BOSTON, July 25, 2019 /PRNewswire/ -- The Boston
Beer Company, Inc. (NYSE: SAM) reported second quarter 2019 net
revenue of $318.4 million, an
increase of $45.3 million or 16.6%,
from the same period last year. Net income for the second
quarter was $27.9 million, or
$2.36 per diluted share, an increase
of $4.3 million or $0.38 per diluted share from the second quarter
of 2018. This increase was primarily due to increased
revenue, partially offset by lower gross margins and increases in
advertising, promotional and selling expenses.
Net revenue for the 26-week period ended June 29, 2019 was $570.1
million, an increase of $106.5
million, or 23.0%, from the comparable 26-week period in
2018. Earnings per diluted share for the 26-week period ended
June 29, 2019 were $4.38, an increase of $1.62 from the comparable 26-week period in
2018.
In the second quarter and the 26-week period ended June 29, 2019, the Company recorded a tax benefit
of $0.02 per diluted share and
$0.17 per diluted share,
respectively, resulting from the Accounting Standard "Employee
Share-Based Payment Accounting" ("ASU 2016-09").
On July 3, 2019, the Company
completed its merger with the Dogfish Head Brewery for a total
consideration consisting of $173.0
million in cash and 429,292 shares of restricted Class A
Stock, after taking into account a post-closing cash-related
adjustment. The Company plans to consolidate Dogfish Head
results into the Company's financial results beginning on
July 3, 2019. In the second
half of 2019, the Company expects Dogfish Head to add between 3%
and 4% in annual shipments and depletions growth and between
$50 million and $60 million in net revenues at a gross margin of
approximately 50%. The Company estimates Dogfish Head
operating expenses will be between $20
million and $25 million in the
second half of 2019. These estimates include transaction
related costs and other non-recurring costs of approximately
$8.0 million of which $1.5 million has been incurred and expensed as of
June 29, 2019. Excluding these
transaction related costs and other non-recurring costs, the
Company currently estimates that the merger impact will be neutral
to slightly accretive to full-year 2019 earnings per diluted
share.
Highlights of this release include:
- Depletions increased 17% and 15% from the comparable 13 and 26
week periods in the prior year.
- Shipments increased 17% and 23% from the comparable 13 and 26
week periods in the prior year.
- Full year 2019 shipments and depletions growth including
Dogfish Head beginning July 3, 2019
is now estimated to be between 17% and 22%, an increase from the
previously communicated estimate of between 10% and 15%.
- Excluding the Dogfish Head impact, full year 2019 shipments and
depletions growth is now estimated to be between 13% and 18%.
- Gross margin was 49.9% for the second quarter, a decrease from
52.0% in the comparable 13-week period in 2018, and 49.7% for the
26-week period ending June 29, 2019,
a decrease from 51.4% in the comparable 26-week period in 2018. The
Company's full year gross margin target is now between 50% and 51%,
a narrowing down of the previously communicated estimate of between
50% and 52%.
- Advertising, promotional and selling expense increased by
$7.6 million, or 8.7%, in the second
quarter over the comparable period in 2018 and increased
$11.8 million, or 7.6%, from the
comparable 26-week period in 2018.
- Based on current spending and investment plans, full year 2019
Non-GAAP earnings per diluted share1, which excludes the
impact of ASU 2016-09, is now estimated at between $8.30 and $9.30, an
increase from the previously communicated estimate of $8.00 and $9.00.
- Full year 2019 capital spending is now estimated to be between
$120 million and $140 million, an increase from the previously
communicated estimate of $100 million
to $120 million.
