Boston Q1 Depletions +16%, No Thanks to Seasonals

Dear Client:Boston Beer Co. posted "record" depletions of +16% and shipments +18% (totaling 632,000 barrels) on the strength of Twisted Tea and Angry Orchard for the 13-week period ended March 30. YTD depletions through the 16 weeks ended April 20 are estimated up 18% from the comparable period in 2012. The company also posted its 1% price increase during the quarter. Cider and tea brands offset slight softness with the Samuel Adams portfolio. CEO Martin Roper elaborated that declines were