CBA Up 12% for Quarter
Craft Brewers Alliance also show good profit gains
Craft Brewers Alliance reported a second quarter profit of $8.1 million on $44.8 million in revenue compared to second quarter profit of $1.7 million on $39.6 million in revenue one year ago.
The company said it shipped 191,100 barrels in the second quarter, an increase of 11.8 percent from one year ago.
Craft’s financial results were “significantly” impacted by its merger with Kona Brewing Co which closed Oct. 1, 2010, and by the sale of its equity interest in the Goose island Fulton Street Brewery during the second quarter to its distribution partner Anheuser-Busch.
CBA sold its 42 percent interest in Goose island for $16.3 million, including $15.1 million in cash and $1.3 million held in reserve. As part of the deal, Anheuser-Busch amended its distribution agreement with CBA to improve its operating margins.
CBA brews Widmer Bros., Redhook and Kona Brewing-branded beers at its breweries in Portland, Woodinville, Wash., Portsmouth, N.H., and Kialua-Kona, Hawaii.