BOSTON, July 23, 2020 /PRNewswire/
-- The Boston Beer Company, Inc. (NYSE: SAM) reported second
quarter 2020 net revenue of $452.1
million, an increase of $133.7
million or 42.0%, from the same period last year. Net
income for the second quarter was $60.1
million, an increase of $32.3
million or 116% from the same period last year. Earnings per
diluted share were $4.88, an increase
of $2.52 per diluted share from the
second quarter of 2019. This increase was primarily due to
increased revenue driven by shipment growth of 39.8%, partially
offset by lower gross margins and increases in operating
expenses.
Net revenue for the 26-week period ended June 27, 2020 was $782.7
million, an increase of $212.6
million, or 37.3%, from the comparable 26-week period in
2019. Earnings per diluted share for the 26-week period ended
June 27, 2020 were $6.37, an increase of $1.99 per diluted share or 45.4% from the
comparable 26-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 first half of
2020, the Company recorded COVID-19 related pre-tax reductions in
net revenue and increases in other costs that total $14.1 million, of which $10.0 million was recorded in the first quarter
and $4.1 million was recorded in the
second quarter. The total amount consists of a $5.8 million reduction in net revenue for
estimated keg returns from distributors and retailers and
$8.3 million of other COVID-19
related direct costs, of which $5.6
million are recorded in cost of goods sold and $2.7 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. In April
2020, due to uncertainties around COVID-19, the Company
withdrew its full-year fiscal 2020 financial guidance.
Despite the continued uncertainties related to the COVID-19
pandemic, the Company feels its business outlook has stabilized and
that it is now appropriate to give full-year fiscal 2020 financial
guidance and has provided such guidance later in this release. The
Company will continue to assess and manage this situation and will
provide a further update in its third quarter earnings release, to
the extent that the effects of the COVID-19 pandemic are then known
more clearly.
In the second quarter and the 26-week period ended June 27, 2020, the Company recorded a tax benefit
of $0.19 per diluted share and
$0.35 per diluted share,
respectively, resulting from the Accounting Standard "Employee
Share-Based Payment Accounting" ("ASU 2016-09").
Highlights of this release include:
- Reported depletions increased 46% and 43% from the 13- and
26-week comparable periods in the prior year.
- Excluding the addition of the Dogfish Head brands beginning
July 3, 2019, depletions increased
42% and 38%, from the 13- and 26-week comparable periods in the
prior year, respectively.
- Reported shipments increased 39.8% and 36.5% from the 13- and
26-week comparable periods in the prior year.
- Excluding the addition of the Dogfish Head brands beginning
July 3, 2019, shipments increased
35.3% and 31.9%, from the 13- and 26-week comparable periods in the
prior year, respectively.
- Full-year 2020 shipments and depletions growth is now estimated
to be between 27% and 35%.
- Gross margin was 46.4% for the second quarter, a decrease from
49.9% in the comparable 13-week period in 2019, and 45.7% for the
26-week period ending June 27, 2020,
a decrease from 49.7% in the comparable 26-week period in 2019. The
Company's full-year gross margin target is now between 46% and
48%.
- Advertising, promotional and selling expense increased by
$6.3 million, or 6.7%, in the second
quarter over the comparable period in 2019 and increased
$32.4 million, or 19.6%, from the
comparable 26-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 $11.70 and $12.70.
- Full-year 2020 capital spending is now estimated to be between
$180 million and $200 million.
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, "As the world continues to grapple with the
COVID-19 pandemic, our primary focus continues to be on operating
our breweries and our business safely and supporting our partners
in the beer industry. Supporting the communities
in which we work and live is one of our core values and we are very
happy that our Samuel Adams Restaurant Strong Fund has raised
$5.4 million thus far to support bar
and restaurant workers who are experiencing hardships in the wake
of COVID-19. Working with the Greg Hill Foundation, this Fund
is committed to distributing 100% of its proceeds through grants to
bar and restaurant workers across the country. We achieved
depletions growth of 46% in the second quarter, of which 42% is
from Boston Beer legacy brands and 4% is from the addition of
Dogfish Head brands. I am tremendously thankful for the
efforts of our coworkers in achieving our ninth consecutive
quarter of double-digit growth, while maintaining a focus on
quality and innovation. We are also thankful to our
outstanding distributors and retailers for their focus during
COVID-19. Our business in the second quarter was strong, but
uncertainties due to COVID-19 remain. These uncertainties
include our ability to continue to operate our breweries at a level
of safety that meets our standards, the continued ability to
distribute to off-premise retail locations, and the timing of the
re-opening of on-premise retail locations. We will continue
to work hard throughout the COVID-19 pandemic and prioritize safety
above all else. 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."
