The Corporation reported a net income of
"Our transition back to the innovation and premium quality that was, for many years, the hallmark of our brand is on schedule," said
With respect to the Big Rock expansion into
Financial and Operating Highlights
-- Volume growth occurred in premium-priced brands, including Fowl Mouth ESB-Big Rock's best- selling Brewmaster's Edition beer to date which ended its limited run in April. Big Rock's latest Brewmaster's Edition beer,
Rhine Stone Cowboy, has also enjoyed an enthusiastic market response, having outsold its 2013 equivalent, Rosmarinus, over 2-to-1 in its first two months; -- New products and initiatives introduced subsequent to the first quarter have provided incremental sales volumes with partial benefit in the second quarter and are expected to provide full benefit in the third quarter; -- The Corporation released five limited edition beers and two limited edition ciders in the second quarter (for a total of 11 products in the first six months of 2014) and expects to release 14 additional limited edition products during the remainder of 2014; and -- Selling costs for the three months ended June 30, 2014were higher than the same period in 2013 due to timing differences compared to 2013, particularly relating to sponsored events and new merchandise developed in accordance with Big Rock's recent rebranding. Financial and Operating Highlights Table Three months ended Six months ended June 30 June 30 $ thousands (unless otherwise stated) 2014 2013 2014 2013 ---------------------------------------------------------------------------- Sales volumes (hectolitres or hl) 46,597 51,266 80,698 93,365 Net revenue 10,414 11,635 17,561 20,639 Operating profit (loss) 342 1,806 (78) 1,935 Net income (loss) 276 1,369 (34) 1,461 Earnings (loss) per share (basic and diluted) $ 0.04 $ 0.22 $ (0.01) $ 0.24----------------------------------------------------------------------------
The Financial Statements and Management's Discussion and Analysis dated
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events or Big Rock's future performance. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "plans", "expects", "intends" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this News Release not be unduly relied upon by investors as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this News Release and are expressly qualified, in their entirety, by this cautionary statement.
In particular, this News Release contains forward-looking statements pertaining to the following:
-- the number of additional limited edition products to be released; -- the success of new products and initiatives in the third and future quarters; -- the expectation that the new brewery in
British Columbiawill be operational within the fourth quarter; -- the timing of new products and initiatives and the extent to which they will provide incremental sales volumes; and -- the expectation for expansion in other markets.
With respect to the forward-looking statements listed above and contained in this News Release, management has made assumptions regarding, among other things:
-- new products and services introduced will result in incremental sales volumes; and -- permitting and other construction activities will be able to be secured and/or completed within expected timeframes.
Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking information and statements contained herein include, but are not limited to:
-- the inability to secure the requisite regulatory approvals to market the full production of the new facility in
British Columbiawithin the timeframe indicated; and -- the inability to secure and complete construction services for the new facility within the timeframe indicated.
Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking information and statements included in this News Release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Big Rock Brewery Inc. Robert SartorPresident and Chief Executive Officer (403) 720 3239 Big Rock Brewery Inc. Barbara FeitChief Financial Officer (403) 720 3239 (403) 720 3641 (FAX) firstname.lastname@example.org Source: Big Rock Brewery Ltd.Partnership