Craft Brew Alliance, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Capital Expenditure Guidance for the Year 2017
Craft Brew Alliance, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's net sales were $44,302,000 compared to $39,222,000 a year ago. Operating loss was $2,800,000 compared to $5,207,000 a year ago. Loss before income taxes was $2,978,000 compared to $5,348,000 a year ago. Net loss was $1,787,000 compared to $3,209,000 a year ago. Basic and diluted net loss per share was $0.09 compared to $0.17 a year ago. Net cash provided by operating activities was $3,037,000 compared to Net cash used in operating activities of $1,695,000 a year ago. Expenditures for Property, equipment and leasehold improvements were $1,965,000 compared to $5,651,000 a year ago. Adjusted EBITDA was $458,000 compared to adjusted LBITDA of $2,564,000 a year ago.
The company is reaffirming 2017 guidance and will be exploring the opportunity to update the ranges later in the year as the need arises. Capital expenditures of approximately $16 million to $20 million, reflecting continued work on previously disclosed projects including the new Kona brewery and Redhook brewpub in Seattle.