BOSTON, Feb. 22, 2017 /PRNewswire/ -- The Boston
Beer Company, Inc. (NYSE: SAM) reported fourth quarter 2016 net
revenue of $219.4 million for the
14-week fiscal period ended December 31,
2016, an increase of $4.2
million or 2% from the 13-week fourth quarter 2015 fiscal
period, mainly due to an increase in shipments of 2%. Net
income for the fourth quarter was $22.2
million, or $1.75 per diluted
share, an increase of $6.1 million or
$0.54 per diluted share from the
fourth quarter of 2015. This increase was primarily due to
the increase in net revenue and decreases in operating expenses
that were only partially offset by decreased gross
margin.
Earnings per diluted share for the 53-week fiscal period ended
December 31, 2016 were $6.79, a decrease of $0.46, or 6%, from the comparable 52-week fiscal
period in 2015. Net revenue for the 53-week period ended
December 31, 2016 was $906.4 million, a decrease of $53.5 million, or 6%, from the comparable 52-week
period in 2015.
Highlights of this release include:
- Depletions decreased 1% for the fourth quarter and 5% for the
full year.
- Gross margin for the fourth quarter was 49.1% and for the full
year 2016 was 50.7%, a decrease of 1.5 percentage points compared
to the respective 2015 periods.
- Advertising, promotional and selling expenses in the fourth
quarter decreased $5.9 million or 9%
compared to the fourth quarter of 2015 and decreased $29.4 million or 11% for the full year, primarily
due to lower freight to distributors and lower media and point-of
sale spending.
- Year-to-date 2017 depletions through the six weeks ended
February 11, 2017 are estimated by
the Company to have decreased approximately 15% from the comparable
weeks in 2016.
- Full-year 2017 depletion and shipment change is now estimated
between minus 7% and plus 1%, a decrease in the range from the
previously communicated estimate of a change between minus low
single digits and plus low single digits.
- Based on current spending and investment plans, full year 2017
earnings per diluted share are estimated to be between $4.20 and $6.20, excluding the impact of the new
Accounting Standard "Employee Share-Based Payment Accounting" ("ASU
2016-09") which is effective for the company on January 1, 2017.
Jim Koch, Chairman and Founder of
the Company, commented, "We are disappointed with our depletion
trends in 2016, which have remained weak so far in 2017.
These trends are affected by the general softening of the
craft beer category and cider category and a more challenging
retail environment with a lot of new options for our
drinkers. New craft brewers continue to enter the market and
existing craft brewers are expanding their distribution and tap
rooms, with the result that drinkers are seeing more choices,
including a wave of new beers in all markets. We were
particularly disappointed with the performance of the first of our
new spring seasonal beers, Samuel Adams Hopscape. We are
introducing later this month our second spring seasonal,
Samuel Adams Fresh as Helles, a
bright Helles lager with orange blossom and also releasing a
refreshed Samuel Adams Rebel IPA, featuring a new packaging design
and a new recipe with experimental hops that create a more tropical
and piney IPA. We are also executing the national rollout of
Rebel Juiced IPA in bottles and cans in the first quarter of 2017
to complement the national draft release in the fourth quarter of
2016. We believe that the history, authenticity and quality
of the Samuel Adams brand, our unique beers, and our ability and
willingness to continue to invest behind our brand position us well
for future growth and we are committed to improving our current
trends."
Mr. Koch went on to say, "As previously announced, Martin Roper, President and Chief Executive
Officer, plans to retire in 2018 after leading the Company for more
than 17 years. The Board of Directors has created a search
committee and retained Korn Ferry to
assist in identifying and evaluating the best candidates to succeed
Martin as CEO. Martin will remain fully engaged and committed to
leading the business as CEO until a successor is found and a
seamless transition is completed. We are appreciative that
his continued commitment to Boston Beer affords us the time to
conduct a comprehensive search for his successor, while continuing
to make progress against our 2017 business objectives."
Martin Roper, the Company's
President and CEO stated, "Fourth quarter depletions trends were
driven by a decline in Samuel Adams, largely due to increased
competition in the craft beer category, and by declines in Angry
Orchard, mainly due to general weakness in the cider category.
Partially offsetting these declines were the growth of
Twisted Tea, which continues to grow distribution and pull, and the
impact of the launch of Truly Spiked & Sparkling, which
established itself as a leader in the emerging segment of hard
sparkling water. During the quarter we also saw some early
benefits of our cost savings initiatives. Thus far in 2017,
we are seeing particular weakness in our Samuel Adams seasonal
depletion trends due to the slow pull of our new seasonal beer,
Samuel Adams Hopscape, which we believe is primarily due to
executional misses, with the additional impact of the greater
number of new options available to our drinkers at retail and
general weakness in the seasonal sub-category. We are taking
our learnings from Hopscape and applying them to our planned
seasonal transitions to Fresh as Helles and then to Summer Ale in the second quarter. We like
our new Samuel Adams packaging and our media advertising message,
'Pursue Better' and our plans for the summer. Angry Orchard
and cider trends year to date are similar to the declines we saw in
2016. We are prioritizing returning the cider category and
Angry Orchard to growth with a new media campaign and the first
quarter national launch of Angry Orchard Easy Apple, an unfiltered
refreshing hard cider that was well received in limited test
markets last fall."
Mr. Roper continued, "Our number one priority in 2017 is
returning both Samuel Adams and Angry Orchard to growth through
continued packaging, innovation, promotion and brand communication
initiatives. Our brand and sales teams are conducting a
comprehensive review of our core brand strategies and activation
plans to ensure that all our investments are effective and
efficient in building long-term brand equities. We will
continue testing strategies and validating effectiveness, so that
we can focus our investment on activities that turn around our
trends. Our second priority is a focus on cost savings and
efficiency projects to fund the investments needed to grow our
brands. We have adjusted our organization to the new volume
environment, including resizing short-term brewery capacity, and
have implemented changes to our spending policies and behaviors.
We are working to simplify and optimize our processes, and to
improve ingredient and material yields across all our brands.
Based on these efforts, we are maintaining our previously stated
goal of increasing our gross margins by about one percentage point
per year over the next three years, ignoring mix or volume impacts,
while preserving our quality and improving our service levels. Our
third priority is long-term innovation, where our current focus is
ensuring that Truly Spiked & Sparkling maintains its leadership
position in its segment and reaches its full potential."
Mr. Roper went on to say, "Over the last 12 months we have
rebuilt our Leadership team and realigned the organization. We have
reoriented our brand and sales teams to better align with our
opportunities and to provide brand leadership, and have improved
our digital marketing and experiential promotion capabilities to
support all our brands. I am very excited by the team's
progress on insights into our challenges and the urgency with which
they have developed potential solutions and significant cost
improvements to fund our planned investments. We believe we have
strong brands in attractive categories and that the best long-term
value creation is continued investment to return our brands to
growth. With that perspective, we intend to maintain our planned
brand investment levels, even as we have adjusted our volume
guidance down to reflect the volume declines we have seen thus far
in 2017. Our larger than usual guidance ranges reflect the
uncertain volume outlook. Projecting full year depletions volumes
and profitability will remain very difficult until we have better
visibility into the success of our key initiatives after the second
quarter. We are optimistic for future craft beer and cider category
growth and we are taking steps to ensure that we are well
positioned to benefit from that growth. We are committed to
investing in reaction to the opportunity that we see with all our
brands and remain prepared to forsake short-term earnings, as we
invest to return to long-term profitable growth."
4th Quarter 2016 Summary of Results
Depletions decreased by 1% for the fourth quarter of 2016,
reflecting decreases in our Samuel Adams, Angry Orchard, Coney
Island and Traveler brands that were only partially offset by
increases in our Twisted Tea and Truly Spiked & Sparkling
brands. The 2016 fiscal fourth quarter included 14 weeks
compared to the 2015 fiscal fourth quarter, which included only 13
weeks.
Shipment volume was approximately 974 thousand barrels, a 2%
increase over the fourth quarter of 2015.
The Company believes distributor inventory as of December 31, 2016 was at an appropriate level.
Inventory as of December 31, 2016 at
distributors participating in the Freshest Beer Program decreased
in terms of days of inventory on hand when compared to December 26, 2015. The Company has approximately
77% of its volume on the Freshest Beer Program.
Gross margin of 49.1% decreased from 50.6% in the fourth quarter
of 2015, primarily due to package and product mix effects and
increased returns which were partially offset by price increases
and cost saving initiatives in the Company breweries.
Advertising, promotional and selling expenses decreased
$5.9 million compared to the fourth
quarter of 2015, primarily due to decreases in point-of-sale costs,
lower freight rates to distributors, and lower media advertising
costs, supported by our initiatives to reduce inefficient and
ineffective spend.
General and administrative expenses decreased by $2.9 million from the fourth quarter of 2015,
primarily due to a favorable impact of $3.6
million in stock compensation related to the planned
retirement of the Company's Chief Executive Officer in 2018
partially offset by increases in salary and benefits costs.
The Company's effective tax rate for the fourth quarter
decreased to 34.9% from 37.9% in the fourth quarter of 2015.
The higher 2015 rate was primarily due to the unfavorable tax rate
impact of bonus depreciation, which was enacted during the fourth
quarter of 2015.
Full Year 2016 Summary of Results
Depletions decreased by 5% for the full year of 2016, reflecting
decreases in our Samuel Adams, Angry Orchard, Traveler and Coney
Island brands that were only partially offset by increases in our
Twisted Tea and Truly Spiked & Sparkling brands. The 2016
fiscal year included 53 weeks compared to the 2015 fiscal year,
which included only 52 weeks.
Shipment volume was approximately 4.0 million barrels, a 6%
decrease compared to fiscal 2015.
Gross margin of 50.7% decreased from 52.3% in the prior year,
primarily due to package and product mix effects, unfavorable
absorption impacts due to lower volumes in our breweries, and
increased returns, which were partially offset by price increases
and cost saving initiatives in the Company breweries.
Advertising, promotional and selling expenses decreased
$29.4 million compared to those
incurred in prior year, primarily due to decreases in freight to
distributors due to lower volumes and rates, and lower media
advertising and point-of-sale spending.
General and administrative expenses increased by $6.5 million compared to those incurred in prior
year, primarily due to increases in salary and benefits and
facilities costs.
The Company's effective tax rate decreased slightly to 36.3%
from the 36.5% rate in the prior year.
Full year 2016 capital spending totaled $49.9 million, primarily for continued
investments in the Company's breweries to drive efficiencies and
cost reductions, support product innovation and further growth.
The Company expects that its cash balance of $91.0 million as of December 31, 2016, along with future operating
cash flow and the Company's unused line of credit of $150.0 million, will be sufficient to fund future
cash requirements.
During the fourth quarter and the period from January 1, 2017 through February 17, 2017, the Company repurchased
275,000 shares of its Class A Common Stock for an aggregate
purchase price of approximately $45.1
million. As of February 17,
2017 the Company had approximately $154.7 million remaining on the $781.0 million share buyback expenditure limit
set by the Board of Directors.
2017 Outlook
The Company currently projects full year 2017 earnings per
diluted share to be between $4.20 and
$6.20, reflecting the uncertain volume outlook. The
Company's actual 2017 earnings per share could vary significantly
from the current projection. The 2017 fiscal year includes 52
weeks compared to the 2016 fiscal year which included 53 weeks.
Underlying the Company's current 2017 projection are the
following full-year estimates and targets:
- Depletions and shipments percentage change of between minus 7%
and plus 1%.
- National price increases of between 1% and 2%.
- Gross margin of between 51% and 52%. Increasing during the year
due to progress on the cost initiatives.
- Increased investment in advertising, promotional and selling
expenses of between $20 million and $30
million. This does not include any changes in freight
costs for the shipment of products to the Company's
distributors.
- Effective tax rate of approximately 37%, excluding the impact
of the new Accounting Standard ASU 2016-09, which is effective for
the company on January 1, 2017.
The Company is not currently planning to provide forward guidance
on the impact that ASU 2016-09 will have on the Company's 2017
financial statements and full-year effective tax rate as this will
mainly depend upon unpredictable future events, including the
timing and value realized upon exercise of stock options versus the
fair value when those options were granted.
- Estimated capital spending of between $40 million and $60 million, most of which
relates to continued investments in the Company's breweries.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 and
today brews more than 60 styles of Samuel Adams beer. Our
portfolio of brands also includes Angry Orchard Hard Cider, Twisted
Tea, Truly Spiked & Sparkling, as well as several other craft
beer brands brewed by A&S Brewing, our craft beer
incubator. For more information, please visit our investor
relations website at www.bostonbeer.com, which includes links to
all of our respective brand websites.
Forward-Looking Statements
Statements made in this press release that state the Company's
or management's intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. It
is important to note that the Company's actual results could differ
materially from those projected in such forward-looking
statements. Additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the
Company's SEC filings, including, but not limited to, the Company's
report on Form 10-K for the years ended December 31, 2016 and December 26, 2015. Copies of these
documents may be found on the Company's website,
www.bostonbeer.com, or obtained by contacting the Company or
the SEC.
