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Article: Pete's Brewing Company Announces Expected Shipment and Revenue Shortfalls for The Third Quarter 1997
- Article from:
- PR Newswire
- Article date:
- September 2, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PALO ALTO, Calif., Sept. 2 /PRNewswire/ -- Pete's Brewing Company (Nasdaq: WIKD) today announced that it expects a significant shortfall in revenues and shipments for the third quarter 1997 as compared to the same period a year ago. The Company indicated that wholesaler inventory reductions, reflecting both higher inventory needs at the start of 1997 and a continuing slowdown in craft beer category growth rates, will contribute to a projected 35% to 40% decline in year-over-year third quarter revenue. As a result, the Company also expects third quarter net income will yield a loss in the range of ($0.11) to ($0.14) per share, below the current analyst consensus for the ...
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