BOSTON, Feb. 20, 2019 /PRNewswire/
-- The Boston Beer Company, Inc. (NYSE: SAM) reported fourth
quarter 2018 net revenue of $225.2
million, an increase of $18.9
million or 9.2% from the fourth quarter of 2017, mainly due
to an increase in shipments of 6.3%. Net income for the
fourth quarter was $21.8 million, or
$1.86 per diluted share, a decrease
of $8.7 million or $0.71 per diluted share from the fourth quarter
of 2017. This decrease was primarily due to a fourth quarter
2017 favorable one-time tax benefit of $1.72 per diluted share related to the Tax Cuts
and Jobs Act of 2017. Operating income for the fourth quarter
was $28.8 million, an increase of
$14.0 million or 94%, primarily due
to increases in net revenue and decreased advertising, promotional
and selling expenses, partially offset by lower gross margins.
Earnings per diluted share for the 52-week period ended
December 29, 2018 were $7.82, a decrease of $0.27 from the comparable 52-week period in
2017. Net revenue for the 52-week period ended December 29, 2018 was $995.7 million, an increase of $132.7 million, or 15.4%, from the comparable
52-week period in 2017.
In the fourth quarter and the 52-week period ended December 29, 2018, the Company recorded a tax
benefit of $0.02 per diluted share
and $0.35 per diluted share,
respectively, resulting from the 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 increased 11% and 13% from the comparable 13 and
52-week periods in 2017.
- Gross margin was 51.9% for the fourth quarter, a decrease from
52.4% in the comparable 13-week period in 2017, and 51.4% for the
52-week period ending December 29,
2018, a decrease from 52.1% in the comparable 52-week period
in 2017.
- Advertising, promotional and selling expenses decreased by
$10.4 million, or 14.0%, in the
fourth quarter over the comparable period in 2017 and increased
$46.2 million, or 17.9%, from the
comparable 52-week period in 2017.
- Year-to-date 2019 depletions through the six weeks ended
February 9, 2019 are estimated by the
Company to have increased approximately 12% from the comparable
weeks in 2018.
- Full-year 2019 depletion and shipment growth is now estimated
between 8% and 13%.
- 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 $8.00 and $9.00.
Jim Koch, Chairman and Founder of
the Company, commented, "We are proud to report depletions growth
of 11% for the quarter and 13% for the full year. We are
thankful to our outstanding employees, distributors, retailers and
drinkers, all of whom helped return the company to double
digit volume growth. We believe that our depletions growth is
attributable to our key innovations, the quality of our products
and our strong brands, as well as sales execution and support from
our distributors. We are still seeing challenges across the
industry, including a general softening of the craft beer category
and retail shelves that offer an increasing number of options to
drinkers. We continue to work hard on our Samuel Adams brand
messaging, focusing on communicating our artisanal care in the
brewing of Samuel Adams Boston
Lager. While it's still early, it appears that our new
advertising campaign has noticeably improved Boston Lager's
trends. We plan to continue to invest in this campaign in the
coming months, with the goal of further improving trends and
returning Samuel Adams to growth. We are confident in our
ability to innovate and build strong brands and we are planning to
launch three new brands in 2019 that we believe will complement our
current portfolio and help support our mission of long-term
profitable growth."
Dave Burwick, the Company's
President and CEO stated, "Our depletions growth in the fourth
quarter was the result of increases in our Truly Hard Seltzer,
Twisted Tea and Angry Orchard brands that were only partially
offset by decreases in our Samuel Adams brand. Truly
continues to grow beyond our expectations and we continue to work
hard to grow distribution across all channels while building a
strong brand. We are committed to maintaining and improving
our position as a leader in the emerging segment of hard seltzer as
more competitors enter. Twisted Tea is growing both
distribution and velocity while generating consistent double-digit
volume growth. Angry Orchard's growth is led by Angry Orchard
Rosé, which was introduced in early 2018. We are excited about our
brand investment plans for Angry Orchard in 2019, which include
expanding our packaging formats to reach more drinkers. Our
overall plans for 2019 include significant investments in the
second year of our successful 2018 innovations, which include Angry
Orchard Rosé, Truly Berry Variety Pack, Truly Wild Berry, Sam'76
and Samuel Adams New England IPA. These five new innovations
in 2018 are within the top product introductions in their combined
categories. In 2019 we plan to build upon these successful
innovations with three additional brands that address important
health and wellness opportunities in our categories.
These brands include 26.2 Brew from our wholly-owned
affiliate Marathon Brewing Company, a thirst-quenching gose beer
made with sea salt to fit runners' active lifestyles; Wild Leaf
Hard Tea, a craft hard tea with lower calories and sugar, and Tura
Alcoholic Kombucha, an organic, light and refreshing shelf-stable
alcoholic Kombucha with live probiotics and real fruit. We
are now in the very early stages of our national launch of both
26.2 Brew and Wild Leaf and we will launch Tura later in the
quarter on a more limited geographic basis. To date, the
response from our distributors, retailers and drinkers on these new
brands has been very positive, but it's too early to draw
conclusions on the long-term impact. We're in a very
competitive business and we remain optimistic for continued
long-term growth of our current brand portfolio and our
innovations."
Mr. Burwick went on to say, "We will continue to focus on cost
savings and efficiency projects to fund the investments needed both
to grow our brands and to build our organization's ability to
deliver against our goals. In 2018, we increased the usage of
third-party breweries in response to our accelerated depletions
growth, especially in slim can packages and cans in general, and
faced industry-wide headwinds of higher packaging costs and
transportation costs. We achieved our planned supply chain cost
savings for the year, but the corresponding margin benefits were
more than offset by the incremental costs we incurred to meet the
significant growth in our key innovations. Looking forward to
2019, we are targeting double-digit top-line growth and,
importantly, a significant increase in our operating income.
We expect first quarter shipments growth to be significantly
higher than depletions as we manage our supply chain and capacity
to ensure our distributor inventory levels are adequate to support
drinker demand for our brands during the peak summer months.
We are targeting a one percentage point improvement in gross
margins in 2019 as we work to adjust our supply chain to support
our increasing volume projections. We are maintaining our
previously stated multi-year goal of increasing our gross margins
by about one percentage point per year off the adjusted 2018 base,
before any mix or volume impacts. We are planning capacity
and efficiency improvements at our breweries, which is reflected in
our capital spend expectations for 2019. 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."
4th Quarter 2018 Summary of Results
Depletions increased 11% from the comparable 13-week period in
2017.
Shipment volume was approximately 958 thousand barrels, a 6.3%
increase from the comparable 13-week period in 2017.
The Company believes distributor inventory as of December 29, 2018 was at an appropriate level
based on inventory requirements to support the forecasted growth of
brands and new innovations. Inventory at distributors
participating in the Freshest Beer Program as of December 29, 2018 increased slightly in terms of
days of inventory on hand when compared to December 30, 2017. The Company has approximately
77% of its volume on the Freshest Beer Program.
Gross margin at 51.9% represented a decrease from the 52.4%
margin realized in the fourth quarter of 2017, primarily as a
result of higher processing costs due to increased production at
third party breweries, higher temporary labor at Company-owned
breweries and higher packaging costs, partially offset by price
increases, cost saving initiatives at Company-owned breweries and
lower excise taxes.
Advertising, promotional and selling expenses decreased by
$10.4 million from the comparable
13-week period in 2017, primarily due to lower expenditures on
media advertising and point of sale marketing, partially offset by
increased local marketing, higher salaries and benefits costs and
increased freight to distributors due to higher rates and volumes
and less efficient truck utilization.
General and administrative expenses increased by $6.1 million from the comparable 13-week period
in 2017, primarily due to increases in salaries and benefits and
stock compensation costs.
The Company's effective tax rate for the quarter ended
December 29, 2018 increased to a
provision of 24.7% from a benefit of 107.7% in the comparable
period in 2017. This increase was primarily due to the fourth
quarter 2017 favorable one-time tax benefit of $1.72 per diluted share related to the Tax Cuts
and Jobs Act of 2017.
Full Year 2018 Summary of Results
Depletions increased approximately 13% from the comparable
52-week period in 2017, reflecting increases in the Company's Truly
Hard Seltzer, Twisted Tea and Angry Orchard brands, partially
offset by decreases in its Samuel Adams brand.
Shipment volume was approximately 4.3 million barrels, a 13.7%
increase from the comparable 52-week period in 2017.
Gross margin at 51.4% represented a decrease from the 52.1%
margin realized in the comparable 52-week period in 2017, primarily
as a result of higher processing costs due to increased production
at third party breweries, higher temporary labor at Company-owned
breweries and higher packaging costs, partially offset by price
increases, cost saving initiatives at Company-owned breweries and
lower excise taxes.
Advertising, promotional and selling expenses increased
$46.2 million from the comparable
52-week period in 2017, primarily due to increased planned
investments in local marketing, media and point-of-sale, higher
salary and benefit costs and increased freight to distributors due
to higher rates and volumes and less efficient truck
utilization.
General and administrative expenses increased by $17.7 million from the comparable 52-week period
in 2017, primarily due to increases in salaries and benefits costs,
stock compensation costs and legal and consulting costs.
Impairment of long-lived assets decreased $1.8 million from the comparable 52-week period
in 2017, primarily due to a decrease in write-downs of brewery
equipment at the Company's Pennsylvania and Cincinnati breweries.
The Company's effective tax rate for the 52-week period ended
December 29, 2018 increased to 20.3%
from 14.7% in the comparable 52-week period in 2017. This
increase was primarily due to a fourth quarter 2017 favorable
one-time tax benefit of $1.72 per
diluted share related to the Tax Cuts and Jobs Act of 2017,
partially offset by a decrease in the 2018 federal statutory tax
rate from 35% to 21% and a third quarter 2018 favorable one-time
impact of $0.38 per diluted share due
to tax accounting method changes.
The Company expects that its December 29,
2018 cash balance of $108.4
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 52-week period ended December
29, 2018 and the period from December
30, 2018 through February 15,
2019, the Company repurchased approximately 350,000 shares
of its Class A Common Stock for an aggregate purchase price of
approximately $88.3 million. As
of February 15, 2019, the Company had
approximately $90.3 million remaining
on the $931.0 million share buyback
expenditure limit set by the Board of Directors.
2019 Outlook
The Company currently projects full year 2019 Non-GAAP earnings
per diluted share of between $8.00
and $9.00. This Non-GAAP
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 8% and
13%.
- National price increases of between 1% and 3%.
- Gross margin of between 51% and 53%.
- Increased investment in advertising, promotional and selling
expenses of between $20 million and
$30 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 27%, excluding the
impact of ASU 2016-09.
- Estimated capital spending of between $100 million and $120
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 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.
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 29, 2018 and December 30, 2017. 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)
|
|
|
|
|
|
December
29,
|
|
December
30,
|
|
December
29,
|
|
December
30,
|
|
2018 (13
weeks)
|
|
2017 (13
weeks)
|
|
2018 (52
weeks)
|
|
2017 (52
weeks)
|
Barrels
sold
|
958
|
|
902
|
|
4,286
|
|
3,768
|
|
|
|
|
|
|
|
|
Revenue
|
$
239,238
|
|
$
220,489
|
|
$
1,057,495
|
|
$
921,736
|
Less excise
taxes
|
14,016
|
|
14,169
|
|
61,846
|
|
58,744
|
Net revenue
|
225,222
|
|
206,320
|
|
995,649
|
|
862,992
|
Cost of goods
sold
|
108,273
|
|
98,283
|
|
483,406
|
|
413,091
|
Gross
profit
|
116,949
|
|
108,037
|
|
512,243
|
|
449,901
|
Operating
expenses:
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
63,057
|
|
73,417
|
|
304,853
|
|
258,649
|
General
and administrative expenses
|
24,906
|
|
18,811
|
|
90,857
|
|
73,126
|
Impairment of assets
|
135
|
|
946
|
|
652
|
|
2,451
|
Total operating
expenses
|
88,098
|
|
93,174
|
|
396,362
|
|
334,226
|
Operating
income
|
28,851
|
|
14,863
|
|
115,881
|
|
115,675
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
Interest
income
|
471
|
|
168
|
|
1,292
|
|
549
|
Other expense,
net
|
(348)
|
|
(335)
|
|
(887)
|
|
(82)
|
Total other income
(expense), net
|
123
|
|
(167)
|
|
405
|
|
467
|
Income before income
tax provision (benefit)
|
28,974
|
|
14,696
|
|
116,286
|
|
116,142
|
Income tax provision
(benefit)
|
7,163
|
|
(15,834)
|
|
23,623
|
|
17,093
|
Net income
|
$
21,811
|
|
$
30,530
|
|
$
92,663
|
|
$
99,049
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
1.88
|
|
$
2.60
|
|
$
7.90
|
|
$
8.18
|
Net income per common
share - diluted
|
$
1.86
|
|
$
2.57
|
|
$
7.82
|
|
$
8.09
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
8,542
|
|
8,622
|
|
8,620
|
|
8,933
|
Weighted-average
number of common shares - Class B basic
|
2,954
|
|
3,045
|
|
3,002
|
|
3,102
|
Weighted-average
number of common shares - diluted
|
11,618
|
|
11,823
|
|
11,734
|
|
12,180
|
|
|
|
|
|
|
|
|
Net income
|
$
21,811
|
|
$
30,530
|
|
$
92,663
|
|
$
99,049
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
38
|
|
(40)
|
|
25
|
|
17
|
Defined benefit plans
liability adjustment
|
277
|
|
(202)
|
|
277
|
|
(202)
|
Impact of ASU
2018-02
|
-
|
|
-
|
|
(211)
|
|
-
|
Total other
comprehensive income (loss), net of tax:
|
315
|
|
(242)
|
|
91
|
|
(185)
|
Comprehensive
income
|
$
22,126
|
|
$
30,288
|
|
$
92,754
|
|
$
98,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(in thousands, except
