$SAM
BOSTON BEER CO INC

2016 Q3 Form 10-Q Financial Statement

#000119312516742817 Filed on October 20, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $253.4M $293.1M
YoY Change -13.53% 8.66%
Cost Of Revenue $119.8M $136.1M
YoY Change -11.95% 7.37%
Gross Profit $133.6M $157.0M
YoY Change -14.91% 9.8%
Gross Profit Margin 52.72% 53.57%
Selling, General & Admin $83.30M $95.91M
YoY Change -13.15% 18.74%
% of Gross Profit 62.35% 61.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.80M $11.10M
YoY Change 15.32% 15.63%
% of Gross Profit 9.58% 7.07%
Operating Expenses $83.30M $96.13M
YoY Change -13.35% 16.73%
Operating Profit $50.31M $60.88M
YoY Change -17.36% 0.38%
Interest Expense $22.00K $0.00
YoY Change -100.0%
% of Operating Profit 0.04% 0.0%
Other Income/Expense, Net -$147.0K -$527.0K
YoY Change -72.11% 55.0%
Pretax Income $50.16M $60.35M
YoY Change -16.89% 0.08%
Income Tax $18.63M $21.73M
% Of Pretax Income 37.14% 36.0%
Net Earnings $31.53M $38.62M
YoY Change -18.37% 1.84%
Net Earnings / Revenue 12.44% 13.18%
Basic Earnings Per Share $2.53 $2.93
Diluted Earnings Per Share $2.48 $2.85
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 12.64M shares 13.51M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.30M $134.6M
YoY Change -42.57% 135.31%
Cash & Equivalents $77.27M $134.6M
Short-Term Investments
Other Short-Term Assets $18.80M $21.00M
YoY Change -10.48% -0.94%
Inventory $57.23M $57.32M
Prepaid Expenses
Receivables $46.19M $57.12M
Other Receivables $5.000M $2.200M
Total Short-Term Assets $204.6M $272.3M
YoY Change -24.87% 45.08%
LONG-TERM ASSETS
Property, Plant & Equipment $410.6M $405.4M
YoY Change 1.27% 9.04%
Goodwill $3.683M $3.683M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.692M $9.550M
YoY Change -8.98% 4.38%
Total Long-Term Assets $422.9M $418.6M
YoY Change 1.03% 8.85%
TOTAL ASSETS
Total Short-Term Assets $204.6M $272.3M
Total Long-Term Assets $422.9M $418.6M
Total Assets $627.5M $690.9M
YoY Change -9.18% 20.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.38M $48.52M
YoY Change -25.01% 21.77%
Accrued Expenses $69.80M $84.30M
YoY Change -17.2% 2.18%
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 $106.3M $132.8M
YoY Change -19.96% 8.5%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $500.0K
YoY Change -20.0% -5.3%
Other Long-Term Liabilities $9.751M $15.50M
YoY Change -37.09% 234.97%
Total Long-Term Liabilities $9.751M $15.50M
YoY Change -37.09% 200.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.3M $132.8M
Total Long-Term Liabilities $9.751M $15.50M
Total Liabilities $177.3M $196.1M
YoY Change -9.62% 22.64%
SHAREHOLDERS EQUITY
Retained Earnings $102.1M $210.7M
YoY Change -51.56% 4.84%
Common Stock $349.1M $285.1M
YoY Change 22.45% 34.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $450.2M $494.8M
YoY Change
Total Liabilities & Shareholders Equity $627.5M $690.9M
YoY Change -9.18% 20.73%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $31.53M $38.62M
YoY Change -18.37% 1.84%
Depreciation, Depletion And Amortization $12.80M $11.10M
YoY Change 15.32% 15.63%
Cash From Operating Activities $57.10M $64.10M
YoY Change -10.92% -0.31%
INVESTING ACTIVITIES
Capital Expenditures -$11.10M -$16.70M
YoY Change -33.53% -58.04%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.10M -$16.70M
YoY Change -33.53% -58.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.800M -59.80M
YoY Change -106.35% -3837.5%
NET CHANGE
Cash From Operating Activities 57.10M 64.10M
Cash From Investing Activities -11.10M -16.70M
Cash From Financing Activities 3.800M -59.80M
Net Change In Cash 49.80M -12.40M
YoY Change -501.61% -147.69%
FREE CASH FLOW
Cash From Operating Activities $57.10M $64.10M
Capital Expenditures -$11.10M -$16.70M
Free Cash Flow $68.20M $80.80M
YoY Change -15.59% -22.38%

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P6Y5M1D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
19740 shares
us-gaap Revenues
Revenues
687076000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37108000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
138055000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
65000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-553000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
90000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
12387000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
734459000
us-gaap Operating Income Loss
OperatingIncomeLoss
103334000
us-gaap Net Income Loss
NetIncomeLoss
65183000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2897000
sam Decrease Increase In Accounts Payable For Repurchase Of Common Stock
DecreaseIncreaseInAccountsPayableForRepurchaseOfCommonStock
-3000000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
65093000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
58000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-328000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-16927000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7037000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
510000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-90000
us-gaap Income Taxes Paid
IncomeTaxesPaid
21939000
us-gaap Gross Profit
GrossProfit
352014000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-594000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-529000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65183000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-62000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-11841000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
102805000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5464000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
37305000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
37622000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
13365000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4571000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-37042000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4000
us-gaap Share Based Compensation
ShareBasedCompensation
8122000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
37000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
12387000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
12002000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
186318000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
62325000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-6356000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-88247000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
335062000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
47383000
us-gaap Operating Expenses
OperatingExpenses
248680000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
37452000
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
1235000
sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
12622000 shares
sam Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
-170000
sam Net Proceeds From Sale Of Investment Shares
NetProceedsFromSaleOfInvestmentShares
537000
CY2007 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
6000000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.85
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13507000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.93
CY2015Q3 us-gaap Revenues
Revenues
293094000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
312638000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
60880000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
38624000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
38610000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-14000
CY2015Q3 us-gaap Gross Profit
GrossProfit
157010000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-527000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-527000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
38624000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
60353000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21729000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1600000
CY2015Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
218000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78205000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17707000
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-179000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
136084000
CY2015Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
19544000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
96130000
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
CY2016Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
12000000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.48
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12641000 shares
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.53
CY2016Q3 us-gaap Revenues
Revenues
253433000
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
22000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
271225000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
50309000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
31530000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
31532000
CY2016Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2000
CY2016Q3 us-gaap Gross Profit
GrossProfit
133607000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-169000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-147000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
31530000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50162000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18632000
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2400000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
63817000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
19481000
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-160000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
119826000
CY2016Q3 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
17792000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
83298000
CY2016Q3 sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
63000 shares
CY2016Q3 sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
12448000 shares

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