We've established the Samuel Adams Restaurant Strong Fund and donated over $2.1 million to support bar and restaurant workers that have been impacted by pandemic-related closures in 20 states.
Both funds will distribute 100% of their proceeds through grants to bar and restaurant workers.
The Company's depletions increased 36% in the first quarter, of which 30% is from Boston Beer legacy brands and 6% is from the addition of Dogfish Head brands.
Pre-COVID, our depletions growth through the nine-week period ended February 29 was approximately 32% from the comparable period in 2019, and we saw a further acceleration in demand for our brands beginning in the second half of March.
Based on information in hand, year-to-date depletions reported to the Company through the 15 weeks ended April 11, 2020 are estimated to have increased approximately 32% from the comparable weeks in 2019.
Excluding the Dogfish Head impact, depletions increased 27%.
For the first quarter, we reported net income of $18.2 million or $1.49 per diluted share, a decrease of $0.53 per diluted share from the fourth quarter of last year.
Prior to then, we were on track to maintain our full year fiscal 2020 financial guidance.
To date, the direct impact of the pandemic has primarily shown in significantly reduced keg demand from the on-premise channel and higher labor and safety related costs at our breweries.
In the first quarter of 2020, we recorded COVID-19 pre-tax related reductions in net revenue and increases in other costs totaling $10 million.
This amount consists of a $5.8 million reduction in net revenue for estimated keg returns from distributors and retailers and $4.2 million of other COVID-19 related direct costs, of which $3.6 million are recorded in cost of goods sold and $600,000 are recorded in operating expenses.
Shipment volume was approximately 1.42 million barrels, a 32.2% increase from the first quarter of 2019.
Excluding the addition of the Dogfish Head brands beginning July 3, 2019, shipments increased 27.5%.
Our first quarter 2020 gross margin of 44.8% decreased from the 49.5% margin realized in the first quarter of last year.
Excluding our current assessment of the impact of COVID-19 keg returns and other related direct costs, first quarter gross margin was 46.8%.
First quarter advertising, promotional and selling expense increased by $26.2 million in the first quarter in 2019, primarily due to increased investments in media, production and local marketing, the addition of Dogfish Head brand-related expenses beginning July 3, 2019, higher salaries and benefits costs, and increased freight to distributors due to higher volumes.
General and administrative expenses increased by $3.6 million from the first quarter in 2019, primarily due to increases in salaries and benefits costs and the addition of Dogfish Head general and administrative expenses beginning July 3, 2019.
We drew down $100 million from our existing line of credit in March 2020 to enhance our cash position and our ability to address the impact of the COVID-19 pandemic.
We expect that our March 28, 2020 cash balance of $129.5 million, together with future operating cash flows and the $50 million remaining in our line of credit, will be sufficient to fund future cash requirements.

Summary:
Pre-COVID, our depletions growth through the nine-week period ended February 29 was approximately 32% from the comparable period in 2019, and we saw a further acceleration in demand for our brands beginning in the second half of March.
Based on information in hand, year-to-date depletions reported to the Company through the 15 weeks ended April 11, 2020 are estimated to have increased approximately 32% from the comparable weeks in 2019.
For the first quarter, we reported net income of $18.2 million or $1.49 per diluted share, a decrease of $0.53 per diluted share from the fourth quarter of last year.
Prior to then, we were on track to maintain our full year fiscal 2020 financial guidance.
To date, the direct impact of the pandemic has primarily shown in significantly reduced keg demand from the on-premise channel and higher labor and safety related costs at our breweries.