Last $0.35 USD
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As of 8:10 PM 11/25/14 All times are local (Market data is delayed by at least 15 minutes).

mendocino brewing co inc (MENB) Snapshot

Open
$0.35
Previous Close
$0.35
Day High
$0.35
Day Low
$0.35
52 Week High
06/26/14 - $0.93
52 Week Low
02/27/14 - $0.24
Market Cap
4.4M
Average Volume 10 Days
2.6K
EPS TTM
$-0.07
Shares Outstanding
12.6M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for MENDOCINO BREWING CO INC (MENB)

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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. and Releta Brewing Company LLC Receives Notice of Default from MB Financial Bank, N.A

On August 18, 2014, Mendocino Brewing Company Inc. and its wholly-owned subsidiary, Releta Brewing Company LLC received a notice from MB Financial Bank, N.A. as successor in interest to Cole Taylor Bank 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. The borrowers have previously received notices from the Lender regarding the exercise of rights related to events of default on September 18, 2013 and April 18, 2014, respectively. The loan agreement provides the borrowers 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 (the Revolver), 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 covenants made by the borrowers pursuant to the loan agreement include requirements that the borrowers maintain certain financial metrics. The default notice also states that the tangible net worth of the borrowers has continued to fall short of the required amount as measured through June 30, 2014. The company calculates the required tangible net worth of the borrowers to be $6,181,400 as of June 30, 2014 and the actual tangible net worth on such date to be $4,989,400. The company does not anticipate that the borrowers will be able to regain compliance with the required fixed charge coverage ratio or the minimum tangible net worth in the near future. The default notice states that the Lender, effective August 20, 2014, will exercise its right to reduce the advance rate for: eligible finished goods and raw material inventory; and eligible work-in progress inventory by 2% and will continue to reduce each by an additional 2% on the 20th day of each month thereafter. The advance rates are used in the calculation of the borrowing base of each borrower, which is used in the determination of the amount available to each borrower pursuant to the revolver. Pursuant to the loan agreement, if such availability is less than $0, or if certain components of the borrowing base fall below certain limits in relation to outstanding revolving loans, such difference shall be immediately due and payable.

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.

 

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