Big Rock Brewery Income Trust Announces Year-End Results.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. -- Big Rock Brewery The Big Rock BreweryTSX: BR is located in Calgary, Alberta, Canada. The brewery was founded in 1985 by Ed McNally. After forming the Big Rock brewing company he hired Bernd "Peppy" Pieper, considered to be one of the best brewmasters in the world. Income Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BR.UN) (the "Trust") is pleased to report to Unitholders its consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for its year ended December December: see month. 31, 2004. These results reflect the consolidated operations of the Trust, Big Rock Brewery Ltd. and its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Kamloops Kamloops (kăm`l  ps), city (1991 pop. 67,057), S British Columbia, Canada, at the junction of the North Thompson and South Thompson rivers. Brewery A brewery can be a building or place that produces beer, or a business (brewing company) whose trade is the production and sale of beer. Breweries can take up multiple city blocks, or be a collection of equipment in a homebrewer's kitchen. Ltd. and Whistler whistler: see marmot. See Windows XP. Brewing brewing: see beer. Company Ltd. Financial Highlights for the year ended December 31, 2004 are as follows: Net income for the year ended December 31, 2004 was $6,766,908 compared to $4,555,856 for the nine months ended December 31, 2003 and $5,094,964 for the year ended December 31, 2003, a 33% increase. Net income per unit increased to $1.17 for the year ended December 31, 2004 from $0.92 for the year ended December 31, 2003, a 27% increase. Cash distributions declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. to Unitholders for the year ended December 31, 2004 were $5,671,544 or $0.98 per unit. The Trust declared total cash distributions of $0.70 per trust unit for the year ending December 31, 2003 amounting to $3,890,615 in total. Big Rock's balance sheet continued to strengthen during the year ended December 31, 2004 as $3,367,247 of long term debt was eliminated and Unitholders' equity increased by $2,833,632 (11%) after deducting cash distributions of $5,671,544. At December 31, 2004 the Trust had cash of $2,093,695 and no bank indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. . Sales volume in hectoliters for the year ended December 31, 2004 increased to 192,674 from 180,451 for the same period last year, a 7% increase. Significant growth of our core brands in the B.C. market and the popularity of Jack Rabbit jack rabbit the common American Hare. Called also Lepus californicus. Lager in western Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. markets have resulted in Big Rock significantly outperforming the industry which experienced no growth during the period. For the year ended December 31, 2004, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight revenue rose to $38,789,564 from $35,053,324 for the year ended December 31, 2003, an 11% increase resulting from an increase in sales volume and a beneficial increase in sale of premium beers vs value beers. In September September: see month. , the Alberta Gaming and Liquor Commission The Alberta Gaming and Liquor Commission (or AGLC) is an agency of the Government of the Canadian province of Alberta, and regulates alcoholic beverage and gambling-related activities. established a new transitional provision in policy whereby small brewers This is a list of member brewers of the Brewers Association. Numbered
Noun an amount added to the cost of something to provide the seller with a profit Verb mark up to increase the cost of something by an amount or percentage in order to make a profit benefit on the first 200,000 HL of production. The potential for continued profitable growth of the Company's business is enhanced as a result of this policy revision. Cost of sales increased from $12,845,096 last year to $13,696,549 for the year ending December 31, 2004. Cost of sales as a percentage of sales was 35% for the year which is consistent with last year. Gross profit for the year was up 13% from $22,208,228 last year to $25,093,015 this year commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with the volume increase and favourable shifting sales mix sales mix See product mix. . Selling expenses for the year ended December 31, 2004 increased to $11,149,364 compared to $10,315,397 last year, an 8% increase. Increasingly competitive promotional programs require constant innovation by Big Rock marketing and sales staff to encourage the pull through of Big Rock products both on-premise and off-premise. Selling expenses also include the cost of delivering beer. Increasing common carrier charges and higher sales volumes in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography have resulted in an increase in delivery expense this year. During the year ended December 31, 2004, general and administrative expenses increased to $4,193,387 from $4,098,325 for the year ending December 31, 2003, a 2% increase. Amortization increased from $1,754,151 to $1,926,195. Major capital additions during the year included canning line and bottling line “Bottling” redirects here. For the act of abuse at concerts, see Bottling (concert abuse). Bottling lines are production lines that fill a product, generally a beverage, into bottles on a large scale. upgrades as well as the purchase of additional fermentation tanks Fer`men`ta´tion tank 1. a tank in which fermentations are carried out. . Income tax expense for the year of $928,858 (year ended December 31, 2003 - $438,910) is comprised of $433,799 in current income tax expense and $495,059 in future income tax expense. In 2003, Big Rock changed its fiscal year end from March 31 to December 31. Presented below are financial statements as at and for the year ended December 31, 2004 with comparatives as at and for the nine months ended December 31, 2003.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
