USA: Boston Beer Co., Inc net income increased to $7.99 million in 2Q 2006

Boston Beer Co., Inc., a provider of malt beverages and hard cider products, announced the second quarter financial results, reporting a profit that increased from last year on higher revenues. In the recent quarter, the company's earnings per share were well above analysts' estimates, Trading Markets learned from RTTNews August 08.

The Boston, Massachusetts-based Boston Beer's second quarter net income increased to $7.99 million or $0.56 per share from $5.14 million or $0.35 per share in the corresponding quarter of the prior-year. On average, four analysts' polled by First Call/Thomson Financial expected the company to report second quarter earnings of $0.38 per share.

Reflecting a 22.8% increase in core shipment volume, Boston Beer's quarterly revenues rose to $87.64 million from $68.49 million in the same quarter of the previous-year. The company's second quarter net revenues increased 28.7% to $79.33 million from $61.63 million last year.

For the six-month period ended July 01, 2006, Boston Beer's net income slightly improved to $9.81 million or $0.69 per share from $9.11 million or $0.62 per share in the comparable period of the previous-year.

In the recent six-month period, Boston Beer's revenues were $150.37 million, up from $122.12 million in the year-ago period. The company's six-month period net revenues rose to $136.22 million from $110.34 million in the prior-year period.

At the end of the quarter, Boston Beer reported cash and cash equivalents of $45.12 million, compared to $41.52 million as of December 31, 2005.