Canada’s beer maker Sleeman Breweries Ltd. said on November 6 third-quarter profit rose 17 % as higher prices and increased volumes of its Sapporo brand resulted in record revenue. For the quarter ended Sept. 27, Guelph, Ont.-based Sleeman said profit rose to $4.4-million or 27 cents a share, from last year's $3.7-million or 23 cents. The most recent quarter includes one-time management change costs as well as the writeoff of deferred financing fees totalling $300,000. Quarterly revenue rose 11 per cent to a record $53-million from last year's $48-million.
The gains were largely the result of increased prices and the addition of new Sapporo volumes, Sleeman said.
During the quarter, Sleeman expanded its agreement with Japan's Sapporo Breweries Ltd. to include worldwide production of its 650 millilitre silver can.
Sleeman said it expects to start producing the silver can in the spring of 2004, following expansion of its Guelph brewing facility. As a result of this agreement Sleeman expects to produce an additional 75,000 hectolitres of Sapporo annually.
“Sleeman is well positioned to continue to grow earnings going forward consistent with our long term goal of growing earnings per share by 10 % to 15 % per year,” chairman and chief executive John Sleeman said.
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