BOSTON, Oct. 26, 2017 /PRNewswire/ -- The Boston Beer
Company, Inc. (NYSE: SAM) reported third quarter 2017 net revenue
of $247.0 million, a decrease of
$6.4 million or 3% from the third
quarter of 2016, mainly due to a decline in shipments of 4%.
Net income for the third quarter was $33.7 million, or $2.78 per diluted share, an increase of
$2.1 million or $0.30 per diluted share from the third quarter of
2016. This increase in net income was primarily due to a
decrease in general and administrative expenses, increases in gross
margin and a lower tax rate that were partially offset by a
decrease in net revenue.
Earnings per diluted share for the 39-week period ended
September 30, 2017 were $5.54, an increase of $0.49 from the comparable 39-week period in
2016. Net revenue for the 39-week period ended September 30, 2017 was $656.7 million, a decrease of $30.4 million, or 4%, from the comparable 39-week
period in 2016.
In the third quarter and the 39-week period ended September 30, 2017, the Company recorded a tax
benefit of $0.04 per diluted share
and $0.35 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 3.5% and 6% from the comparable 13 and 39
week periods in 2016.
- Gross margin was 53.2% for the third quarter, an increase from
52.7% in the comparable 13-week period in 2016, and 52.1% for the
39-week period ending September 30,
2017, an increase from 51.2% in the comparable 39-week
period in 2016. The Company maintains its full year gross margin
target of between 51% and 52%.
- Advertising, promotional and selling expense was flat to the
comparable 13-week period in 2016 and decreased $1.1 million, or 1%, from the comparable 39-week
period in 2016.
- Full-year 2017 year over year depletion and shipment change is
now estimated at between minus 7% and minus 4%, a decrease and
narrowing of the range from the previously communicated estimate of
between minus 7% and plus 1%. The 2017 fiscal year includes
52 weeks compared to the 2016 fiscal year, which included 53
weeks.
- Based on current spending and investment plans, full year 2017
Non-GAAP earnings per diluted share1, which excludes the
impact of ASU 2016-09, is now estimated at between $5.60 and $6.20, a narrowing up of the range from
the previously communicated estimate of $5.00 and $6.20.
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, "Total Company depletion trends showed
continued improvement during the last quarter while still remaining
slightly negative. We remain challenged by the general
softening of the craft beer and cider categories and a competitive
retail environment with a lot of options for our drinkers. Our
leadership team continues to make strides to address these
challenges. During the quarter, we have had better focus and
execution at retail around our fall seasonal program, which appear
to have helped our Samuel Adams Octoberfest trends. We are
excited by the introduction in the coming weeks of new media
campaigns for both our Samuel Adams and Angry Orchard brands and by
the early reception to our key innovations that we are planning to
launch nationally in the first quarter of 2018. These
innovations include Samuel Adams Sam
'76, a uniquely flavorful and refreshing lager ale union. The Sam
'76 launch will be supported by new media, launch events and other
marketing programs to drive awareness of this revolutionary beer.
Other innovations that we are planning to launch nationally
in the first quarter of 2018 include Samuel Adams New England IPA
and Angry Orchard Rosé. In our search to find a successor to
our CEO Martin Roper, who announced
plans to retire in 2018, our Board continues its process to
identify and recruit an exceptional leader who will be able to
harness and accelerate the positive steps that we are taking, while
building and leveraging our unique craft culture. Consistent
with his commitment when he announced his proposed retirement,
Martin will continue to lead the team as CEO, until his successor
has formally joined the Company, and assist in the new CEO
on-boarding process. We believe that we are well positioned
to meet the 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."
