Question-and-Answer SessionSo it's your first time in the CEO seat in nearly 25 years, but obviously, you've remained highly active in the company and the industry since founding Boston Beer in 1984. How would you say your leadership style has evolved? What are you doing to ensure a strong succession plan?C. KochFounder, Chairman, President & CEO Yes, you're right. It's the first time in this century that I've been CEO, I've sort of avoided it for a long time. And it hasn't been a big change. It's not like ...

The Boston Beer Company (SAM) FY 2025 Conference September 04, 2025 03:15 PM ET Company ParticipantsSaree Boroditsky - SVP - Multi-IndustrialsC. James Koch - Chairman, Founder, Brewer & CEOSaree BoroditskyWe're going to get started. It's wonderful to have Chairman, Founder, Brewer and CEO, Jim Cook, joining us in Boston once again. Jim, as you know, and I say it every year, enjoying a beer with you on stage is the highlight of my September a wonderful So, way to end the thank you so much for being here agai ...

The Boston Beer Company (SAM) FY 2025 Conference September 04, 2025 03:15 PM ET Speaker0We're going to get started. It's wonderful to have Chairman, Founder, Brewer and CEO, Jim Cook, joining us in Boston once again. Jim, as you know, and I say it every year, enjoying a beer with you on stage is the highlight of my September a wonderful So, way to end the thank you so much for being here again and prioritizing this event for us and for Barclays. So, it's your first time in the CEO seat in nearly twenty five ...

Industry Overview - The Zacks Beverages – Alcohol industry is facing significant pressure due to inflation affecting labor, transportation, and raw materials, leading to rising ingredient prices and increased shipping and packaging costs, which are squeezing margins and profitability [1][5][6] - Newly imposed tariffs, including a 25% tariff on imports from Canada and Mexico and a 10% tariff on goods from China, are expected to disrupt the U.S. beverage alcohol market, raising prices for imported brands and dampening consumer demand [7] Growth Opportunities - Despite challenges, the industry is experiencing growth through premiumization, with consumers increasingly seeking higher-quality offerings such as ready-to-drink (RTD) spirits, canned wines, and flavored malt beverages [2][8][9] - Leading companies are focusing on innovation and strategic investments to capture market momentum, with a strong emphasis on product development and premium positioning [3] Company Strategies - Diageo Plc is focusing on innovation and consumer moderation, with a strong emphasis on non-alcoholic spirits and a $2 billion productivity program aimed at driving efficiency while ensuring sustainable growth [21][22] - The Boston Beer Company is committed to revitalizing its brands and expanding its Beyond Beer segment, which is expected to continue outpacing the traditional beer market [25][26] - Compania Cervecerias Unidas is recognized for its diverse portfolio and strong market presence in multiple countries, with a focus on maintaining a robust balance sheet and market-leading brands [29][30] Market Performance - The Zacks Beverages – Alcohol industry has underperformed the broader sector and the S&P 500, with a collective decline of 16.2% over the past year compared to a 5.7% dip in the Zacks Consumer Staples sector and a 17.7% rally in the S&P 500 [13] - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 14.58X, significantly lower than the S&P 500's 22.59X and the sector's 17.12X [16]

Core Idea - Dogfish Head Cocktails is promoting its new Peach Mango Rum Punch by launching a contest that offers a month-long seaside escape in Delaware and a $10,000 stipend to one winner, aiming to extend the summer experience for participants [1][9]. Company Overview - Dogfish Head has been based in coastal Delaware for over 30 years, emphasizing the beauty of the local beaches and the appeal of visiting during the less crowded months of September and October, referred to as "locals' summer" [2]. Contest Details - The "Extend Your Summer" contest invites participants to share their reasons for wanting to prolong summer, with bonus points for creativity. Entrants must be U.S. residents aged 21 and older [2][5]. - The winner will receive a month-long stay in a beachfront bungalow and a $10,000 stipend to enjoy the summer [1][9]. Product Offering - Dogfish Head's Tropical Cocktail Mix Pack includes the new Peach Mango Rum Punch and three other cocktails, each with a 7.0% ABV, made with real fruit juices and house-made spirits [3][8]. - The cocktails are designed to provide a bar-quality experience in a convenient ready-to-drink format [4].

Core Points - The official launch of Engine 19 IPA, a collaboration between Flyers Charities and Dogfish Head Craft Brewery, aims to support local first responders and their families through the Hath's Heroes initiative [1][4][7] - Engine 19 IPA is a citrus-forward pale ale with a 6.5% ABV, featuring Simcoe, Chinook, and Citra hops, designed to be flavorful and approachable [2][14] - A launch party will be held on September 10 at PHS Beer Garden South Street, featuring samples of Engine 19 IPA and appearances by Flyers players [4][5] Company Overview - Dogfish Head Craft Brewery has been committed to brewing unique beers with high-quality ingredients for nearly 30 years, expanding its offerings to include spirits and ready-to-drink cocktails [6] - Flyers Charities focuses on strengthening communities in the Greater Philadelphia region by removing financial barriers to hockey participation and providing support to families affected by cancer [8] Initiative Details - Hath's Heroes is an initiative led by Garnet Hathaway that raises funds to support local first responders and their families through community-driven events and programs [7]

