Brick Brewing Co. Limited (BRB.TO: Quote), owner of beer brands like Laker and Red Baron, Thursday reported profit for the third quarter over loss in the same period last year, chiefly due to a 27 percent growth in revenue.
The company posted a profit of $683.263, or $0.02 per share, compared with a loss of $416.252, or $0.01 per share, a year earlier.
For the third quarter of fiscal 2014, EBITDA rose to $1.89 million from $0.4 million a year earlier.
During the three months to October, net revenues increased to $9.56 million from $7.54 million in the same period last year.
The company stated, “In an environment where the overall beer category volume was largely flat in the third quarter, we’ve been able to show growth in our supported brands while also significantly improving our EBITDA performance. This is a testament to our focus on the category segments with higher growth and margin – premium craft beer as well as coolers and ciders.”
Brick Brewing also said that it experienced volatility in its earnings from second to third quarter, due to timing of brand support activities, but expects to return to normalized quarterly performance in the future.
Wednesday, the stock closed at $1.25 on the Toronto Stock Exchange.
by RTT Staff Writer
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