US: Bootie Beer losses not as bad as appear in Q1

By just-drinks.com editorial team | 15 May 2007

Bootie Beer has posted a large dip in net losses for the first three months of this year.

The US company, which earlier this month changed its name to TMT Capital Corporation, said yesterday (14 May) that net losses for the quarter rose to US$17.3m, against losses of $2.9m in the corresponding period a year earlier.

President and CEO Tania Torruella noted that $17.1m of the losses recorded are non-cash related items, "the largest resulting from the repricing of the market value of the conversion features of certain outstanding warrants," Torruella said. "When the market value of the company's common stock increases over the prior reporting period, this results in a non-cash loss."

Stripping out non-cash expenses, the company's net loss totalled a less worrying $151,298.

TMT Capital Corporation will operate as a diversified holding company, with Bootie Beer Company - the new name for Bootie Holdings Corporation, which brews Bootie Beer and Bootie Light - becoming the first operating subsidiary of TMT Capital.

Sectors: Beer & cider

Companies: Bootie