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
December
31,
|
|
December
26,
|
|
December
31,
|
|
December
26,
|
|
2016 (14
weeks)
|
|
2015 (13
weeks)
|
|
2016 (53
weeks)
|
|
2015 (52
weeks)
|
Barrels
sold
|
974
|
|
958
|
|
4,019
|
|
4,256
|
|
|
|
|
|
|
|
|
Revenue
|
$
234,535
|
|
$
229,847
|
|
$
968,994
|
|
$
1,024,040
|
Less excise
taxes
|
15,165
|
|
14,714
|
|
62,548
|
|
64,106
|
Net revenue
|
219,370
|
|
215,133
|
|
906,446
|
|
959,934
|
Cost of goods
sold
|
111,714
|
|
106,366
|
|
446,776
|
|
458,317
|
Gross
profit
|
107,656
|
|
108,767
|
|
459,670
|
|
501,617
|
Operating
expenses:
|
|
|
|
|
|
|
|
Advertising, promotional and selling expenses
|
57,895
|
|
63,806
|
|
244,213
|
|
273,629
|
General
and administrative expenses
|
15,708
|
|
18,583
|
|
78,033
|
|
71,556
|
Impairment (gain on sale) of assets, net
|
(272)
|
|
40
|
|
(235)
|
|
258
|
Total operating
expenses
|
73,331
|
|
82,429
|
|
322,011
|
|
345,443
|
Operating
income
|
34,325
|
|
26,338
|
|
137,659
|
|
156,174
|
Other income
(expense), net:
|
|
|
|
|
|
|
|
Interest
income
|
103
|
|
48
|
|
168
|
|
56
|
Other expense,
net
|
(112)
|
|
(422)
|
|
(706)
|
|
(1,220)
|
Total other income
(expense), net
|
(9)
|
|
(374)
|
|
(538)
|
|
(1,164)
|
Income before
provision for income tax
|
34,316
|
|
25,964
|
|
137,121
|
|
155,010
|
Provision for income
taxes
|
12,150
|
|
9,849
|
|
49,772
|
|
56,596
|
Net income
|
$
22,166
|
|
$
16,115
|
|
$
87,349
|
|
$
98,414
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
1.77
|
|
$
1.25
|
|
$
6.93
|
|
$
7.46
|
Net income per common
share - diluted
|
$
1.75
|
|
$
1.21
|
|
$
6.79
|
|
$
7.25
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares - Class A basic
|
9,184
|
|
9,477
|
|
9,189
|
|
9,619
|
Weighted-average
number of common shares - Class B basic
|
3,280
|
|
3,400
|
|
3,344
|
|
3,504
|
Weighted-average
number of common shares - diluted
|
12,638
|
|
13,275
|
|
12,796
|
|
13,520
|
|
|
|
|
|
|
|
|
Net income
|
$
22,166
|
|
$
16,115
|
|
$
87,349
|
|
$
98,414
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
Currency translation
adjustment
|
(9)
|
|
(9)
|
|
(99)
|
|
(22)
|
Defined benefit plans
liability adjustment
|
(53)
|
|
204
|
|
(53)
|
|
204
|
Total other
comprehensive income (loss), net of tax:
|
(62)
|
|
195
|
|
(152)
|
|
182
|
Comprehensive
income
|
$
22,104
|
|
$
16,310
|
|
$
87,197
|
|
$
98,596
|
|
|
|
|
|
|
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands, except
share data)
|
|
|
|
|
December
31,
|
|
December
26,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Assets
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
91,035
|
|
$
94,193
|
Accounts receivable, net of allowance for doubtful accounts of $0
and
|
|
|
|
|
$244 as of December 31, 2016 and December 26, 2015,
respectively
|
|
36,694
|
|
38,984
|
Inventories
|
|
|
52,499
|
|
56,462
|
Prepaid expenses and other current assets
|
|
|
8,731
|
|
12,053
|
Income tax receivable
|
|
|
4,928
|
|
14,928
|
Deferred income taxes
|
|
|
7,351
|
|
6,983
|
Total current assets
|
|
|
201,238
|
|
223,603
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
408,411
|
|
409,926
|
Other assets
|
|
|
9,965
|
|
8,188
|
Goodwill
|
|
|
3,683
|
|
3,683
|
Total assets
|
|
|
$
623,297
|
|
$
645,400
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
40,585
|
|
$
42,718
|
Current portion of debt and capital lease obligations
|
|
|
60
|
|
58
|
Accrued expenses and other current liabilities
|
|
|
60,874
|
|
68,384
|
Total current liabilities
|
|
|
101,519
|
|
111,160
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
64,612
|
|
56,001
|
Debt and capital lease
obligations, less current portion
|
|
|
411
|
|
471
|
Other liabilities
|
|
|
10,173
|
|
16,547
|
Total liabilities
|
|
|
176,715
|
|
184,179
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Class A Common Stock, $.01 par value; 22,700,000 shares