Jim Koch, Chairman and Founder of
the Company, commented, "We achieved depletions growth of 17% in
the second quarter, an increase from depletions growth of 11% in
the first quarter. I am tremendously proud of the efforts of
our coworkers in achieving our fifth consecutive quarter of
double-digit growth, while maintaining a focus on quality and
innovation. We were delighted to learn that, for the ninth
year out of the last eleven years, our distributors ranked us the
number one beer supplier in the industry, in the annual poll of
beer distributors conducted by Tamarron Consulting, a consulting
firm specializing in the alcohol beverage distribution
industry. This is a result of the efforts of all Boston Beer
coworkers to service and support our distributors' businesses and
to the strong relationships we have built with them. We are still
seeing challenges across the industry, including a general
softening of the part of the craft beer category that goes through
the three-tier distribution system and retail shelves that offer an
overwhelming number of options to drinkers. We remain positive
about the future of craft beer and are happy that our diversified
brand portfolio continues to fuel double-digit growth. We are
disappointed with our Samuel Adams brand trends and continue to
evolve our brand messaging. During the quarter we had success
with continued growth of Samuel Adams New England IPA and our new
"lighter and brighter" recipe for Samuel
Adams Summer Ale as well as a significant package redesign.
We plan to continue to invest to improve trends and remain focused
on the longer-term goal of returning Samuel Adams to
growth."
Mr. Koch continued, "We are excited about our recent merger with
Dogfish Head Brewery that we completed on July 3, 2019. Dogfish Head has a proud
history as a craft beer pioneer with a brand that is beloved by
American consumers and highly respected by the industry. This
combination is the right fit as both Boston Beer and Dogfish Head
have a passion for brewing and innovation. We share the same values
and we will learn a lot from each other as we continue to invest in
the high-end beer category. I am very happy that Sam Calagione of Dogfish Head will be joining
our management team at Boston Beer. He is a tremendous
friend, innovator and brewer, and we have a bright future together
with Sam and his off-centered Dogfish team."
Dave Burwick, the Company's
President and CEO stated, "First half shipments growth was higher
than depletions as we took active steps to ensure adequate
distributor inventory levels to support drinker demand during the
peak summer months. Our depletions growth in the second
quarter was a result of increases in our Truly Hard Seltzer and
Twisted Tea brands that were only partially offset by decreases in
our Samuel Adams and Angry Orchard brands. Truly continues to
grow beyond our expectations. We are launching Truly draft
nationally this quarter while we continue to expand distribution
across all channels. In addition, we are launching a new,
high-profile ad campaign for Truly featuring noted comedian
Keegan-Michael Key as we believe we
can further improve our position as a leader in hard seltzer by
building a meaningful and relevant brand. Twisted Tea
continues to generate consistent double-digit volume growth.
While Angry Orchard's volume declined against the first half 2018
national roll out of Angry Orchard Rosé, we are excited about our
brand investment plans for the second half and the national rollout
of Angry Orchard Crisp Unfiltered, a traditional American Cider
with a less sweet, fresh apple taste. I am pleased that our
overall business has shown great momentum and depletion
improvements during the first half of the year. Given our trends
for the first half and our current view of the remainder of the
year, we've adjusted our expectations for higher 2019 full-year
earnings, depletions and shipment growth, which is primarily driven
by the strong performance of our Truly brand and the inclusion of
the Dogfish Head business in our second half results."
Mr. Burwick continued, "While we are pleased with our overall
first half performance, our accelerated depletions growth has been
challenging operationally. We have been operating at capacity for
many months and have increased our usage of third-party breweries
during the quarter in response to the growth. In particular,
the additional Truly volumes have come at a higher incremental
cost, due to an increased usage of third-party breweries and a
higher percentage of variety packs in the company's overall mix,
which is negatively impacting our gross margin expectation for the
year. Our new automated variety pack can line in our Pennsylvania
Brewery that began production this quarter should help relieve
these pressures as it ramps up during the third quarter. We will
continue to invest to increase capacity as appropriate to meet the
needs of our business and take full advantage of the fast-growing
hard seltzer category. We're in a very competitive business
and we are optimistic for continued growth of our current brand
portfolio and we remain prepared to forsake short-term earnings as
we invest to sustain long-term profitable growth, in line with the
opportunities that we see."
