Canada, ON: Waterloo Brewing reports higher EBITDA and net revenue in Q1 2020
Waterloo Brewing Ltd., Ontario's first craft brewery, announced financial results for the first quarter ended April 26, 2020. Waterloo Brewing reported EBITDA of C$2.1 million on net revenue of C$14.8 million, Yahoo Finance said.
EBITDA increased 28.8% compared to C$1.7 million prior year and net revenue increased 20.2% from C$12.3 million in the prior year, the company said.
"The resilience of our business and our employees during this time of extraordinary challenge has been very reassuring and is an abundant source of pride and appreciation," said George Croft, President, and CEO, Waterloo Brewing. "We are extremely grateful to everyone here at Waterloo Brewing who has gone the extra mile to keep our brewery running. While this challenge is far from over, the tenacity, determination, and compassion to execute with excellence give us the confidence we need to triumph in the months ahead."
"As a business that is fortunate to remain strong and expand during this crisis we are also doing our best to increase our presence in and contribution to our hometown of Kitchener-Waterloo," continued Croft. "We teamed with some local distillers to create hand sanitizer for our friends and neighbours in K-W and we've increased our corporate giving to the local healthcare community. Perhaps most importantly, we're doing our absolute best to keep a large group of people gainfully employed in the safest environment we can create."
The total volume of products sold by Waterloo Brewing in the past quarter increased +23%, with every brand in the portfolio experiencing year-over-year growth. In spite of the growth in volume, Waterloo Brewing is experiencing supply chain issues due to the effects of the COVID-19 pandemic. As a result, the Company is actively managing production constraints affecting its own brands as well as those of its contract manufacturing customers.
Waterloo Brewing's board of directors has approved the quarterly dividend at C$0.02625 /share. The dividend is payable on July 30, 2020, to shareholders of record as of July 16, 2020.
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