Boston Beer 4Q Profit Slides 47 Percent On Charges

BOSTON (AP) — The Boston Beer Co., which brews Samuel Adams beer and other beverages, on Tuesday posted a decline in fourth-quarter profit on an asset impairment charge and higher costs for raw and packaging materials.

Boston Beer's profit declined 47 percent to $3.6 million, or 25 cents per share, from $6.8 million, or 46 cents per share, a year earlier.

Results included $1.9 million in impairment charges and $42.6 million in operating expenses, compared with $39 million in operating expenses a year earlier.

Sales rose 13 percent to $103.8 million from $92.2 million a year earlier, helped by higher prices.

For the year, profit dropped 64 percent to $8.1 million, or 56 cents per share, from $22.5 million, or $1.53 per share, in 2007.

Sales rose 17 percent to $398.4 million from $341.6 million.

Chief Executive Martin Roper said some of the company's brands slowed during the fourth quarter.

"As we enter 2009, this has continued, and we also have seen signs of inventory reductions at both retail and wholesale levels which could depress shipments and depletion levels," Roper said.