BOONE, N.C., May 17, 2016 (GLOBE NEWSWIRE) -- Appalachian Mountain Brewery, Inc. (OTC:HOPS) (“AMB”) today announced record growth for first quarter 2016 and year-end 2015, reporting increases in revenue, distribution and profitability.
- For three months ended March 31, 2016 revenue increased 47% to $511,743, compared to $348,844 for the same reporting period last year.
- Total revenue increased 88% to $1,735,418 for year-end December 31, 2015 compared to $923,744 for year-end 2014.
- Net profit increased 71% to $15,207 for three months ended March 31, 2016 compared to $8,903 for the same reporting period last year.
- Gross Margins of 61% on revenues of $511,743 reported for March 31, 2016.
“A strong beginning to this year and an equally exciting end to 2015 as we continue to demonstrate our ability to execute growth while increasing profitability,” stated Company CEO Sean Spiegelman, adding “We believe our focus on growth through social mindedness and premium craft brew offerings is empowering our expansion and solidifying our position in the evolving craft brew landscape.”
AMB CFO, Jeremy Barnes added, “Our year-over-year growth is particularly positive considering the company is still in the early stages of our Master Distribution Agreement (MDA) and Alternating Proprietorship (Alt. Prop) with Craft Brew Alliance (Nasdaq:BREW) which we expect to significantly impact AMB’s expansion this year and beyond.”
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.
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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@AMB.beer
Source:Appalachian Mountain Brewery, Inc.