BOSTON, Feb. 21, 2018 /PRNewswire/ -- The Boston Beer
Company, Inc. (NYSE: SAM) reported net revenue for the 13-week
fiscal quarter ended December 30,
2017 of $206.3 million, a
decrease of $13.1 million or 5.9%
from the 14-week 2016 fiscal fourth quarter, mainly due to a
decrease in shipments of 7.7%. Net income for the 2017 fourth
quarter was $30.5 million, or
$2.57 per diluted share, an increase
of $8.4 million or $0.82 per diluted share from the fourth quarter
of 2016. This increase was primarily due to a favorable
one-time impact of $1.72 per diluted
share related to the Tax Cuts and Jobs Act of 2017 that was enacted
in December 2017 and an increase in
gross margins, partially offset by the impact of lower shipments
and higher brand investments.
Earnings per diluted share for the 52-week fiscal period ended
December 30, 2017 were $8.09, an increase of $1.30, or 19.1%, from the 53-week fiscal period
in 2016. Net revenue for the 52-week period ended
December 30, 2017 was $863.0 million, a decrease of $43.5 million, or 4.8%, from the 53-week period
in 2016.
In the fourth quarter and the 52-week period ended December 30, 2017, the Company recorded a tax
benefit of $0.01 per diluted share
and $0.36 per diluted share,
respectively, resulting from the adoption of the new Accounting
Standard "Employee Share-Based Payment Accounting" ("ASU 2016-09"),
which was effective for the Company on January 1, 2017.
Highlights of this release include:
- Depletions decreased 10% for the 13-week 2017 fiscal fourth
quarter compared to the 14-week 2016 fiscal fourth quarter.
Depletions decreased 7% for the 52-week 2017 fiscal year compared
to the 53-week 2016 fiscal year.
- Depletions decreased 2% for the comparable fourth quarter
13-week periods and 5% for the comparable 52-week periods.
- Gross margin for the 2017 fourth quarter was 52.4% and for the
2017 full year was 52.1%, an increase of 3.3 and 1.4 percentage
points compared to the respective 2016 periods.
- Advertising, promotional and selling expenses in the fourth
quarter increased $15.5 million or
27% compared to the fourth quarter of 2016 and increased
$14.4 million or 5.9% for the full
year.
- Year-to-date 2018 depletions through the six weeks ended
February 10, 2018 are estimated by
the Company to have increased approximately 6% from the comparable
weeks in 2017.
- Full-year 2018 depletion and shipment change is now estimated
between zero and plus 6%.
- Based on current spending and investment plans, full year 2018
Non-GAAP earnings per diluted share1, which excludes the
impact of ASU 2016-09, is now estimated at between $6.30 and $7.30.
1 See
"Outlook" below for additional information regarding non-GAAP
forward-looking measures used in this press release.
|
Jim Koch, Chairman and Founder of
the Company, commented, "Although still negative, total Company
depletion trends showed continued improvement during the last
quarter. We are still seeing challenges across the industry,
including a general softening of the craft beer and hard cider
categories, more and more start-up brewers opening their doors, and
retail shelves that offer an increasing number of options to
drinkers. Our leadership team continues to make strides to
address these challenges by improving our cost structure and
investing the savings into our brands, which we believe is
contributing to the improvements in gross margin and depletions
trends. We are excited by the new media campaigns launched in
late 2017 for both our Samuel Adams
and Angry Orchard brands, and by the early enthusiastic reception
to our key innovations launching nationally in the first quarter of
2018. These include the launch of Sam '76, a uniquely
flavorful and refreshing union of lager and ale. The launch of Sam
'76 is being supported by new media, launch events and other
marketing programs to drive awareness of this revolutionary
beer. To date, the response from our wholesalers, retailers
and drinkers has been incredibly positive, but it's too early to
draw conclusions on the long-term impact. Our other key
innovations include Samuel Adams New England IPA and Angry Orchard
Rosé, both of which are generating excitement during the very early
stages of their introductions. We believe that we are well
positioned to meet our longer-term challenges because of the
quality of our employees, our beers, our innovation capability and
our sales execution strength, coupled with our strong financial
position that enables us to invest in growing our brands and
creating new growth opportunities."
