BOONE, N.C., Nov. 16, 2015 (GLOBE NEWSWIRE) -- Appalachian Mountain Brewery, Inc. (OTC:HOPS), announced third quarter revenue increased significantly, up 89% to $504,214, compared to third quarter 2014 at $266,283, as wholesale distribution with Craft Brew Alliance expanded throughout Western North Carolina. AMB’s gross margin remained extremely strong during the third quarter at 57%.
“We are very pleased with our results this quarter and with our distribution partnership with Craft Brew Alliance. We firmly expect to continue to see this kind of growth as our core portfolio of beers will be made available in draft across our home state of North Carolina, starting November 30, 2015. Additionally, AMB and CBA have targeted a date in the beginning of February 2016 for a North Carolina state wide roll out of our Long Leaf IPA, Boone Creek Blonde and Spoaty-Oaty Appalachian Pale in 16 ounce cans. It is an exciting time to be a part of the craft beer explosion across the United States and beyond,” said Sean Spiegelman, CEO of AMB, Inc.
Looking towards the future with HPG, LLP
Over the past several months, Appalachian Mountain Brewery, Inc. (AMB) has prepared for the anticipated growth that will result from our master distribution agreement and alternating proprietorship with Craft Brew Alliance Inc. A large part of this preparation has been bringing our accounting function in house, led by controller Jeremy Barnes. AMB, Inc. is creating an integrated financial information system to ensure accurate, timely, and complaint financial reporting. AMB has engaged Hughes Pittman & Gupton, LLP of Raleigh, NC in a consulting role to provide advice concerning our financial reporting processes as we seek to optimize our position and maintain the high quality reporting our investors deserve as AMB prepares for growth.
About Hughes Pittman & Gupton, LLP (HPG): For more than 30 years, HPG, an independent, North Carolina CPA firm, has served the needs of local, multi-state, and international businesses. More than just an accounting firm, HPG’s mission is working together to REACH success. The firm utilizes specialized teams to address the unique tax, audit, accounting, and advisory needs of owner-managed and investor-owned clients across a wide range of industries. The firm is a member of CPAmerica International and an affiliate member of Crowe Horwath International. HPG CPAs leverage these memberships to provide national and global accounting expertise and resources for the firm’s clients. Visit www.hpg.com.
About Appalachian Mountain Brewery, Inc.
Appalachian Mountain Brewery 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.
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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.
CONTACT: Sean Spiegelman, CEO (828) 263-1111 Sean@appalachianmountainbrewery.com
Source:Appalachian Mountain Brewery, Inc.