ACC122 Annual Report Project THE BOSTON BEER COMPANY

ACC122 Annual Report Project THE BOSTON BEER COMPANY

Part 1: Locate the following information. Be sure to provide the location where you found the requested data.

  1. What is the Company’s full legal name?
  2. What is the address of the main corporate office?
  3. What is the Company’s business goal?
  4. What products and/or services does the Company sell or produce?
  5. Where does the Company sell its products?

 

  1. Ingredients and Packaging: (Form 10K, pages 6 & 7)
Main ingredients and raw materials used in/for production Country of Origin
  1. Competition:
  2. a) Who are the largest players in the overall U.S. market for this product and competitors?
  3. b) What market category does the Company compete within?
  4. c) How large is this market category within the overall U.S. market for this product and competitors?
  5. Employees: How many employees worked for the Company at year-end? How many were covered by any collective bargaining agreement?

 

  1. On which market exchange does the Company’s Class A Common Stock trade? What is their trading symbol?
  2. If someone wanted to purchase stock in this company without going through a stockbroker, who would they contact for instructions and information?
  3. What were the market prices for the Company’s Class A Common Stock for Each Quarter? (Form 10K, page 21)
Q1 Q2 Q3 Q4
High ($)
Low ($)
  1. Capitalization Concentration: (Form 10K, pages 21-22)
At year end, Class A Class B
How many shares were authorized?
How many shares were issued?
How many shares were outstanding?
What was the Par Value ($)?
How many shareowners as of February 17, 2012?
Closing Price as of February XX, 2012?

 

  1. Results of Operations: What was the percentage change in total production volume (core brand and non-core brands combined) from the previous year’s results?
  2. Financial Statement Audit:

Who provided the outside auditor opinion on the Company’s financial statements? Ernst & Young, LLP, Boston, MA

What opinion was issued?

  1. Current Year Cash Flows: (Form 10K, page 39)
  2. a) What was the largest use of cash in investing activities?
  3. b) What was the smallest source of cash in financing activities?
  4. c) What was the net change in cash and cash equivalents from the prior year?
  5. How does the Company value inventory?
  6. How does the Company compute depreciation? What estimated useful lives are used?
  7. Internal Controls:

Who provided the outside opinion of the Company’s internal controls?

What was the opinion rendered?

  1. Whose signature(s) is(are) attached to the Form 10-K report and what title(s) did the signer(s) provide? (Form 10K, page 71)


Part 2: Financial Statement Comparisons:

Note: You must compute the $ and % changes between years. They aren’t given.

Item Amount in Thousands of US Dollars % Change

2010 to 2011

On what page of the 10K did you find this?
2011 2010 Change

2010 to 2011

Current Assets
Total Assets
Current Liabilities
Total Liabilities
Common Stock (Class A + Class B)
AdditionalPaid in Capital
Retained Earnings
Dividends Declared
Total Stockholders’ Equity
Net Revenue
Gross Profit
Operating Expenses
Operating Income
Interest Expense
Other Expense, Net
Income Before Income Tax
Income Tax Expense (“Provision”)
Income Taxes Paid
Net Income
Amount in US Dollars
Net Income per Share (Basic)
Weighted Average Number of Shares (Basic)

 

Part 3: Ratio Analysis:

Ratio Name 2011 Value Show your work or the page of the 10K where you found this value.
Gross Margin Percentage
Earnings Per Share of Common Stock
Price-Earnings Ratio
Dividend Payout Ratio
Dividend Yield Ratio
Return on Total Assets
Return on Common Stockholders’ Equity

 

Ratios (continued) 2011 Value Show your work or the page of the 10K where you found this value.
Book Value Per Share
Working Capital
Working Capital as a % of Total Assets USE THIS FORMULA

Current Assets – Current Liabilities = answer X 100 = Answer

Total Assets

Current Ratio
Acid-test Ratiosame as Quick Ratio
Accounts Receivable Turnover
Average Collection Period

 

Ratios (continued) 2011 Value Show your work or the page of the 10K where you found this value.
Inventory Turnover
Average Sale Period
Times Interest Earned
Debt-to-equity Ratio

 

Part 4: Compare the Company to the Overall Industry:

Input your computed values from above and compare them Company to the overall Industry.

Prepare a short commentary about this analysis and post it to the next page.

Þ What does this comparison say about the Company?

Þ How are they financing operations? Is this effective or in-effective?

Þ Would you invest in the Company? Why or Why Not?

Ratio Name SAM Industry Average * Difference
Gross Margin Percentage 44.80%
Return on Total Assets 13.1%
Working Capital as a % of Total Assets 11.50%
Current Ratio 1.50
Acid-test Ratio 0.60
Accounts Receivable Turnover 21.7 times
Average Collection Period 16.82 days
Inventory Turnover 6.9 times
Average Sale Period 52.90 days
Times Interest Earned 6.6 times
Debt-to-equity Ratio 254.61%

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