Group 1 - Starcore International Mines Ltd. has approved a non-brokered private placement for gross proceeds of up to $5,000,000, consisting of up to 20,000,000 units priced at $0.25 per unit [1] - Each unit includes one common share and one-half of a transferable common share purchase warrant, with the whole warrant exercisable for two years at a price of $0.35 per share, contingent on the share price reaching $0.50 for 10 consecutive trading days [1] - The proceeds will primarily be used for bulk sampling and the development of the Tortilla Project [2] Group 2 - The private placement is subject to acceptance by the Toronto Stock Exchange and required regulatory approvals, with a hold period of four months plus one day after the closing date for the issued securities [3] - The company may pay finders' fees to certain finders for their efforts related to the financing, and certain insiders may participate in this financing [2] Group 3 - Starcore International Mines is focused on precious metals production, particularly in Mexico, and has expanded its operations internationally, including a project in Côte d'Ivoire [4] - The company emphasizes Corporate Social Responsibility and aims to make value-driven decisions to enhance long-term shareholder value [4]

Core Insights - Dogfish Head has launched a new crowd-sourced Rewind Variety Pack, featuring four off-centered ales, two of which were selected by social media followers [1][2][12] - The Rewind Variety Pack includes Raison D'Etre, Chicory Stout, Punkin Ale, and 60 Minute IPA, with three cans of each beer [2][12] - Liquid Truth Serum, a fan-favorite IPA, is also making a comeback as part of Dogfish Head's Small Batch Series, available in select East Coast markets [3][6] Company Overview - Dogfish Head has been committed to brewing unique beers with high-quality culinary ingredients for nearly 30 years, expanding its offerings to include spirits and ready-to-drink cocktails [4] - The company operates multiple venues, including a production brewery, distillery, brewpub, and a beer-themed hotel [4][7] Product Details - 60 Minute IPA (6.0% ABV): Known for its hoppy yet balanced flavor, first brewed in 2003 [6] - Punkin Ale (7.0% ABV): A full-bodied brown ale with real pumpkin, brown sugar, and spices, first brewed in 1994 [6] - Raison D'Etre (8.0% ABV): A Belgian-style brown ale brewed with beet sugar and raisins, first brewed in 1996 [6] - Chicory Stout (5.2% ABV): A dark beer with roasted chicory and organic Mexican coffee, first brewed in 1995 [6] - Liquid Truth Serum (7.0% ABV): An unfiltered IPA brewed using hops in four states, first brewed in 2016 [3][11]

Core Insights - Starcore International Mines Ltd. reported production results for the first fiscal quarter ended July 2025 at its San Martin Mine in Queretaro, Mexico, highlighting a focus on optimizing the CIL process for carbonaceous ore [1][2] Production Results - The company produced 166 equivalent gold ounces from milling 5,370 tons of stockpiled ore with a gold grade of 1.91 g/t and a silver grade of 17.5 g/t, achieving recoveries of 75% for gold and 65% for silver [2] - For the quarter, the San Martin Mine milled 54,247 tonnes, producing 2,130 gold equivalent ounces, which is a 9% decrease from the previous quarter [4] - The gold grade for the quarter was 1.47 g/t, down 6% from the previous quarter, while the silver grade was 12.88 g/t, an 18% decrease [4] Recovery Rates - Gold recovery for the quarter was 77.42%, a decline of 5% from the previous quarter, and silver recovery was 54.78%, down 3% [4] - The company identified issues with lower recoveries from oxide ore due to preg-robbing effects caused by clays in the ore, which absorb gold and silver during processing [3] Operational Developments - The new CIL plant is seen as a viable alternative for processing ore that cannot be treated by cyanidation, particularly for ore from the San Jose Mine [4] - The San Jose Mine area has considerable reserves being developed to feed the oxide plant, although recoveries from this area are lower than those from the San Martin ore [3] Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and is involved in exploration and development projects across North America and Côte d'Ivoire [5]

Core Insights - Sin stocks, representing companies in industries like alcohol, tobacco, cannabis, and gambling, are often viewed as unethical but have a history of delivering strong returns due to consistent demand [2][3][4] - These stocks are characterized by their defensive nature, maintaining stable demand even during economic downturns, which allows for strong pricing power and consistent cash flows [3][4] - Despite their potential for robust returns, sin stocks face challenges such as heavy regulation, negative public perception, and ethical concerns that may deter some investors [5][10] Industry Overview - Sin stocks have shown resilience during both economic expansions and contractions, making them appealing for investors willing to overlook ethical concerns [4] - The alcohol sector is experiencing a shift towards premium and craft offerings, while tobacco companies are adapting to declining cigarette use by investing in vaping products [8] - The cannabis industry is rapidly expanding in regions where legalization is increasing, presenting both growth opportunities and volatility [8][9] Company Analysis - **Diageo Plc (DEO)**: Focuses on market share growth through innovation and premiumization in the alcohol sector [6] - **Las Vegas Sands (LVS)**: Concentrates on property upgrades and strategic investments to drive growth in the gambling sector [6][18] - **Turning Point Brands (TPB)**: Building a growth story around established brands and next-generation products, with a focus on smoke-free alternatives [12][13][14] - **Boston Beer Company (SAM)**: Maintains a strong position in the U.S. craft beverage market, emphasizing innovation and operational efficiency to adapt to consumer preferences [15][16][17] - **MGM Resorts International (MGM)**: Holds a leading position in global gaming, enhancing its competitive edge through capital investments and expansion in digital gaming [18][19][20]