<HTML> <HEAD> <TITLE>FORM 10-Q</TITLE> </HEAD> <BODY BGCOLOR="#FFFFFF"> <P ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="4"> <B><FONT FACE="Times New Roman, Times, serif">UNITED STATES <BR> </FONT></B></FONT><FONT SIZE="4" FACE="Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION <BR> Washington, D.C. 20549</B></FONT></P> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif"><B>FORM 10-Q</B></FONT></P> <P> </P> <TABLE WIDTH="660" BORDER="0" ALIGN="center" CELLSPACING="0"> <TR> <TD WIDTH="8%" ALIGN="left"><B><FONT FACE="Times New Roman">[X]</FONT></B></TD> <TD COLSPAN="3" ALIGN="center"><B><FONT FACE="Times New Roman">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) <BR> OF THE SECURITIES AND EXCHANGE ACT OF 1934 </FONT></B></TD> </TR> <TR> <TD COLSPAN="2" ALIGN="left"> </TD> <TD WIDTH="50%" ALIGN="center"> </TD> <TD WIDTH="19%" ALIGN="center"> </TD> </TR> <TR> <TD COLSPAN="2" ALIGN="left"><FONT FACE="Times New Roman">For the quarterly period ended</FONT></TD> <TD WIDTH="50%" ALIGN="center"><FONT FACE="Times New Roman"><B>March 25, 2000</B></FONT></TD> <TD WIDTH="19%" ALIGN="center"> </TD> </TR> <TR> <TD WIDTH="8%" ALIGN="left"> </TD> <TD WIDTH="23%"> </TD> <TD COLSPAN="2"> </TD> </TR> <TR> <TD WIDTH="8%" ALIGN="left"><B><FONT FACE="Times New Roman">OR</FONT></B></TD> <TD WIDTH="23%"> </TD> <TD COLSPAN="2"> </TD> </TR> <TR> <TD WIDTH="8%" ALIGN="left"><B><FONT FACE="Times New Roman">[_]</FONT></B></TD> <TD COLSPAN="3" ALIGN="center"><B><FONT FACE="Times New Roman">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) <BR> OF THE SECURITIES AND EXCHANGE ACT OF 1934 </FONT></B></TD> </TR> <TR> <TD WIDTH="8%"> </TD> <TD WIDTH="23%"> </TD> <TD COLSPAN="2"> </TD> </TR> </TABLE> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif">For the transition period from ________ to ________</FONT></P> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif">Commission file number: 1-14092</FONT></P> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif"><B>THE BOSTON BEER COMPANY, INC. <BR> </B>(Exact name of registrant as specified in its charter)</FONT></P> <TABLE WIDTH="93%" BORDER="0" ALIGN="center" CELLSPACING="0"> <TR> <TD WIDTH="459" VALIGN="bottom"> <DIV ALIGN="center"><B><FONT FACE="Times New Roman">MASSACHUSETTS</FONT></B></DIV> </TD> <TD WIDTH="79" VALIGN="bottom"> <DIV ALIGN="center"></DIV> </TD> <TD WIDTH="371" VALIGN="bottom"> <DIV ALIGN="center"><B><FONT FACE="Times New Roman">04-3284048</FONT></B></DIV> </TD> </TR> <TR> <TD WIDTH="459" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman">(State or other jurisdiction of incorporation <BR> or organization) </FONT></DIV> </TD> <TD WIDTH="79" VALIGN="top"> <DIV ALIGN="center"></DIV> </TD> <TD WIDTH="371" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman">(I.R.S. Employer <BR> Identification No.) </FONT></DIV> </TD> </TR> </TABLE> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif"><B>75 Arlington Street, Boston, Massachusetts <BR> </B>(Address of principal executive offices) <BR> <B>02116 <BR> </B>(Zip Code)</FONT></P> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif"><B>(617) 368-5000 <BR> </B>(Registrant's telephone number, including area code)</FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</FONT></P> <TABLE WIDTH="200" BORDER="0" ALIGN="center"> <TR> <TD WIDTH="130"><FONT FACE="Times New Roman">Yes <U> X </U> </FONT></TD> <TD WIDTH="110"><FONT FACE="Times New Roman">No<U> _____</U></FONT></TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif">Number of shares outstanding of each of the issuer's classes of common stock, as of May 3, 2000:</FONT></P> <TABLE WIDTH="600" BORDER="0" ALIGN="center" CELLSPACING="0"> <TR> <TD> </TD> <TD><B><FONT FACE="Times New Roman">Class A Common Stock, $.01 par value</FONT></B></TD> <TD> </TD> <TD ALIGN="right"><B><FONT FACE="Times New Roman">14,099,656 </FONT></B></TD> <TD> </TD> </TR> <TR> <TD> </TD> <TD><B><FONT FACE="Times New Roman">Class B Common Stock, $.01 par value</FONT></B></TD> <TD> </TD> <TD ALIGN="right"><B><FONT FACE="Times New Roman">4,107,355</FONT></B></TD> <TD> </TD> </TR> <TR> <TD> </TD> <TD><FONT FACE="Times New Roman">(Title of each class)</FONT></TD> <TD> </TD> <TD ALIGN="right"><FONT FACE="Times New Roman">(Number of shares)</FONT></TD> <TD> </TD> </TR> </TABLE> <FONT FACE="Times New Roman, Times, serif"> </FONT><P></P> <P ALIGN="center"><B><FONT FACE="Times New Roman"></FONT>THE BOSTON BEER COMPANY, INC. <BR> </B><B>FORM 10-Q</B></P> <P ALIGN="center"><B>QUARTERLY REPORT <BR> MARCH 25, 2000</B></P> <P ALIGN="center"><B>TABLE OF CONTENTS</B></P> <TABLE WIDTH="700" BORDER="0" ALIGN="center" CELLSPACING="4" CELLPADDING="4"> <TR ALIGN="left" VALIGN="top"> <TD COLSPAN="2"><B>PART I.</B></TD> <TD COLSPAN="3"><B>FINANCIAL INFORMATION </B></TD> <TD WIDTH="22"> </TD> <TD WIDTH="46"><B>PAGE </B></TD> <TD WIDTH="12"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 1.</TD> <TD WIDTH="382" VALIGN="bottom">Consolidated Financial Statements</TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right"> </TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top"> </TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx1">Consolidated Balance Sheets <BR> March 25, 2000 and December 25, 1999 </A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">3</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top"> </TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx2">Consolidated Statements of Operations for the <BR> Three Months Ended March 25, 2000 and March 27, 1999</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">4</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top"> </TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx3">Consolidated Statements of Cash Flows for the <BR> Three Months Ended March 25, 2000 and March 27, 1999</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">5</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top"> </TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx4">Notes to Consolidated Financial Statements</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">6-8</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 2.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx5">Management's Discussion and Analysis of <BR> Financial Condition and Results of Operations</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">9-10</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD COLSPAN="2"><B>PART II. </B></TD> <TD COLSPAN="3"><B>OTHER INFORMATION</B></TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right"> </TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 1.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx6">Legal Proceedings </A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">11</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 2.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx7">Changes in Securities</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">11</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 3.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx8">Defaults Upon Senior Securities </A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">11</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 4.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx9">Submission of Matters to a Vote of <BR> Security Holders </A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">11</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 5.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx10">Other Information</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">11</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD WIDTH="87"> </TD> <TD WIDTH="7"> </TD> <TD COLSPAN="2" VALIGN="top">Item 6.</TD> <TD WIDTH="382" VALIGN="bottom"> <A HREF="#tx11">Exhibits and Reports on Form 8-K</A> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">11-14</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left" VALIGN="top"> <TD COLSPAN="2"><B> <A HREF="#tx12">SIGNATURES</A> </B></TD> <TD COLSPAN="2" VALIGN="top"> </TD> <TD WIDTH="382" VALIGN="bottom"> </TD> <TD WIDTH="22"> </TD> <TD WIDTH="46" VALIGN="bottom" ALIGN="right">15</TD> <TD WIDTH="12" VALIGN="bottom"> </TD> </TR> </TABLE> <P ALIGN="left"> <A NAME="tx1"></A> <FONT FACE="Times New Roman"> </FONT></P> <P> <TABLE ALIGN="center" WIDTH="628" CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="26"></TD> <TD WIDTH="361"></TD> <TD WIDTH="9"></TD> <TD WIDTH="101"></TD> <TD WIDTH="12"></TD> <TD WIDTH="98"></TD> <TD WIDTH="19"></TD> </TR> <TR> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER"><B>THE BOSTON BEER COMPANY, INC. </B></P> </TD> </TR> <TR> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER"><B>CONSOLIDATED BALANCE SHEETS</B></P> </TD> </TR> <TR> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER">(in thousands, except share data)</P> </TD> </TR> <TR> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER">(unaudited)</P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="26">  </TD> <TD VALIGN="TOP" WIDTH="361">  </TD> <TD VALIGN="TOP" WIDTH="9">  </TD> <TD VALIGN="TOP" WIDTH="101">  </TD> <TD VALIGN="TOP" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="TOP" WIDTH="98">  </TD> <TD VALIGN="TOP" WIDTH="19"> </TD> </TR> <TR ALIGN="center"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TH WIDTH="361"> <DIV ALIGN="center">  </DIV> </TH> <TH WIDTH="9"> <DIV ALIGN="center">  </DIV> </TH> <TH WIDTH="101" VALIGN="bottom"> <FONT SIZE="-1">March 25, <BR> 2000 </FONT> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TH> <TH WIDTH="12" VALIGN="bottom" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TH> <TH WIDTH="98" VALIGN="bottom" ALIGN="left"> <DIV ALIGN="center"><FONT SIZE="-1">December 25, <BR> 1999 </FONT> </DIV> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TH> <TD WIDTH="19" VALIGN="bottom" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P ALIGN="left"><FONT SIZE="-1">ASSETS</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="101" VALIGN="bottom"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="19" ALIGN="left"> <DIV ALIGN="left"></DIV> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1"> Current Assets:</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Cash and cash equivalents</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> $ 4,358</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">$ 5,346</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Short-term investments</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 35,830</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">38,999</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Accounts receivable, net of the allowance for doubtful accounts of $925 and $1,000, respectively</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">19,052</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">16,246</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Inventories</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 