Sales increase of 15% helps narrow loses
Pyramid Breweries saw its losses narrow last year as it tallied up impressive sales growth last year.
Pyramid posted a net loss of $1.05 million, down from a loss of $2.8 million in 2004.
Annual sales topped $50.0 million for the year ended December 31, 2005, for the first time in Pyramid’s history, reaching an all time high of $50.9 million, an increase of $8.7 million over prior year’s sales of $42.2 million, primarily resulting from the 15% annual volume growth in the Pyramid brand family.
Also contributing to the increase was a full year of sales of the MacTarnahan’s brands, acquired in the 2004 asset purchase agreement with the Portland Brewing Company.
“A strong craft beer market and our investment in sales and marketing resources in the beverage division earlier in the year have contributed to significant top line volume and revenue growth,” said Pyramid CEO John Lennon.
“2005 can be characterized as a year in which we laid a foundation for growth by leveraging our flagship brand, Pyramid HefeWeizen Beer.”