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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, MZqwSYX9T7hh0YXHXBQ7w9qXlSQJ6YPGOE7aBeGFg0U54wUQZQcudhSMtRXMzYyH EKn3RoA3WLz+OIoDZ5VA4g==
0000891020-08-000124.txt : 200805270000891020-08-000124.hdr.sgml : 2008052620080527173118ACCESSION NUMBER:0000891020-08-000124CONFORMED SUBMISSION TYPE:SC14D9CPUBLIC DOCUMENT COUNT:26FILED AS OF DATE:20080527DATE AS OF CHANGE:20080527
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:PYRAMID BREWERIES INCCENTRAL INDEX KEY:0001001917STANDARD INDUSTRIAL CLASSIFICATION:MALT BEVERAGES [2082]IRS NUMBER:911258355STATE OF INCORPORATION:WAFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:SC14D9CSEC ACT:1934 ActSEC FILE NUMBER:005-52153FILM NUMBER:08861642
BUSINESS ADDRESS:STREET 1:91 SOUTH ROYAL BROUGHAM WAYCITY:SEATTLESTATE:WAZIP:98134BUSINESS PHONE:2066828322
MAIL ADDRESS:STREET 1:91 S ROYAL BROUGHAM WAYCITY:SEATTLESTATE:WAZIP:98134
FORMER COMPANY:FORMER CONFORMED NAME:HART BREWING INCDATE OF NAME CHANGE:19951006
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:PYRAMID BREWERIES INCCENTRAL INDEX KEY:0001001917STANDARD INDUSTRIAL CLASSIFICATION:MALT BEVERAGES [2082]IRS NUMBER:911258355STATE OF INCORPORATION:WAFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:SC14D9C
BUSINESS ADDRESS:STREET 1:91 SOUTH ROYAL BROUGHAM WAYCITY:SEATTLESTATE:WAZIP:98134BUSINESS PHONE:2066828322
MAIL ADDRESS:STREET 1:91 S ROYAL BROUGHAM WAYCITY:SEATTLESTATE:WAZIP:98134
FORMER COMPANY:FORMER CONFORMED NAME:HART BREWING INCDATE OF NAME CHANGE:19951006
SC14D9C1v40249d1sc14d9c.htmSCHEDULE 14D9-C
sc14d9c
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Schedule14D-9
Solicitation/Recommendation Statement Under
Section14(d)(4)
of the Securities Exchange Act of 1934
PYRAMID BREWERIES INC.
(Name of Subject Company)
Pyramid Breweries Inc.
(Name of Persons Filing Statement)
Common Stock, par value $.01 per share
(Title of Class of Securities)
747135101
(CUSIP Number of Class of Securities)
Scott Barnum
Pyramid Breweries Inc.
91 South Royal Brougham Way
Seattle, WA 98134
Telephone: (206)682-8322
(Name, address and telephone numbers of person authorized to
receive notices and
communications on behalf of the persons filing statement)
With copies to:
Stephen M. Klein, Esq.
Bart E. Bartholdt, Esq.
Graham & Dunn PC
Pier 70
2801 Alaskan Way, Suite300
Seattle, WA 98121
Telephone: (206)624-8300
Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
Annual Shareholders Meeting
May 27, 2008
AGENDA
Objectives:
Provide perspective for proposed Magic Hat merger
Provide latest transaction timing and next steps
Agenda:
Historical Perspective (G. Hancock)
Current and Future Environment (S. Barnum)
Transaction/Merger Update (S. Barnum)
Q&A (Both)
Historical
Retrospective
Historical Perspective - Revenue
We've been able to grow the top line...
Portland Brewing acquisition
TK Soda Sale
IPO
Historical Perspective - Profits
But we haven't been able to grow the bottom line...
