2007-03-06

Lakeport Sales Gusher: 25 Percent Hike in Q4

Spectator wire services
(Mar 6, 2007)
BREWING

Lakeport saw its sales soar more than 25 per cent in the fourth quarter of 2006.

The Hamilton brewer -- set to be acquired by Labatt for $201 million -- posted sales of $40.9 million, compared to $32.6 million during the same period in 2005.

The brewer credited higher volumes, cash-flow-enhancing capital projects, and higher pricing for smaller package sizes for the strong showing.

"Throughout the year, Lakeport succeeded in building impressive brand equity," said Teresa Cascioli, Lakeport's chair and chief executive officer. "Lakeport's brands, led by Lakeport Honey Lager, Lakeport Pilsener, and Lakeport Light, grew to prominence, enabling us to achieve approximately 11.5 percent market share of The Beer Store's home consumer sales in 2006."

Net earnings for the quarter were $2.4 million compared with $0.4 million during the same period in 2005. Gross sales for 2006 increased 23.0 percent to $163.6 million, compared with $133.0 million in 2005. Net earnings for 2006 amounted to $10.8 million.

Used with permission from The Hamilton Spectator, www.thespec.com Copyright The Hamilton Spectator. All rights reserved.