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06/26/14 - $0.93
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mendocino brewing co inc (MENB) Details

Mendocino Brewing Company, Inc., together with its subsidiaries, is engaged in the brewing, production, and sale of beer and malt beverages. It operates through two segments, the North American Territory and the Foreign Territory. The company produces craft beers primarily under the Red Tail Ale, Blue Heron Pale Ale, Black Hawk Stout, Eye of the Hawk Select Ale, White Hawk Original IPA, and Red Tail Lager brands. It also owns and operates brewpub and gift store in Ukiah, California; brews for various other brands on contract basis; and operates as a distributor of alcoholic beverages, primarily Kingfisher Premium Lager in the United Kingdom and Europe. The company sells its products through wholesale distributors to consumers at supermarkets, warehouse stores, liquor stores, taverns and bars, restaurants, and convenience stores in North America; through Indian restaurants by restaurant trade distributors in the European Union; and through provincial liquor boards and independent distributors in Canada. Mendocino Brewing Company, Inc. was founded in 1982 and is based in Ukiah, California.

83 Employees
Last Reported Date: 03/31/14
Founded in 1982

mendocino brewing co inc (MENB) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $334.5K
Chief Financial Officer, Secretary and Corpor...
Total Annual Compensation: $199.3K
Compensation as of Fiscal Year 2013.

mendocino brewing co inc (MENB) Key Developments

Mendocino Brewing Company, Inc. Issues Promissory Note to Catamaran Services, Inc

On April 24, 2014, Mendocino Brewing Company Inc. issued a promissory note to Catamaran Services Inc. (Catamaran) in the principal amount of $500,000. Pursuant to the terms of the Note, the company promises to pay the principal sum of $500,000 with accrued interest, as described below, to Catamaran within six months following the date of the Note, subject to the receipt by the company of an equity investment by its majority shareholder in an amount sufficient either (a) to pay the note through permitted payments, or (b) to pay both the note and certain existing obligations of the company to Cole Taylor Bank, N.A. (Cole Taylor) in full pursuant to that certain Credit and Security Agreement dated as of June 23, 2011, as amended by that certain first amendment, dated as of March 29, 2013, among Cole Taylor, the company and Releta Brewing Company LLC. Permitted payments on the note are payments made from the portion of a shareholder investment that is in excess of $500,000. If the company is not able to satisfy its obligations on the note within the six month period following the date of the note, the cote shall be automatically extended for additional six month terms until a shareholder investment sufficient to satisfy the note is received. Interest shall accrue from the date of the note on the unpaid principal at a rate equal to the lesser of (i) 1.5% per annum above the prime rate offered from time to time by the Bank of America Corporation in San Francisco, California, or (ii) 10% per annum, until the principal is fully paid.

Mendocino Brewing Company, Inc. and Brewing Company LLC Receives Default Notice from Cole Taylor Bank

On September 18, 2013, Mendocino Brewing Company Inc. and its wholly-owned subsidiary, Releta Brewing Company LLC received a notice (the "Default Notice") from Cole Taylor Bank (the lender) regarding its intention to exercise certain rights with respect to events of default of the company pursuant to the Credit and Security Agreement, dated as of June 23, 2011, by and among the Borrowers and the Lender, as amended by that certain First Amendment, dated as of March 29, 2013 (collectively, the "Loan Agreement"). The Loan Agreement provides the Borrowers with a credit facility, with a maturity date of June 23, 2016, of up to $10,000,000, which consists of a $4,119,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit. The credit facility is secured by the personal property of the company and Releta, and the Company's Ukiah, California facility, among other items of the Borrowers' property. The company has been in default of the fixed charge coverage ratio for the trailing twelve month periods ending March 31, 2013, April 30, 2013, May 31, 2013 and June 30, 2013. On each of such dates, the fixed charge coverage ratio was required to be at least 1.05 to 1. On March 31, 2013, the fixed charge coverage ratio for the trailing twelve month period was 0.90 to 1.00, which such ratio decreased to 0.28 to 1.00 as of June 30, 2013.

Mendocino Brewing Co. Inc. Reports Consolidated Earnings Results for the Year Ended December 31, 2012

Mendocino Brewing Co. Inc. reported consolidated earnings results for the year ended December 31, 2012. For the period, Net Sales were $39,244,600 against $40,153,800 a year ago. Income from operation was $935,200 against $492,400 a year ago. Income before income tax was $561,100 against $56,500 a year ago. Net income was $558,400 or $0.04 per diluted share against $49,400 or $0.00 per diluted share a year ago. Net cash provided by operating activities was $468,100 against $1,412,600 a year ago. Purchases of property, equipment and leasehold improvements was $1,503,100 against $1,025,900 a year ago.


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