2nd Quarter 2019 Summary of Results
Depletions increased 17% from the comparable 13-week period in
the prior year. Shipment volume was approximately 1.4 million
barrels, a 17% increase from the comparable 13-week period in the
prior year.
Shipments for the first half increased at a higher rate than
depletions and resulted in significantly higher distributor
inventory as of June 29, 2019 when
compared to June 30, 2018. The
Company believes distributor inventory as of June 29, 2019 averaged approximately 3 weeks on
hand and was at an appropriate level based on the supply chain
capacity constraints and inventory requirements to support the
forecasted growth of Truly and Twisted Tea brands over the summer.
The Company expects wholesaler inventory levels in terms of weeks
on hand to remain between 2 and 4 weeks for the remainder of the
year.
Gross margin of 49.9% decreased from the 52.0% margin realized
in the comparable 13-week period in 2018, primarily as a result of
higher processing costs due to increased production at third party
breweries and higher temporary labor requirements at Company-owned
breweries to support increased variety pack volumes, partially
offset by price increases and cost saving initiatives at
Company-owned breweries.
Advertising, promotional and selling expenses increased
$7.6 million from the comparable
13-week period in 2018, primarily due to increased investments in
local marketing, media and production, higher salaries and benefits
costs and increased freight to distributors due to higher
volumes.
General and administrative expenses increased by $2.9 million from the comparable 13-week period
in 2018, primarily due to Dogfish Head transaction-related fees of
$1.5 million and increases in
salaries and benefits costs.
The Company's effective tax rate for the second quarter
increased to 26.9% from 24.4% in the comparable period in 2018.
This increase was primarily due to a lower tax benefit from stock
option activity recorded in accordance with ASU 2016-09.
Year-to-Date 2019 Summary of Results
Depletions increased 15% from the comparable 26-week period in
2018, reflecting increases in the Company's Truly Hard Seltzer and
Twisted Tea brands that were only partially offset by decreases in
Samuel Adams and Angry Orchard brands.
Shipment volume was approximately 2.5 million barrels, a 23.2%
increase from the comparable 26-week period in 2018.
Gross margin at 49.7% decreased from the 51.4% margin realized
in the comparable 26-week period in 2018, primarily as a result of
higher processing costs due to increased production at third party
breweries and higher temporary labor requirements at Company-owned
breweries to support increased variety pack volumes, partially
offset by price increases and cost saving initiatives at
Company-owned breweries.
Advertising, promotional and selling expenses increased
$11.8 million from the comparable
26-week period in 2018, primarily due to increased investments in
local marketing, media and production, higher salaries and benefits
costs and increased freight to distributors due to higher
volumes.
General and administrative expenses increased by $6.9 million from the comparable 26-week period
in 2018, primarily due to increases in salaries and benefits costs,
stock compensation and Dogfish Head transaction-related fees of
$1.5 million.
The Company's effective tax rate for the 26-week period ended
June 29, 2019 increased to 24.1% from
18.5% in the comparable 26-week period in 2018. This increase
was primarily due to a lower tax benefit from stock option activity
recorded in accordance with ASU 2016-09.
The Company expects that its June 29,
2019 cash balance of $3.0
million, together with its future operating cash flows and
the $112.5 million unused balance
remaining on its line of credit, will be sufficient to fund future
cash requirements. The company currently has $37.5 million outstanding on its line of
credit.
During the 26-week period ended June 29,
2019 and the period from June 30,
2019 through July 19, 2019,
the Company did not repurchase any shares of its Class A Common
Stock. As of July 19, 2019, the
Company had approximately $90.3
million remaining on the $931.0
million share buyback expenditure limit set by the Board of
Directors.
Depletion estimates
Year-to-date depletions through the 28-week period ended
July 13, 2019, excluding Dogfish Head
Brewery depletions, are estimated by the Company to have increased
approximately 17% from the comparable period in 2018.
