Big Rock Brewery Income Trust announces second quarter financial results.
Calgary, AB, August 5, 2010 – Big Rock Brewery Income Trust (TSX:BR.UN) ("Big Rock" or the "Trust") announced its financial results today for the three and six months ended June 30, 2010. Net income for three months ended June 30, 2010 fell slightly to $2.1 million from $2.4 million for the same three month period in 2009. Year-to-date net earnings totaled $3.7 million for the first six months of 2009, consistent with $3.8 million for the same period last year. Management believes the weather adversely impacted earnings in the second quarter, eroding some of the gains made earlier in the year.
President of Big Rock Brewery, Bill McKenzie, commented on the results by saying, "Despite the colder weather we've been experiencing this summer, I am very pleased to see continued growth in our sales volumes. While it has been an unusually damp patio season this has still been a very busy time for us at the brewery, having just wrapped up the launch and introduction of our newest brew, Gopher Lager."
Net earnings for the three and six months include charges of approximately $391 thousand and $782 thousand, respectively, relating to amounts accrued under the Trust's incentive plan, under which no similar amounts were recorded for the same periods last year. Adjusting for these amounts, net earnings for the quarter were consistent with those of 2009 and stronger than the first half of last year.
CEO and Chairman of Big Rock, Ed McNally said, "2009 was an incredibly successful year for all of us at Big Rock, and it's encouraging to see sales continuing to grow this year. The weather and economy continue to challenge the beer industry and we are pleased with our performance."
The Financial Statements and Management Discussion and Analysis dated August 5, 2010 can be viewed on Big Rock's website at www.bigrockbeer.com/corporate and on SEDAR at www.sedar.com under Big Rock Brewery Income Trust.
The Trust is an unincorporated open-ended limited purpose trust established under the laws of the Province of Alberta. The Trust owns all of the securities of Big Rock Brewery Operations Corp. and Big Rock Brewery Limited Partnership, which entitles the Trust to receive all cash flow available for distribution from the business after debt service payments, maintenance capital expenditures and other cash requirements.
About Big Rock Brewery
Big Rock - headquartered in Calgary, Alberta - continues to produce premium, all-natural craft beers. As Canada's leading craft brewer Big Rock Brewery boasts a family of twelve exceptional ales and lagers, Rock Creek dry apple cider as well as an ongoing selection of seasonal beers. Big Rock products are sold in nine provinces and three territories in Canada and, oddly enough, they are also available in Korea.
For more information on Big Rock Brewery visit bigrockbeer.com.
For further information, please contact:
Aisling (Ash-ling) Tomei
Manager, Corporate Relations
Direct: (403) 203-3746
Email: atomei@bigrockbeer.com
Dwayne Dubois, CGA, CA
Chief Financial Officer
Direct: (403) 720-4465
Fax: (403) 236-7523
5555-76th Avenue S.E.
Calgary, Alberta Canada
T2C 4L8
Phone: (403) 720-3239
Toll Free: 1(800) 242-3107
beer@bigrockbeer.com