Historical Perspective - Stock Price
1995 to Date
Price/share
IPO - 1995
Dividend Period
2000 to 2004
Summary - Key Learning
What We Did
Went Public to build nationalbrand/fund new breweries andalehouses (1995)
Bought TK Soda brand (1997)
To diversify and grow
Tested expansion viaAlehouses (2001 -'04)
What We Learned
Building national brand verydifficult and expensive
Being public not much benefitand increasingly problematic
Distribution and categorydynamics constrain growth
Only so far beer distributorscould take brand
Category growth limited
Required too much capitaland was big managementdistraction
Summary - Key Learning
What We Did
Distributed dividends ('00 - '04)
Explored strategic options ('05)
Tried geographic expansion
(mid 90's and '07)
What We Learned
Helped support stock price butcouldn't afford cash flow givenever escalating operating costs
Minimal interest and lowvaluations
Must have local salespresence/oversight to work
But costly to do on our own
Current View
2008
The Good
Business meeting expectations
Ahead of '07
Core market (WA) stabilized
Restructured organization
10% head count reduction
Took aggressive pricing
4-5%
Secured raw materials for beer
Availability/locked in prices
Installed new bottling line in BK
Significant savings
Our Challenges
Macro economy
Softening craft category
Cost Pressures
Raw materials / Energy
Freight
Alehouse Food Costs
Compliance requirements
Alehouse Settlement ($1.1MM)
Competitive Pressures
Blue Moon
Total West Craft Category
Volume Trends
Craft category in West slowing
YTD Total US +7% 4 Weeks 13 Weeks 16 Weeks/YTD 52 Weeks GROWTH -0.0139 0.0205 0.0293 0.044
Units/Case EQ
- - Total West IRI: ending 4/20/08
Brand Pyramid Performance
IRI Dollar Share of Craft ending 4/20/08
July '07 8.3%
April '08 8.1%
Growth of Blue Moon
IRI Total West - through 12/30/07
Pyramid vs. Blue Moon 4 Weeks 13 Weeks 16 Weeks YTD 52 Weeks Pyramid Family -1.92 -0.47 0 3.29 Pyramid Hefe -1.4 -3.5 -3 2.1 Blue Moon Family 90.7 89.2 93.1 98.1 Blue Moon White 57.5 58.7 63.9 73
IRI Total West - Through 4/20/08
Blue Moon is "on fire" and dampening our growth
A Look Ahead
The Future - Bigger Picture
Turbulent Beer Market/Macro Dynamics
"Better Beer" growing at expense of "Mainstream Beer"
"Premiumization" and trade-up affecting all categories
Craft Category getting even more crowded - a 'la mid/late '90's
Rapid consolidation and change
Brewers - Miller/Coors - A-B/InvBev - Widmer/Redhook
Wholesalers -- big and getting bigger
Miller/Coors JV to fuel consolidation
Retailers - centralized buying/national programming pressures
Challenging economic environment - worst yet to come
Affects every tier (brewer, wholesaler, retailer, consumer)
The Future - Bigger Picture
Intensifying Competitive Dynamics
The Big Guys - making major moves at upper end
Coors - Blue Moon (#1 fastest growing brand)
Miller - Leinenkugels (Sunset Wheat/Honey Wheat)
A-B - Craft player investments and NPD "whirlwind"
The Imports - more aggressive than ever
Spending/new products - diverting distributor/retailer attention
Not taking pricing in '08
A-B firmly in the import business
Key Craft Players - expanding, spending, consolidating
Geographies, breweries and brands
Sam Adams, Magic Hat, Boulevard, Deschutes, Widmer/Redhook
The Future - Bigger Picture
Evolving Craft Category Dynamics
Craft category markedly slowing/er in West
Growth rate less than 50% the national rate
Pacific Northwest softer in particular - low single digit
Market penetration/maturation limiting growth
Cost pressures pushing craft retail prices to "uncharted waters"
The $10/six-pack
The big are getting bigger and spending more
Large craft brewers now represent 65% of total category sales
Top 10 = 50% of total category sales
Sam Adams spending $30MM/year in advertising
The Future - Bigger Picture
Challenging Internal Conditions
Operating cost pressures NOT likely to abate soon
Hops/malts - will take time to increase supply
Fuel/energy - what will stem the upward tend?
Pressure on labor costs to keep up with inflation
Costs and burdens of being public and a micro cap
Ever increasing pressures to be aggressive marketers
As markets mature it becomes a "share taking" game
Hard to afford/sustain both Sales and Marketing investment
The bigger you get the larger the demands for support
Bigger Picture
Summary
Challenges to attain/sustain profits will continue
Cost pressures won't lesson any time soon
Being public won't get any easier/cheaper
Industry dynamics putting heavy pressure on largercraft players to:
Get bigger and national to gain mindshare/focus
Be low cost producers to leverage scale and increase margins toincrease ability to spend/support brands
Proposed
Magic Hat
Transaction
What Is The Proposed Deal
Pyramid acquired at $2.75/share
All cash deal
Company to be taken private
Magic Hat's financial partner to facilitate
Pyramid and Magic Hat to merge
Will form a new single company
Magic Hat's CEO will lead the new company
Brands and facilities to largely remain
What's The Timing/Next Steps
Action Estimated Timing
Sign definitive agreements June
Shareholders tender shares June
Official notification/instructions forthcoming
Redemption and payment in June
Unwind public company/merge June/July
Official close/everything completed August
Who Is Magic Hat
Who Is Magic Hat
13th largest Craft Brewer in USA (Brewers Association)
- - # 3 regional brewer in the East
Founded in 1994
Based in Burlington, VT
- - Distributed in 20+ states
2nd fastest growing Craft Brewer in the Top 30 in USA
- Tripled business since 2000 / Doubled since 2003
Backed by financial partner - Basso Capital Management
www.magichat.net
Q&A
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