Outlook
The Company currently projects full year 2019 earnings per
diluted share to be between $8.30 and
$9.30. This projection excludes
the impact of ASU 2016-09. The Company's actual 2019 earnings
per share could vary significantly from the current projection.
Underlying the Company's current 2019 projection are the
following full-year estimates and targets:
- Depletions and shipments percentage increase of between 17% and
22%.
- National price increases of between 1% and 3%.
- Gross margin of between 50% and 51%.
- Increased investment in advertising, promotional and selling
expenses of between $35 million and
$45 million, a change from the
previously communicated estimate of between $20 million and $30
million, primarily due to the addition of Dogfish Head
Brewery expenses for the second half of the year. This does
not include any changes in freight costs for the shipment of
products to the Company's distributors.
- Non-GAAP effective tax rate of approximately 27%, excluding the
impact of ASU 2016-09.
- Estimated capital spending of between $120 million and $140
million, which could be higher, if deemed necessary to meet
future growth.
Non-GAAP effective tax rate and Non-GAAP earnings per diluted
share are not defined terms under U.S. generally accepted
accounting principles ("GAAP"). These Non-GAAP measures should not
be considered in isolation or as a substitute for diluted earnings
per share and effective tax rate data prepared in accordance with
GAAP, and may not be comparable to calculations of similarly titled
measures by other companies. The Company's projection for its
Non-GAAP effective tax rate and Non-GAAP earnings per diluted share
exclude the impact of ASU 2016-09, which could be significant and
will depend largely upon unpredictable future events outside the
Company's control, including the timing and value realized upon
exercise of stock options versus the fair value of those options
when granted. Therefore, because of the uncertainty and variability
of the impact of ASU 2016-09, the Company is unable to provide,
without unreasonable effort, a reconciliation of these Non-GAAP
measures on a forward-looking basis.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 and
today brews more than 60 styles of Samuel Adams beer. Our
portfolio of brands also includes Angry Orchard Hard Cider, Twisted
Tea, and Truly Hard Seltzer, Marathon Brewing Company, Wild Leaf
Hard Tea and Tura Alcoholic Kombucha as well as several other craft
beer brands brewed by A&S Brewing, our craft beer incubator. On
July 3, 2019 the Company merged with
Dogfish Head Brewery. Dogfish Head has a proud history as a
craft beer pioneer with a brand that is beloved by American
consumers and highly respected by the industry. For more
information, please visit our investor relations website at
www.bostonbeer.com, which includes links to all of our respective
brand websites.
Forward-Looking Statements
Statements made in this press release that state the Company's
or management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. It
is important to note that the Company's actual results could differ
materially from those projected in such forward-looking
statements. Additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the
Company's SEC filings, including, but not limited to, the Company's
report on Form 10-K for the year ended December 29, 2018 and subsequent filings made
prior to or after the date hereof. Copies of these documents
may be found on the Company's website, www.bostonbeer.com,
or obtained by contacting the Company or the SEC.
1 See "Outlook" below for additional information
regarding non-GAAP forward-looking measures used in this press
release.
