Board of Directors

Peter J. Schwartz

Chair - President of Laurence Capital Corp.

Stan G. Dunford

Chairman & CEO, Republic Live

Edward H. Kernaghan

Senior Investment Advisor, Kernaghan & Partners Ltd

David R. Shaw

Non-Executive Chairman, LHH Knightsbridge

John H. Bowey

Retired Chairman of the Board, Deloitte & Touche LLP

George H. Croft

President & CEO, Brick Brewing Co. Limited


Executive Team

George H. Croft

President & CEO

Sean Byrne

Chief Financial Officer

Russell Tabata

Chief Operating Officer

Contact Investor Relations

Sean Byrne

Email:
seanb@brickbeer.com

Telephone:
519-742-2732


Ethics Officer

Interested parties, including customers, suppliers, shareholders, or other individuals, who have concerns regarding ethical practices engaged by Brick Brewing Co. Limited, should please contact the Ethics Officer at: ethics@brickbeer.com.

A message from
George H. Croft, President & Chief Executive Officer

To Our Shareholders,

Recent months have been characterized by cool, wet weather, which served to push total Ontario beer volume 8% lower vs. prior year. Against that backdrop, our ability to grow our branded volume is noteworthy. Laker achieved 8% volume growth in the quarter, while Waterloo was up 16%. The LandShark® and Margaritaville® family grew 29%, with the Margaritaville® cooler launch in the LCBO very well received by consumers. 

Margins were pressured in the quarter due to increases in fees at The Beer Store, federal excise and Ontario beer tax, as well as product mix, with a shift in mix towards co-pack volumes. Co-pack is a key part of our business model and allows us to utilize available capacity to generate incremental returns, as well as serving to diversify the business model. Our co-pack revenue in the quarter grew by 24%, to $3.2 million.

During the 2nd quarter, Brick recorded one-time cost of $381 thousand ($700 thousand year-to-date). These costs are associated with the Formosa exit, primarily severance costs. 

Brick’s board of directors has also re-affirmed the quarterly dividend, at $0.016/share.  The dividend is payable October 24, 2017 to shareholders of record as of October 10, 2017. 

With the recent completion of the Kitchener expansion project, we are now able to realize the optimum operating footprint; a single source, highly efficient facility with full capabilities. The project was completed on time and on budget. The expansion coupled with the move from two sites to one will generate annual recurring savings of $600 thousand.  In addition, the sale of the Formosa facility was finalized and the transaction closed on September 6, 2017. 

The strength of our brands, the diversity we enjoy as a result of our co-pack business, along with the optimized footprint positions us well to compete in the future. We are committed to continuing to grow our business. This is our priority in the second half of fiscal 2018.

Thank you for your continued support of our brewery. We hope we are constantly giving you reasons to believe in the bold ambitions we have for this enterprise.

George H. Croft
President and CEO