------------------------------------------------------------------- Profit/(loss) for the period (134,279) 115,009 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total comprehensive income/(loss) for the period $ (134,279) $ 115,009 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Basic earnings per share - - Diluted earnings per share - - ------------------------------------------------------------------------- ------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at May 1, 2011, January 31, 2011 and February 1, 2010 (Not audited or reviewed by the Company's external auditor) Date of Transition to IFRS January 31, February 1, May 1, 2011 2011 2010 ------------------------------------------------------------------------- ASSETS Non-current assets Property, plant and equipment $ 18,288,245 $ 18,372,020 $ 17,637,515 Intangible assets 13,678,383 6,062,187 5,731,954 Other assets 80,000 45,000 188,871 Deferred income tax assets 2,930,000 2,873,000 1,600,000 ------------------------------------------------------------------------- 34,976,628 27,352,207 25,158,340 ------------------------------------------------------------------------- Current assets Accounts receivable 7,466,962 4,519,591 2,357,069 Inventories 4,551,613 3,885,240 3,470,263 Prepaid expenses 385,076 321,899 412,351 ------------------------------------------------------------------------- 12,403,651 8,726,730 6,239,683 ------------------------------------------------------------------------- TOTAL ASSETS 47,380,279 36,078,937 31,398,023 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES AND EQUITY Equity Share capital 34,624,528 34,598,668 34,678,264 Share-based payments reserves 941,159 933,323 845,113 Retained earnings/(deficit) (8,915,643) (8,781,364) (11,525,275) ------------------------------------------------------------------------- TOTAL EQUITY 26,650,044 26,750,627 23,998,102 ------------------------------------------------------------------------- Non-current liabilities Provisions 173,655 170,908 160,581 Long-term debt and promissory note 6,616,460 3,026,731 1,158,395 Obligations under finance leases 18,517 24,650 138,106 ------------------------------------------------------------------------- 6,808,632 3,222,289 1,457,082 ------------------------------------------------------------------------- Current liabilities Bank indebtedness 3,497,044 371,543 1,792,406 Accounts payable and accrued liabilities 8,997,947 4,948,039 3,187,915 Current portion of long-term debt and promissory note 1,402,200 624,000 816,100 Current portion of obligations under finance leases 24,412 162,439 146,418 ------------------------------------------------------------------------- 13,921,603 6,106,021 5,942,839 ------------------------------------------------------------------------- TOTAL LIABILITIES 20,730,235 9,328,310 7,399,921 ------------------------------------------------------------------------- ------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $ 47,380,279 $ 36,078,937 $ 31,398,023 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS For the quarters ended May 1, 2011 and May 2, 2010 (Not audited or reviewed by the Company's external auditor) Quarter Quarter ended ended May 1, 2011 May 2, 2010 ------------------------------------------------------------------------- Operating activities Profit/(loss) for the period (134,279) 115,009 Adjustments for: Income tax expense /(benefit) (57,000) 80,000 Finance costs, excluding accretion 160,249 32,188 Notional interest representing accretion 2,748 2,582 Unrealized foreign exchange (gain)/loss (13,489) (34,140) Depreciation and amortization of property, plant and equipment and intangibles 617,613 635,159 Share-based payments 12,696 22,052 Change in non-cash working capital related to operations 322,494 1,600,432 ------------------------------------------------------------------------- Less: Interest paid (96,268) (32,087) ------------------------------------------------------------------------- Cash provided by/(used in) operating activities 814,764 2,421,195 Investing activities Purchase of property, plant and equipment (524,421) (1,447,259) Purchase of other assets (35,000) 92,477 Purchase of intangible assets (7,625,613) (29,389) ------------------------------------------------------------------------- Cash provided by/(used in) investing activities (8,185,034) (1,384,171) Financing activities Increase/(decrease) in bank indebtedness 3,125,501 (936,966) (Decrease)/increase in obligations under finance leases (144,160) (41,708) Increase/(decrease) in long term debt 4,367,929 (58,350) Stock options and warrants exercised 21,000 - ------------------------------------------------------------------------- Cash provided by/(used in) financing activities 7,370,270 (1,037,024) Net increase/(decrease) in cash - - Cash, beginning of period - - ------------------------------------------------------------------------- Cash, end of period - - ------------------------------------------------------------------------- ------------------------------------------------------------------------- 

 WHAT: Annual Meeting of Shareholders WHERE: TMX Broadcast Centre, 130 King Street West, Toronto, Ontario WHEN: Wednesday, June 22, 2011 at 1:00 p.m.