Martin Roper, the Company's
President and CEO stated, "Our reported third quarter depletions
decline was primarily due to decreases in our Samuel Adams and
Angry Orchard brands and a slight headwind from the timing of our
fiscal quarter in relation to the Fourth of
July holiday. These decreases were only partially offset by
increases in our Truly Spiked & Sparkling and Twisted Tea
brands. We are encouraged by the improving total Company
depletions trends since the first quarter, but the on-premise
channel remains challenging. Truly Spiked & Sparkling has
developed as one of the leaders in the emerging hard sparkling
water segment and Twisted Tea continues to grow distribution and
pull. Most of our volume declines for the quarter resulted
from the continued underperformance of our Samuel Adams brand;
however, we have seen sequential improvements relative to first and
second quarter performance. Our plans to improve our Samuel
Adams trends include the introduction of a new campaign this
quarter with integrated messaging across media, digital and point
of sale, along with a more focused sales execution on our core
initiatives. Our plans also include the national launch of Sam '76
planned for early 2018 and the return of Samuel Adams Cold Snap as
our first quarter seasonal. In the third quarter, we also saw
continued declines in the cider category and in our Angry Orchard
brand. As the leader in the cider category, we are determined
to turn these category trends around, and will introduce 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 excited by our planned
national launch of Angry Orchard Rosé cider as we hope to attract
new drinkers to the category. This launch will be integrated into
our new campaign reinforcing occasions, innovation and quality.
We have adjusted our expectations for 2017 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 includes continued investments in our brands and
our new media campaigns. While our full year depletions
trends are below our expectations, we are pleased that our
efficiency and cost initiatives are delivering ahead of targets and
have provided us the flexibility to invest more in our brands. We
remain prepared to forsake short term earnings, as we invest to
return to long-term profitable growth, commensurate with the
opportunities and the increased competition that we see. We
have provided our preliminary view of 2018 growth rates based on
our plans but these rates are difficult to predict and subject to
reassessment. With increased competition and retailer
programing decisions remaining unclear it is not possible to be
more definitive in our outlook, but we remain optimistic for
continued long term growth of the cider and high-end beer
segments."
Mr. Roper went on to say, "Our priorities for the remainder of
2017 and 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. Our
second priority is a focus on cost savings and efficiency projects
to fund the investments needed to grow our brands. We have
adjusted our organization to the new volume environment, while
preserving the capability to innovate and return to growth.
We believe that the results of these initiatives show in our
reported gross margin improvements and in our operating
expenses. Based on the success of these efforts, we are
maintaining our previously stated goal of increasing our gross
margins by about one percentage point per year through 2019, before
any mix or volume impacts, while preserving our quality and
improving our service levels. Our third priority is long-term
innovation, where our current focus is on ensuring that Truly
Spiked & Sparkling reaches its full potential, and our
long-term intent is to generate a consistent cadence of interesting
brand innovations."
3rd Quarter 2017 Summary of Results
Depletions decreased 3.5% from the comparable 13-week period in
2016.
Shipment volume was approximately 1.1 million barrels, a 4%
decrease from the comparable 13-week period in 2016.
The Company believes distributor inventory levels at
September 30, 2017 were appropriate.
Inventory at distributors participating in the Freshest Beer
Program at September 30, 2017
decreased in terms of days of inventory on hand when compared to
September 24, 2016. The Company has
approximately 79% of its volume on the Freshest Beer Program.
Gross margin at 53.2% represented an increase from the 52.7%
margin realized in the third quarter of 2016. The increase
primarily resulted from increases in revenue per barrel due to
pricing and package mix and lower brewery processing costs driven
by waste reductions and efficiency gains, partially offset by
unfavorable fixed cost absorption due to lower volumes.
Advertising, promotional and selling expenses were flat to the
comparable 13-week period in 2016, primarily due to slightly higher
media spending that was offset by decreases in freight to
distributors, as a result of lower volume and lower rates.
General and administrative expenses decreased by $3.1 million from the comparable 13-week period
in 2016, primarily due to decreases in stock compensation related
to the planned retirement of the Company's Chief Executive Officer
in 2018, salary and benefit costs, consulting and legal costs.
Year to Date 2017 Summary of Results
Depletions decreased 6% from the comparable 39-week period in
2016, reflecting decreases in the Company's Samuel Adams and Angry
Orchard brands, partially offset by increases in its Truly Spiked
& Sparkling and Twisted Tea brands.
