BOSTON, Oct. 22, 2020 /PRNewswire/ -- The Boston Beer
Company, Inc. (NYSE: SAM) reported third quarter 2020 net revenue
of $492.8 million, an increase of
$114.3 million or 30.2%, from the
same period last year. Net income for the third quarter was
$80.8 million, an increase of
$36.0 million or 80.6% from the same
period last year. Earnings per diluted share were $6.51, an increase of $2.86 per diluted share, or 78.4% from the third
quarter of 2019. This increase was primarily due to increased
revenue that was driven by shipment growth of 30.5%, partially
offset by lower gross margins and increases in operating
expenses.
Earnings per diluted share for the 39-week period ended
September 26, 2020 were $12.90, an increase of $4.83 or 59.9% from the comparable 39-week period
in 2019. Net revenue for the 39-week period ended
September 26, 2020 was $1.275 billion, an increase of $327.0 million or 34.5% from the comparable
39-week period in 2019.
The Company began seeing the impact of the COVID-19 pandemic on
its business in early March. The direct financial impact of
the pandemic has primarily shown in significantly reduced keg
demand from the on-premise channel and higher labor and
safety-related costs at the Company's breweries. In the 39-week
period ended September 26, 2020, the
Company recorded COVID-19 related pre-tax reductions in net revenue
and increases in other costs that total $14.2 million, of which $10.0 million was recorded in the first quarter
and $4.1 million was recorded in the
second quarter and $0.1 million was
recorded in the third quarter. The total amount consists of a
$3.4 million reduction in net revenue
for estimated keg returns from distributors and retailers and
$10.8 million of other COVID-19
related direct costs, of which $7.4
million are recorded in cost of goods sold and $3.4 million are recorded in operating
expenses. In addition to these direct financial
impacts, COVID-19 related safety measures resulted in a
reduction of brewery productivity. This has shifted more volume to
third-party breweries, which increased production costs and
negatively impacted gross margins. The Company will continue
to assess and manage this situation and will provide a further
update in its fourth quarter earnings release, to the extent that
the effects of the COVID-19 pandemic are then known more
clearly.
In the third quarter and the 39-week period ended September 26, 2020, the Company recorded a tax
benefit of $0.41 per diluted share
and $0.78 per diluted share,
respectively, resulting from the Accounting Standard "Employee
Share-Based Payment Accounting" ("ASU 2016-0").
Highlights of this release include:
- Depletions increased 36% and 40% from the 13- and 39-week
comparable periods in the prior year.
- Shipments increased 30.5% and 34.1% from the13- and 39-week
comparable periods in the prior year.
- Full-year 2020 shipments and depletions growth is now estimated
to be between 37% and 42%, an increase and narrowing from the
previously communicated estimate of between 27% and 35%.
- Gross margin was 48.8% for the third quarter, a decrease from
49.6% in the comparable 13-week period in 2019, and 46.9% for the
39-week period ending September 26,
2020, a decrease from 49.7% in the comparable 39-week period
in 2019. The Company's full year gross margin target is between 46%
and 47%, a narrowing down of the previously communicated estimate
of between 46% and 48%.
- Advertising, promotional and selling expense increased by
$11.5 million, or 11.9%, in the third
quarter over the comparable period in 2019 and increased
$43.9 million, or 16.7%, from the
comparable 39-week period in 2019.
- Based on current spending and investment plans, full-year 2020
Non-GAAP earnings per diluted share1, which excludes the
impact of ASU 2016-09, is now estimated at between $14.00 and $15.00
an increase from the previously communicated estimate of
$11.70 and $12.70.
Jim Koch, Chairman and Founder of
the Company, commented, "We achieved depletions growth of 36% in
the third quarter. We believe that our depletions growth is
attributable to our key innovations, quality and strong brands, as
well as sales execution and support from our distributors. As
the COVID-19 pandemic continues, our primary focus continues to be
on operating our breweries and our business safely and working hard
to meet customer demand. I am very proud of the passion,
creativity and commitment to community that our company has
demonstrated during this pandemic. We remain positive about
the future growth of our brands and are happy that our diversified
brand portfolio continues to fuel double-digit growth for the tenth
consecutive quarter. We have planned some major innovations
to be introduced in 2021 for all our brands. These include Truly
Iced Tea Hard Seltzer, Samuel Adams'
Just the Haze, our first non-alcoholic beer, Dogfish Head
Scratch-Made Canned Cocktails and Angry Orchard Hard Fruit
Cider. We are confident in our ability to continue to
innovate and build strong brands to help support our mission of
long-term profitable growth."
