$SAM
BOSTON BEER CO INC

2016 Q2 Form 10-Q Financial Statement

#000119312516653731 Filed on July 21, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $244.8M $252.2M
YoY Change -2.93% 8.89%
Cost Of Revenue $117.9M $116.0M
YoY Change 1.69% 6.88%
Gross Profit $126.9M $136.2M
YoY Change -6.86% 10.67%
Gross Profit Margin 51.83% 54.01%
Selling, General & Admin $85.05M $89.41M
YoY Change -4.87% 8.24%
% of Gross Profit 67.03% 65.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.50M $10.20M
YoY Change 22.55% 24.39%
% of Gross Profit 9.85% 7.49%
Operating Expenses $85.09M $89.41M
YoY Change -4.83% 8.24%
Operating Profit $41.79M $46.82M
YoY Change -10.75% 15.62%
Interest Expense $20.00K $11.00K
YoY Change 81.82% -320.0%
% of Operating Profit 0.05% 0.02%
Other Income/Expense, Net -$186.0K $65.00K
YoY Change -386.15% -66.84%
Pretax Income $41.60M $46.88M
YoY Change -11.27% 15.23%
Income Tax $14.98M $16.95M
% Of Pretax Income 36.01% 36.16%
Net Earnings $26.62M $29.93M
YoY Change -11.06% 17.71%
Net Earnings / Revenue 10.87% 11.87%
Basic Earnings Per Share $2.11 $2.24
Diluted Earnings Per Share $2.06 $2.18
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 12.83M shares 13.67M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.60M $147.0M
YoY Change -81.22% 369.65%
Cash & Equivalents $27.58M $147.0M
Short-Term Investments
Other Short-Term Assets $19.30M $21.10M
YoY Change -8.53% 0.48%
Inventory $61.25M $57.12M
Prepaid Expenses
Receivables $56.69M $52.58M
Other Receivables $3.500M $3.500M
Total Short-Term Assets $168.3M $281.3M
YoY Change -40.15% 61.25%
LONG-TERM ASSETS
Property, Plant & Equipment $411.9M $397.9M
YoY Change 3.52% 14.45%
Goodwill $3.683M $3.683M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.704M $9.719M
YoY Change -31.02% 19.38%
Total Long-Term Assets $422.3M $411.3M
YoY Change 2.67% 14.41%
TOTAL ASSETS
Total Short-Term Assets $168.3M $281.3M
Total Long-Term Assets $422.3M $411.3M
Total Assets $590.6M $692.5M
YoY Change -14.72% 29.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $41.59M $46.01M
YoY Change -9.6% 2.03%
Accrued Expenses $69.50M $72.40M
YoY Change -4.01% -9.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $111.1M $118.4M
YoY Change -6.11% -5.17%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $500.0K
YoY Change -20.0% 0.0%
Other Long-Term Liabilities $9.476M $7.810M
YoY Change 21.33% 73.71%
Total Long-Term Liabilities $9.476M $7.810M
YoY Change 21.33% 73.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.1M $118.4M
Total Long-Term Liabilities $9.476M $7.810M
Total Liabilities $178.3M $177.8M
YoY Change 0.29% 9.68%
SHAREHOLDERS EQUITY
Retained Earnings $80.93M $233.1M
YoY Change -65.28% 42.94%
Common Stock $332.2M $282.6M
YoY Change 17.58% 35.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $412.2M $514.7M
YoY Change
Total Liabilities & Shareholders Equity $590.6M $692.5M
YoY Change -14.72% 29.72%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $26.62M $29.93M
YoY Change -11.06% 17.71%
Depreciation, Depletion And Amortization $12.50M $10.20M
YoY Change 22.55% 24.39%
Cash From Operating Activities $42.00M $57.20M
YoY Change -26.57% 21.44%
INVESTING ACTIVITIES
Capital Expenditures -$13.00M -$20.20M
YoY Change -35.64% -54.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$12.90M -$20.20M
YoY Change -36.14% -54.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -52.60M -12.10M
YoY Change 334.71% -3125.0%
NET CHANGE
Cash From Operating Activities 42.00M 57.20M
Cash From Investing Activities -12.90M -20.20M
Cash From Financing Activities -52.60M -12.10M
Net Change In Cash -23.50M 24.90M
YoY Change -194.38% 678.13%
FREE CASH FLOW
Cash From Operating Activities $42.00M $57.20M
Capital Expenditures -$13.00M -$20.20M
Free Cash Flow $55.00M $77.40M
YoY Change -28.94% -15.32%

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Revenues
433643000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25954000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
124675000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
43000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-511000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
5840000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
463233000
us-gaap Operating Income Loss
OperatingIncomeLoss
53025000
us-gaap Net Income Loss
NetIncomeLoss
33653000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4783000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
17655000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
33561000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
58000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-92000
us-gaap Income Taxes Paid
IncomeTaxesPaid
8655000
us-gaap Gross Profit
GrossProfit
218407000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-425000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-382000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
33653000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-56000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-12394000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
52643000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1375000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24473000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18990000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
6967000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1995000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-25898000
us-gaap Share Based Compensation
ShareBasedCompensation
5741000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
37000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
5840000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
12000000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
122501000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
42881000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-6504000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-89034000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-170000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-66613000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
215236000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
29590000
us-gaap Operating Expenses
OperatingExpenses
165382000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
29521000
sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
64000 shares
sam Decrease Increase In Accounts Payable For Purchase Of Property Plant And Equipment
DecreaseIncreaseInAccountsPayableForPurchaseOfPropertyPlantAndEquipment
870000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
29927000
sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
12709000 shares
sam Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
-55000
sam Net Proceeds From Sale Of Investment Shares
NetProceedsFromSaleOfInvestmentShares
338000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.18
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13667000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.24
CY2015Q2 us-gaap Revenues
Revenues
252204000
CY2015Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
11000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
268721000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
46819000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
29932000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-5000
CY2015Q2 us-gaap Gross Profit
GrossProfit
136225000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
54000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
65000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29932000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
46884000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16952000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2000000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
71370000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18036000
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-139000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
115979000
CY2015Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
16517000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
89406000
CY2015Q2 sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
62000 shares
CY2015Q2 sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
13342000 shares
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.06
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12830000 shares
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.11
CY2016Q2 us-gaap Revenues
Revenues
244816000
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
20000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
261225000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
41788000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
26621000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
26533000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-88000
CY2016Q2 us-gaap Gross Profit
GrossProfit
126876000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-206000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-186000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
26621000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
41602000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14981000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3100000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
63252000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21836000
CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-139000
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
117940000
CY2016Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
16409000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
85088000
CY2016Q2 sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
66000 shares
CY2016Q2 sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
12614000 shares
CY2016Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
12000000

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