Craft Brewers Alliance Reports Full Year 2010 Results
Craft Brewers Alliance, Inc. (CBA) (Nasdaq:HOOK), an independent craft brewing company, reported net sales of $131.7 million and net income of $1.7 million for the year ended December 31, 2010 as compared with net sales of $124.7 million and net income of $887,000 for the year ended December 31, 2009. CBA reported earnings per share of $0.10 on a fully diluted basis for 2010 as compared with $0.05 per share one year ago. On October 1, 2010, CBA completed its merger with Kona Brewing Co., Inc. and related entities (“KBC Merger”).
Significant financial highlights for the year ended December 31, 2010 and recent highlights include:
- Net revenues increased $7.0 million, or 6 percent, to $131.7 million for 2010
- Earnings per share doubled from $0.05 for 2009 to $0.10 per share for 2010
- Selling, general and administrative expenses increased $5.0 million to $29.9 million for 2010, reflecting increased sales and marketing efforts
- Cash flow generated from operations increased 21 percent to $10.8 million for 2010
- The KBC Merger closed on October 1, 2010
- In March 2011, reached agreement with Anheuser-Busch to sell our minority interest in an affiliate for cash consideration and reduced distribution fees
“We are committed to delivering more beer lovers a variety of fresh, authentic, handcrafted beers and beer experiences. In 2010, we made solid progress towards achieving this objective,” said Terry Michaelson, CBA’s CEO. “We believe that a strong foundation has been established and we have developed exciting new initiatives for our brands in 2011. We will invest aggressively against these initiatives, which are vital to our long-term success. This may result in flat earnings in the short term, but we are confident that we will show both top line and profit growth for 2011.”
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