Dave Burwick, the Company's
President and CEO stated, "Our depletions growth in the third
quarter was the result of increases in our Truly Hard Seltzer and
Twisted Tea brands, partly offset by decreases in our Samuel Adams,
Angry Orchard and Dogfish Head brands. The growth of the
Truly brand, led by Truly Lemonade Hard Seltzer, continues to be
very strong and we expect the Truly brand to continue to lead the
growth of the business into 2021. In early 2021, we will
launch Truly Iced Tea Hard Seltzer, Truly Extra, a higher ABV
version of Truly, and other new Truly flavors and package sizes, as
we continue to lead innovation in the Hard Seltzer category.
We believe that Truly Iced Tea Hard Seltzer, which combines the
refreshment of hard seltzer with real brewed tea and fruit flavor
at only 100 calories and 1 gram of sugar, will further strengthen
our position in the category. Since early in 2020, Truly has
grown its velocity and its market share sequentially despite other
national, regional and local hard seltzer brands entering the
category. Truly is the only national hard seltzer, not
introduced earlier this year, to grow its share during 2020.
We will continue to invest heavily in the Truly brand and work to
improve our position in the hard seltzer category as competition
continues to increase. We also will continue to invest
heavily in our "Live Truly" advertising campaign that showcases,
variety, colors and joy to hard seltzer drinkers. Twisted Tea
has benefited greatly from increased at-home consumption and
continues to generate consistent double-digit volume growth, even
as new entrants have been introduced and competition has
increased. Our Samuel Adams, Angry Orchard and Dogfish Head
brands have been most negatively impacted by COVID-19 and the
related On-Premise closures, but we are pleased that they all
finished the month of September with strong growth in the measured
Off-Premise channels compared to last September. For the
remainder of 2020 and into 2021, we plan to build upon our success
and work to drive our brands to their full potential, with a
particular focus on our Truly brand. We've adjusted our
expectations for 2020 full-year depletions growth and our earnings
guidance to reflect our trends for the first nine months and our
current view of the remainder of the year, which is primarily
driven by the year-to-date performance of Truly. We are expecting
all of our brands to grow in 2021 and are targeting overall volume
growth rates to be between 35% and 45%. We have closely
managed our operating costs through the COVID-19 pandemic and
achieved our planned cost synergies from the Dogfish Head merger.
In 2021, based on our current spending and volume
assumptions, we are planning for the growth rate of our operating
expenses to be below our top line growth rate, delivering leverage
to our operating income."
Mr. Burwick continued, "We have been operating our breweries at
full capacity for many months and, like our competitors, we have
had out of stocks during the quarter. We expect wholesaler
inventories to return to normal levels in the fourth quarter, as we
recover from our summer seasonal peak. Improving our supply
chain performance continues to be our top priority and we are in
the process of doubling our internal and third-party brewery can
packaging capacity for 2021. Our new can line at our
Cincinnati Brewery began production late in the third quarter and
we have recently added additional third-party brewery sleek can
capacity. As reflected in our 2020 and 2021 capital spending
guidance, we will continue to invest heavily to increase capacity
as appropriate to meet the needs of our business and take full
advantage of the fast-growing Hard Seltzer category. However,
the increased usage of third-party breweries and an increasing
percentage of variety packs in the Company's overall product mix
come at a higher incremental cost. As a result, our gross
margins and gross margin expectations will be negatively impacted
until the volume growth stabilizes. We began a multi-year
supply chain transformation project in 2020 to automate and change
internal processes to increase efficiency and reduce costs.
The timing of the benefits of this program will depend on the
timing and amount of our future volume growth. We will
continue to prioritize volume delivery over margin optimization in
this high-growth environment. While we are in a very competitive
business, we are optimistic for continued growth of our current
brand portfolio and innovations 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."
1 See "Outlook" below for additional information
regarding non-GAAP forward-looking measures used in this press
release.
3rd Quarter 2020 Summary of Results
Depletions increased 36% from the comparable 13-week period in
2019, reflecting increases in the Company's Truly Hard Seltzer and
Twisted Tea brands, partially offset by decreases in its Samuel
Adams, Angry Orchard brands and Dogfish Head brands.
Shipment volume was approximately 2.1 million barrels, a 30.5%
increase from the comparable 13-week period in 2019.
The Company believes distributor inventory as of September 26, 2020 averaged approximately 2 weeks
on hand and was lower than prior year levels due to depletions
outpacing supply constrained shipments. The Company expects
wholesaler inventory levels in terms of weeks on hand to remain
between 1 and 4 weeks for the remainder of the year.