authorized;
|
|
|
|
|
9,170,956 and 9,389,005 shares issued and outstanding as of
December 31, 2016
|
|
|
|
|
and December 26, 2015, respectively
|
|
|
92
|
|
94
|
Class B Common Stock, $.01 par value; 4,200,000 shares
authorized;
|
|
|
|
|
3,197,355 and 3,367,355 shares issued and outstanding as of
December 31, 2016
|
|
32
|
|
34
|
and December 26, 2015, respectively
|
|
|
|
|
|
Additional paid-in capital
|
|
|
349,913
|
|
290,096
|
Accumulated other comprehensive loss, net of tax
|
|
|
(1,103)
|
|
(951)
|
Retained earnings
|
|
|
97,648
|
|
171,948
|
Total stockholders' equity
|
|
|
446,582
|
|
461,221
|
Total liabilities and stockholders' equity
|
|
|
$
623,297
|
|
$
645,400
|
|
|
|
|
|
|
THE BOSTON BEER
COMPANY, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
26,
|
|
|
|
|
|
2016 (53
weeks)
|
|
2015 (52
weeks)
|
|
|
|
|
|
|
|
|
|
|
Cash flows
provided by operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
87,349
|
|
$
98,414
|
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
49,557
|
|
42,885
|
|
|
Impairment of assets
|
|
|
716
|
|
258
|
|
|
Loss on disposal of property, plant and equipment
|
|
|
616
|
|
515
|
|
|
Gain on sale of property, plant and equipment
|
|
|
(951)
|
|
-
|
|
|
Bad debt (recovery) expense
|
|
|
(244)
|
|
165
|
|
|
Stock-based compensation expense
|
|
|
6,148
|
|
6,665
|
|
|
Excess tax benefit from stock-based compensation
arrangements
|
|
(12,524)
|
|
(15,350)
|
|
|
Deferred income taxes
|
|
|
8,243
|
|
6,986
|
|
|
Changes in operating assets
and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
2,534
|
|
(2,289)
|
|
|
Inventories
|
|
|
445
|
|
(5,155)
|
|
|
Prepaid expenses, income tax receivable and other assets
|
|
|
14,936
|
|
11,858
|
|
|
Accounts payable
|
|
|
(1,811)
|
|
5,985
|
|
|
Accrued expenses and taxes and other current liabilities
|
|
|
5,479
|
|
9,014
|
|
|
Other liabilities
|
|
|
(6,304)
|
|
8,732
|
|
|
Net cash provided by operating activities
|
|
|
154,189
|
|
168,683
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities:
|
|
|
|
|
|
|
|
Purchases of property, plant
and equipment
|
|
|
(49,913)
|
|
(74,187)
|
|
|
Proceeds from sale of
property, plant and equipment
|
|
|
3,855
|
|
-
|
|
|
Cash paid for intangible
assets
|
|
|
-
|
|
(100)
|
|
|
Change in restricted
cash
|
|
|
40
|
|
57
|
|
|
Net cash used in investing activities
|
|
|
(46,018)
|
|
(74,230)
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
financing activities:
|
|
|
|
|
|
|
|
Repurchase of Class A Common
Stock
|
|
|
(164,658)
|
|
(135,705)
|
|
|
Proceeds from exercise of
stock options
|
|
|
40,127
|
|
42,339
|
|
|
Cash paid on note payable
and capital lease
|
|
|
(58)
|
|
(54)
|
|
|
Excess tax benefit from
stock-based compensation arrangements
|
|
|
12,524
|
|
15,350
|
|
|
Net proceeds from sale of
investment shares
|
|
|
736
|
|
1,408
|
|
|
Net cash used in financing activities
|
|
|
(111,329)
|
|
(76,662)
|
|
|
|
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
|
(3,158)
|
|
17,791
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
|
94,193
|
|
76,402
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
|
$
91,035
|
|
$
94,193
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
|
$
30,978
|
|
$
45,078
|
|
|
Income taxes
refunded
|
|
|
$
12,064
|
|
$
17,252
|
|
|
(Decrease) Increase
in accounts payable for repurchase of Class A Common
Stock
|
|
$
(3,000)
|
|
$
3,000
|
|
|
Increase (Decrease)
in accounts payable for purchase of property, plant and
equipment
|
$
2,678
|
|
$
(1,843)
|
|
|
|
|
|
|
|
|
|
|
|
Copies of The
Boston Beer Company's press releases, including quarterly financial
results,
|
|
|
are available
on the Internet at www.bostonbeer.com
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/boston-beer-reports-fourth-quarter-2016-results-300411929.html
SOURCE The Boston Beer Company, Inc.