On August 7, Boston Beer
- Net revenues jumped 17.1%. The company sold 14.6% volume and charged about 2% more per barrel.
- Gross margins went flat by 250 basis point because of higher packaging and ingredient costs. General and administrative costs rose 13.9% as well.
- Still, the company continues to generate cash and plow it back into the business. And if Boston Beer continues to ship more product out to more customers, it "will be able to meet or even exceed [its] previously communicated earnings goals even after including the asset write-off of brewery costs we took in the second quarter." Shareholders should drink to that!
(Figures in thousands except per-share data.)
Income Statement Highlights
|
Q2 2007 |
Q2 2006 |
Change |
|
|---|---|---|---|
|
Sales |
$92,868 |
$79,333 |
17.1% |
|
Net Profit |
$6,791 |
$7,986 |
(15%) |
|
EPS |
$0.46 |
$0.56 |
(17.9%) |
|
Diluted Shares |
14,680 |
14,346 |
2.3% |
Get back to basics with the income statement.
Margin Checkup
|
Q2 2007 |
Q2 2006 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
56.8% |
59.3% |
(2.5) |
|
Operating Margin |
11.4% |
15.5% |
(4.2) |
|
Net Margin |
7.3% |
10.1% |
(2.8) |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$92,785 |
$65,124 |
42.5% |
|
Accounts Rec. |
$24,249 |
$19,343 |
25.4% |
|
Inventory |
$18,559 |
$13,916 |
33.4% |
|
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
|---|---|---|---|
|
Accounts Payable |
$21,739 |
$13,966 |
55.7% |
|
Long-Term Debt |
$0.0 |
$0.0 |
N/A |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
YTD 2007 |
YTD 2006 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$13,384 |
$9,221 |
45.1% |
|
Capital Expenditures |
$8,545 |
$2,725 |
213.6% |
|
Free Cash Flow |
$4,839 |
$6,496 |
(25.5%) |
Free cash flow is a Fool's best friend,
Related Foolishness:
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