US: Craft Brew Alliance toasts strong FY performance
- One-off sale gain helps net profits for 2011 soar by 472%, hitting US$9.6m
- Sales also rise, by 13.3% to $149m
- Operating profits deliver impressive jump, up by 71.7% to $5.4m
- Volumes for 2011 increase by 10.7%
Craft Brew Alliance has posted a strong set of numbers for 2011, highlighting the continued growth on offer to craft brewers in the US.
The company, which was formed in 2008 when Widmer Brothers Brewing and Redhook Ale Brewery merged, said yesterday (14 March) that net profits for the 12-month period came in 472% up on 2010, totalling US$9.6m, as sales increased by 13.3% to $149.2m. Stripping out a one-time gain from the sale of Fulton Street Brewery to Anheuser-Busch InBev a year ago, net profits were up by 88.2% to $3.2m.
Operating profits also rose markedly, by 71.7% to $5.4m. Craft Brew Alliance saw full-year volumes come in 10.7% up on 2010 at 672.6m barrels.
“While the full-year results indicate that our strategy has gained traction with consumers," said CEO Terry Michaelson,"we believe that there are further underlying strengths in our brands and strategy that have yet to be realised and will drive long-term profitable growth.”
In the company's final quarter, net profits reached $244,000 versus a loss of $633,000 a year earlier. Sales rose by 15.2% to $34.9m, with operating profits coming in at $532,000 compared to a loss in Q4 2010 of $883,000.
Looking to 2012, the brewer said it expects sales in the year to grow by between 10% and 12%, but warned that grain prices would continue to inflict pressure going forward.
Separately, CBA announced today that it will change its NASDAQ ticker symbol from 'HOOK' to 'BREW'. The switch will take effect from 22 March. The former symbol was set up in 1995 when Redhook Brewery completed an IPO.
To read the company's official statement, click here.
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