$SAM
BOSTON BEER CO INC

2017 Q2 Form 10-Q Financial Statement

#000119312517139590 Filed on April 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q1
Revenue $161.7M $188.8M
YoY Change -33.95% -5.35%
Cost Of Revenue $85.35M $97.30M
YoY Change -27.63% -2.59%
Gross Profit $76.34M $91.53M
YoY Change -39.83% -8.12%
Gross Profit Margin 47.21% 48.47%
Selling, General & Admin $72.32M $80.29M
YoY Change -14.97% 3.64%
% of Gross Profit 94.72% 87.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.72M $12.03M
YoY Change 1.79% 16.65%
% of Gross Profit 16.67% 13.14%
Operating Expenses $72.32M $80.29M
YoY Change -15.01% 3.64%
Operating Profit $4.028M $11.24M
YoY Change -90.36% -49.24%
Interest Expense $84.00K $23.00K
YoY Change 320.0% -866.67%
% of Operating Profit 2.09% 0.2%
Other Income/Expense, Net $12.00K -$196.0K
YoY Change -106.45% -40.24%
Pretax Income $4.040M $11.04M
YoY Change -90.29% -49.38%
Income Tax -$1.671M $4.009M
% Of Pretax Income -41.36% 36.31%
Net Earnings $5.711M $7.032M
YoY Change -78.55% -48.83%
Net Earnings / Revenue 3.53% 3.72%
Basic Earnings Per Share $0.46 $0.55
Diluted Earnings Per Share $0.45 $0.53
COMMON SHARES
Basic Shares Outstanding 12.47M shares
Diluted Shares Outstanding 12.52M shares 13.09M shares

Balance Sheet

Concept 2017 Q2 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.90M $51.10M
YoY Change 117.03% -58.18%
Cash & Equivalents $59.89M $51.13M
Short-Term Investments
Other Short-Term Assets $9.500M $19.40M
YoY Change -50.78% 1.57%
Inventory $54.44M $61.74M
Prepaid Expenses
Receivables $35.31M $45.18M
Other Receivables $6.900M $5.000M
Total Short-Term Assets $166.1M $182.5M
YoY Change -1.33% -27.12%
LONG-TERM ASSETS
Property, Plant & Equipment $404.4M $412.3M
YoY Change -1.81% 5.35%
Goodwill $3.683M $3.683M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.77M $9.352M
YoY Change 90.53% -8.03%
Total Long-Term Assets $420.9M $425.3M
YoY Change -0.32% 4.96%
TOTAL ASSETS
Total Short-Term Assets $166.1M $182.5M
Total Long-Term Assets $420.9M $425.3M
Total Assets $587.0M $607.8M
YoY Change -0.61% -7.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.07M $45.17M
YoY Change -13.27% 14.76%
Accrued Expenses $48.40M $56.30M
YoY Change -30.36% -10.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change 0.0%
Total Short-Term Liabilities $84.48M $101.5M
YoY Change -23.99% -0.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $400.0K
YoY Change -100.0% -20.0%
Other Long-Term Liabilities $9.688M $14.26M
YoY Change 2.24% 96.34%
Total Long-Term Liabilities $9.688M $14.26M
YoY Change 2.24% 96.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.48M $101.5M
Total Long-Term Liabilities $9.688M $14.26M
Total Liabilities $151.5M $172.5M
YoY Change -15.03% 7.46%
SHAREHOLDERS EQUITY
Retained Earnings $70.09M $118.2M
YoY Change -13.39% -45.4%
Common Stock $366.3M $318.0M
YoY Change 10.26% 13.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $435.4M $435.3M
YoY Change
Total Liabilities & Shareholders Equity $587.0M $607.8M
YoY Change -0.61% -7.29%

Cashflow Statement

Concept 2017 Q2 2016 Q1
OPERATING ACTIVITIES
Net Income $5.711M $7.032M
YoY Change -78.55% -48.83%
Depreciation, Depletion And Amortization $12.72M $12.03M
YoY Change 1.79% 16.65%
Cash From Operating Activities -$5.000M $9.300M
YoY Change -111.9% -56.13%
INVESTING ACTIVITIES
Capital Expenditures $6.981M $13.01M
YoY Change -153.7% -30.38%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change 0.0%
Cash From Investing Activities -$7.000M -$13.00M
YoY Change -45.74% -30.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $33.27M $63.78M
YoY Change 572.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.10M -39.40M
YoY Change -63.69% -190.99%
NET CHANGE
Cash From Operating Activities -5.000M 9.300M
Cash From Investing Activities -7.000M -13.00M
Cash From Financing Activities -19.10M -39.40M
Net Change In Cash -31.10M -43.10M
YoY Change 32.34% -194.1%
FREE CASH FLOW
Cash From Operating Activities -$5.000M $9.300M
Capital Expenditures $6.981M $13.01M
Free Cash Flow -$11.98M -$3.711M
YoY Change -121.78% -247.73%

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CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
116000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
101.26
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
131.64
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
166773 shares
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.468 pure
CY2017Q2 dei Entity Registrant Name
EntityRegistrantName
BOSTON BEER CO INC
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
146.83
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
5185 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
24671 shares
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y22D
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
20061 shares
CY2017Q2 us-gaap Revenues
Revenues
161695000
CY2017Q2 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
60000
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6981000
CY2017Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
33268000
CY2017Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
84000
CY2017Q2 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
172437000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4028000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
5711000
CY2017Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4799000
CY2017Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1376000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5711000
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0
CY2017Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
225000
CY2017Q2 us-gaap Gross Profit
GrossProfit
76344000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-72000
CY2017Q2 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-148000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
12000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5711000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5679000
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-19144000
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-32000
CY2017Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-31142000
CY2017Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
85351000
CY2017Q2 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-16000
CY2017Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2784000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4040000
CY2017Q2 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
3562000
CY2017Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
117000
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12724000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1671000
CY2017Q2 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-12595000
CY2017Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6254000
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6958000
CY2017Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1581000
CY2017Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1891000
CY2017Q2 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0
CY2017Q2 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
2000
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
53754000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18562000
CY2017Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
10742000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
72316000
CY2017Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13869000
CY2017Q2 sam Weighted Average Number Of Basic Shares Outstanding Equity Instruments Other Than Option Nonvested
WeightedAverageNumberOfBasicSharesOutstandingEquityInstrumentsOtherThanOptionNonvested
71000 shares
CY2017Q2 sam Decrease Increase In Accounts Payable For Purchase Of Property Plant And Equipment
DecreaseIncreaseInAccountsPayableForPurchaseOfPropertyPlantAndEquipment
1741000
CY2017Q2 sam Weighted Average Number Of Shares Outstanding Basic Including Nonvested Participating Securities
WeightedAverageNumberOfSharesOutstandingBasicIncludingNonvestedParticipatingSecurities
12471000 shares
CY2017Q2 sam Income Allocated To Equity Instruments Other Than Option Nonvested
IncomeAllocatedToEquityInstrumentsOtherThanOptionNonvested
0
CY2017Q2 sam Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
4000
CY2017Q2 sam Net Proceeds From Sale Of Investment Shares
NetProceedsFromSaleOfInvestmentShares
315000
CY2017Q2 sam Decrease Increase In Accounts Payable For Repurchase Of Common Stock
DecreaseIncreaseInAccountsPayableForRepurchaseOfCommonStock
0
CY2017Q2 sam Loss On Sale Of Property Plant Equipment
LossOnSaleOfPropertyPlantEquipment
27000

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