KITCHENER, Ont. – Brick Brewing Co. Ltd. (TSX:BRB) says it sold more product in its second quarter, but pricing pressure from national brands resulted in a net loss of $458,000 and 49 cents per share.
The brewer logged net income of $1.1 million in the same quarter a year ago and 69 cents per share.
Net revenues in the second quarter was $11.4 million compared to $11.5 million in the year-before period.
The company says its key brands performed well with Laker volume up 11 per cent, Waterloo up 22 per cent and Seagram coolers and ciders up five per cent from the same period last year.
Brick Brewing says the volume gains were achieved in a beer category that experienced declines of approximately five-to-six per cent over the same period, driven by cool summer weather.
“Despite challenging financial results for the second quarter and year to date, as a shareholder I’m confident in our ability to deliver improved performance in the second half of fiscal 2014,” said president and CEO George Croft.