Craft Brew Alliance, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, net sales were $56,638,000 against $55,203,000 a year ago. Operating income was $3,056,000 against $1,098,000 a year ago. Income before income taxes was $2,818,000 against $919,000 a year ago. Net income was $1,751,000 against $552,000 a year ago. Basic and diluted net income per share was $0.09 against $0.03 a year ago. Adjusted EBITDA was $5,842,000 against $4,139,000 a year ago.

For nine months, net sales were $161,490,000 against $156,703,000 a year ago. Operating income was $3,025,000 against operating loss of $159,000 a year ago. Income before income taxes was $2,446,000 against loss before income taxes of $660,000 a year ago. Net income was $1,688,000 against net loss of $396,000 a year ago. Basic and diluted net earnings per share were $0.09 against loss of $0.02 a year ago. Net cash provided by operating activities was $22,463,000 against $2,867,000 a year ago. Expenditures for Property, equipment and leasehold improvements were $16,170,000 against $12,206,000 a year ago. Adjusted EBITDA was $11,992,000 against $8,574,000 a year ago.

For 2017, the company's total gross margin remains in the range of 30.5% to 32.5%, and expect to be at the mid to higher end of the range. Capital expenditure range has been narrowed and is expected to be approximately $18 million to $20 million, reflecting continued work on disclosed projects, including the new Kona brewery and the Redhook brewpub in Seattle. Capital expenditure reflects a narrowing of the previous range of $16 million to $20 million. The company expects to deliver full year net revenue growth of plus 3.5% to plus 5%, supported by healthy increases in pricing and mix, as well as recurring ABI international distribution fees and a onetime past contract brewing fee.