Dave Burwick, the Company's
President and CEO stated, "Our depletions growth in the second
quarter was a result of increases in our Truly Hard Seltzer and
Twisted Tea brands and the addition of the Dogfish Head brands that
were only partially offset by decreases in our Samuel Adams and
Angry Orchard brands. The growth of the Truly brand, led by
Truly Hard Lemonade, has accelerated and continues to grow beyond
our expectations. Since early January, Truly has grown its
velocity and its market share sequentially while other national,
regional and local hard seltzer brands have entered the
category. Truly is the only 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 are excited about our new Truly advertising
campaign that showcases colors, variety and joy to hard seltzer
drinkers through four spots, but we have been deliberately slow to
roll out this campaign given the consumer environment surrounding
COVID-19 and it is too early to know if it will resonate with
drinkers. Twisted Tea continues to generate double-digit
volume growth rates that are well above full-year 2019 trends.
We expect to increase our brand investments in the second
half compared to the first half and see significant distribution
and volume growth opportunities for our Truly, Twisted Tea and
Dogfish Head brands. Samuel Adams and Angry Orchard's volumes
continue to decline, as they are more deeply impacted by the effect
of COVID-19 on on-premise retailers. We are encouraged that
Samuel Adams Boston Lager and Angry
Orchard Crisp Apple both have experienced double-digit growth in
the measured off-premise channels during the quarter. We
continue to work on returning these brands to growth, but do not
expect them to grow during 2020 because of on-premise
closures. I am pleased that our overall business has shown
great momentum and depletion improvements during the first half of
the year. Given our trends for the first half and our current
view of the remainder of the year, we've adjusted our expectations
for higher 2020 full-year earnings, depletions and shipment growth,
which is primarily driven by the strong performance of our Truly
and Twisted Tea brands."
Mr. Burwick continued, "We have adjusted our business to the
COVID-19 environment and continue to work to control what we can
control, with our primary focus being the safety of our coworkers,
distributors, retailers and drinkers. We have deployed many safety
protocols across our business and at our breweries, including
entrance screening and temperature checks, face mask requirements,
reorganized work spacing to increase physical distancing between
and among shifts, and adding more cleaning and sanitation time to
each shift. We are slowly re-opening our hospitality locations,
which were closed since March, with a focus on outdoor service and
takeout. Our accelerated depletions growth has been
challenging operationally. We have been experiencing out of
stocks and we expect wholesaler inventories to remain very tight
for the rest of the summer. We have been operating at
capacity for many months and have further increased our usage of
third-party breweries in response to the growth. In
particular, the additional Truly volumes have come at a higher
incremental cost, due to an increased usage of third-party
breweries, which is negatively impacting our gross margin
expectation for the year. We are investing significantly in our
supply chain, but do not expect these pressures to be relieved in
the second half of the year. We will continue to invest to
increase capacity, as appropriate to meet the needs of our business
and take full advantage of the fast-growing hard seltzer
category. We're in a very competitive business, but we are
optimistic for continued growth of our current brand portfolio. We
remain prepared to forsake short-term earnings as we invest to
sustain long-term profitable growth, in line with the opportunities
that we see."
2nd Quarter 2020 Summary of Results
Depletions increased 46% from the comparable 13-week period in
the prior year. Shipment volume was approximately 1.9 million
barrels, a 39.8% increase from the comparable 13-week period in the
prior year.
The Company believes distributor inventory as of June 27, 2020 averaged approximately 2.5 weeks on
hand and was lower than prior year levels due to supply chain
capacity constraints. The Company expects wholesaler inventory
levels in terms of weeks on hand to remain lower than prior year
levels for the remainder of the year.
