Fourth Quarter Highlights:
- Net Revenue for the quarter grew 66.9% to $24.5 million compared to $14.7 million in the prior year.
- EBITDA* for the quarter was $3.2 million, a decline of 4%, compared to $3.4 million in the prior year.
- Gross Profit Margin for the quarter declined by 11% to 18.1% from 29.1% in the prior year.
- Selling, Marketing, and Administration for the quarter increased slightly to $3.0 million, compared to $2.6 million in the prior year.
- The Board of Directors re-affirmed the quarterly dividend, at $0.0275/share, payable May 26, 2021, to shareholders of record as of May 19, 2021. The dividend is classified as an eligible dividend.
Full Year Highlights:
- Net Revenue increased 43.7% to $86.7 million, from $60.3 million in the prior year.
- Reported EBITDA* for the year was $15.2 million, representing a 31% increase versus the prior year's $11.6 million.
- Gross Profit Margin declined to 23.9% compared to 29.6% in the prior year, due to global market supply and cost issues with aluminum cans, as well as temporary outsourcing measures taken to meet increased production demand prior to the completion of planned can capacity upgrades.
- Selling, Marketing, and Administration expenses remained flat at $11.9 million from $11.8 million in the prior year.
KITCHENER, ON, April 8, 2021 /CNW/ - Waterloo Brewing Ltd. (“Waterloo Brewing“ or the “Company“) (TSX:WBR), Ontario's largest Canadian-owned brewery, today released results for the fourth quarter and full-year ended January 31, 2021. Waterloo Brewing posted a record annual EBITDA of $15.2 million on net revenue of $86.7 million, which represents growth of 31% and 44% respectively.
“The clear choices we made for growth are generating considerable momentum for our business,“ stated George Croft, President, and Chief Executive Officer, Waterloo Brewing, “Our portfolio of award-winning beers, ciders, seltzers, and coolers are focused on The Beer Store, LCBO, and grocery channels and fared very well despite the effect that pandemic control measures continue to have on pub and restaurant operators throughout the province.“
“EBITDA growth of 31%, revenue growth of 44%, Laker growth at 19%, LandShark®Lager growth at 23%, Waterloo growth at 20%, outstanding new product success within the Seagram brand delivered 36% growth, all combined with a thriving co-pack business is nothing less than phenomenal performance“, continued Croft. “No other brewery or beverage alcohol producer in the country has the diverse range of value-driving assets we do and is delivering the results we are. It is a formula that is paying literal dividends. “