Gross margin of 48.8% decreased from the 49.6% margin realized
in the comparable 13-week period in 2019, primarily as a result of
higher processing costs due to increased production at third party
breweries, partially offset by cost saving initiatives at
Company-owned breweries and price increases.
Advertising, promotional and selling expenses increased
$11.5 million from the comparable
13-week period in 2019, primarily due to increased investments in
media and production, increased salaries and benefits costs and
increased freight to distributors because of higher volumes.
General and administrative expenses decreased by $1.1 million from the comparable 13-week period
in 2019, primarily due to non-recurring Dogfish Head
transaction-related expenses of $3.6
million incurred in the comparable 13-week period in 2019,
partially offset by increases in salaries and benefits
costs.
The Company's effective tax rate for the 13-week period ended
September 26, 2020 decreased to 20.8%
from 24.1% in the comparable 13-week period in 2019. This decrease
was primarily due to a higher tax benefit from stock option
activity recorded in accordance with ASU 2016-09.
Year to Date 2020 Summary of Results
Depletions increased 40% from the comparable 39-week period in
2019, reflecting increases in the Company's Truly Hard Seltzer,
Twisted Tea brands and the addition of the Dogfish Head brands that
were only partially offset by decreases in the Samuel Adams and
Angry Orchard brands. Excluding the addition of the Dogfish
Head brands beginning July 3, 2019,
depletions increased 38%, from the 39-week comparable period.
Shipment volume was approximately 5.4 million barrels, a 34.1%
increase from the comparable 39-week period in 2019.
Gross margin at 46.9% decreased from the 49.7% margin realized
in the comparable 39-week period in 2019, primarily as a result of
higher processing costs due to increased production at third party
breweries and higher processing costs and finished goods keg
inventory write-offs at Company-owned breweries, of which
$7.4 million was direct costs related
to COVID-19, partially offset by cost saving initiatives at
Company-owned breweries and price increases.
Advertising, promotional and selling expenses increased
$43.9 million from the comparable
39-week period in 2019, primarily due to increased investments in
media and production, higher salaries and benefits costs, the
addition of Dogfish Head brand-related expenses beginning
July 3, 2019, and increased freight
to distributors due to higher volumes.
General and administrative expenses increased by $5.5 million from the comparable 39-week period
in 2019, primarily due to increases in salaries and benefits costs
and the addition of Dogfish Head general and administrative
expenses beginning July 3, 2019,
partially offset by the Dogfish Head transaction-related fees of
$5.6 million incurred in the
comparable 39-week period in 2019.
Impairment of long-lived assets increased $2.6 million from the comparable 39-week period
in 2019, primarily due to write-downs of brewery equipment at the
Company's Cincinnati Brewery.
The Company's effective tax rate for the 39-week period ended
September 26, 2020 decreased to 21.1%
from 24.1% in the comparable 39-week period in 2019. This
decrease was primarily due to a higher tax benefit from stock
option activity recorded in accordance with ASU 2016-09.
The Company expects that its September
26, 2020 cash balance of $157.1
million, together with its future operating cash flows and
the $150.0 million unused balance on
its line of credit, will be sufficient to fund future cash
requirements.
During the 39-week period ended September
26, 2020 and the period from September 27, 2020 through October 16, 2020, the Company did not repurchase
any shares of its Class A Common Stock. As of October 16, 2020, 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 42-week period ended
October 17, 2020 are estimated by the
Company to have increased approximately 39% from the comparable
period in 2019. Excluding the Dogfish Head impact, depletions
increased 37%.
2020 Outlook
The Company currently projects full year 2020 earnings per
diluted share to be between $14.00
and $15.00. This projection
excludes the impact of ASU 2016-09. The Company's actual 2020
earnings per share could vary significantly from the current
projection. Underlying the Company's current 2020 projection
are the following full-year estimates and targets:
- Depletions and shipments increase of between 37% and 42% of
which between 1% and 2% of this growth is due to the addition of
the Dogfish Head brands.
- National price increases of between 1% and 2%.
- Gross margin of between 46% and 47%.
- Increased investments in advertising, promotional and selling
expenses of between $55 million and
$65 million, a change from the
previously communicated estimate of between $70 million and $80
million, primarily due to lower selling expenses. 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 26%, excluding the
impact of ASU 2016-09.
- Estimated capital spending of between $160 million and $190
million, a change from the previously communicated estimate
of between $180 million and
$200 million, most of which relates
to continued investments in the Company's breweries.