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks
ended
|
|
Twenty-six weeks
ended
|
|
|
|
June
29,
|
|
June
30,
|
|
June
29,
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Barrels
sold
|
|
|
1,374
|
|
1,177
|
|
2,451
|
|
1,989
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
338,643
|
|
$
289,574
|
|
$
606,202
|
|
$
491,405
|
Less excise
taxes
|
|
|
20,236
|
|
16,474
|
|
36,144
|
|
27,848
|
Net revenue
|
|
|
318,407
|
|
273,100
|
|
570,058
|
|
463,557
|
Cost of goods
sold
|
|
|
159,405
|
|
131,130
|
|
286,516
|
|
225,490
|
Gross
profit
|
|
|
159,002
|
|
141,970
|
|
283,542
|
|
238,067
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
|
|
94,079
|
|
86,510
|
|
165,802
|
|
154,031
|
General
and administrative expenses
|
|
|
26,749
|
|
23,879
|
|
50,123
|
|
43,217
|
Impairment of
assets
|
|
|
243
|
|
517
|
|
243
|
|
517
|
Total operating
expenses
|
|
|
121,071
|
|
110,906
|
|
216,168
|
|
197,765
|
Operating
income
|
|
|
37,931
|
|
31,064
|
|
67,374
|
|
40,302
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
|
|
Interest (expense)
income, net
|
|
|
(27)
|
|
273
|
|
610
|
|
478
|
Other income
(expense), net
|
|
|
198
|
|
(203)
|
|
(54)
|
|
(488)
|
Total other income
(expense), net
|
|
|
171
|
|
70
|
|
556
|
|
(10)
|
Income before income
tax provision
|
|
|
38,102
|
|
31,134
|
|
67,930
|
|
40,292
|
Income tax
provision
|
|
|
10,246
|
|
7,599
|
|
16,380
|
|
7,447
|
Net income
|
|
|
$
27,856
|
|
$
23,535
|
|
$
51,550
|
|
$
32,845
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
|
|
$
2.39
|
|
$
1.99
|
|
$
4.42
|
|
$
2.78
|
Net income per common
share - diluted
|
|
|
$
2.36
|
|
$
1.98
|
|
$
4.38
|
|
$
2.76
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
|
|
8,648
|
|
8,667
|
|
8,627
|
|
8,690
|
Weighted-average
number of common shares - Class B basic
|
|
|
2,918
|
|
3,018
|
|
2,918
|
|
3,018
|
Weighted-average
number of common shares - diluted
|
|
|
11,684
|
|
11,787
|
|
11,660
|
|
11,809
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
27,856
|
|
$
23,535
|
|
$
51,550
|
|
$
32,845
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
5
|
|
7
|
|
42
|
|
18
|
Comprehensive
income
|
|
|
$
27,861
|
|
$
23,542
|
|
$
51,592
|
|
$
32,863
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
June
29,
|
|
December
29,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
3,017
|
|
$
108,399
|
Accounts receivable
|
|
|
69,420
|
|
34,073
|
Inventories
|
|
|
80,361
|
|
70,249
|
Prepaid expenses and other current assets
|
|
|
16,329
|
|
13,136
|
Income tax receivable
|
|
|
9,629
|
|
5,714
|
Total current assets
|
|
|
178,756
|
|
231,571
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
412,064
|
|
389,789
|
Operating right-of-use
assets
|
|
|
36,779
|
|
-
|
Merger
consideration
|
|
|
158,402
|
|
-
|
Other assets
|
|
|
23,646
|
|
14,808
|
Goodwill
|
|
|
3,683
|
|
3,683
|
Total assets
|
|
|
$
813,330
|
|
$
639,851
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
74,906
|
|
$
47,102
|
Accrued expenses and other current liabilities
|
|
|
73,545
|
|
73,412
|
Line of credit
|
|
|
37,500
|
|
-
|
Current operating lease liabilities
|
|
|
2,315
|
|
-
|
Total current liabilities
|
|
|
188,266
|
|
120,514
|
|
|
|
|
|
|
Deferred income taxes,
net
|
|
|
55,452
|
|
49,169
|
Non-current operating lease
liabilities
|
|
|
39,239
|
|
-
|
Other liabilities
|
|
|
7,572
|
|
9,851
|
Total liabilities
|
|
|
290,529
|
|
179,534
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000 shares
authorized;
|
|
|
|
|
|
8,655,955 and 8,580,593 issued and outstanding as of June 29,
2019
|
|
|
|
|
|
and December 29, 2018, respectively
