Hyde County ABC Board Turns $97 Profit, First In Five Years

After five consecutive years operating at a loss, the Hyde County Alcohol Beverage Control (ABC) Board showed a profit in the fiscal year ending June 30, 2007.

At its October 23 meeting in Swan Quarter, Ken Chilcoat, CPA, released the audit showing a $97 operating profit for the past year. In FY 2005-06, the Hyde County ABC Board suffered a $25,388 operating loss. Mr. Chilcoat submitted first quarter results for the current year continuing to show positive results.

In his report to the Board, Mr. Chilcoat stated the reason for the operating profit last year was clearly due to the sale of alcohol for mixed beverages after the 2006 vote by Hyde County supporting mixed beverage sales. He also noted that it took five years of losses before positive results and it will take several more years to completely turn things around.

Jay Etheridge, Chairman of the ABC Board, noted his appreciation for the ABC Board staff implementing the new mixed beverage permits and sales.

The Hyde County ABC operates two stores, one on US264 just west of the Lake Road in Mattamuskeet and one on Ocracoke Island adjacent to the Variety Store.