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.