Mr. Koch continued, "As previously announced, we are delighted
that Dave Burwick will join us as
CEO. Dave has an established track record of innovation and
business success in the beverage and consumer goods industries and
has served on Boston Beer's Board of Directors since 2005. In
his most recent role as CEO of Peet's Coffee, Peet's has
significantly grown sales and profits over the past five years
under Dave's leadership. We expect Dave to join in the second
quarter and Martin Roper, the
Company's current President and CEO, will step down as CEO and from
the Board at that time. We sincerely thank Martin, as under
his 17 years of leadership, the company quadrupled, growing from
scrappy up-and-comer to the most successful leader of the Craft
beer revolution and a leading player in the hard cider and high-end
beer categories."
Martin Roper, the Company's
President and CEO stated, "Our reported fourth quarter depletions
decline for the comparable 13-week period was primarily due to
decreases in our Samuel Adams and
Angry Orchard brands. These decreases were only partially offset by
increases in our Twisted Tea and Truly Spiked & Sparkling
brands. We are encouraged by the improving quarterly Company
depletions trends since the first quarter of 2017 and are motivated
further by a strong start in 2018. In the 2017 fourth
quarter, Twisted Tea grew distribution and pull and Truly Spiked
& Sparkling maintained its position as one of the leaders of
the hard sparkling water segment. Most of our volume declines
for the quarter resulted from the continued underperformance of our
Samuel Adams brand. Our plans to improve our Samuel Adams trends include our new 'Fill Your
Glass' integrated marketing campaign, which will be highly visible
and amplified across media, digital and point of sale, along with a
more focused sales execution on our primary Samuel Adams initiative, the national launch of
Sam '76. In the fourth quarter, we also saw declines in the
cider category and in our Angry Orchard brand, although these
declines appear to be slowing. During the fourth quarter, we
introduced a new media campaign designed to better educate drinkers
on hard cider and the occasions to drink it, while explaining the
quality and uniqueness of Angry Orchard. We are pleased by
the early reaction to the campaign, and are excited by the national
launch of Angry Orchard Rosé cider in 2018, which we believe can
attract new drinkers to the category from wine and beer. Our
full year 2017 depletions performance was below our expectations,
but we were able to deliver ahead of targets on our cost savings
and efficiency projects, which provided us the flexibility to
invest more in our brands in the fourth quarter to improve our
trends and set us up well for 2018."
Mr. Roper went on to say, "We believe we have strong brands in
attractive categories and that the best long-term value creation is
continued investment to return our brands to growth. With that
perspective, we currently anticipate a return to volume growth in
2018. We are planning increased brand and organizational
investments funded by continued progress on cost savings and
efficiency projects and some of the benefit of the recent tax
changes. Our guidance ranges reflect some uncertainty on our
volume outlook for 2018 that is more innovation sensitive than in
prior years, and projecting full-year depletions volumes and
profitability will remain difficult until the success of our key
initiatives is more visible, likely towards the end of the second
quarter. Our priorities for 2018 remain unchanged. Our
number one priority is returning both Samuel Adams and Angry Orchard to growth through
continued packaging, innovation, promotion and brand communication
initiatives, while maintaining Twisted Tea's momentum and ensuring
Truly Spiked & Sparkling's position as a leader in the hard
sparkling water category. Our second priority is a focus on
cost savings and efficiency projects to fund the investments needed
to grow our brands and to build our organization's ability to
deliver against our goals. Based on our visibility to
opportunities in 2018, we are maintaining our previously stated
goal of increasing our gross margins by an average of about one
percentage point per-year-over the 3-year period ending 2019,
before any mix or volume impacts, while preserving our quality and
improving our service levels. Our third priority is long-term
product innovation where we continue to explore beverage areas
compatible with our business model for delivering long term
shareholder value with an aim to generating a consistent cadence of
interesting brand innovations."
4th Quarter 2017 Summary of Results
The 2017 fiscal fourth quarter included 13 weeks compared to the
2016 fiscal fourth quarter, which included 14 weeks.
Depletions decreased by 10% for the fourth quarter of 2017, due to
the loss of a week of depletions as well as decreases in our
Samuel Adams and Angry Orchard
brands that were only partially offset by increases in our Twisted
Tea and Truly Spiked & Sparkling brands.
Shipment volume was approximately 898 thousand barrels, a 7.7%
decrease versus the fourth quarter of 2016.
The Company believes distributor inventory as of December 30, 2017 was at an appropriate level.
Inventory as of December 30, 2017 at
distributors participating in the Freshest Beer Program decreased
slightly in terms of days of inventory on hand when compared to
December 31, 2016. The Company has
approximately 79% of its volume on the Freshest Beer Program.
