and Good Jim you Dave. Thank afternoon everyone.
primarily diluted $XX.X to $X.X of $X.XX per This selling same reported an per from promotional we or increase gross increased the due the expenses. of and period share, For by partially representing and offset million second or increase quarter, increases margin advertising, income million $X.XX revenue, year. lower share net in last was diluted
compared weeks remainder hand and The year. the over levels Twisted growth terms Truly XXXX hand X.X weeks a XX% increase averaged of level supply inventory four the to weeks We and an June approximately inventory capacity million on between remain approximately expects three summer. inventory chain was company quarter of volume and the and based barrels, was XXXX. at on of Shipment support distributor appropriate to believe requirements constraint the for in two the of wholesale the Tea second XX, of as on brands forecasted to
by company-owned Our from at of temporary XX% the cost result as price higher processing second realized breweries second production last increases breweries XXXX and support offset variety partially to increased primarily at cost XX.X% quarter breweries. pack the of requirements decreased labor year, saving of company-owned initiatives increased margin a and margin higher in gross third-party due quarter at to volumes,
by selling administrative quarter in $X.X XXXX, benefits primarily higher of production, due fees volumes. second local Head increased from million higher marketing, of media and and to increased and costs investments due salaries million million increased $X.X to Second quarter and to freight increases quarter due advertising, the distributors XXXX, in General promotional and related second salaries costs. benefits primarily the to transaction expenses to and increased Dogfish of compared $X.X expenses and
offset income Employee expense the consists a income to quarter, stock of recorded million, we partially with related option second $XX.X expense in $XXX,XXX benefit During tax net million, by exercises the of of accordance $X.X tax which tax XX% from from quarter, The effective impact known tax also second quarter the Payment to Accounting, second XXXX-XX. slightly rate excluding for Share-Based XXXX. the XX.X% as decreased the Accounting ASU of Standard of ASU XXXX-XX
company's Dogfish revenue margin $XX expects between On company plans results to annual and million gross merger the The July its the between in with beginning Head XXXX. and Dogfish net into X, results growth the XXXX, XX%. shipments X% on Head at financial approximately and completed X% the and add $XX XXXX, July and million depletions Brewery. company half the to second Head In Dogfish consolidate company X, in of
second operating Head of XXXX. $XX XX, million, expenses expensed which June other Dogfish as million have nonrecurring be in and estimates $X and million estimates of will incurred $XX of the approximately between half company cost include related of and The been $X.X transaction cost These million XXXX.
nonrecurring earnings related currently slightly company impact the the share. year these per full accretive transaction Excluding other diluted costs costs, merger that will XXXX and to estimates to neutral
between from of per an now the between and $X. $X July beginning and communicated information XXXX, $X.XX, Dogfish diluted we full earnings estimate X, of are and which previously year share the Based of are of aware results XXXX Head currently on range we targeting $X.XX including increase
actual Full the this Dogfish previously XXXX an This increase is results estimated of target. significantly including XX%. year X, XX% July XX% communicated of from between be between depletions estimate XXXX-XX. XXXX However, excludes projection impact could beginning to vary and from and growth, ASU the XX%, Head now
is be year Head Excluding XXXX XX%. full to the impact, between now estimated XX% and growth depletions Dogfish
barrel between previously of narrowing estimate XX%. margins and project of to down are of and X% increases communicated in expected gross XX% X%. the We revenue continue XXXX to XX% be between and year per XX%, Full between a
the year impact XXXX-XX. second This XX%, $XX rate in does and of the advertising, of half between to costs to plan any our XXXX, addition million be tax $XX expenses between the estimate for of freight effective products approximately selling full the to of not and increases shipment $XX year. non-GAAP increase communicated million Head XXXX promotional Dogfish excludes include and our million from the ASU We an of for We investments which to estimate million, expenses the of for increase full year the due distributors. previously primarily $XX in
an taprooms XXXX breweries deemed and and necessary, million investments investments estimate spent to could to our We in million, $XXX currently The will between previously and $XXX $XXX million million. of communicated capital are continued meet continuing between if evaluate on and future to higher, $XXX expenditures increase of from the capital be be mostly estimate growth.
operating future unused We expect balance $XXX.X flow million as credit cash $X and be requirements. of of fund June our our XX, our will of cash XXXX million sufficient with cash of to that future along line
through from period the June stock. and Class XXXX the the not XX, During did XX-week June period July common repurchase any company XXXX, shares XX, of ended A XXXX its XX,
buyback Board of We the have $XXX the limit Directors. approximately $XX.X remaining by million expenditure million on set share
now open We will call for up the questions.