Revenue increased to $718,508 versus $516,488 for the previous three month period.
Additionally, losses narrowed by 83 percent to $36,434 for the quarter. When adding back noncash charges such as depreciation the company was cash flow positive for the quarter. Revenue growth was across each subsidiary, as was improving profitability.
Thomas W. Scozzafava, chairman and CEO of Harbor Brewing Company, says, "The entire staff is dedicated in its pursuit of manageable growth while at the same time relentless in eliminating unnecessary overhead and reducing expenses. This continued focus has allowed us to significantly improve operations and reduce the company's outstanding debts."
Harbor Brewing Company expects to file its complete financials as well as its quarterly disclosure statement this week with OTCMarkets.
Harbor Brewing Company Inc. owns and operates brewing, baking, restaurant and real estate assets.