CBA Earnings Call: More on Big Operational Optimizations

Dear Client: Today's Craft Brew Alliance Q4/full year 2013 call was their first since leadership changes, including Ken Kunze's appointment to CMO, and Andy Thomas's ascension to chief. (Per January's preliminary statement, recall that Q4 saw 10% depletion growth for CBA, the third consecutive quarter of double-digit numbers. Net sales and branded beer shipments grew 5% and 6%, respectively. Despite a reduction in SKUs, they're projecting between 7-11% depletions growth this year, and price increases between 1%-2%.) With this his