Big Rock Brewery Ltd. Announces Second Quarter Results.Business Editors 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--(BUSINESS WIRE)--Nov. 6, 2002 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. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BEER)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BR.TO), one of North America's leading specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. brewers This is a list of member brewers of the Brewers Association. Numbered
Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. revenue increased to $11,269,829 this quarter from $10,519,665 in the same quarter last year, a 7% increase. In terms of volume, hectoliters sold increased to 44,614 from 38,555 the previous year, a 16% increase. Revenue net of government taxes and commissions increased to $8,849,698 from $7,800,233 last year a 13% increase. This improvement is primarily due to increased sales volume as well as the decrease in the 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. Government markup (text) markup - In computerised document preparation, a method of adding information to the text indicating the logical components of a document, or instructions for layout of the text on the page or other information which can be interpreted by some automatic system. on beer charged to the small 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. sector effective April 5, 2002. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Net income for the quarter was $925,129 up 30% from $709,260 last year. Earnings per share for the quarter were $0.17 compared to $0.14 last year.
Selected financial information follows:
Big Rock Brewery Ltd.
CONSOLIDATED BALANCE SHEET
September 30,
2002
$
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(unaudited)
ASSETS
Current
Cash and cash equivalents 649,564
Accounts receivable 2,438,514
Inventories 3,450,863
Prepaid expenses and other 542,836
Investments 7,817
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7,089,594
Capital assets 27,925,420
Long-term investment -
Deferred charges 229,261
Goodwill 727,218
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35,971,493
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 741,150
Accounts payable and accrued liabilities 1,825,953
Income tax payable 972,224
Current portion of long-term debt 1,696,784
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5,236,111
Long-term debt 1,450,501
Future income taxes 4,711,235
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11,397,847
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Shareholders' equity
Share capital 14,194,688
Retained earnings 10,378,958
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24,573,646
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35,971,493
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Big Rock Brewery Ltd.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND RETAINED EARNINGS
Three Months Ended
September 30
-------------------
2002 2001
$ $
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(unaudited)
Revenue
Sales 11,269,829 10,519,665
Government taxes and commissions 2,420,131 2,719,432
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8,849,698 7,800,233
Cost of sales 3,398,328 3,027,006
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Gross profit 5,451,460 4,773,227
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Expenses
Selling, general and administrative 3,358,203 3,256,148
Interest 111,175 101,070
Amortization 441,912 339,654
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3,911,290 3,696,872
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Income before income taxes 1,540,170 1,076,355
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Current income tax expense 571,577 110,129
Future income tax expense 43,464 256,967
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615,041 367,096
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Net income for the period 925,129 709,260
Retained earnings, beginning of period 9,453,829 7,899,328
Redemption of common shares - -
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Retained earnings, end of period 10,378,958 8,608,588
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Net income per share
Basic and diluted 0.17 0.14
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Big Rock Brewery Ltd.
CONSOLIDATED STATEMENT OF CASH FLOWS
September 30 2002
$
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(unaudited)
Operating Activities
Net income for the period 1,726,815
Items not affecting cash:
Amortization and writedown of assets 830,400
Future income taxes 71,835
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2,629,050
Net change in non-cash working capital (243,485)
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Cash provided by operating activities 2,385,565
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Financing Activities
Decrease in bank indebtedness (1,116,732)
Repayment of long-term debt (919,524)
Share repurchase -
Shares issued by private placement -
Shares issued on exercise of options 287,698
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Cash used in financing activities (1,748,558)
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Investing Activities
Purchase of capital assets (763,295)
Deferred charges (25,306)
Acquisition of Bear View (215,000)
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Cash used in investing activities (1,003,601)
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Net decrease in cash (366,594)
Cash and cash equivalents, beginning of period 1,016,158
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Cash and cash equivalents, end of period 649,564
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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 . The Company'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 five provinces and three territories in Canada and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . |
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