BIG ROCK BREWERY REPORTS FIRST QUARTER SALES GROWTH
BIG ROCK BREWERY REPORTS FIRST QUARTER SALES GROWTH CALGARY, Alberta, Aug. 13 /PRNewswire/ -- Big Rock Brewery Ltd.
(NASDAQ: BEER F) announced a 16 percent increase in sales in the first quarter ended June 30, 1992 over the same period in 1991. To accommodate this growth, a new plant expansion doubling the capacity of the brewery should be in operation by mid-August.
Net sales for the company increased from approximately $1.5 million during the first quarter in 1991 to approximately $1.8 million for the same period in 1992. Cash flow provided by operating activities increased from $372,580 to $420,077, an increase of 12.7 percent or $.11 per share. Net income before taxes, for the period ended June 30, 1992, increased to $395,477 from $338,605, or an increase of 17 percent. Although during the first quarter of 1991, the company had non- capital losses available to reduce taxable income, for the first quarter of 1992, there were no capital losses to offset income. Primarily as a result of income taxes, net earnings after income taxes decreased from $323,755 to $312,477 or 3 percent over the same period in 1991. "In spite of the recession in Alberta, we are pleased to announce that several initiatives taken by Big Rock Brewery during the first quarter have been successful," says Big Rock Brewery president, Ed McNally. "As a regional beer producer, our business outlook is indeed positive as the company expands its operations to meet the challenge of our new and existing markets." Big Rock Brewery recently completed a share offering of 700,000 shares through Mitchum, Jones & Templeton Inc. of Los Angeles. The stock was listed and approved for trading on the NASDAQ system under the symbol "BEER F." Net proceeds of $2,513,000 was applied to reducing bank indebtedness which, at the end of July 1992, stood at $390,000. Since the year ended March 31, 1992, the company has invested approximately $1.1 million in a new plant and equipment. Included in the plant expansion is the addition of a Krones Filler, which reduces oxygen in the beer so the flavour is not compromised and the shelf life is extended considerably. This state-of-the-art process plus a multistage, cold filtration system allows Big Rock Brewery to distribute its beers without using any additives, preservatives or pasteurization. By introducing new technology to the ancient art of brewing, Big Rock Brewery has successfully extended its geographic market from the Yukon to Southern California. To assist with the rapid growth of the company's sales and distribution in California, Big Rock Brewery has entered into an agreement with a full-time marketing consultant. Headquartered in Calgary, Alberta, Canada, Big Rock Brewery Ltd. was incorporated in 1984 as a regional producer and supplier of specialty draught and bottled beer. The company's products are primarily marketed in Alberta, Seattle, San Francisco and Los Angeles. -0- 8/13/92 /CONTACT: Ed McNally, president of Big Rock Brewery, 403-279-2917/ (BEER.F) CO: Big Rock Brewery Ltd. ST: Alberta IN: FOD SU: ERN
JL -- LA024 -- 9649 08/13/92 12:46 EDT
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|Date:||Aug 13, 1992|
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