Annual Reports

Quarterly Reports


  • 8-K (Aug 5, 2008)
  • 8-K (Jul 2, 2008)
  • 8-K (Jun 30, 2008)
  • 8-K (May 27, 2008)
  • 8-K (May 15, 2008)
  • 8-K (Apr 29, 2008)


Pyramid Breweries 8-K 2008

Documents found in this filing:

  1. 8-K
  2. 8-K
Pyramid Breweries Inc. (Form: 8-K)  






Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):   April 1, 2008

Pyramid Breweries Inc.
(Exact name of registrant as specified in its charter)

Washington 0-27116 91-1258355
(State or other jurisdiction
(I.R.S. Employer
of incorporation) File Number) Identification No.)
91 S. Royal Brougham Way, Seattle, Washington   98134
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:   206-682-8322

Not Applicable
Former name or former address, if changed since last report


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On April 1, 2008, Pyramid Breweries Inc. (the "Company") entered into a Memorandum of Understanding setting forth the principal terms of a settlement agreement between the Company and a former alehouse employee of the Company. The settlement, reached as a result of mediation, is on a class-wide basis as described below. The Company entered into mediation proceedings with the plaintiff on April 1, 2008. The lawsuit and the scheduled mediation had been previously disclosed by the Company, including in its 2007 Annual Report on Form 10-K.

The lawsuit (Taylor v. Pyramid Breweries Inc. et al, Case No. 07AS02039, Sacramento California Superior Court), alleges that the former alehouse employee and other employees in the Company’s alehouses in Sacramento, Berkeley and Walnut Creek (collectively, the "Alehouses") were denied adequate opportunity to take meal and rest breaks as required by California law. The lawsuit was filed as a potential class action, but no motion requesting certification of the case as a class action had been filed prior to the mediation. The parties have stipulated to class certification for purposes of settlement only. The plaintiff class will be comprised of all persons who were employed by the Company at the Alehouses between April 30, 2003 and September 30, 2007 as nonexempt "front of the house" and "back of the house" employees.

The settlement is subject to final documentation and court approval, and provides for a settlement payment of not more than $1,300,000, including specified fees and costs. Each eligible member of the settlement class will be entitled to receive a pro rata portion of the settlement amount based on the number of hours worked during the settlement period.

Class members will have a specified period in which to respond to notices provided to them by the settlement administrator. If eligible members of the settlement class opt out or fail to timely submit claim forms, amounts allocable to those persons will be retained by the Company.

The parties expect to file a motion for preliminary approval by the court within the next 60 days, and final approval can be expected 60 days after receiving preliminary approval. The settlement will become effective and binding on the parties only if approved by the court.

The Company has recognized approximately $1,100,000 as a charge to earnings as a result of this settlement, all of which will be for the quarter ended March 31, 2008. The amount accrued represents the Company’s current estimate of the amount that is probable to be paid pursuant to the settlement, but there can be no assurance that such amount will not be greater (up to $1,300,000) or less than the amount accrued. The Company anticipates that its current operating cash flows and other sources of liquidity will be sufficient to enable it to satisfy its payment obligations under the settlement agreement.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    Pyramid Breweries Inc.
April 7, 2008   By:   /s/ Michael R. O'Brien
        Name: Michael R. O'Brien
        Title: Chief Financial Officer and Vice President of Finance
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki