Sam seems to be a great long term play. It is the largest of the craft breweries and very good beer. They have $7.4 mil of stock they are authorized to repurchase. They have very long term contracts for hops purchase. (They are even going to be somewhat magnamious and offer 20,000 lbs of this spring's European harvest of premium hops to their smaller and hops starved craft beer competitors at their cost -$6.00/lb.)I think eventually they be taken over.
BUT...That 90 mil cash they have will probably be spent in 08 with their planned capital investments, an undetermined amt due in excise taxes because of an ongoing audit by Alcohol and Tobacco authority. Also, they expect 2-4% less on profit margins in 08 and 10-14% more production costs (as per their last qtr report. They have expensive quality problems at their Cincinnati plant and cap improves planned. These are mostly growing pain problems that should be resolved.
RIGHT NOW THOUGH things seem hazy and very uncertain and at this time this overcautious person would only buy lower after bad news. This tues Mar 11 @ 4Pm is their conference call. But what do I know. I'm just an outside salesman who just did a lot of reading.
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