Gross margin of 52.4% increased from 49.1% in the fourth quarter
of 2016, primarily due to cost saving initiatives in Company-owned
breweries, product and package mix and price increases, partially
offset by unfavorable fixed cost absorption impacts due to lower
volumes and higher ingredients and packaging costs.
Advertising, promotional and selling expenses increased
$15.5 million compared to the fourth
quarter of 2016, primarily due to increases in media and digital
advertising investments for our new campaigns, production and
market research costs and higher local marketing costs that were
partially offset by decreases in freight to distributors, due to
lower volumes and rates.
General and administrative expenses increased by $3.1 million from the fourth quarter of 2016,
primarily due to the $3.6 million
reversal in stock compensation expense in the fourth quarter of
2016, resulting from the planned retirement of the Company's Chief
Executive Officer in 2018, partially offset by lower consulting
fees in the fourth quarter of 2017.
The Company's effective tax rate for the fourth quarter
decreased to a tax benefit of 107.7% from a tax provision of 35.4%
in the fourth quarter of 2016 primarily due to the favorable impact
of the Tax Cuts and Jobs Act of 2017 of $1.72 per diluted share.
Full Year 2017 Summary of Results
The 2017 fiscal year included 52 weeks compared to the 2016
fiscal year, which included 53 weeks. Depletions decreased by
7% for the 2017 fiscal year, due to the loss of a week of
depletions as well as decreases in our Samuel Adams and Angry Orchard brands that were
only partially offset by increases in our Twisted Tea and Truly
Spiked & Sparkling brands.
Shipment volume was approximately 3.8 million barrels, a 6.2%
decrease compared to fiscal 2016.
Gross margin of 52.1% increased from 50.7% in the prior year,
primarily due to cost saving initiatives in Company-owned
breweries, product and package mix and price increases, partially
offset by unfavorable fixed cost absorption impacts due to lower
volumes and higher ingredients and packaging costs.
Advertising, promotional and selling expenses increased
$14.4 million compared to 2016, due
to increases in media and digital advertising costs for our new
campaigns, increased salaries and benefits costs and increased
production and market research costs, partially offset by decreases
in point of sale costs and freight to distributors due to lower
volumes and rates.
General and administrative expenses decreased by $4.9 million compared to 2016, primarily due to
decreases in consulting and legal costs and lower salary and
benefits costs.
The Company's effective tax rate decreased to 14.7% from a 36.3%
rate in the prior year primarily due to the favorable one-time
impact of $1.67 per diluted share
related to the Tax Cuts and Jobs Act of 2017 and the favorable
impact of ASU 2016-09 of $0.36 per
diluted share.
Full year 2017 capital spending totaled $33.0 million, primarily for continued
investments in the Company-owned breweries to drive efficiencies
and cost reductions, support product innovation and further
growth.
The Company expects that its cash balance of $65.6 million as of December 30, 2017, along with future operating
cash flow and the Company's unused line of credit of $150.0 million, will be sufficient to fund future
cash requirements.
During the fourth quarter and the period from December 31, 2017 through February 16, 2018, the Company repurchased
179,000 shares of its Class A Common Stock for an aggregate
purchase price of approximately $31.9
million. As of February 16,
2018, the Company had approximately $169.8 million remaining on the $931.0 million share buyback expenditure limit
set by the Board of Directors.
2018 Outlook
The Company currently projects full year 2018 earnings per
diluted share to be between $6.30 and
$7.30, reflecting the uncertain
volume outlook. The Company's actual 2018 earnings per share
could vary significantly from the current projection.
Underlying the Company's current 2018 projection are the
following full-year estimates and targets:
- Depletions and shipments percentage change of between zero and
plus 6 percent.
- National price increases of between zero and 2%.
- Gross margin of between 52% and 54%, increasing during the year
due to progress on cost saving initiatives.
- Increased investment in advertising, promotional and selling
expenses of between $15 million and
$25 million. This does not
include any changes in freight costs for the shipment of products
to the Company's distributors.
- Increased general and administrative expenses of between
$10 million and $20 million due to organizational investments and
anticipated new CEO stock compensation costs.
- Non-GAAP effective tax rate of approximately 28%, excluding the
impact of ASU 2016-09.
