Boston Q3 Depletions Down 6%, Shipments up 1.4%; $27 Mill Impairment Charge on Dogfish

Dear Client: Boston just reported Q3 results, and they slightly outpaced last quarter (albeit, on easier YA comps, starting to cycle when seltzer went south last year).  Depletions were down 6% (vs. Q2 at -7%), but shipments were up 1.4%, to 2.3 million barrels (vs. slightly down in Q2). Net revenue was up 6.2%.  Only Twisted Tea and Hard Mountain Dew brands contributed positively to depletions. Excluding Truly declines, however, "the Company's depletion volumes for the remainder of its business