Surrey’s Russell Brewing Inc. (TSX-Venture: RB) suffered a drop in sales and profit largely due to the end of a sponsorship agreement with the BC Lions.
Sales in the first quarter of 2011, which ended September 30, were $1,587,699, down $246,261, or 13%, compared to $1,833,960 for the three months that ended September 30, 2009.
“This decrease is primarily a result of no longer supplying product to BC Place and the BC Lions under our three-year sponsorship agreement signed in 2007, which is now completed,” said CEO Brian Harris.
The company lost $84,838 in the quarter compared with a profit of $4,433 in the same quarter a year ago.
Russell ranked No. 15 on Business in Vancouver’s Top 100 Fastest-Growing Companies list. (See “Top 100 fastest-growing companies in B.C.” – issue 1090; September 12-20.) That list ranked companies on revenue growth between 2005 and 2009.