- Estimated capital spending of between $55 million and $65
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 and
today brews more than 60 styles of Samuel
Adams beer. Our portfolio of brands also includes
Angry Orchard Hard Cider, Twisted Tea, Truly Spiked &
Sparkling, as well as several other craft beer brands brewed by
A&S 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 years ended December 30, 2017 and December 31, 2016. Copies of these
documents may be found on the Company's website,
www.bostonbeer.com, or obtained by contacting the Company or
the SEC.
Wednesday, February 21, 2018
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
December
30,
|
|
December
31,
|
|
December
30,
|
|
December
31,
|
|
2017 (13
weeks)
|
|
2016 (14
weeks)
|
|
2017 (52
weeks)
|
|
2016 (53
weeks)
|
Barrels
sold
|
898
|
|
974
|
|
3,768
|
|
4,019
|
|
|
|
|
|
|
|
|
Revenue
|
$
220,489
|
|
$
234,535
|
|
$
921,736
|
|
$
968,994
|
Less excise
taxes
|
14,169
|
|
15,165
|
|
58,744
|
|
62,548
|
Net revenue
|
206,320
|
|
219,370
|
|
862,992
|
|
906,446
|
Cost of goods
sold
|
98,283
|
|
111,714
|
|
413,091
|
|
446,776
|
Gross
profit
|
108,037
|
|
107,656
|
|
449,901
|
|
459,670
|
Operating
expenses:
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
73,417
|
|
57,895
|
|
258,649
|
|
244,213
|
General
and administrative expenses
|
18,811
|
|
15,708
|
|
73,126
|
|
78,033
|
Impairment (gain on sale) of assets, net
|
946
|
|
(272)
|
|
2,451
|
|
(235)
|
Total operating
expenses
|
93,174
|
|
73,331
|
|
334,226
|
|
322,011
|
Operating
income
|
14,863
|
|
34,325
|
|
115,675
|
|
137,659
|
Other (expense)
income, net:
|
|
|
|
|
|
|
|
Interest
income
|
168
|
|
103
|
|
549
|
|
168
|
Other expense,
net
|
(335)
|
|
(112)
|
|
(82)
|
|
(706)
|
Total other (expense)
income, net
|
(167)
|
|
(9)
|
|
467
|
|
(538)
|
Income before income
tax (benefit) provision
|
14,696
|
|
34,316
|
|
116,142
|
|
137,121
|
Income tax (benefit)
provision
|
(15,834)
|
|
12,150
|
|
17,093
|
|
49,772
|
Net income
|
$
30,530
|
|
$
22,166
|
|
$
99,049
|
|
$
87,349
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
2.60
|
|
$
1.77
|
|
$
8.18
|
|
$
6.93
|
Net income per common
share - diluted
|
$
2.57
|
|
$
1.75
|
|
$
8.09
|
|
$
6.79
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
8,622
|
|
9,184
|
|
8,933
|
|
9,189
|
Weighted-average
number of common shares - Class B basic
|
3,045
|
|
3,280
|
|
3,102
|
|
3,344
|
Weighted-average
number of common shares - diluted
|
11,823
|
|
12,638
|
|
12,180
|
|
12,796
|
|
|
|
|
|
|
|
|
Net income
|
$
30,530
|
|
$
22,166
|
|
$
99,049
|
|
$
87,349
|
Other comprehensive
(loss) income, net of tax:
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
(40)
|
|
(9)
|
|
17
|
|
(99)
|
Defined benefit plans
liability adjustment
|
(202)
|
|
(53)
|
|
(202)
|
|
(53)
|
Total other
comprehensive (loss) income, net of tax:
|
(242)
|
|
(62)
|
|
(185)
|
|
(152)
|
Comprehensive
income
|
$
30,288
|
|
$
22,104
|
|
$
98,864
|
|
$
87,197
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
share data)
|
|
|
|
|
December
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
65,637
|
|
$
91,035
|
Accounts receivable
|
|
|
33,749
|
|
36,694
|
Inventories
|
|
|
50,651
|
|
52,499
|
Prepaid expenses and other current assets
|
|
|
10,695
|
|
8,731
|
Income tax receivable
|
|
|
7,616
|
|
4,928
|
Total current assets
|
|
|
168,348
|
|
193,887
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
384,280
|
|
408,411
|
Other assets
|
|
|
13,313
|
|
9,965
|
Goodwill
|
|
|
3,683
|
|
3,683
|
Total assets
|
|
|
$
569,624
|
|
$
615,946
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
38,141
|
|
$
40,585
|
Accrued expenses and other current liabilities
|
|
|
63,617
|
