Mr. Robert Sartor reports
BIG ROCK BREWERY INC. ANNOUNCES 2013 FIRST QUARTER FINANCIAL RESULTS
Big Rock Brewery Inc. has released its financial results for the quarter ended March 31, 2013.
Net income for the quarter ended March 31, 2013, was $92,000 compared with $108,000 in the quarter ended March 31, 2012. Operating profit was $129,000 compared with $80,000 for the first quarter of 2012. This improvement in operating profit resulted from lower operating expenses, as well as higher margins per hectolitre, which are attributable to reduced promotional pricing and an overall increase in selling prices compared with 2012.
The growth in operating profit was achieved despite an 11.5-per-cent decrease in the total volume of Big Rock's sales in the first quarter of 2013 as compared with the same period in the prior year. Sales volumes for the quarter ended March 31, 2013, were 42,098 hectolitres as compared with 47,567 hectolitres for the same quarter in 2012. Big Rock's continued shift in emphasis from volume growth to operating profit maximization has meant that volume-driven price promotions utilized in the first quarter of 2012 were scaled back significantly for the first quarter of 2013, resulting in comparatively lower sales volumes but higher profit margins.
The financial statements and management's discussion and analysis dated May 2, 2013, will be available on Big Rock's website and on SEDAR under Big Rock Brewery Inc.
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