$SAM
BOSTON BEER CO INC

2015 Q3 Form 10-Q Financial Statement

#000119312515358046 Filed on October 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $293.1M $269.7M
YoY Change 8.66% 24.64%
Cost Of Revenue $136.1M $126.7M
YoY Change 7.37% 25.44%
Gross Profit $157.0M $143.0M
YoY Change 9.8% 23.94%
Gross Profit Margin 53.57% 53.01%
Selling, General & Admin $95.91M $80.77M
YoY Change 18.74% 12.43%
% of Gross Profit 61.09% 56.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.10M $9.600M
YoY Change 15.63% 37.14%
% of Gross Profit 7.07% 6.71%
Operating Expenses $96.13M $82.35M
YoY Change 16.73% 12.59%
Operating Profit $60.88M $60.65M
YoY Change 0.38% 43.58%
Interest Expense $0.00 $31.00K
YoY Change -100.0% 3.33%
% of Operating Profit 0.0% 0.05%
Other Income/Expense, Net -$527.0K -$340.0K
YoY Change 55.0% 1159.26%
Pretax Income $60.35M $60.31M
YoY Change 0.08% 42.87%
Income Tax $21.73M $22.38M
% Of Pretax Income 36.0% 37.11%
Net Earnings $38.62M $37.93M
YoY Change 1.84% 47.65%
Net Earnings / Revenue 13.18% 14.06%
Basic Earnings Per Share $2.93 $2.91
Diluted Earnings Per Share $2.85 $2.79
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 13.51M shares 13.50M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.6M $57.20M
YoY Change 135.31% 30.89%
Cash & Equivalents $134.6M $57.18M
Short-Term Investments
Other Short-Term Assets $21.00M $21.20M
YoY Change -0.94% 21.14%
Inventory $57.32M $59.61M
Prepaid Expenses
Receivables $57.12M $49.67M
Other Receivables $2.200M $0.00
Total Short-Term Assets $272.3M $187.7M
YoY Change 45.08% 8.25%
LONG-TERM ASSETS
Property, Plant & Equipment $405.4M $371.8M
YoY Change 9.04% 49.7%
Goodwill $3.683M $3.683M
YoY Change 0.0% 221.66%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.550M $9.149M
YoY Change 4.38% 30.53%
Total Long-Term Assets $418.6M $384.6M
YoY Change 8.85% 48.47%
TOTAL ASSETS
Total Short-Term Assets $272.3M $187.7M
Total Long-Term Assets $418.6M $384.6M
Total Assets $690.9M $572.3M
YoY Change 20.73% 32.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.52M $39.84M
YoY Change 21.77% -2.1%
Accrued Expenses $84.30M $82.50M
YoY Change 2.18% -2.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $55.00K
YoY Change -45.0%
Total Short-Term Liabilities $132.8M $122.4M
YoY Change 8.5% -2.2%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K $528.0K
YoY Change -5.3% -12.0%
Other Long-Term Liabilities $15.50M $4.627M
YoY Change 234.97% 5.16%
Total Long-Term Liabilities $15.50M $5.155M
YoY Change 200.66% 17.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.8M $122.4M
Total Long-Term Liabilities $15.50M $5.155M
Total Liabilities $196.1M $159.9M
YoY Change 22.64% 5.9%
SHAREHOLDERS EQUITY
Retained Earnings $210.7M $201.0M
YoY Change 4.84% 80.66%
Common Stock $285.1M $211.7M
YoY Change 34.69% 23.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $494.8M $412.4M
YoY Change
Total Liabilities & Shareholders Equity $690.9M $572.3M
YoY Change 20.73% 32.35%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $38.62M $37.93M
YoY Change 1.84% 47.65%
Depreciation, Depletion And Amortization $11.10M $9.600M
YoY Change 15.63% 37.14%
Cash From Operating Activities $64.10M $64.30M
YoY Change -0.31% 31.49%
INVESTING ACTIVITIES
Capital Expenditures -$16.70M -$39.80M
YoY Change -58.04% 44.73%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change -100.0% -96.43%
Cash From Investing Activities -$16.70M -$39.90M
YoY Change -58.15% 31.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -59.80M 1.600M
YoY Change -3837.5% 433.33%
NET CHANGE
Cash From Operating Activities 64.10M 64.30M
Cash From Investing Activities -16.70M -39.90M
Cash From Financing Activities -59.80M 1.600M
Net Change In Cash -12.40M 26.00M
YoY Change -147.69% 37.57%
FREE CASH FLOW
Cash From Operating Activities $64.10M $64.30M
Capital Expenditures -$16.70M -$39.80M
Free Cash Flow $80.80M $104.1M
YoY Change -22.38% 36.26%

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6.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y7M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y4M6D
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1012000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-385000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
58210000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
7777000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
17225000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
12167000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-342000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
82299000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
13113000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
82286000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
55606000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
54000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-798000
us-gaap Operating Income Loss
OperatingIncomeLoss
129838000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6010000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129047000
us-gaap Revenues
Revenues
744801000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
20273000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-57000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
794193000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-791000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-13000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-20662000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
7000
us-gaap Net Income Loss
NetIncomeLoss
82299000
us-gaap Gross Profit
GrossProfit
392851000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
100000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
83794000
us-gaap Income Taxes Paid
IncomeTaxesPaid
23992000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
209823000
us-gaap Operating Expenses
OperatingExpenses
263013000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-28614000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
13113000
us-gaap Share Based Compensation
ShareBasedCompensation
5218000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
218000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-55649000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
351950000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
22609000
sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
62000 shares
sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
13268000 shares
sam Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
12000
sam Net Proceeds From Sale Of Investment Shares
NetProceedsFromSaleOfInvestmentShares
1121000
sam Decrease Increase In Accounts Payable For Purchase Of Property Plant And Equipment
DecreaseIncreaseInAccountsPayableForPurchaseOfPropertyPlantAndEquipment
775000
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.91
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13495000 shares
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.79
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
37926000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
37926000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-371000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
60647000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
60307000
CY2014Q3 us-gaap Revenues
Revenues
269734000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
288777000
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-340000
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0
CY2014Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
31000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
37926000
CY2014Q3 us-gaap Gross Profit
GrossProfit
142996000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
65024000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
82349000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22381000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15748000
CY2014Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
19043000
CY2014Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-215000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1400000
CY2014Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1577000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
126738000
CY2014Q3 sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
74000 shares
CY2014Q3 sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
13049000 shares
CY2015Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
17200000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.93
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13507000 shares
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.85
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
38624000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
38610000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-527000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
60880000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
60353000
CY2015Q3 us-gaap Revenues
Revenues
293094000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
312638000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-527000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-14000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
0
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
38624000
CY2015Q3 us-gaap Gross Profit
GrossProfit
157010000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78205000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
96130000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21729000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17707000
CY2015Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
19544000
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-179000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1600000
CY2015Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
218000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
136084000
CY2015Q3 sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
61000 shares
CY2015Q3 sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
13183000 shares

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