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BOSTON BEER REPORTS
FOURTH QUARTER 2011 RESULTS
BOSTON, MA (2/22/12) The Boston Beer Company, Inc. (NYSE: SAM) reported net income for the fourth quarter of $17.8 million, or $1.33 per diluted share, an increase of $5.6 million, or $0.46 per diluted share, from the fourth quarter of 2010. This increase was primarily due to increased core shipment volume and the favorable impact of a state income tax settlement in the fourth quarter, partially offset by increased advertising, promotional and selling expenses. Net revenue for the fourth quarter of 2011 was $142.1 million, an increase of $26.3 million, or 23%, over the fourth quarter last year, mainly due to core shipment volume gains with minor improvement in pricing. For the twelve months ended December 31, 2011, net revenue increased by 11% to $513.0 million and the Companys earnings per diluted share, inclusive of the recall settlement, were $4.81, an increase of $1.29 per diluted share compared to 2010.
Highlights of this release include:
Earnings per diluted share of $1.17 for the quarter and $3.73 year to date, excluding the favorable impact of $0.16 per diluted share from a state income tax settlement in the fourth quarter and the favorable impact of $0.92 per diluted share of the recall settlement received in the second quarter.
Depletions growth of 4% for the fourth quarter and 7% for the full year, with one less selling day in the fourth quarter and equal selling days for the full year.
Shipments growth of 19% for the 14 week fiscal fourth quarter as compared to the prior year fourth quarter that included only 13 weeks and shipment growth of 9% for the 53 week fiscal year compared to the prior fiscal year which included only 52 weeks.
On a calendar year basis our shipments growth and depletion growth were equivalent at approximately 7% for the full year.
Gross margin of 56% for the fourth quarter and 55% for the full year.
Advertising, promotional and selling expense increase of $5.0 million, or 14%, for the fourth quarter and $21.5 million, or 16% for the year, primarily due to planned increased investments behind our brands.
During the year, approximately 760,000 shares of Class A Common Stock were repurchased at a cost of approximately $62.8 million.
Estimated 2012 depletion growth of between 6% and 9% and full year 2012 earnings per diluted share of $3.80 to $4.20.
Jim Koch, Chairman and Founder of the Company, commented, I am pleased that in 2011 The Boston Beer Company continued to lead the craft beer industry both in innovation and variety. We brewed and sold more than 50 distinct styles of Samuel
The following information was filed by Boston Beer Co Inc (SAM) on Wednesday, February 22, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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