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These excerpts taken from the PMID 10-K filed Mar 25, 2008. Revenue
Recognition
We recognize revenue from the sale of wholesale beer and
contract manufactured and soda products at the time of shipment,
when the title to product passes to the customer in accordance
with distributor sales agreements and collectibility is
probable. Our revenue from our alehouses is comprised of food,
beverage and merchandise, and is recognized at the time of sale.
We do not have standard terms that permit return of product.
However, occasionally products are destroyed by distributors or
us for quality reasons such as expiration of product. The costs
for product returns are recorded in cost of sales in the
Consolidated Statements of Operation and revenue is reduced at
the value of the original sales price in the period that the
product is returned.
We reported revenues under the contract manufacturing
arrangements with the Kemper Company (Note 2) on a net
basis pursuant to the guidance prescribed in Emerging Issues
Task Force (“EITF”) Issue
99-19,
Reporting Revenue Gross as a Principal versus Net as an
Agent, as we are an agent.
Revenue Recognition We recognize revenue from the sale of wholesale beer and contract manufactured and soda products at the time of shipment, when the title to product passes to the customer in accordance with distributor sales agreements and collectibility is probable. Our revenue from our alehouses is comprised of food, beverage and merchandise, and is recognized at the time of sale. We do not have standard terms that permit return of product. However, occasionally products are destroyed by distributors or us for quality reasons such as expiration of product. The costs for product returns are recorded in cost of sales in the Consolidated Statements of Operation and revenue is reduced at the value of the original sales price in the period that the product is returned. We reported revenues under the contract manufacturing arrangements with the Kemper Company (Note 2) on a net basis pursuant to the guidance prescribed in Emerging Issues Task Force (“EITF”) Issue 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent, as we are an agent. This excerpt taken from the PMID 10-K filed Mar 30, 2007. Revenue
Recognition
We recognize revenue from the sale of wholesale beer and soda
products at the time of shipment, when the title to product
passes to the customer in accordance with distributor sales
agreements and collectibility is probable. Our revenue from our
alehouses is comprised of food, beverage and merchandise, and is
recognized at the time of sale.
Table of Contents
PYRAMID
BREWERIES INC.
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
We do not have standard terms that permit return of product.
However, occasionally products are destroyed by distributors or
us for quality reasons such as expiration of product. The costs
for product returns are recorded in cost of sales in the
Consolidated Statements of Operation and revenue is reduced at
the value of the original sales price in the period that the
product is returned.
We reported revenues under the commercial arrangements with the
Portland Brewing Company (Note 3) on a gross basis
pursuant to the guidance prescribed in Emerging Issues Task
Force (“EITF”) Issue
99-19,
Reporting Revenue Gross as a Principal versus Net as an
Agent, as we were a principal.
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