Gross margin of 46.4% decreased from the 49.9% 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 price increases and cost saving
initiatives at Company-owned breweries.
Advertising, promotional and selling expenses increased
$6.3 million from the comparable
13-week period in 2019, primarily due to increases in salaries and
benefits costs, increased brand investments in media and
production, the addition of Dogfish Head brand-related expenses
beginning July 3, 2019, and increased
freight to distributors due to higher volumes partially offset by
decreased investments in local marketing and national promotions
due to timing of these costs compared to the prior year.
General and administrative expenses increased by $2.9 million from the comparable 13-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 one-time Dogfish Head transaction-related fees
of $1.5 million incurred in the
second quarter of 2019.
The Company's effective tax rate for the second quarter
decreased to 23.4% from 26.9% in the comparable period in 2019,
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 43% from the comparable 26-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.
Shipment volume was approximately 3.3 million barrels, a 36.5%
increase from the comparable 26-week period in 2019.
Gross margin at 45.7% decreased from the 49.7% margin realized
in the comparable 26-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
$5.6 million was direct costs related
to COVID-19, partially offset by price increases and cost saving
initiatives at Company-owned breweries.
Advertising, promotional and selling expenses increased
$32.4 million from the comparable
26-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 $6.6 million from the comparable 26-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
$1.5 million incurred in the second
quarter of 2019.
Impairment of long-lived assets increased $2.1 million from the first half of 2019,
primarily due to write-downs of brewery equipment at the Company's
Cincinnati brewery.
The Company's effective tax rate for the 26-week period ended
June 27, 2020 decreased to 21.4% from
24.1% in the comparable 26-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 June 27,
2020 cash balance of $86.7
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 26-week period ended June 27,
2020 and the period from June 28,
2020 through July 18, 2020,
the Company did not repurchase any shares of its Class A Common
Stock. As of July 18, 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 28-week period ended
July 11, 2020 are estimated by the
Company to have increased approximately 42% from the comparable
period in 2019. Excluding the Dogfish Head impact, depletions
are estimated to have increased approximately 37%.
Outlook
The Company currently projects full year 2020 earnings per
diluted share to be between $11.70
and $12.70. 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 percentage increase of between 27% and
35% 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 48%.
- Increased investment in advertising, promotional and selling
expenses of between $70 million and
$80 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 $180 million and $200
million, which could be higher, if deemed necessary to meet
future growth.
Non-GAAP effective tax rate and Non-GAAP earnings per diluted
share are not defined terms under U.S. generally accepted
accounting principles ("GAAP"). These Non-GAAP measures should not
be considered in isolation or as a substitute for diluted earnings
per share and effective tax rate data prepared in accordance with
GAAP, and may not be comparable to calculations of similarly titled
measures by other companies. The Company's projection for its
Non-GAAP effective tax rate and Non-GAAP earnings per diluted share
exclude the impact of ASU 2016-09, which could be significant and
will depend largely upon unpredictable future events outside the
Company's control, including the timing and value realized upon
exercise of stock options versus the fair value of those options
when granted. Therefore, because of the uncertainty and variability
of the impact of ASU 2016-09, the Company is unable to provide,
without unreasonable effort, a reconciliation of these Non-GAAP
measures on a forward-looking basis.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 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, as well as other
craft beer brands such as Angel City Brewery, Coney Island Brewing,
and Concrete Beach Brewery. On July 3,
2019, the Company completed its previously reported Dogfish
Head Brewery transaction. Dogfish Head has a proud history as
a craft beer pioneer with a brand that is beloved by American
consumers and highly respected by the industry. For more
information, please visit our investor relations website at
www.bostonbeer.com, which includes links to all of our respective
brand websites.
