CBA Q4 Depletions up 4%, 7% Full Year

Dear Client: Today marks the Craft Brew Alliance 2011 full year earnings call. Top line numbers: Depletion growth and non-contract shipment growth were each 7 percent for the full year. That may look slightly soft compared to the depletion spike they had seen at the end of Q3, when CBA core brand depletions had grown 8.6% for the period ended Sept. 30 vs. 7.3% for the three quarters. But the company also predicted at that point that full-year depletion growth