As at December 31,
2004 2003
$ $
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ASSETS
Current
Cash 2,093,695 257,258
Accounts receivable 2,758,246 2,629,219
Income tax recoverable - 2,195,000
Inventories 4,667,950 4,512,097
Prepaid expenses and other 427,169 380,165
Investments 33,008 33,008
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9,980,068 10,006,747
Property, plant and equipment 29,897,468 29,745,239
Deferred charges and other assets 323,714 331,972
Goodwill 727,218 727,218
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40,928,468 40,811,176
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LIABILITIES AND UNITHOLDERS' EQUITY
Current
Bank indebtedness - 1,574,393
Accounts payable and accrued liabilities 3,176,104 1,948,094
Income taxes payable 252,140 -
Distributions payable 585,942 335,851
Current portion of long-term debt - 1,100,000
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4,014,186 4,958,338
Long-term debt - 2,267,247
Future income taxes 7,394,131 6,899,072
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Total liabilities 11,408,317 14,124,657
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Unitholders' equity
Trust unitholders' capital 16,754,964 15,051,988
Contributed surplus 59,442 24,150
Undistributed income 12,705,745 11,610,381
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29,520,151 26,686,519
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40,928,468 40,811,176
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CONSOLIDATED STATEMENTS OF OPERATIONS AND UNDISTRIBUTED INCOME
(Unaudited)
Period ended December 31
2004 2003
$ $
(12 months) (9 months)
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Revenue
Net sales 38,789,564 28,503,840
Cost of sales 13,696,549 10,298,575
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Gross profit 25,093,015 18,205,265
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Expenses
Selling 11,149,364 8,155,972
General and administrative 4,193,387 3,095,802
Interest on long-term debt 120,578 190,727
Interest on short-term debt 7,725 58,175
Amortization 1,926,195 1,257,190
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17,397,249 12,757,866
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Income before income taxes 7,695,766 5,447,399
Income tax expense 928,858 891,543
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Net income for the period 6,766,908 4,555,856
Undistributed income, beginning of period 11,610,381 10,058,529
Cash distributions declared (5,671,544) (3,004,004)
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Undistributed income, end of period 12,705,745 11,610,381
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Net income per unit
Basic 1.17 0.82
Diluted 1.15 0.81
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Period ended December 31
2004 2003
$ $
(12 months) (9 months)
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OPERATING ACTIVITIES
Net income for the period 6,766,908 4,555,856
Items not affecting cash
Amortization 1,926,195 1,257,190
Stock based compensation 225,292 24,150
Future income taxes 495,059 2,074,653
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9,413,454 7,911,849
Net change in non-cash working capital 3,153,266 (3,210,814)
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Cash provided by operating activities 12,566,720 4,701,035
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FINANCING ACTIVITIES
Decrease in bank indebtedness (1,574,393) (226,347)
Increase (repayment) of long-term debt (3,367,247) 688,500
Distribution payments (5,421,453) (3,000,686)
Cash received on exercise of options 1,702,976 361,637
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Cash used in financing activities (8,660,117) (2,176,896)
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INVESTING ACTIVITIES
Purchase of property, plant and equipment (2,078,424) (2,102,096)
Deferred charges and other assets, net 38,258 47,463
Other assets (30,000) (220,025)
Increase (decrease) in investments - 7,777
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Cash used in investing activities (2,070,166) (2,266,881)
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Net increase in cash 1,836,437 257,258
Cash, beginning of period 257,258 -
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Cash, end of period 2,093,695 257,258
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Big Rock is a regional producer and marketer of premium quality beers, headquartered in Calgary, Alberta, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Big Rock's products are available in draught, bottles and cans. The Company also produces or distributes cider and cooler products. Big Rock products are marketed in seven provinces and three territories in Canada. Big Rock Brewery Income Trust (TSX:BR.UN) |
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