15,876</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 15,656</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Prepaid expenses</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 901</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">2,465</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Deferred income taxes</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 2,732</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">2,732</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Other current assets</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 899</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">884</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98" ALIGN="left"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1"> Total current assets</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 79,648</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">82,328</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom"> </TD> <TD WIDTH="361" VALIGN="bottom"> </TD> <TD WIDTH="9" VALIGN="bottom"> </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom"> </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <FONT SIZE="-1">Equipment and leasehold improvements, net of accumulated depreciation of $21,827 and $20,855, respectively</FONT> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"> </P> <P ALIGN="RIGHT"><FONT SIZE="-1"> 26,108</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">26,092</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Other assets</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 4,158</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">4,310</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98" ALIGN="left"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1"> Total assets</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P><FONT SIZE="-1"> $ 109,914</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">$ 112,730</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98" ALIGN="left"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom"><B>  </B></TD> <TD WIDTH="361" VALIGN="bottom"><B>  </B></TD> <TD WIDTH="9" VALIGN="bottom"><B>  </B></TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"><B>  </B></TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom"><B>  </B></TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"><B>  </B></TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1">LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1"> Current Liabilities:</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Accounts payable</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> $ 9,190</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">$ 10,659</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Accrued expenses</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 14,108</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">12,842</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98" ALIGN="left"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Total current liabilities</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 23,298</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">23,501</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom">  </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1"> Long-term deferred taxes</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 408</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">408</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom">  </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1"> Other long-term liabilities</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">4,816</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">5,371</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P> </P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1"> Stockholders' Equity:</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom">  </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1">Class A Common Stock, $.01 par value; 22,700,000 shares authorized; 16,455,956 and 16,423,788 issued and outstanding as of March 25, 2000 and December 25, 1999, respectively</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"><FONT SIZE="-1">165</FONT></TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="right" VALIGN="bottom">  <FONT SIZE="-1">164</FONT></TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26">  </TD> <TD WIDTH="361"> <P><FONT SIZE="-1">Class B Common Stock, $.01 par value; 4,200,000 shares authorized; 4,107,355 issued and Outstanding as of March 25, 2000 and December 25, 1999</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="101" ALIGN="right"><FONT SIZE="-1">41</FONT> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="98" ALIGN="right">  <FONT SIZE="-1">41</FONT></TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26">  </TD> <TD WIDTH="361"> <P><FONT SIZE="-1">Additional paid-in-capital</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="101" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 56,910</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="98" ALIGN="left"> <P ALIGN="RIGHT"><FONT SIZE="-1">56,665</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26">  </TD> <TD WIDTH="361"> <P><FONT SIZE="-1">Unearned compensation</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="101" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (235</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="98" ALIGN="left"> <P ALIGN="RIGHT"><FONT SIZE="-1">(159</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26">  </TD> <TD WIDTH="361"> <P><FONT SIZE="-1">Retained earnings</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="101" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 40,148</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="98" ALIGN="left"> <P ALIGN="RIGHT"><FONT SIZE="-1">36,575</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26">  </TD> <TD WIDTH="361"> <P><FONT SIZE="-1">Less: Treasury Stock </FONT> <FONT SIZE="-1">(2,095,900 shares as of March 25, 2000 and 1,319,600 </FONT> <FONT SIZE="-1"> December 25, 1999) at cost </FONT> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="101" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(15,637</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="98" ALIGN="left"> <P ALIGN="RIGHT"><FONT SIZE="-1">(9,836</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98" ALIGN="left"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="26">  </TD> <TD WIDTH="361"> <P><FONT SIZE="-1"> Total stockholders' equity</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="101" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 81,392</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="98" ALIGN="left"> <P ALIGN="RIGHT"><FONT SIZE="-1">83,450</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98" ALIGN="left"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="26" VALIGN="bottom">  </TD> <TD WIDTH="361" VALIGN="bottom"> <P><FONT SIZE="-1"> Total liabilities and stockholders' equity</FONT></P> </TD> <TD WIDTH="9" VALIGN="bottom">  </TD> <TD WIDTH="101" ALIGN="right" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1"> $ 109,914</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="98" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT SIZE="-1">$ 112,730</FONT></P> </TD> <TD WIDTH="19" ALIGN="left"> </TD> </TR> <TR ALIGN="center" VALIGN="top"> <TD WIDTH="26"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="361"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="9"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="101"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="center">  </DIV> </TD> <TD WIDTH="98"> <HR NOSHADE ALIGN="center" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="19"> </TD> </TR> </TABLE> <P ALIGN="CENTER">The accompanying notes are an integral part of the consolidated financial statements</P> <A NAME="tx2"></A> <P ALIGN="left"></P> <P> <TABLE ALIGN="center" WIDTH="591" CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="29"></TD> <TD WIDTH="29"></TD> <TD WIDTH="327"></TD> <TD WIDTH="33"></TD> <TD WIDTH="68"></TD> <TD WIDTH="10"></TD> <TD WIDTH="80"></TD> <TD WIDTH="13"></TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">  </TD> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER"><B>THE BOSTON BEER COMPANY, INC.</B></P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">  </TD> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">  </TD> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER">(in thousands, except per share data)</P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">  </TD> <TD COLSPAN="7" VALIGN="TOP"> <P ALIGN="CENTER">(unaudited)</P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">  </TD> <TD VALIGN="TOP" WIDTH="29">  </TD> <TD VALIGN="TOP" WIDTH="327"> </TD> <TD VALIGN="TOP" WIDTH="33">  </TD> <TD VALIGN="TOP" WIDTH="68">  </TD> <TD VALIGN="TOP" WIDTH="10">  </TD> <TD VALIGN="TOP" WIDTH="80">  </TD> <TD VALIGN="TOP" WIDTH="13" ALIGN="left"> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">   </TD> <TD VALIGN="TOP" WIDTH="29">   </TD> <TD VALIGN="TOP" WIDTH="327"> </TD> <TH VALIGN="TOP" WIDTH="33">   </TH> <TH COLSPAN="3" VALIGN="TOP" ALIGN="center"> <FONT SIZE="-1">Three months ended</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TD VALIGN="TOP" ALIGN="left" WIDTH="13"> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="29">   </TD> <TD VALIGN="TOP" WIDTH="29">   </TD> <TD VALIGN="TOP" WIDTH="327"> </TD> <TH VALIGN="TOP" WIDTH="33">   </TH> <TH VALIGN="TOP" WIDTH="68" ALIGN="center"> <FONT SIZE="-1">March 25, <BR> 2000</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TH VALIGN="TOP" WIDTH="10" ALIGN="center">   </TH> <TH VALIGN="TOP" WIDTH="80" ALIGN="center"> <FONT SIZE="-1">March 27, <BR> 1999</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TD VALIGN="TOP" WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"><FONT SIZE="-1">Sales</FONT> </TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> $ 49,276</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> $ 45,532</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Less excise taxes</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1">5,019</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> 4,682</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29" HEIGHT="18"> </TD> <TD WIDTH="29" HEIGHT="18"> </TD> <TD WIDTH="327" HEIGHT="18"> </TD> <TD WIDTH="33" HEIGHT="18"> </TD> <TD WIDTH="68" ALIGN="right" HEIGHT="18"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right" HEIGHT="18"> </TD> <TD WIDTH="80" ALIGN="right" HEIGHT="18"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left" HEIGHT="18"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29">   </TD> <TD WIDTH="29"> </TD> <TD WIDTH="327"><FONT SIZE="-1">Net sales</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> 44,257</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> 40,850</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"><FONT SIZE="-1">Cost of sales</FONT> </TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> 19,615</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1">18,077</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29"> </TD> <TD WIDTH="29"> </TD> <TD WIDTH="327"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29">   </TD> <TD WIDTH="29"> </TD> <TD WIDTH="327"><FONT SIZE="-1">Gross profit</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> 24,642</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1">22,773</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2">   </TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right">   </TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right">   </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Operating expenses:</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right">   </TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right">   </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" HEIGHT="24">   </TD> <TD HEIGHT="24" COLSPAN="2"> <FONT SIZE="-1">Advertising, promotional and selling expenses</FONT></TD> <TD WIDTH="33" HEIGHT="24">   </TD> <TD WIDTH="68" HEIGHT="24" ALIGN="right"> <FONT SIZE="-1"> 16,140</FONT></TD> <TD WIDTH="10" HEIGHT="24" ALIGN="right">   </TD> <TD WIDTH="80" HEIGHT="24" ALIGN="right"> <FONT SIZE="-1"> 14,768</FONT></TD> <TD WIDTH="13" HEIGHT="24" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">General and administrative expenses</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> 2,983</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> 2,909</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29"> </TD> <TD WIDTH="29"> </TD> <TD WIDTH="327"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top">   </TD> <TD WIDTH="29" VALIGN="top"> </TD> <TD WIDTH="327" VALIGN="top"><FONT SIZE="-1">Total operating expenses</FONT></TD> <TD WIDTH="33" VALIGN="top">   </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> 19,123</FONT></TD> <TD WIDTH="10" ALIGN="right" VALIGN="top">   </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> 17,677</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top">   </TD> <TD COLSPAN="2" VALIGN="top"> <FONT SIZE="-1">Operating income</FONT></TD> <TD WIDTH="33" VALIGN="top">   </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> 5,519</FONT></TD> <TD WIDTH="10" ALIGN="right" VALIGN="top">   </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> 5,096</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2">   </TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right">   </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Other income (expense):</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right">   </TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right">   </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" HEIGHT="20">   </TD> <TD COLSPAN="2" HEIGHT="20"> <FONT SIZE="-1">Interest income</FONT></TD> <TD WIDTH="33" HEIGHT="20">   </TD> <TD WIDTH="68" ALIGN="right" HEIGHT="20"> <FONT SIZE="-1">514</FONT></TD> <TD WIDTH="10" ALIGN="right" HEIGHT="20">   </TD> <TD WIDTH="80" ALIGN="right" HEIGHT="20"> <FONT SIZE="-1">561</FONT></TD> <TD WIDTH="13" ALIGN="left" HEIGHT="20"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Interest expense</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1">—</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> (145</FONT></TD> <TD WIDTH="13" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" HEIGHT="15">   </TD> <TD COLSPAN="2" HEIGHT="15"> <FONT SIZE="-1">Other income (expense), net</FONT></TD> <TD WIDTH="33" HEIGHT="15">   </TD> <TD WIDTH="68" ALIGN="right" HEIGHT="15"> <FONT SIZE="-1">128</FONT></TD> <TD WIDTH="10" ALIGN="right" HEIGHT="15">   </TD> <TD WIDTH="80" ALIGN="right" HEIGHT="15"><FONT SIZE="-1">24</FONT></TD> <TD WIDTH="13" ALIGN="left" HEIGHT="15"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top">   </TD> <TD WIDTH="29" VALIGN="top"> </TD> <TD WIDTH="327" VALIGN="top"> <FONT SIZE="-1"> Total other income</FONT></TD> <TD WIDTH="33" VALIGN="top">   </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> 642</FONT></TD> <TD WIDTH="10" ALIGN="right" VALIGN="top">   </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> 440</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2">   </TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right">   </TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right">   </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Income before provision for income taxes</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> 6,161</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> 5,536</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Provision for income taxes</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1"> 2,588</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1">2,307</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top">   </TD> <TD COLSPAN="2" VALIGN="top"> <FONT SIZE="-1">Net income</FONT></TD> <TD WIDTH="33" VALIGN="top">   </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> $ 3,573</FONT></TD> <TD