|
|
|
87
|
|
86
|
Class B Common Stock, $.01 par value; 4,200,000 shares
authorized;
|
|
|
|
|
|
2,917,983 and 2,917,983 issued and outstanding as of June 29,
2019
|
|
|
29
|
|
29
|
and December 29, 2018, respectively
|
|
|
|
|
|
Additional paid-in capital
|
|
|
416,602
|
|
405,711
|
Accumulated other comprehensive loss, net of tax
|
|
|
(1,155)
|
|
(1,197)
|
Retained earnings
|
|
|
107,238
|
|
55,688
|
Total stockholders' equity
|
|
|
522,801
|
|
460,317
|
Total liabilities and stockholders' equity
|
|
|
$
813,330
|
|
$
639,851
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASHFLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
|
Twenty-six weeks
ended
|
|
|
|
June
29,
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
51,550
|
|
$
32,845
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
26,089
|
|
26,011
|
Impairment of assets
|
|
|
243
|
|
517
|
Loss on disposal of property, plant and equipment
|
|
|
104
|
|
26
|
Lease expense
|
|
|
1,789
|
|
-
|
Bad debt (recovery) expense
|
|
|
(1)
|
|
27
|
Stock-based compensation expense
|
|
|
5,810
|
|
4,570
|
Deferred income taxes
|
|
|
6,283
|
|
775
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(35,346)
|
|
(21,651)
|
Inventories
|
|
|
(14,942)
|
|
(18,636)
|
Prepaid expenses, income tax receivable and other assets
|
|
|
(10,962)
|
|
217
|
Accounts payable
|
|
|
26,320
|
|
20,563
|
Accrued expenses and other current liabilities
|
|
|
(101)
|
|
8,721
|
Net lease liabilities
|
|
|
(1,391)
|
|
-
|
Other liabilities
|
|
|
85
|
|
(244)
|
Net cash provided by operating activities
|
|
|
55,530
|
|
53,741
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
Purchases of property, plant
and equipment
|
|
|
(44,578)
|
|
(25,470)
|
Proceeds from disposal of
property, plant and equipment
|
|
|
179
|
|
2
|
Cash paid for
merger
|
|
|
(158,402)
|
|
-
|
Change in restricted
cash
|
|
|
(188)
|
|
98
|
Net cash used in investing activities
|
|
|
(202,989)
|
|
(25,370)
|
|
|
|
|
|
|
Cash flows
provided by (used in) financing activities:
|
|
|
|
|
|
Repurchase of Class A Common
Stock
|
|
|
-
|
|
(39,725)
|
Proceeds from exercise of
stock options
|
|
|
4,146
|
|
21,529
|
Net cash paid on note
payable and capital lease
|
|
|
(115)
|
|
(78)
|
Cash borrowed on line of
credit
|
|
|
86,000
|
|
-
|
Cash paid on line of
credit
|
|
|
(48,500)
|
|
-
|
Net proceeds from sale of
investment shares
|
|
|
546
|
|
445
|
Net cash provided (used in) by financing activities
|
|
|
42,077
|
|
(17,829)
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
|
(105,382)
|
|
10,542
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
108,399
|
|
65,637
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
3,017
|
|
$
76,179
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
Income taxes
paid
|
|
|
$
13,697
|
|
$
3,355
|
Cash paid for amounts
included in measurement of lease liabilities
|
|
|
$
1,976
|
|
$
-
|
Right-of-use assets
obtained in exchange for operating lease obligations
|
|
|
$
38,524
|
|
$
-
|
Right-of-use assets
obtained in exchange for capital lease obligations
|
|
|
$
2,837
|
|
$
-
|
Decrease in accounts
receivable for ASU 2014-09 adoption
|
|
|
$
-
|
|
$
(1,310)
|
Increase in accounts
payable for purchase of property, plant and equipment
|
|
|
$
1,484
|
|
$
774
|
Copies of The
Boston Beer Company's press releases, including quarterly financial
results,
are available on the Internet at
www.bostonbeer.com
|
View original
content:http://www.prnewswire.com/news-releases/boston-beer-reports-second-quarter-2019-results-300891305.html
SOURCE The Boston Beer Company, Inc.