|
60,934
|
Total current liabilities
|
|
|
101,758
|
|
101,519
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
34,819
|
|
57,261
|
Other liabilities
|
|
|
9,524
|
|
10,584
|
Total liabilities
|
|
|
146,101
|
|
169,364
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000
shares authorized;
|
|
|
|
|
8,603,152 and 9,170,956 shares issued and outstanding as of
December 30, 2017
|
|
|
|
|
|
and December 31, 2016, respectively
|
|
|
86
|
|
92
|
Class B Common Stock, $.01 par value; 4,200,000 shares
authorized;
|
|
|
|
|
3,017,983 and 3,197,355 shares issued and outstanding as of
December 30, 2017
|
|
30
|
|
32
|
and December 31, 2016, respectively
|
|
|
|
|
|
Additional paid-in capital
|
|
|
372,590
|
|
349,913
|
Accumulated other comprehensive loss, net of tax
|
|
|
(1,288)
|
|
(1,103)
|
Retained earnings
|
|
|
52,105
|
|
97,648
|
Total stockholders' equity
|
|
|
423,523
|
|
446,582
|
Total liabilities and stockholders' equity
|
|
|
$
569,624
|
|
$
615,946
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
December
30,
|
|
December
31,
|
|
|
|
|
|
2017
|
|
2016 (53
weeks)
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
99,049
|
|
$
87,349
|
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
51,256
|
|
49,557
|
|
|
Impairment of assets
|
|
|
2,451
|
|
716
|
|
|
Loss on disposal of property, plant and equipment
|
|
|
764
|
|
616
|
|
|
Gain on sale of property, plant and equipment
|
|
|
-
|
|
(951)
|
|
|
Bad debt recovery
|
|
|
-
|
|
(244)
|
|
|
Stock-based compensation expense
|
|
|
6,316
|
|
6,148
|
|
|
Excess tax benefit from stock-based compensation
arrangements
|
|
-
|
|
(12,524)
|
|
|
Deferred income taxes
|
|
|
(22,442)
|
|
8,243
|
|
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
2,945
|
|
2,534
|
|
|
Inventories
|
|
|
(1,741)
|
|
445
|
|
|
Prepaid expenses, income tax receivable and other assets
|
|
|
(4,511)
|
|
14,936
|
|
|
Accounts payable
|
|
|
245
|
|
(1,811)
|
|
|
Accrued expenses and taxes and other current liabilities
|
|
|
2,671
|
|
5,479
|
|
|
Other liabilities
|
|
|
(1,021)
|
|
(6,304)
|
|
|
Net cash provided by operating activities
|
|
|
135,982
|
|
154,189
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
Purchases of property, plant
and equipment
|
|
|
(32,987)
|
|
(49,913)
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
25
|
|
3,855
|
|
|
Change in restricted
cash
|
|
|
33
|
|
40
|
|
|
Net cash used in investing activities
|
|
|
(32,929)
|
|
(46,018)
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
financing activities:
|
|
|
|
|
|
|
|
Repurchase of Class A Common
Stock
|
|
|
(144,602)
|
|
(164,658)
|
|
|
Proceeds from exercise of
stock options
|
|
|
15,415
|
|
40,127
|
|
|
Cash paid on note payable
and capital lease
|
|
|
(60)
|
|
(58)
|
|
|
Excess tax benefit from
stock-based compensation arrangements
|
|
|
-
|
|
12,524
|
|
|
Net proceeds from sale of
investment shares
|
|
|
796
|
|
736
|
|
|
Net cash used in financing activities
|
|
|
(128,451)
|
|
(111,329)
|
|
|
|
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
|
(25,398)
|
|
(3,158)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
91,035
|
|
94,193
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
65,637
|
|
$
91,035
|
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
|
$
43,006
|
|
$
30,978
|
|
|
Income taxes
refunded
|
|
|
$
-
|
|
$
12,064
|
|
|
(Decrease) Increase in
accounts payable for repurchase of Class A Common Stock
|
|
$
-
|
|
$
(3,000)
|
|
|
(Decrease) Increase in
accounts payable for purchase of property, plant and
equipment
|
$
(2,689)
|
|
$
2,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-fourth-quarter-2017-results-300602234.html
SOURCE The Boston Beer Company, Inc.