Marketwire
CALGARY, ALBERTA--(Marketwired - Nov. 8, 2013) - Big Rock Brewery Inc. (TSX:BR) ("Big Rock") announced its financial results today for the quarter ended September 30, 2013.
Net income for the quarter ended September 30, 2013 was $1.2 million compared to $1.7 million in the quarter ended September 30, 2012. Operating profit for the quarter was $1.6 million compared to $2.4 million for the same quarter in 2012. Big Rock's sales volumes in the third quarter of 2013 were 52,110 hectolitres ("hl") as compared to 62,276 hl for the same period in the prior year. The reduction in sales volumes was driven by reduced promotional pricing activity, discontinuance of certain brands and the continued impact on several major Alberta customers of severe flooding in the prior quarter. The reduction in net income and operating profit resulted from the lower sales volumes as well as from incremental one-time costs due to severance on continued restructuring of the sales function and to costs associated with redesigned packaging. The impact of reduced sales volumes and one-time costs was partially mitigated by higher revenue per hl and lower ongoing operating expenses.
Progress continues on plans for the new B.C. brewery announced by the Corporation on September 5, 2013. The Corporation anticipates finalizing a site for the new facility in the near future and continues to expect it to be fully operational by the third quarter of 2014.
The Financial Statements and Management Discussion and Analysis dated November 8, 2013 will be available on Big Rock's website at www.bigrockbeer.com/corporate and on SEDAR at www.sedar.com under Big Rock Brewery Inc.
About Big Rock Brewery Inc.
Big Rock Brewery - headquartered in Calgary, Alberta - produces premium, all-natural craft beers. As Canada's leading craft brewer, Big Rock boasts a family of ten exceptional ales and lagers, Rock Creek dry cider, an ongoing selection of seasonal beers released through the Brewmaster's Edition and cutting-edge, limited-run brews released through the Alchemist Edition. Big Rock products are sold in nine provinces and two territories in Canada, and are also available in Korea.
For more information on Big Rock Brewery visit www.bigrockbeer.com.