Forward-Looking Statements
Statements made in this press release that state the Company's
or management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. It
is important to note that the Company's actual results could differ
materially from those projected in such forward-looking
statements. Additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the
Company's SEC filings, including, but not limited to, the Company's
report on Form 10-K for the years ended December 28, 2019 and December 29, 2018. 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, July 23, 2020
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(in thousands, except
per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks
ended
|
|
Twenty-six weeks
ended
|
|
|
|
June
27,
|
|
June
29,
|
|
June
27,
|
|
June
29,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
Barrels
sold
|
|
|
1,921
|
|
1,374
|
|
3,345
|
|
2,451
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
481,089
|
|
$
338,643
|
|
$
833,314
|
|
$
606,202
|
Less excise
taxes
|
|
|
28,951
|
|
20,236
|
|
50,611
|
|
36,144
|
Net revenue
|
|
|
452,138
|
|
318,407
|
|
782,703
|
|
570,058
|
Cost of goods
sold
|
|
|
242,514
|
|
159,405
|
|
425,106
|
|
286,516
|
Gross
profit
|
|
|
209,624
|
|
159,002
|
|
357,597
|
|
283,542
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
|
|
100,336
|
|
94,079
|
|
198,227
|
|
165,802
|
General
and administrative expenses
|
|
|
29,685
|
|
26,748
|
|
56,714
|
|
50,122
|
Impairment of
assets
|
|
|
834
|
|
243
|
|
2,355
|
|
243
|
Total operating
expenses
|
|
|
130,855
|
|
121,070
|
|
257,296
|
|
216,167
|
Operating
income
|
|
|
78,769
|
|
37,932
|
|
100,301
|
|
67,375
|
Other (expense)
income, net:
|
|
|
|
|
|
|
|
|
|
Interest (expense)
income, net
|
|
|
(212)
|
|
(27)
|
|
(149)
|
|
610
|
Other (expense)
income, net
|
|
|
(52)
|
|
197
|
|
(412)
|
|
(55)
|
Total other (expense)
income, net
|
|
|
(264)
|
|
170
|
|
(561)
|
|
555
|
Income before income
tax provision
|
|
|
78,505
|
|
38,102
|
|
99,740
|
|
67,930
|
Income tax
provision
|
|
|
18,364
|
|
10,246
|
|
21,365
|
|
16,380
|
Net income
|
|
|
$
60,141
|
|
$
27,856
|
|
$
78,375
|
|
$
51,550
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
|
|
$
4.93
|
|
$
2.39
|
|
$
6.43
|
|
$
4.42
|
Net income per common
share - diluted
|
|
|
$
4.88
|
|
$
2.36
|
|
$
6.37
|
|
$
4.38
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
|
|
9,720
|
|
8,648
|
|
9,572
|
|
8,627
|
Weighted-average
number of common shares - Class B basic
|
|
|
2,400
|
|
2,918
|
|
2,523
|
|
2,918
|
Weighted-average
number of common shares - diluted
|
|
|
12,258
|
|
11,684
|
|
12,221
|
|
11,660
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
60,141
|
|
$
27,856
|
|
$
78,375
|
|
$
51,550
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
(13)
|
|
5
|
|
(71)
|
|
42
|
Comprehensive
income
|
|
|
$
60,128
|
|
$
27,861
|
|
$
78,304
|
|
$
51,592
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
June
27,
|
|
December
28,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
86,716
|
|
$
36,670
|
Accounts receivable
|
|
|
99,320
|
|
54,404
|
Inventories
|
|
|
108,523
|
|
106,038
|
Prepaid expenses and other current assets
|
|
|
22,693
|
|
12,077
|
Income tax receivable
|
|
|
3,435
|
|
9,459
|
Total current assets
|
|
|
320,687
|
|
218,648
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
565,265
|
|
541,068
|
Operating right-of-use
assets
|
|
|
61,420
|
|
53,758
|
Goodwill
|
|
|
112,529
|
|
112,529
|
Intangible assets
|
|
|
104,096
|
|
104,272
|
Other assets
|
|
|
44,255
|
|
23,782
|
Total assets
|
|
|
$
1,208,252
|
|
$
1,054,057
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
93,576
|
|
$
76,374
|
