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|Investor Relations Contact:||Media Contact:|
|Jennifer Larson||Jessica Paar|
|(617) 368-5152||(617) 368-5060|
BOSTON BEER REPORTS
FOURTH QUARTER 2017 RESULTS
BOSTON, MA (2/21/18) The Boston Beer Company, Inc. (NYSE: SAM) reported net revenue for the 13-week fiscal quarter ended December 30, 2017 of $206.3 million, a decrease of $13.1 million or 5.9% from the 14-week 2016 fiscal fourth quarter, mainly due to a decrease in shipments of 7.7%. Net income for the 2017 fourth quarter was $30.5 million, or $2.57 per diluted share, an increase of $8.4 million or $0.82 per diluted share from the fourth quarter of 2016. This increase was primarily due to a favorable one-time impact of $1.72 per diluted share related to the Tax Cuts and Jobs Act of 2017 that was enacted in December 2017 and an increase in gross margins, partially offset by the impact of lower shipments and higher brand investments.
Earnings per diluted share for the 52-week fiscal period ended December 30, 2017 were $8.09, an increase of $1.30, or 19.1%, from the 53-week fiscal period in 2016. Net revenue for the 52-week period ended December 30, 2017 was $863.0 million, a decrease of $43.5 million, or 4.8%, from the 53-week period in 2016.
In the fourth quarter and the 52-week period ended December 30, 2017, the Company recorded a tax benefit of $0.01 per diluted share and $0.36 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 10% for the 13-week 2017 fiscal fourth quarter compared to the 14-week 2016 fiscal fourth quarter. Depletions decreased 7% for the 52-week 2017 fiscal year compared to the 53-week 2016 fiscal year.|
|||Depletions decreased 2% for the comparable fourth quarter 13-week periods and 5% for the comparable 52-week periods.|
|||Gross margin for the 2017 fourth quarter was 52.4% and for the 2017 full year was 52.1%, an increase of 3.3 and 1.4 percentage points compared to the respective 2016 periods.|
|||Advertising, promotional and selling expenses in the fourth quarter increased $15.5 million or 27% compared to the fourth quarter of 2016 and increased $14.4 million or 5.9% for the full year.|
|||Year-to-date 2018 depletions through the six weeks ended February 10, 2018 are estimated by the Company to have increased approximately 6% from the comparable weeks in 2017.|
|||Full-year 2018 depletion and shipment change is now estimated between zero and plus 6%.|
|||Based on current spending and investment plans, full year 2018 Non-GAAP earnings per diluted share1, which excludes the impact of ASU 2016-09, is now estimated at between $6.30 and $7.30.|
|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 Wednesday, February 21, 2018 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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