2021 Outlook
The Company is completing its 2021 planning process and will
provide further detailed guidance when the Company presents its
full-year 2020 results. The Company is currently using the
following preliminary assumptions and targets for its 2021 fiscal
year:
- Depletions and shipments percentage increase between 35% and
45%
- National price increases of between 1% and 2%.
- Gross margin of between 46% and 48%.
- Increased investments in advertising, promotional and selling
expenses of between $130 million and
$150 million. 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 26%, excluding the
impact of ASU 2016-09.
- Estimated capital spending of between $300 million and $400
million, which could be significantly 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 brewing
Samuel Adams beer and the Samuel Adams brand is currently
recognized as one of the largest and most respected craft beer
brands. Our portfolio of brands also includes Truly Hard
Seltzer, Twisted Tea, Angry Orchard Hard Cider and Dogfish Head
Brewery as well as other craft beer brands such as Angel City
Brewery and Coney Island Brewing. 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 28, 2019 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.
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Thirteen weeks
ended
|
|
Thirty-nine weeks
ended
|
|
September
26,
|
|
September
28,
|
|
September
26,
|
|
September
28,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Barrels
sold
|
2,080
|
|
1,594
|
|
5,425
|
|
4,045
|
|
|
|
|
|
|
|
|
Revenue
|
$
525,249
|
|
$
402,691
|
|
$
1,358,563
|
|
$
1,008,893
|
Less excise
taxes
|
32,457
|
|
24,225
|
|
83,068
|
|
60,369
|
Net revenue
|
492,792
|
|
378,466
|
|
1,275,495
|
|
948,524
|
Cost of goods
sold
|
252,207
|
|
190,631
|
|
677,313
|
|
477,147
|
Gross
profit
|
240,585
|
|
187,835
|
|
598,182
|
|
471,377
|
Operating
expenses:
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
108,023
|
|
96,570
|
|
306,250
|
|
262,372
|
General
and administrative expenses
|
30,340
|
|
31,429
|
|
87,054
|
|
81,552
|
Impairment of
assets
|
441
|
|
-
|
|
2,796
|
|
243
|
Total operating
expenses
|
138,804
|
|
127,999
|
|
396,100
|
|
344,167
|
Operating
income
|
101,781
|
|
59,836
|
|
202,082
|
|
127,210
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
Interest (expense)
income, net
|
(20)
|
|
(138)
|
|
(169)
|
|
472
|
Other income
(expense), net
|
190
|
|
(764)
|
|
(222)
|
|
(818)
|
Total other income
(expense), net
|
170
|
|
(902)
|
|
(391)
|
|
(346)
|
Income before income
tax provision
|
101,951
|
|
58,934
|
|
201,691
|
|
126,864
|
Income tax
provision
|
21,183
|
|
14,205
|
|
42,548
|
|
30,585
|
Net income
|
$
80,768
|
|
$
44,729
|
|
$
159,143
|
|
$
96,279
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
6.61
|
|
$
3.70
|
|
$
13.05
|
|
$
8.16
|
Net income per common
share - diluted
|
$
6.51
|
|
$
3.65
|
|
$
12.90
|
|
$
8.07
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
9,846
|
|
9,136
|
|
9,663
|
|
8,797
|
Weighted-average
number of common shares - Class B basic
|
2,308
|
|
2,862
|
|
2,451
|
|
2,899
|
Weighted-average
number of common shares - diluted
|
12,333
|
|
12,150
|
|
12,259
|
|
11,823
|
|
|
|
|
|
|
|
|
Net income
|
$
80,768
|
|
$
44,729
|
|
$
159,143
|
|
$
96,279
|
Other comprehensive
income, net of tax:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
61
|
|
1
|
|
(10)
|
|
43
|
Defined benefit plans
liability adjustment
|
1,117
|
|
-
|
|
1,117
|
|
-
|
Total other
comprehensive income, net of tax
|
1,178
|
|
1
|
|
1,107
|
|
43
|
Comprehensive
income
|
$
81,946
|
|
$
44,730
|
|
$
160,250
|
|
$
96,322
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
share data)
|
(unaudited)
|
|
|
|
|
|
September
26,
|
|
December
28,
|
|
2020
|
|
2019
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
Cash and cash equivalents
|
$
157,130
|
|
$
36,670
|
Accounts receivable
|
93,809
|
|
54,404
|
Inventories
|
123,831
|
|
106,038
|