Shipment volume was approximately 2.9 million barrels, a 6%
decrease from the comparable 39-week period in 2016.
Gross margin at 52.1% represented an increase from the 51.2%
margin realized in the comparable 39-week period in 2016. The
increase primarily resulted from increases in revenue per barrel
due to pricing and package mix and lower brewery processing costs
driven by waste reductions and efficiency gains, partially offset
by unfavorable fixed cost absorption due to lower volumes.
Advertising, promotional and selling expenses decreased
$1.1 million from the comparable
39-week period in 2016, primarily due to decreases in point of sale
and freight to distributors, as a result of lower volume and lower
freight rates that were partially offset by higher investments in
our sales force and media spending.
General and administrative expenses decreased $8.0 million from the comparable 39-week period
in 2016, primarily due to decreases in stock compensation related
to the planned retirement of the Company's Chief Executive Officer
in 2018, consulting and legal costs.
Impairment of long-lived assets increased $1.5 million from the comparable 39-week period
in 2016, primarily due to the write-down of brewery equipment at
the Company's Pennsylvania and
Cincinnati breweries.
The Company's effective tax rate for the 39-week period ended
September 30, 2017 decreased to 32.5%
from 36.6% in the comparable 39-week period in 2016. This decrease
was primarily due to the tax benefit resulting from the adoption
ASU 2016-09, which was effective for the Company on January 1, 2017.
The Company expects that its September
30, 2017 cash balance of $70.0
million, together with its future operating cash flows and
its $150.0 million line of credit,
will be sufficient to fund future cash requirements.
During the 39-week period ended September
30, 2017 and the period from October
1, 2017 through October 20,
2017, the Company repurchased approximately 884,000 shares
of its Class A Common Stock for an aggregate purchase price of
approximately $130.5 million.
As of October 20, 2017 the Company
had approximately $192.8 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 21, 2017 are estimated by the
Company to have decreased approximately 6% from the comparable
period in 2016.
2017 Outlook
The Company currently projects full year 2017 Non-GAAP earnings
per diluted share of between $5.60 and
$6.20. This Non-GAAP projection excludes the impact of
ASU 2016-09. The Company's actual 2017 earnings per share
could vary significantly from the current projection. The
2017 fiscal year includes 52 weeks compared to the 2016 fiscal year
which included 53 weeks. Underlying the Company's current
2017 projection are the following 52-week full-year estimates and
targets:
- Depletions and shipments percentage change of between minus 7%
and minus 4% from the 53-week number in 2016.
- Price increases per barrel of between 1% and 2%.
- Gross margin of between 51% and 52%.
- Increased investments in advertising, promotional and selling
expenses of between $10 million and $20
million. This does not include any changes in freight
costs for the shipment of products to the Company's distributors.
This estimate is subject to timing of brand investments currently
planned for the fourth quarter of 2017 which could move into
2018.
- Non-GAAP effective tax rate of approximately 37%, excluding the
impact of ASU 2016-09.
- Estimated capital spending of between $35 million and $45 million, most of which
relates to continued investments in the Company's breweries.
2018 Outlook
The Company is completing its 2018 planning process and will
provide further detailed guidance when the Company presents its
full-year 2017 results. The Company is currently using the
following preliminary assumptions and targets for its 2018 fiscal
year:
- Depletions and shipments percentage increase of low single
digits.
- National price increases of between 1% and 2%.
- Gross margin of between 52% and 53%. Increasing during the year
due to progress on the cost 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. This estimate is subject to the timing of brand
investments currently planned for the fourth quarter 2017 which
could move into 2018.
- Non-GAAP effective tax rate of approximately 37%, 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, our craft beer
incubator. 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 31, 2016 and December 26, 2015. Copies of these
documents may be found on the Company's website,
www.bostonbeer.com, or obtained by contacting the Company or
the SEC.
