US-based hand-crafted, flavored beer producer Boston Beer has reported $17.79m net income for the fourth quarter ended 31 December 2011, against $12.17m during the same period the previous year.
The increase was primarily due to increased core shipment volume and the favorable impact of a state income tax settlement in the fourth quarter, partially offset by increased advertising, promotional and selling expenses.
Boston Beer’s net revenue for the fourth quarter increased 23% to $142.05m, compared to net revenue of $115.74m for the fourth quarter in 2010.
For the year ended 31 December 2011, net revenue increased 11% to $513m.
Net income increased $15.9m to $66.1m, compared to the prior year, due to the impact of the recall settlement, increases in core shipment volume, revenue per barrel increases and the favorable impact from the state income tax settlement, partially offset by increased advertising, promotional and selling expenses.
Boston Beer CEO and president Martin Roper said shipments in the fourth quarter were higher due to the extra shipping week in the fiscal quarter versus last year, and the earlier shipment of Samuel Adams Spring Seasonal relative to last year, as the company accomplished a conversion from Winter Seasonal to the new Alpine Spring in early January in most of the company’s markets.