Company has record first quarter
Boston Beer Co. reported fiscal first-quarter profit more than tripled due to greater sales and higher prices.
Boston Beer said it sold nearly 400,000 barrels of its beverages, or 22% more than what it sold in the prior-year period.
Not all of that was beer, but by comparison only two other craft breweries in the country – Sierra Nevada Brewing and New Belgium Brewing – produced as in all of 2006 as Boston Beer made in the first quarter.
First quarter 2007 net revenue was $72.4 million, an increase of 27.4% over the first quarter 2006.
The growth was driven by a 23.7% core shipment volume increase and a net revenue per barrel increase for core products of approximately 3%.
Jim Koch, Chairman and Founder of the Company, commented, “We achieved 18% depletions growth in the first quarter. We feel very positive about this growth and the continued overall positive craft beer category trends. I believe that as the leading craft brewer, the company should continue to benefit from the increasing support of retailers and wholesalers for craft beers, as they recognize the potential of this fast growing and profitable category. Beer drinkers are continuing to trade up to better beers. I believe that the quality of the Samuel Adams brand and our unique beers position us well to meet this growing drinker interest.”
The company has mentioned no definitive plans for the $200 million brewery project tentatively planned for outside of Boston.
“The company continues to assess the viability of constructing a brewery in the northeast…we anticipate a thorough analysis of the site will be completed by mid-year 2007,” stated Martin.