CBA Reports Prelim Results in Line with Expectations, Q4 depletions +2%

Dear Client: Craft Brew Alliance has just issued preliminary results for 2014, though their final full year and Q4 call won't hit 'till March.Unaudited results include:Full year shipments up 10%, compared to 4% in 2013, "due primarily to increasing consumer demand in key markets and ongoing efforts to normalize wholesaler inventory levels." Q4 shipments were up 6%.Full year depletions up 7% (despite a quarter of SKUs being cut), in line with expectations, compared to 11% in 2013. Q4 depletions grew