Thursday, October 26, 2017
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
30,
|
|
September
24,
|
|
September
30,
|
|
September
24,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
Barrels
sold
|
|
|
1,084
|
|
1,131
|
|
2,869
|
|
3,045
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
264,146
|
|
$
271,225
|
|
$
701,247
|
|
$
734,459
|
Less excise
taxes
|
|
|
17,099
|
|
17,792
|
|
44,575
|
|
47,383
|
Net revenue
|
|
|
247,047
|
|
253,433
|
|
656,672
|
|
687,076
|
Cost of goods
sold
|
|
|
115,546
|
|
119,826
|
|
314,808
|
|
335,062
|
Gross
profit
|
|
|
131,501
|
|
133,607
|
|
341,864
|
|
352,014
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
|
|
63,647
|
|
63,817
|
|
185,232
|
|
186,318
|
General
and administrative expenses
|
|
|
16,358
|
|
19,481
|
|
54,315
|
|
62,325
|
Impairment of
assets
|
|
|
-
|
|
-
|
|
1,505
|
|
37
|
Total operating
expenses
|
|
|
80,005
|
|
83,298
|
|
241,052
|
|
248,680
|
Operating
income
|
|
|
51,496
|
|
50,309
|
|
100,812
|
|
103,334
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
211
|
|
22
|
|
381
|
|
65
|
Other income
(expense), net
|
|
|
196
|
|
(169)
|
|
253
|
|
(594)
|
Total other income
(expense), net
|
|
|
407
|
|
(147)
|
|
634
|
|
(529)
|
Income before income
tax provision
|
|
|
51,903
|
|
50,162
|
|
101,446
|
|
102,805
|
Income tax
provision
|
|
|
18,220
|
|
18,632
|
|
32,927
|
|
37,622
|
Net income
|
|
|
$
33,683
|
|
$
31,530
|
|
$
68,519
|
|
$
65,183
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
|
|
$
2.82
|
|
$
2.53
|
|
$
5.60
|
|
$
5.16
|
Net income per common
share - diluted
|
|
|
$
2.78
|
|
$
2.48
|
|
$
5.54
|
|
$
5.05
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
|
|
8,789
|
|
9,018
|
|
9,037
|
|
9,191
|
Weighted-average
number of common shares - Class B basic
|
|
|
3,097
|
|
3,367
|
|
3,122
|
|
3,367
|
Weighted-average
number of common shares - diluted
|
|
|
12,037
|
|
12,641
|
|
12,299
|
|
12,853
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
33,683
|
|
$
31,530
|
|
$
68,519
|
|
$
65,183
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(13)
|
|
2
|
|
(23)
|
|
(90)
|
Comprehensive
income
|
|
|
$
33,670
|
|
$
31,532
|
|
$
68,496
|
|
$
65,093
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
70,045
|
|
$
91,035
|
Accounts receivable, net of allowance for doubtful accounts of $170
and
|
|
|
|
|
|
$0 as of September 30, 2017 and December 31, 2016,
respectively
|
|
|
43,182
|
|
36,694
|
Inventories
|
|
|
54,943
|
|
52,499
|
Prepaid expenses and other current assets
|
|
|
9,593
|
|
8,731
|
Income tax receivable
|
|
|
1,380
|
|
4,928
|
Total current assets
|
|
|
179,143
|
|
193,887
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
387,637
|
|
408,411
|
Other assets
|
|
|
16,651
|
|
9,965
|
Goodwill
|
|
|
3,683
|
|
3,683
|
Total assets
|
|
|
$
587,114
|
|
$
615,946
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
42,193
|
|
$
40,585
|
Accrued expenses and other current liabilities
|
|
|
67,201
|
|
60,934
|
Total current liabilities
|
|
|
109,394
|
|
101,519
|
|
|
|
|
|
|
Deferred income taxes,
net
|
|
|
53,680
|
|
57,261
|
Other liabilities
|
|
|
9,751
|
|
10,584
|
Total liabilities
|
|
|
172,825
|
|
169,364
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000 shares
authorized;
|
|
|
|
|
|
8,650,988 and 9,170,956 issued and outstanding as of September 30,
