Boston Beer Co. Inc. reported unaudited consolidated earnings results for the first quarter ended March 30, 2013. For the quarter, the company's net revenue was $135,932,000 compared to $113,271,000 a year ago, mainly due to core shipment growth of 18%. Operating income was $9,686,000 compared to $11,841,000 a year ago. Income before income tax provision was $9,562,000 compared to $11,839,000 a year ago. Net income was $6,912,000 or $0.51 per diluted share compared to $7,493,000 or $0.56 per diluted share a year ago. This decrease was primarily due to higher cost of goods and increased investments in advertising, promotional and selling expenses that were only partially offset by net revenue increases and a favorable tax settlement in the first quarter of 2013. Net cash used in operating activities was $12,831,000 compared to net cash provided by operating activities of $1,753,000 a year ago. Purchases of property, plant and equipment was $21,177,000 compared to $13,518,000 a year ago. The company provided earnings guidance for the full year of 2013. For the year, the company has left unchanged its projection of 2013 earnings per diluted share of between $4.70 and $5.10. The company's actual 2013 earnings per share could vary significantly from the current projection. Full-year 2013 gross margins of between 53% and 55%, due to anticipated price increases not fully covering anticipated cost pressures and some product mix changes. The company is estimating effective tax rate of approximately 37%. Full year spending on capital investments of between $70 million and $85 million, most of which relate to continued investments in the company's breweries and additional keg purchases.

Boston Beer Co. Inc., Q1 2013 Earnings Call, May 01, 2013

Boston Beer Co. Inc. announced that they will report Q1, 2013 results at 5:00 PM, US Eastern Standard Time on May 01, 2013