PRNewswire/ -- The Boston Beer Company, Inc. (NYSE: SAM) reported third quarter 2013 net revenue of $216.4 million, an increase of $50.0 million or 30% over the same period last year, mainly due to core shipment growth of 29%. Net income for the third quarter was $25.7 million, or $1.89 per diluted share, an increase of $4.9 million or $0.36 per diluted share from the third quarter of 2012. This increase was primarily due to shipment increases, partially offset by increased investments in advertising, promotional and selling expenses and a write-down of land of $0.10 per diluted share.

Earnings per diluted share for the 39-week period ended September 28, 2013 were $3.85, an increase of $0.71 from the comparable 39-week period in 2012. Net revenue for the 39-week period ended September 28, 2013 was $533.7 million, an increase of $106.5 million, or 25%, from the comparable 39-week period in 2012.

Highlights of this release include:

Depletions grew 26% and 23% from the comparable 13 and 39 week periods in the prior year.

Third quarter gross margin was 53%; the Company maintains its full-year gross margin target of between 52% and 54%.

Advertising, promotional and selling expense and customer program and incentive costs increased by a combined $11.8 million or 25% in the quarter, primarily due to planned increased investments behind the Company's brands.

Full year 2013 depletions growth is now estimated to be between 21% and 24%, an increase from the previously communicated estimate of 17% to 22%.

Full year 2013 advertising, promotional and selling expense, excluding any increases in freight costs for the shipment of products to the Company's wholesalers, is now estimated to increase between $26 million and $32 million, up from the previously communicated estimate of between $20 million and $26 million, primarily due to planned increased investments behind the Company's brands.

Full year 2013 estimated earnings per diluted share are now estimated to be between $5.05 to $5.35, a decrease from the previously communicated estimated range of between $5.10 to $5.40 due to the land write-down and increased brand investments that are estimated to be partially offset by increased shipment volumes.

Full year 2013 capital spending is now estimated to be between $100 million and $120 million, a narrowing of the range from the previously communicated estimate of $100 million to $140 million.

Full-year 2014 capital spending is now estimated to be between $140 million and $180 million, an increase in the range from the previously communicated estimate of $100 million to $130 million.

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