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Exhibit 99
Investor Relations Contact: | Media Contact: | |||||
Allison Masley | Jessica Paar | |||||
(617) 368-5152 | (617) 368-5060 |
BOSTON BEER REPORTS
THIRD QUARTER 2018 RESULTS
BOSTON, MA (10/25/18) The Boston Beer Company, Inc. (NYSE: SAM) reported third quarter 2018 net revenue of $306.9 million, an increase of $59.8 million or 24.2% from the third quarter of 2017, mainly due to an increase in shipments of 23.5%. Net income for the third quarter was $38.0 million, or $3.21 per diluted share, an increase of $4.3 million or $0.43 per diluted share from the third quarter of 2017. This increase was primarily due to increases in net revenue and lower income taxes that were partially offset by increased advertising, promotional and selling expenses and lower gross margins. The lower income taxes related to the Tax Cuts and Jobs Act of 2017 include a favorable one-time impact of $0.38 per diluted share.
Earnings per diluted share for the 39-week period ended September 29, 2018 were $5.96, an increase of $0.42 from the comparable 39-week period in 2017. Net revenue for the 39-week period ended September 29, 2018 was $770.4 million, an increase of $113.8 million, or 17.3%, from the comparable
39-week period in 2017.In the third quarter and the 39-week period ended September 29, 2018, the Company recorded a tax benefit of $0.01 per diluted share and $0.34 per diluted share, respectively, resulting from the 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 increased 18% and 13% from the comparable 13 and 39-week periods in 2017. |
| Full year 2018 depletions growth is now estimated to be between 12% and 15%, an increase from the previously communicated estimate of between 7% and 12%. |
| Gross margin was 51.2% for the third quarter, a decrease from 53.2% in the comparable 13-week period in 2017, and 51.3% for the 39-week period ending September 29, 2018, a decrease from 52.1% in the comparable 39-week period in 2017. The Companys full year gross margin target is now between 50% and 52%, a decrease of the range from the previously communicated estimate of between 51% and 53% |
| Advertising, promotional and selling expense increased by $24.1 million, or 37.9%, in the third quarter over the comparable period in 2017 and increased $56.6 million, or 30.5%, from the comparable 39-week period in 2017. |
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Boston Beer Co Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The Company intends to increase advertising, promotional and selling expenses by between $15 million and $25 million for the full year 2018, not including any changes in freight costs for the shipment of products to Distributors.
The Company intends to increase advertising, promotional and selling expenses between $25 million and $35 million for the full year 2018, not including any changes in freight costs for the shipment of products to Distributors.
The Company invests in advertising and promotional campaigns that it believes will be effective, but there is no guarantee that such investments will generate sales growth.
The Company invests in advertising and promotional campaigns that it believes will be effective, but there is no guarantee that such investments will generate sales growth.
Full-year 2018 gross margins are currently expected to be between 50% and 52%, a decrease of the previously communicated estimate of between 51% and 53%.
Shipments for the quarter increased...Read more
Cash increased to $68.9 million...Read more
Inventory at Distributors participating in...Read more
The $39.6 million decrease in...Read more
The Company intends to increase...Read more
The Company intends to increase...Read more
Investing activities primarily consisted of...Read more
Financial Statements, Disclosures and Schedules
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Boston Beer Co Inc provided additional information to their SEC Filing as exhibits
Ticker: SAM
CIK: 949870
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-18-307770
Submitted to the SEC: Thu Oct 25 2018 12:32:39 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Saturday, September 29, 2018
Industry: Malt Beverages