KITCHENER, Ont. - Brick Brewing Co. Ltd. (TSX: BRB) says its net revenues for the third quarter were $7.5 million, or a penny a share, down from $7.9 million in the same quarter a year ago.
For the fiscal year 2013 to date, Ontario`s largest Canadian-owned brewery said net revenues were $27.7 million compared to $26.7 million for the first three quarters of the previous fiscal year.
The brewer says shipments of its Laker products declined by seven per cent in the quarter while industry volume declined by 2.3 per cent, adding that its competitors responded by ``aggressively discounting National mainstream brands.``
Brick says the quarter was also marked by ``abnormal and sustained price reductions on leading national brands`` designed to reverse declining industry volumes.
Despite this effort, says Brick, industry volumes continue to trend lower and the NHL lockout compounded these results.
"Brick Brewing experienced some challenges in the quarter, but we believe that the circumstances are unique and non-recurring. In particular, the following issues arose and have been effectively addressed leading into Q4," said CEO and president George Croft.