Craft Brewers Alliance posts a profit
Craft Brewers Alliance Inc. reported second quarter earnings of $1.7 million compared with a $1.3 million loss in the same period of 2008.
Craft Brewers is the result of the July 1, 2008 merger of Widmer Brewing Co. and Redhook Ale Brewery Inc.
In an earnings statement filed with the Securities and Exchange Commission, Portland-based Craft Brewers said it generated an operating profit of $2.5 million during the second quarter, compared to a $2.1 million loss last year, through improved margins and a reduction in expenses related to the 2008 consolidation of the two companies. Profits were offset by increased selling, general and administrative expenses and the elimination of revenue from its sales and marketing joint venture.
The company shipped 162,400 barrels of beer in the second quarter, compared with 76,200 barrels in 2008, prior to the merger.
Year-to-date, Craft Brewers reported net income of $664,000 on revenue of $66.7 million in the first six months of the year, compared with a net loss of $1.9 million on $22.4 million in revenue in the corresponding period in 2008.
Craft Brewers produces Redhook-branded and Widmer-branded beverages at four breweries, including two in Portland, one in the Seattle suburb of Woodinville, and one in Portsmouth, N.H.
It also owns a 20 percent stake in Kona Brewery LLC, based in Kailua-Kona, Hawaii, and a 42 percent stake in Chicago’s Fulton Street Brewery, which brews Goose Island malt beverages.
Craft Brewers products are chiefly distributed by Anheuser-Busch InBev.