2017
|
|
|
|
|
and December 31, 2016, respectively
|
|
|
87
|
|
92
|
Class B Common Stock, $.01 par value; 4,200,000 shares
authorized;
|
|
|
|
|
|
3,097,355 and 3,197,355 issued and outstanding as of September 30,
2017
|
|
31
|
|
32
|
and December 31, 2016, respectively
|
|
|
|
|
|
Additional paid-in capital
|
|
|
370,611
|
|
349,913
|
Accumulated other comprehensive loss, net of tax
|
|
|
(1,080)
|
|
(1,103)
|
Retained earnings
|
|
|
44,640
|
|
97,648
|
Total stockholders' equity
|
|
|
414,289
|
|
446,582
|
Total liabilities and stockholders' equity
|
|
|
$
587,114
|
|
$
615,946
|
|
|
|
|
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASHFLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
|
Thirty-nine weeks
ended
|
|
|
|
September
30,
|
|
September
24,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
68,519
|
|
$
65,183
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
38,372
|
|
37,305
|
Impairment of assets
|
|
|
1,505
|
|
37
|
Loss on disposal of property, plant and equipment
|
|
|
571
|
|
553
|
Bad debt expense (recovery)
|
|
|
170
|
|
(170)
|
Stock-based compensation expense
|
|
|
4,593
|
|
8,122
|
Excess tax benefit from stock-based compensation
arrangements
|
|
|
-
|
|
(12,387)
|
Deferred income taxes
|
|
|
(3,581)
|
|
5,464
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(6,658)
|
|
(7,037)
|
Inventories
|
|
|
(9,330)
|
|
(2,897)
|
Prepaid expenses, income tax receivable and other assets
|
|
|
2,852
|
|
11,841
|
Accounts payable
|
|
|
5,371
|
|
(4,571)
|
Accrued expenses and other current liabilities
|
|
|
6,244
|
|
13,365
|
Other liabilities
|
|
|
(390)
|
|
(6,446)
|
Net cash provided by operating activities
|
|
|
108,238
|
|
108,362
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
Purchases of property, plant
and equipment
|
|
|
(23,415)
|
|
(37,108)
|
Proceeds from disposal of
property, plant and equipment
|
|
|
16
|
|
4
|
Change in restricted cash
|
|
|
(4)
|
|
62
|
Net cash used in investing activities
|
|
|
(23,403)
|
|
(37,042)
|
|
|
|
|
|
|
Cash flows used in
financing activities:
|
|
|
|
|
|
Repurchase of Class A Common
Stock
|
|
|
(121,535)
|
|
(138,055)
|
Proceeds from exercise of
stock options
|
|
|
15,159
|
|
37,452
|
Payment of taxes related to
exercise of stock options
|
|
|
-
|
|
(510)
|
Cash paid on note
payable
|
|
|
(60)
|
|
(58)
|
Excess tax benefit from
stock-based compensation arrangements
|
|
|
-
|
|
12,387
|
Net proceeds from sale of
investment shares
|
|
|
611
|
|
537
|
Net cash used in financing activities
|
|
|
(105,825)
|
|
(88,247)
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
|
(20,990)
|
|
(16,927)
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
91,035
|
|
94,193
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
70,045
|
|
$
77,266
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
Income taxes
paid
|
|
|
$
22,408
|
|
$
21,939
|
Income taxes
refunded
|
|
|
$
2
|
|
$
12,002
|
(Decrease) Increase
in accounts payable for purchase of property, plant and
equipment
|
|
$
(3,763)
|
|
$
1,235
|
Decrease in accounts
payable for repurchase of Class A Common Stock
|
|
|
$
-
|
|
$
(3,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
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-2017-results-300544280.html
SOURCE The Boston Beer Company, Inc.