Sleeman Breweries sees 'new highs'
GUELPH, Ont. (CP) -- Acquisitions have helped Sleeman Breweries
Ltd. to a nine per cent increase in third-quarter net earnings to $2.7
million.
Revenue at Canada's largest craft brewer rose to $24.5 million, up
seven per cent from a year earlier.
"We are on track to set several records in 1999, including new
highs in revenue, income and volumes and, importantly, we have
laid the foundation for sustained profitable growth with key
acquisitions," John Sleeman, chairman and chief executive officer,
said in a statement Tuesday.
For the nine months ended Sept. 25, Sleeman's net income and
revenue each rose 10 per cent, to $5.9 million on $63.7 million.
Assets at Sept. 25 were $161.6 million, up 47 per cent from a year
earlier, with shareholders' equity up 17 per cent to $58.5 million.
The Ontario-based brewery said sales trends in British Columbia
and Alberta have been favourable, but "increased import
competition in Quebec continues to have an effect on sales."
During the quarter, Sleeman -- previously a premium beer
specialist -- entered the low-price brew business through an
agreement with Pabst Brewing for the Canadian rights to the Stroh
brands. Production of Stroh products in Canada is to begin in the
current quarter and "will substantially increase volume and
operating cash flow."
Sleeman's other businesses are Sleeman Brewing in Ontario and
Quebec, Okanagan Spring in British Columbia, Upper Canada
Brewery in Ontario and La Brasserie Seigneuriale in Quebec; early
this year Sleeman acquired Shaftebury Brewing in B.C. and
Alberta.
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