Fourth Quarter Highlights:
- Net Revenue for the quarter grew 15.3% to $28.2 million compared to $24.5 million in the prior year
- EBITDA* for the quarter was $5.4 million, growth of 67.0%, compared to $3.2 million in the prior year
- Gross Profit Margin for the quarter was 23.2% compared to 18.1% in the prior year
- Selling, marketing and administration for the quarter increased to $3.2 million, compared to $3.0 million in the prior year
- The Board of Directors re-affirmed the quarterly dividend, at $0.0304/share, payable June 1, 2022, to shareholders of record as of May 18, 2022. The dividend is classified as an eligible dividend
Full Year Highlights:
- Net Revenue increased 28.9% to $111.8 million, from $86.7 million in the prior year
- Reported EBITDA* for the year was $21.0 million, representing a 38.2% increase versus the prior year's $15.2 million
- Gross Profit Margin was 25.7% compared to 23.9% in the prior year
- Selling, marketing and administration expenses increased to $15.1 million from $11.9 million in the prior year
KITCHENER, ON, April 7, 2022 /CNW/ - Waterloo Brewing Ltd. ("Waterloo Brewing" or the "Company") (TSX: WBR), Ontario's largest Canadian-owned brewery, has released results for the fourth quarter and full-year ended January 31, 2022. Waterloo Brewing posted a record annual EBITDA* of $21.0 million on net revenue of $111.8 million, which represents growth of 38% and 29% respectively.
"We are very proud of these results," said George Croft, President, and Chief Executive Officer of Waterloo Brewing. "Despite challenges across the industry such as supply chain disruptions, inflationary cost pressures and overall beer category softness, Waterloo Brewing continues to grow aggressively."
Waterloo Brewing was a top performer in an industry that experienced an overall volume decline of 3.2%. Nonetheless, Waterloo Brewing was able to attract and retain co-manufacturing partners and deliver strong results. Versus the prior year, co- manufacturing volume grew by 73% and overall owner brands volume remained flat. The Company's current record of performance is unique in the industry and is a testament to the Company's ability to capitalize on opportunities and maximize the potential for growth.
"Co-manufacturing is an essential part of our business," said Croft. "We are grateful for our partners and look forward to another successful year where we produce really innovative products for other growing brands."
With the newly installed second can line now fully operational, Waterloo Brewing is experiencing margin and revenue growth. To maintain this momentum and mitigate supply chain risks in the coming year, Waterloo Brewing is proactively securing supply of critical materials, as well as locking in pricing on key contracts in anticipation of continued rising supply costs.
"We would not see this level of growth without our phenomenally committed team," Croft said. "The level of dedication here at Waterloo Brewing is what will propel us forward into another year of great success and rapid growth."
The following financial information should be read in conjunction with the audited annual financial statements of the Company prepared under IFRS for the year ended January 31, 2022.