Accrued expenses and other current liabilities
|
|
|
118,788
|
|
99,107
|
Current operating lease liabilities
|
|
|
7,444
|
|
5,168
|
Total current liabilities
|
|
|
219,808
|
|
180,649
|
|
|
|
|
|
|
Deferred income taxes,
net
|
|
|
87,417
|
|
75,010
|
Non-current operating lease
liabilities
|
|
|
62,896
|
|
53,940
|
Other liabilities
|
|
|
10,648
|
|
8,822
|
Total liabilities
|
|
|
380,769
|
|
318,421
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000 shares
authorized;
|
|
|
|
|
|
9,834,473 and 9,370,526 issued and outstanding as of June 27,
2020
|
|
|
|
|
|
and December 28, 2019, respectively
|
|
|
98
|
|
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 June 27,
2020
|
|
|
23
|
|
27
|
and December 28, 2019, respectively
|
|
|
|
|
|
Additional paid-in capital
|
|
|
585,327
|
|
571,784
|
Accumulated other comprehensive loss, net of tax
|
|
|
(1,740)
|
|
(1,669)
|
Retained earnings
|
|
|
243,775
|
|
165,400
|
Total stockholders' equity
|
|
|
827,483
|
|
735,636
|
Total liabilities and stockholders' equity
|
|
|
$
1,208,252
|
|
$
1,054,057
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASHFLOWS
|
(in
thousands)
|
(unaudited)
|
|
|
|
Twenty-six weeks
ended
|
|
|
|
June
27,
|
|
June
29,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
78,375
|
|
$
51,550
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
32,584
|
|
26,089
|
Impairment of assets
|
|
|
2,355
|
|
243
|
Loss on disposal of property, plant and equipment
|
|
|
39
|
|
104
|
Change in ROU assets
|
|
|
3,649
|
|
1,789
|
Credit loss expense
|
|
|
375
|
|
(1)
|
Stock-based compensation expense
|
|
|
7,103
|
|
5,810
|
Deferred income taxes
|
|
|
12,407
|
|
6,283
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(45,326)
|
|
(35,346)
|
Inventories
|
|
|
(12,795)
|
|
(14,942)
|
Prepaid expenses, income tax receivable and other current
assets
|
|
|
(4,784)
|
|
(6,855)
|
Other assets
|
|
|
(10,231)
|
|
(4,107)
|
Accounts payable
|
|
|
19,560
|
|
26,320
|
Accrued expenses and other current liabilities
|
|
|
20,803
|
|
(101)
|
Change in operating lease liability
|
|
|
(80)
|
|
(1,391)
|
Other liabilities
|
|
|
(23)
|
|
85
|
Net cash provided by operating activities
|
|
|
104,011
|
|
55,530
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
Purchases of property, plant
and equipment
|
|
|
(60,072)
|
|
(44,578)
|
Proceeds from disposal of
property, plant and equipment
|
|
|
45
|
|
179
|
Investment in Dogfish Head,
net of cash acquired
|
|
|
-
|
|
(158,402)
|
Other investing
activities
|
|
|
260
|
|
(188)
|
Net cash used in investing activities
|
|
|
(59,767)
|
|
(202,989)
|
|
|
|
|
|
|
Cash flows
provided by financing activities:
|
|
|
|
|
|
Proceeds from exercise of
stock options and sale of investment shares
|
|
|
8,010
|
|
4,692
|
Net cash paid on note
payable and finance leases
|
|
|
(649)
|
|
(115)
|
Cash borrowed on line of
credit
|
|
|
100,000
|
|
86,000
|
Cash paid on line of
credit
|
|
|
(100,000)
|
|
(48,500)
|
Payment of tax withholdings
on stock-based payment awards and investment shares
|
|
|
(1,559)
|
|
-
|
Net cash provided by financing activities
|
|
|
5,802
|
|
42,077
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
|
50,046
|
|
(105,382)
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
36,670
|
|
108,399
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
86,716
|
|
$
3,017
|
|
|
|
|
|
|
|
|
|
|
|
|
Copies of The
Boston Beer Company's press releases, including quarterly financial
results,
|
are available
on the Internet at www.bostonbeer.com
|
View original
content:http://www.prnewswire.com/news-releases/boston-beer-reports-second-quarter-2020-results-301099056.html
SOURCE The Boston Beer Company, Inc.