On March 13, Boston Beer Co.
- Take a sip of this pint of earnings for the full fizz on Boston Beer.
- Net revenue rose by 13.3%, primarily driven by a 12% increase in shipment volume and a 1% increase in net revenue per barrel.
- Gross margin for the quarter fell by 170 bps, thanks to an increase in supply chain costs, higher package material costs, and a shift in product mix.
- For the first quarter of fiscal 2007, the company expects shipments and orders in-hand to increase by 23%.
- Boston Beer is currently rated a three-star stock by the Motley Fool CAPS community database. This isn't quite up to the standards set by four-star rated Anheuser-Busch
(NYSE:BUD) , but still better than the two-star Molson Coors(NYSE:TAP) .
(Figures in thousands, except per-share data)
Income Statement Highlights
Q4 2006 |
Q4 2005 |
Change |
|
---|---|---|---|
Sales |
$73,343 |
$64,752 |
13.3% |
Net Profit |
$2,477 |
$2,266 |
9.3% |
EPS |
$0.17 |
$0.16 |
6.3% |
Diluted Shares |
14,520 |
14,328 |
1.3% |
Get back to basics with the income statement.
Margin Checkup
Q4 2006 |
Q4 2005 |
Change* |
|
---|---|---|---|
Gross Margin |
56.0% |
57.7% |
(1.7) |
Operating Margin |
6.9% |
5.0% |
1.9 |
Net Margin |
3.4% |
3.5% |
(0.1) |
Margins are the earnings engine.
Balance Sheet Highlights
Assets |
Q4 2006 |
Q4 2005 |
Change |
---|---|---|---|
Cash + ST Invest. |
$82,370 |
$63,941 |
28.8% |
Accounts Rec. |
$17,770 |
$9,534 |
86.4% |
Inventory |
$17,034 |
$13,649 |
24.8% |
Liabilities |
Q4 2006 |
Q4 2005 |
Change |
---|---|---|---|
Accounts Payable |
$17,942 |
$11,378 |
57.7% |
The balance sheet reflects the company's health.
Cash Flow Highlights
2006 |
2005 |
Change |
|
---|---|---|---|
Cash From Ops. |
$28,977 |
$28,841 |
0.5% |
Capital Expenditures |
$9,056 |
$13,973 |
(35.2%) |
Free Cash Flow |
$19,921 |
$14,868 |
34.0% |
Free cash flow is a Fool's best friend.
Related Foolishness:
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- Foolish Forecast: Stars Aligning for Constellation Brands
Anheuser Busch is a Motley Fool Inside Value selection. To see what other stocks are worth raising your mug (and your portfolio) to, take a free 30-day trial to the newsletter service today.
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