Third quarter net sales decreased 6.6% to $52.9 million, primarily driven by lower shipment volume compared to the third quarter in 2017.
Third quarter total CBA depletions decreased by 1%, improving the year-to-date trend to a decrease of 2% compared to the same period a year ago. The decrease in total depletions for the third quarter and year-to-date primarily reflects declines in Widmer Brothers and Redhook, offset by continued accelerated growth for Kona.
Third quarter depletions for portfolio cornerstone Kona grew 9% compared to the third quarter in 2017, driving an improved 7% depletions increase year-to-date, over the same period a year ago.
Third quarter shipments decreased by 5.8% and increased slightly by 0.2% year-to-date.
Net profit was shredded, falling 96% to $61,000 from $1.75 million, or 9 cents a share.
“We accomplished a lot in the third quarter – from continuing to accelerate Kona, to bringing our partner acquisitions to the finish line, to maintaining close control of our operations – and I’m proud of our team for their continued focus on achieving these milestones,” said Andy Thomas, chief executive officer, CBA. “While our third quarter results were largely in line with our expectations, they nevertheless reflect the increasing costs and challenges of competing in today’s crowded market.”