Craft Brewers Alliance Reports Second Quarter 2011 Results
Craft Brewers Alliance, Inc. (CBA) (NASDAQ:HOOK), an independent craft brewing company, reported net sales of $41.5 million and net income of $8.2 million for the second quarter ended June 30, 2011 as compared with net sales of $37.2 million and net income of $1.7 million for the same quarter a year ago. CBA reported $0.43 earnings per share on a fully diluted basis for the second quarter of 2011 as compared with $0.10 per share for the same quarter one year ago. On May 2, 2011, CBA completed the sale of its minority interest in Fulton Street Brewery, LLC (“FSB”) to Anheuser-Busch, Incorporated (“A-B”) for cash consideration and a reduction in distribution fees. The $10.4 million gain on sale contributed $6.5 million to net income and $0.34 earnings per share for the 2011 second quarter.
Significant financial highlights for the quarter ended June 30, 2011 include:
- Net revenues increased $4.3 million, or 11 percent, to $41.5 million compared with the second quarter of 2010
- Depletion growth for the second quarter of 2011 was six percent
- Gross profit percentage increased 450 basis points
- Selling, general and administrative expenses increased $3.1 million to $10.7 million, reflecting increased sales and marketing efforts
- Capital expenditures were $1.7 million as the Company continued to make strategic investments in systems and infrastructure
- Cash proceeds of $15.1 million from the sale of FSB led to an increase in working capital of $8.5 million
“We are pleased that our revenue and volume growth continues to reflect the success of our sales, marketing, operations and execution initiatives of our unique portfolio strategy,” said Terry Michaelson, CBA’s CEO. “We believe our focused investments in new beers, new packaging and our sales team will not only expand customers’ opportunities to enjoy our portfolio of beers but will generate ongoing sales and profit growth over the long term. We remain resolutely committed to increasing both our revenue and profitability for the full year.”
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