Prepaid expenses and other current assets
|
22,214
|
|
12,077
|
Income tax receivable
|
3,041
|
|
9,459
|
Total current assets
|
400,025
|
|
218,648
|
|
|
|
|
Property, plant and
equipment, net
|
588,977
|
|
541,068
|
Operating right-of-use
assets
|
59,991
|
|
53,758
|
Goodwill
|
112,529
|
|
112,529
|
Intangible assets
|
103,994
|
|
104,272
|
Other assets
|
46,820
|
|
23,782
|
Total assets
|
$
1,312,336
|
|
$
1,054,057
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts payable
|
$
108,600
|
|
$
76,374
|
Accrued expenses and other current liabilities
|
115,604
|
|
99,107
|
Current operating lease liabilities
|
7,735
|
|
5,168
|
Total current liabilities
|
231,939
|
|
180,649
|
|
|
|
|
Deferred income taxes,
net
|
89,170
|
|
75,010
|
Non-current operating lease
liabilities
|
61,184
|
|
53,940
|
Other liabilities
|
11,513
|
|
8,822
|
Total liabilities
|
393,806
|
|
318,421
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000 shares
authorized; 9,868,649 and
9,370,526 issued and outstanding as of September 26, 2020
and December 28, 2019,
respectively
|
99
|
|
94
|
Class B Common Stock, $.01 par value; 4,200,000 shares
authorized; 2,307,983 and
2,672,983 issued and outstanding as of September 26, 2020
and December 28, 2019,
respectively
|
23
|
|
27
|
Additional paid-in capital
|
594,427
|
|
571,784
|
Accumulated other comprehensive loss, net of tax
|
(562)
|
|
(1,669)
|
Retained earnings
|
324,543
|
|
165,400
|
Total stockholders' equity
|
918,530
|
|
735,636
|
Total liabilities and stockholders' equity
|
$
1,312,336
|
|
$
1,054,057
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASHFLOWS
|
(in
thousands)
|
(unaudited)
|
|
Thirty-nine weeks
ended
|
|
September
26,
|
|
September
28,
|
|
2020
|
|
2019
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
Net income
|
$
159,143
|
|
$
96,279
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
Depreciation and amortization
|
48,937
|
|
41,841
|
Impairment of assets
|
2,796
|
|
243
|
(Gain) loss on disposal of property, plant and equipment
|
(173)
|
|
449
|
Change in ROU assets
|
5,465
|
|
2,734
|
Credit loss expense
|
746
|
|
53
|
Stock-based compensation expense
|
10,735
|
|
9,043
|
Deferred income taxes
|
14,160
|
|
14,047
|
Changes in operating assets
and liabilities:
|
|
|
|
Accounts receivable
|
(39,775)
|
|
(26,532)
|
Inventories
|
(23,072)
|
|
(16,847)
|
Prepaid expenses, income tax receivable and other current
assets
|
(4,043)
|
|
(1,173)
|
Other assets
|
(17,827)
|
|
(12,730)
|
Accounts payable
|
33,020
|
|
22,388
|
Accrued expenses and other current liabilities
|
18,024
|
|
14,949
|
Change in operating lease liability
|
(1,887)
|
|
(2,270)
|
Other liabilities
|
2,671
|
|
207
|
Net cash provided by operating activities
|
208,920
|
|
142,681
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
Purchases of property, plant
and equipment
|
(100,341)
|
|
(66,760)
|
Proceeds from disposal of
property, plant and equipment
|
72
|
|
144
|
Investment in Dogfish Head,
net of cash acquired
|
-
|
|
(165,517)
|
Other investing
activities
|
392
|
|
(10)
|
Net cash used in investing activities
|
(99,877)
|
|
(232,143)
|
|
|
|
|
Cash flows
provided by financing activities:
|
|
|
|
Proceeds from exercise of
stock options and sale of investment shares
|
14,015
|
|
8,437
|
Cash paid on note payable
and finance leases
|
(906)
|
|
(246)
|
Cash borrowed on line of
credit
|
100,000
|
|
97,000
|
Cash paid on line of
credit
|
(100,000)
|
|
(97,000)
|
Payment of tax withholdings
on stock-based payment awards and investment shares
|
(1,692)
|
|
-
|
Net cash provided by financing activities
|
11,417
|
|
8,191
|
|
|
|
|
Change in cash and
cash equivalents
|
120,460
|
|
(81,271)
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
36,670
|
|
108,399
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$
157,130
|
|
$
27,128
|
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-third-quarter-2020-results-301158320.html
SOURCE The Boston Beer Company, Inc.