WIDTH="10" ALIGN="right" VALIGN="top">   </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <FONT SIZE="-1"> $ 3,229</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top">   </TD> <TD COLSPAN="2" VALIGN="top"> <FONT SIZE="-1">Earnings per share — basic</FONT></TD> <TD WIDTH="33" VALIGN="top">   </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <FONT SIZE="-1">$ 0.19</FONT></TD> <TD WIDTH="10" ALIGN="right" VALIGN="top">   </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <FONT SIZE="-1">$ 0.16</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top">   </TD> <TD COLSPAN="2" VALIGN="top"> <FONT SIZE="-1">Earnings per share — diluted</FONT></TD> <TD WIDTH="33" VALIGN="top">   </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <FONT SIZE="-1">$ 0.19</FONT></TD> <TD WIDTH="10" ALIGN="right" VALIGN="top">   </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <FONT SIZE="-1">$ 0.16</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="29"> </TD> <TD VALIGN="top" WIDTH="327"> </TD> <TD WIDTH="33" VALIGN="top"> </TD> <TD WIDTH="68" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="right" VALIGN="top"> </TD> <TD WIDTH="80" ALIGN="right" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2">   </TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right">   </TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right">   </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Weighted average shares — basic</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1">18,859</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> 20,513</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD VALIGN="bottom" WIDTH="29"> </TD> <TD VALIGN="bottom" WIDTH="327"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29">   <BR> </TD> <TD COLSPAN="2"> <FONT SIZE="-1">Weighted average shares — diluted</FONT></TD> <TD WIDTH="33">   </TD> <TD WIDTH="68" ALIGN="right"> <FONT SIZE="-1">18,905</FONT></TD> <TD WIDTH="10" ALIGN="right">   </TD> <TD WIDTH="80" ALIGN="right"> <FONT SIZE="-1"> 20,574</FONT></TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD VALIGN="bottom" WIDTH="29"> </TD> <TD VALIGN="bottom" WIDTH="327"> </TD> <TD WIDTH="33"> </TD> <TD WIDTH="68" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="right"> </TD> <TD WIDTH="80" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="13" ALIGN="left"> </TD> </TR> </TABLE> <P ALIGN="CENTER">The accompanying notes are an integral part of the consolidated financial statements </P> <A NAME="tx3"></A> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif" SIZE="-1"><B></B></FONT><B>THE BOSTON BEER COMPANY, INC. <BR> CONSOLIDATED STATEMENTS OF CASH FLOWS <BR> </B>(in thousands) <BR> (unaudited)</P> <P> <TABLE ALIGN="center" WIDTH="677" CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="44"></TD> <TD WIDTH="379"></TD> <TD WIDTH="48"></TD> <TD WIDTH="94"></TD> <TD WIDTH="12"></TD> <TD WIDTH="88"></TD> <TD WIDTH="10" ALIGN="left"></TD> </TR> <TR ALIGN="center"> <TD WIDTH="44" VALIGN="top">  </TD> <TD WIDTH="379" VALIGN="top">  </TD> <TD WIDTH="48" VALIGN="top">  </TD> <TH COLSPAN="3" VALIGN="top"> <FONT SIZE="-1">Three months ended</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TD ALIGN="left" WIDTH="10"> </TD> </TR> <TR ALIGN="center"> <TD VALIGN="TOP" WIDTH="44">  </TD> <TD VALIGN="TOP" WIDTH="379">  </TD> <TD VALIGN="TOP" WIDTH="48">  </TD> <TH VALIGN="TOP" WIDTH="94"> <FONT SIZE="-1">March 25, <BR> 2000</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TH VALIGN="TOP" WIDTH="12" ALIGN="left">  </TH> <TH VALIGN="TOP" WIDTH="88"> <FONT SIZE="-1">March 27, <BR> 1999</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="44" HEIGHT="15">  </TD> <TD VALIGN="TOP" WIDTH="379" HEIGHT="15">  </TD> <TD VALIGN="TOP" WIDTH="48" HEIGHT="15">  </TD> <TD VALIGN="TOP" WIDTH="94" HEIGHT="15" ALIGN="right"> <P ALIGN="CENTER"> </P> </TD> <TD VALIGN="TOP" WIDTH="12" HEIGHT="15" ALIGN="left">  </TD> <TD VALIGN="TOP" WIDTH="88" HEIGHT="15" ALIGN="right"> <P ALIGN="CENTER"> </P> </TD> <TD WIDTH="10" HEIGHT="15" ALIGN="left"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="TOP"> <P><FONT SIZE="-1">Cash flows from operating activities:</FONT></P> </TD> <TD VALIGN="TOP" WIDTH="48">  </TD> <TD VALIGN="TOP" WIDTH="94" ALIGN="right">  </TD> <TD VALIGN="TOP" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="TOP" WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Net income</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> $ 3,573</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P><FONT SIZE="-1">$ 3,229</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Adjustments to reconcile net income to net cash </FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right">  </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR ALIGN="left" VALIGN="bottom"> <TD COLSPAN="2"> <DIV ALIGN="left"> </DIV> <P ALIGN="left"><FONT SIZE="-1"> provided by operating activities</FONT></P> </TD> <TD WIDTH="48"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="94" ALIGN="right"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="12" ALIGN="left"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="88" ALIGN="right"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Depreciation and amortization</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 1,477</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">1,403</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Gain