Financial Statement Analysis

CraftBrewAllianceFinancialStatements.xlsx

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Sales	$ 219,547	$ 215,627	$ 218,581
Less excise taxes	12,091	13,120	14,413
Net sales	207,456	202,507	204,168
Cost of sales	142,198	142,908	141,972
Gross profit	65,258	59,599	62,196
Selling, general and administrative expenses	60,463	59,224	57,932
Operating income	4,795	375	4,264
Interest expense	715	709	572
Other income (expense), net	(39)	28	26
Income before income taxes	4,041	(306)	3,718
Income tax expense	(5,482)	14	1,500
Net income (loss)	$ 9,523	$ (320)	$ 2,218
Basic and diluted net income per share (usd per share)	$ 0.49	$ (0.02)	$ 0.12
Shares used in basic per share calculations (in shares)	19,284	19,225	19,152
Shares used for diluted EPS (in shares)	19,447	19,225	19,175

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 579	$ 442
Accounts receivable, net	27,784	24,008
Inventory, net	13,844	19,091
Assets held for sale	22,946	0
Other current assets	4,335	2,495
Total current assets	69,488	46,036
Property, equipment and leasehold improvements, net	106,283	121,970
Goodwill	12,917	12,917
Intangible and other assets, net	20,949	19,482
Total assets	209,637	200,405
Current liabilities:
Accounts payable	14,338	16,076
Accrued salaries, wages and payroll taxes	5,877	4,967
Refundable deposits	4,816	6,486
Other accrued expenses	5,753	4,108
Current portion of long-term debt and capital lease obligations	699	1,317
Total current liabilities	31,483	32,954
Long-term debt and capital lease obligations, net of current portion	32,599	27,946
Fair value of derivative financial instruments	221	424
Deferred income tax liability, net	12,886	18,181
Other liabilities	1,657	1,239
Total liabilities	78,846	80,744
Commitments and contingencies (Note 17)
Common shareholders' equity:
Common stock, $0.005 par value. Authorized 50,000,000 shares; issued and outstanding 19,309,829 and 19,261,245	96	96
Additional paid-in capital	142,196	140,687
Accumulated other comprehensive loss	(164)	(262)
Accumulated deficit	(11,337)	(20,860)
Total common shareholders' equity	130,791	119,661
Total liabilities and common shareholders' equity	$ 209,637	$ 200,405

Solvency

Working Capital

Current Ratio

Acid Test ratio

Inventory turnover

A/R Turnover (Sales / Avg AR)

Debt to Equity

Times Interest Earned

Performance

Asset Turnover

Return on Sales

Return on Assets

Return on Equity

Average Interest Rate

Gross Margin (Gross Profit/Sales)