E-Malt.com News article: USA, OR: Craft Brew Alliance reports its fourth-quarter earnings

Craft Brew Alliance Inc. said on March, 12 its fourth-quarter earnings were virtually unchanged as increased beer shipments were offset by higher expenses and taxes.

The Portland-based parent of Widmer Brothers Brewing, Kona Brewing Co. and Redhook Ale Brewery said net income was $321,000, or 1 cent a diluted share, on net sales of $41.9 mln during the three-month period ended December, 31. That compares to net earnings of $244,000, or 1 cent a diluted share, on net sales of $34.9 mln during the same period a year ago.

For the year, the company said it earned $2.5 mln, or 13 cents a diluted share, on net sales of $169.3 mln. That compares to a net of $9.7 mln, or 51 cents a diluted share, on net sales of $149.2 mln a share.

Excluding a one-time $10.4 mln gain in the sale of its interest in Fulton Street Brewery in 2011, net earnings would have been 17 cents a diluted share in 2011.

For the quarter, total shipments increased 23,100 to 175,200 year-over-year. They were up 52,300 to 724,900 for the year. Kona, Redhook and Omission beer sales, along with international exports, drove the gains, the company said.

Shipments of Widmer Bros. fell by 6,900 barrels, or 2.5 percent as its hallmark Hefeweizen wheat beer continued to lose ground in bars to larger competitors' offerings.

Cash was $5 mln, up from $795,000 at the end of 2011. Long-term debt and capital lease obligations were $12.4 mln, down from $13.2 mln.

The company also said it would stop brewing Goose Island beer on contract for Anheuser-Busch at Craft's New Hampshire brewery. Craft said in its annual report that the decision was mutual and "in the best interest of both parties."


13 March, 2013