Craft Brewers Alliance has drop in profit and revenue
Craft Brewers Alliance Inc. recently reported a $1.07 million loss on $27.2 million in revenue in the first quarter.
Portland-based Craft Brewers Alliance formed July 1, after the merger of Portland-based Widmer Bros. Brewing Co. and Woodinville, Wash.-based Redhook Ale Brewery Inc.
The newly merged company reported results to allow comparison to last year’s first quarter. If the companies had been merged at the time, they would have generated a 2008 first-quarter loss of $1.1 million on revenue of $25.8 million.
In March, the company disclosed 2008 losses of $33.3 million on $86 million in revenue and said it had written down the value of the Widmer brand by $30.5 million, more than a third.
Anheuser-Busch owns 35.8 percent of Craft Brewers outstanding common stock. It is unknown what, if any changes may occur due to the InBev acquisition of Anheuser-Busch last year for $52 billion.