Brick Brewing, a Canada-based publicly held brewery, has posted a gross profit of $2.22m for the first quarter ended 29 April 2012 in the fiscal year 2013, up 25.8%, compared to $1.68m during the first quarter of fiscal 2012.

Net revenues increased from $8.1m in Q1 fiscal 2012 to $8.6m in Q1 fiscal 2013.

Reported EBITDA for the first quarter of 2013 doubled to $1.2m compared to EBIDTA in the first quarter of 2012 of $0.6m.

Net income increased from $134,279 in Q1 2012 to $341,524 in Q1 fiscal 2013.

Brick Brewing president and CEO George Croft said during the first quarter, Seagram Blends volume at the LCBO increased by 43% compared to the first quarter of fiscal 2012.

"We achieved a more profitable sales mix in the quarter, and improved both net revenue and gross profit by $0.5 million," Croft added.

"We are focused on driving additional costs out of the business and have made the commitment to save $1 million in operating costs."

Brick Brewing has also launched its redesigned Waterloo Brewing portfolio comprising of Waterloo Amber and Waterloo IPA, which will be available at the LCBO and at The Beer Store in different packs.

Croft added the significant investments they have made in brewing quality over the last few years have only made their beers more competitive in the crowded value segment.

Brick Brewing’s portfolio of premium craft beers include Waterloo Dark, Red Baron, Red Baron Lime, Red Baron Light, Red Baron Platinum Light, Red Cap, Formosa Light, Formosa Springs, Laker, Laker Ale, Laker Honey and Laker Light, among others.

Image: Founded in 1984, Brick Brewing has turned out 35,000 cases of beer in its first year and with over 25 years of brewing heritage, that number has increased to 2.5 million cases per year. Photo: