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|Investor Relations Contact:||Media Contact:|
|Jennifer Larson||Jessica Paar|
|(617) 368-5152||(617) 368-5060|
BOSTON BEER REPORTS
SECOND QUARTER 2017 RESULTS
BOSTON, MA (7/27/17) The Boston Beer Company, Inc. (NYSE: SAM) reported second quarter 2017 net revenue of $247.9 million, an increase of $3.1 million or 1%, from the same period last year. Net income for the second quarter was $29.1 million, or $2.35 per diluted share, an increase of $2.5 million or $0.29 per diluted share, from the second quarter of 2016. This increase was primarily due to increases in net revenue and an increase in gross margin that were partially offset by increased advertising, promotional and selling expenses.
Earnings per diluted share for the 26-week period ended July 1, 2017 were $2.79, an increase of $0.21 from the comparable 26-week period in 2016. Net revenue for the 26-week period ended July 1, 2017 was $409.6 million, a decrease of $24.0 million, or 6%, from the comparable 26-week period in 2016.
In the second quarter and the 26-week period ended July 1, 2017, the Company recorded a tax benefit of $0.02 per diluted share and $0.30 per diluted share, respectively, resulting from the adoption of the new Accounting Standard Employee Share-Based Payment Accounting (ASU 2016-09), which was effective for the Company on January 1, 2017.
Highlights of this release include:
|||Depletions decreased 3% and 7% from the comparable 13 and 26 week periods in the prior year.|
|||Estimated full-year 2017 depletion and shipment change of between minus 7% and plus 1% remains unchanged. The 2017 fiscal year includes 52 weeks compared to the 2016 fiscal year, which included 53 weeks.|
|||Gross margin was 54.1% for the second quarter, an increase from 51.8% in the comparable 13-week period in 2016, and 51.4% for the 26-week period ending July 1, 2017, an increase from 50.4% in the comparable 26-week period in 2016. The Company maintains its full year gross margin target of between 51% and 52%.|
|||Advertising, promotional and selling expense increased by $4.6 million, or 7%, in the second quarter over the comparable period in 2016 and decreased $1.0 million, or 1%, from the comparable 26-week period in 2016.|
|||Based on current spending and investment plans, full year 2017 Non-GAAP earnings per diluted share1, which excludes the impact of ASU 2016-09, is now estimated at between $5.00 and $6.20, a narrowing of the range from the previously communicated estimate of $4.20 to $6.20.|
|1||See Outlook below for additional information regarding non-GAAP forward-looking measures used in this press release.|
The following information was filed by Boston Beer Co Inc (SAM) on Thursday, July 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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