From Big Rock:
CALGARY, ALBERTA--(Marketwire - March 19, 2013/mbb/) - Big Rock Brewery Inc. (TSX:BR) ("Big Rock" or the "Corporation") announced its financial results today for the year ended December 30, 2012.
Big Rock showed a significant increase in both net income and operating profit in 2012 as compared to the previous year. Net income for the year ended December 30, 2012 was $4.1 million compared to $2.5 million in the year ended December 30, 2011. Operating profit for 2012 was $5.6 million compared to $3.3 million in 2011. The improvement in operating profit resulted from lower selling expenses as well as higher margins per hectolitre ("hl") attributable to both an increase in average selling prices and a decrease in production and selling costs.
The improved operating profit was achieved despite a 1.5 per cent decrease in the total volume of Big Rock's sales, which decreased to 217,646 hl for 2012 as compared to 220,973 hl for 2011. Volume-driven price promotions utilized in 2011 were scaled back significantly for 2012, resulting in comparatively lower sales volumes but higher profit margins.
The Financial Statements and Management Discussion and Analysis dated March 19, 2013 can be viewed on Big Rock's website atbigrockbeer.com/corporate and on SEDAR at sedar.com under Big Rock Brewery Inc.
Big Rock also announces today that Mr. Gordon Tallman and Mr. James Jackson have indicated that they will not stand for re-election at the Corporation's upcoming meeting of shareholders. Mr. Tallman will be leaving the Big Rock Board of Directors ("the Board"), effective May 3, 2013, while Mr. Jackson will be retiring from the board immediately. Mr. Jackson has served on the Board for more than 16 years. Mr. Tallman, who has served on the Board for over 11 years, is also a member of the Big Rock Compensation and Audit Committees. The Board has appointed one of their existing members, Mr. Jim Riddell, to succeed Mr. Tallman on the Audit Committee. The Board expressed their gratitude to both Mr. Jackson and Mr. Tallman for their years of service and appreciation for their expertise and many contributions to the Board and Committees.
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