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The Boston Beer Company (SAM)
Q2 2012 Earnings Call
August 1, 2012 5:00 p.m. ET
Jim Koch – Chairman
Martin Roper - President and CEO
Bill Urich – CFO and Treasurer
Kaumil Gajrawala - UBS
Judy Hong - Goldman Sachs
James Watson - HSBC Securities
Michael Lavery - CLSA
Andrew Kieley - Deutsche Bank
Good afternoon. My name is Hope and I will be your conference operator today. At this time I would like to welcome everyone to the second quarter 2012 earnings conference call. (Operator instructions)
Thank you. Mr. Jim Koch, Founder and Chairman, you may begin your conference.
Thank you. Good afternoon and welcome, this is Jim Koch, founder and chairman and I am pleased to be here to kick off the 2012 second-quarter earnings call for The Boston Beer Company. Joining the call from Boston Beer are Martin Roper, our CEO, and Bill Urich, our CFO.
I’ll begin my remarks this afternoon with a few introductory comments, including some highlights of our results, and then hand over the microphone to Martin, who will provide an overview of our business. Martin will then turn the call over to Bill, who will focus on the financial details for the second quarter as well as a review of our outlook for 2012. Immediately following Bill’s comments, we’ll open up the lines for questions.
I am pleased with our overall depletions growth of 7% for the quarter and 9% for the first half of the year. We believe that craft beer will continue to grow and that we are well positioned to share in that growth through the quality of our beers, our innovation capability, our sales execution, and coupled with our strong financial position that gives us the ability to invest in our brand.