Craft Brew Alliance, Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported sales of $50,085,000 as compared to $46,766,000 for the same period last year. Operating income was $323,000 as compared to loss of $2,800,000 for the same period last year. Income before income taxes was $223,000 as compared to loss of $2,978,000 for the same period last year. Net income was $161,000 as compared to loss of 1,787,000 for the same period last year. Basic and diluted net income per share was $0.01 as compared to loss per share of $0.09 for the same period last year. Net cash provided by operating activities was $2,741,000 as compared to $3,037,000 for the same period last year. Expenditures for Property, equipment and leasehold improvements was $1,104,000 as compared to $1,965,000 for the same period last year. Adjusted EBITDA was $3,062,000 as compared to $458,000 for the same period last year.

The company reaffirms earnings guidance for the year 2018. The company expects total gross margin rate of 32.0% to 35.0%, reflecting increases in net revenue per barrel, continued improvements in brewery operations, lower fixed overhead, and ongoing efforts to stabilize pub operations, Capital expenditures of approximately $16 million to $19 million, which reflects continued work on the new Kona brewery and the addition of a new canning line in Portland brewery and effective tax rate of 27%.