Russell Breweries, a Canada-based producer of premium craft beer, has posted gross revenue of $2.47m for the first quarter (Q1 2014) ended 30 September 2013, up 7% , compared to the gross revenues of $2.32m for the corresponding quarter of the previous year.
Net revenues of the company were $1.94m in Q1 2014, up 7%, against $1.8m for the same period a year ago.
Net income of the brewery was $93,734 for Q1 2014, compared to the net loss of $63,408 for the same period last year.
The increase in net income is primarily due to an increase in gross margin of $236,585, which is offset by an increase in selling, general and administrative expenses of $140,237 and decrease in other expenses of $50,922.
Russell Breweries CEO Benjamin Li Yu said that their gross margins have improved and they have continued to grow in a highly competitive market.
"The Company is $239,195 EBITDA positive for Q1 of fiscal 2014 compared to EBITDA of $147,647 for Q1 of fiscal 2013," Li added.
Russell Breweries produces premium beers in Western Canada in breweries located in British Columbia and Manitoba.
