BOONE, N.C., March 15, 2016 (GLOBE NEWSWIRE) -- Appalachian Mountain Brewery, Inc. (“AMB”) (OTC:HOPS) announces the release of its financial results for year ending December 31, 2015.
- Revenue increased 79% to $1,735,418 compared to $968,470 year-end 2014 as wholesale distribution with Craft Brew Alliance continued to expand throughout Western North Carolina including one month of additional statewide release of its core portfolio in draft only.
- Gross margin remained strong at 65% for year-end 2015 as the Company continues to apply diligent cost control measures with all beer and cider production.
- Total barrels of beer produced for 2015 was 3,840, a 330% increase compared to 890 barrels produced in 2014 and 580 barrels produce in 2013 respectively. This increase is attributed to expanded demand for company products through its master distribution with Craft Brew Alliance.
AMB President and CEO Sean Spiegelman stated, “The spectacular results this year are due to successfully executing our 2015 business plans for both our retail and wholesale business lines. We are all very pleased with our distribution partnership with Craft Brew Alliance as they continue to exceed our expectations and help us build long term shareholder value. We expect our growth trajectory to continue as our core craft beer portfolio, consisting of Long Leaf IPA, Boone Creek Blonde and Spoaty-Oaty Appalachian Pale-Ale are now readily accessible across the entire state of North Carolina in draft and 16 ounce cans. Additionally, we have added a complete seasonal line available in 16 ounce cans and draft which is also now available across our home state of North Carolina, as of March 1, 2016.”
Financial Migration to Internal Reporting and Controls
“AMB, Inc. has created an integrated financial information system to ensure accurate, timely, and compliant financial reporting with the help of Hughes Pittman & Gupton, LLP, our consultant. They have provided management assistance in refining our financial reporting processes as we seek to improve the usability of the Company’s financial information. We’re continuing to strengthen our internal accounting systems and financial controls as we enter the final stages of implementing Orchestrated Beer by Orchestrated Software. This will give us a SAP Business One enterprise resource planning system tailored specifically for breweries.” said Jeremy Barnes, Controller and Compliance Officer of AMB, Inc.
About Appalachian Mountain Brewery, Inc.
Comprised of two wholly-owned subsidiaries, its craft beer business “Appalachian Mountain Brewery, LLC” is dedicated to making seriously delicious craft beer while focusing its business model on community, sustainability and philanthropy. Winner of numerous medals and awards, the Brewery brews and offers for sale many different craft beers. Its wholly-owned subsidiary “FarmToFlame, LLC” operates a food truck that features a unique wood fired oven in the truck, providing our customers with a casual dining experience that balances innovation and sustainability. Appalachian Mountain Cidery makes a hard cider using third generation locally grown North Carolina apples. Both subsidiaries have received the prestigious official certification by ASAP (Appalachian Sustainable Agriculture Project) for Western North Carolina grown and produced products.
For further information:
FORWARD LOOKING STATEMENTS
This release contains certain “forward-looking statements” relating to the business of AMB and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “estimates,” “believes,” “anticipates,” “intends,” "expects” and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on AMB’s current expectations and beliefs concerning future developments and their potential effects on AMB. There can be no assurance that future developments affecting AMB will be those anticipated by AMB. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual actions taken or results or performance to be materially different from those expressed or implied by such forward-looking statements. AMB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Sean Spiegelman, CEO