Big Rock Brewery Inc.announced its financial results today for the quarter ended March 31, 2014.
Financial and Operating Highlights
* A net loss of $310 thousand for the quarter ended March 31, 2014 was incurred as compared to net income of $92 thousand in the quarter ended March 31, 2013;
* Reported sales volumes decreased 19.0% to 34,100 hectolitres ("hl") for the first quarter of 2014 as compared to 42,098 hl for the first quarter of 2013;
* Overall sales volumes were negatively impacted by aggressive and growing competition in the Alberta beer market, reduced promotional pricing activity, discontinuance or delay of certain package configurations and poor spring weather;
* Volume growth occurred in premium-priced brands, including Fowl Mouth ESB-Big Rock's best-selling Brewmaster's Edition beer to date;
* The Corporation released four new limited edition beers in the first quarter and expects to release 25 additional limited edition products during the remainder of 2014;
* New products and initiatives introduced subsequent to the first quarter are expected to provide incremental sales volumes with partial benefit in the second quarter and full benefit in the third quarter; and
* Big Rock's new brewery in British Columbia is under construction, with expected production and sales in the third quarter of 2014.
