Harrisburg – The Pennsylvania Liquor Control Board
(PLCB) today released unaudited financial results for fiscal year 2015-16 that
reflect record retail sales of $2.43 billion (including liquor and sales
taxes), a $94.8 million or 4.1 percent increase over the prior year and
previous retail sales record. PLCB contributions to state and local government
beneficiaries totaled $626.3 million for the fiscal year, an increase of $41.4
million, or 7.1 percent, over the prior year and previous record.
Contributions
to the General Fund, which finances Pennsylvania’s schools, health and human
services programs, law enforcement, and public safety initiatives, among other
important public services, totaled $583.6 million, a $39 million or 7.2 percent
increase over the prior year and previous record. General Fund contributions
consisted of the following:
- $348 million in liquor tax;
- $135.6 million in state sales
tax; and
- $100 million in profit
transfers from the balance sheet.
Other PLCB contributions
over the course of the fiscal year included the following:
- $26.1 million to the
Pennsylvania State Police for liquor control enforcement efforts;
- $8.7 million in local sales
taxes to Philadelphia and Allegheny county;
- $4.6 million in licensing fees
returned to local municipalities; and
- $3.3
million to the Department of Drug and Alcohol Programs.
- Net income for
the year totaled $103.9 million, a $20.3 million or 24.2 percent increase over
the prior year. Comparing income before operating transfers ($129.9 million)
against sales net of taxes ($1.9 billion), the PLCB achieved an adjusted net
income to sales return of 6.7 percent for fiscal year 2015-16, as compared to
5.9 percent for the prior year.
Fiscal-year-end cash and
short-term investments totaled $295.4 million, which is $33.4 million, or 12.8
percent, higher than the prior year. Net cash generated by operating activities
totaled $171.7 million for the fiscal year, an increase of $32.6 million, or
23.4 percent.
Gross profit
(gross revenue from sales) increased $24.5 million, or 4.2 percent, over the
prior year, while combined operating and nonoperating expenses grew $4.6
million or 0.9 percent.
Salary and
wages for the fiscal year were essentially flat, and workers’ compensation
expense decreased $22.3 million, significantly offsetting the effects of a $17
million increase in total pension expense. Non-payroll related expenses grew by
$3.7 million, or 2.5 percent, year-over-year, mostly due to increases in store
rent (up 5.1 percent) and credit/debit card service fees (up 8.2
percent).
Spirits sales
showed the strongest growth for the fiscal year, a 4.3 percent increase, while
wine sales increased by 3.8 percent.
A
comprehensive annual report detailing agency operations, as well as a retail
year in review report detailing sales by product and location, will be issued
in coming weeks, as soon as they are complete.
The PLCB
regulates the distribution of beverage alcohol in Pennsylvania, operates more
than 600 wine and spirits stores statewide and licenses more than 20,000
beverage alcohol producers and retailers. The PLCB also works to reduce and
prevent dangerous and underage drinking through partnerships with schools,
community groups and licensees. Taxes and store profits – totaling $15.1
billion since the agency’s inception – are returned to Pennsylvania’s General
Fund, which finances Pennsylvania’s schools, health and human services
programs, law enforcement, and public safety initiatives, among other important
public services. The PLCB also provides financial support for the Pennsylvania
State Police Bureau of Liquor Control Enforcement, the Department of Drug and
Alcohol Programs, other state agencies and local municipalities across the
state.
For
more information about the PLCB and to review the unaudited fiscal year 2015-16
financials, visit www.lcb.state.pa.us.
MEDIA CONTACT: Elizabeth Brassell, 717.783.8864