share data)
|
|
|
|
|
|
|
|
|
December
29,
|
|
December
30,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
108,399
|
|
$
65,637
|
|
|
Accounts receivable
|
|
|
34,073
|
|
33,749
|
|
|
Inventories
|
|
|
70,249
|
|
50,651
|
|
|
Prepaid expenses and other current assets
|
|
|
13,136
|
|
10,695
|
|
|
Income tax receivable
|
|
|
5,714
|
|
7,616
|
|
|
Total current assets
|
|
|
231,571
|
|
168,348
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
389,789
|
|
384,280
|
|
|
Other assets
|
|
|
14,808
|
|
13,313
|
|
|
Goodwill
|
|
|
3,683
|
|
3,683
|
|
|
Total assets
|
|
|
$
639,851
|
|
$
569,624
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
47,102
|
|
$
38,141
|
|
|
Accrued expenses and other current liabilities
|
|
|
73,412
|
|
63,617
|
|
|
Total current liabilities
|
|
|
120,514
|
|
101,758
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
49,169
|
|
34,819
|
|
|
Other liabilities
|
|
|
9,851
|
|
9,524
|
|
|
Total liabilities
|
|
|
179,534
|
|
146,101
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000 shares
authorized;
|
|
|
|
|
|
|
8,580,593 and 8,603,152 shares issued and outstanding as of
December 29, 2018
|
|
|
|
|
|
|
|
and December 30, 2017, respectively
|
|
|
86
|
|
86
|
|
|
Class B Common Stock, $.01 par value; 4,200,000 shares
authorized;
|
|
|
|
|
|
|
2,917,983 and 3,017,983 shares issued and outstanding
as of December 29, 2018
|
|
|
29
|
|
30
|
|
|
and December 30, 2017, respectively
|
|
|
|
|
|
|
|
Additional paid-in capital
|
|
|
405,711
|
|
372,590
|
|
|
Accumulated other comprehensive loss, net of tax
|
|
|
(1,197)
|
|
(1,288)
|
|
|
Retained earnings
|
|
|
55,688
|
|
52,105
|
|
|
Total stockholders' equity
|
|
|
460,317
|
|
423,523
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
639,851
|
|
$
569,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
December
29,
|
|
December
30,
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
92,663
|
|
$
99,049
|
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
51,968
|
|
51,256
|
|
|
Impairment of assets
|
|
|
652
|
|
2,451
|
|
|
Loss on disposal of property, plant and equipment
|
|
|
64
|
|
764
|
|
|
Bad debt expense
|
|
|
2
|
|
-
|
|
|
Stock-based compensation expense
|
|
|
10,035
|
|
6,316
|
|
|
Deferred income taxes
|
|
|
14,350
|
|
(22,442)
|
|
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(1,636)
|
|
2,945
|
|
|
Inventories
|
|
|
(21,312)
|
|
(1,741)
|
|
|
Prepaid expenses, income tax receivable and other assets
|
|
|
(552)
|
|
(4,511)
|
|
|
Accounts payable
|
|
|
6,352
|
|
245
|
|
|
Accrued expenses and other current liabilities
|
|
|
10,130
|
|
2,671
|
|
|
Other liabilities
|
|
|
731
|
|
(1,021)
|
|
|
Net cash provided by operating activities
|
|
|
163,447
|
|
135,982
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
Purchases of property, plant
and equipment
|
|
|
(55,460)
|
|
(32,987)
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
27
|
|
25
|
|
|
Cash paid for intangible
assets
|
|
|
(50)
|
|
-
|
|
|
Change in restricted
cash
|
|
|
139
|
|
33
|
|
|
Net cash used in investing activities
|
|
|
(55,344)
|
|
(32,929)
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
financing activities:
|
|
|
|
|
|
|
|
Repurchase of Class A Common
Stock
|
|
|
(88,312)
|
|
(144,602)
|
|
|
Proceeds from exercise of
stock options
|
|
|
22,143
|
|
15,415
|
|
|
Cash paid on note payable
and capital lease
|
|
|
(78)
|
|
(60)
|
|
|
Net proceeds from sale of
investment shares
|
|
|
906
|
|
796
|
|
|
Net cash used in financing activities
|
|
|
(65,341)
|
|
(128,451)
|
|
|
|
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
|
42,762
|
|
(25,398)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
65,637
|
|
91,035
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
108,399
|
|
$
65,637
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
|
$
11,353
|
|
$
43,006
|
|
|
Income taxes
refunded
|
|
|
$
5,000
|
|
$
-
|
|
|
Increase
(Decrease) in accounts payable for purchase of property,
plant and equipment
|
$
2,609
|
|
$
(2,689)
|
|
|
|
|
|
|
|
|
|
|
|
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-2018-results-300799211.html
SOURCE The Boston Beer Company, Inc.