on disposal of fixed assets</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(89</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(30</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Stock option compensation expense</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 20</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">25</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2"> <P><FONT SIZE="-1"> Changes in assets and liabilities:</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right">  </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Accounts receivable</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (2,749</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (3,147</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Inventory</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (220</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(116</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Prepaid expenses</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 1,564</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">468</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Other current assets</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (15</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 1,284</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Other assets</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (13</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (91</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Accounts payable</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (1,469</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (3,824</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Accrued expenses</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 1,266</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (150</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Other long-term liabilities</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(423</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">—</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Net cash provided by (used in) operating activities</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 2,922</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(949</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="TOP"> <P><FONT SIZE="-1">Cash flows for investing activities:</FONT></P> </TD> <TD VALIGN="TOP" WIDTH="48">  </TD> <TD VALIGN="bottom" WIDTH="94" ALIGN="right">  </TD> <TD VALIGN="bottom" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="bottom" WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Purchases of property, plant and equipment</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (1,515</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (712</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Maturities of short-term investments</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">16,500</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">13,813</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Purchases of short-term investments</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (13,331</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (13,863</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44">  </TD> <TD WIDTH="379"> <P><FONT SIZE="-1">Proceeds on disposal of fixed assets</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">222</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">100</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Net cash provided by (used in) investing activities</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 1,876</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (662</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT SIZE="-1">)</FONT></TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="TOP"> <P><FONT SIZE="-1">Cash flows from financing activities:</FONT></P> </TD> <TD VALIGN="TOP" WIDTH="48">  </TD> <TD VALIGN="bottom" WIDTH="94" ALIGN="right">  </TD> <TD VALIGN="bottom" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="bottom" WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR> <TD VALIGN="bottom" WIDTH="44">  </TD> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1">Purchase of treasury stock</FONT></P> </TD> <TD VALIGN="bottom" WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">(5,801</FONT></P> </TD> <TD VALIGN="bottom" WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD VALIGN="bottom" WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">—</FONT></P> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="44" VALIGN="bottom"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="379" VALIGN="bottom"> <P ALIGN="left"><FONT SIZE="-1">Net proceeds from sale of shares under Investment Share plan</FONT></P> </TD> <TD WIDTH="48" VALIGN="bottom"> <DIV ALIGN="left">  </DIV> </TD> <TD WIDTH="94" ALIGN="right" VALIGN="bottom"> <P><FONT SIZE="-1">15</FONT></P> </TD> <TD WIDTH="12" ALIGN="left" VALIGN="bottom">   </TD> <TD WIDTH="88" ALIGN="right" VALIGN="bottom"> <P><FONT SIZE="-1">15</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Net cash (used in) provided by financing activities</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (5,786</FONT></P> </TD> <TD WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">15</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="TOP"> <P><FONT SIZE="-1">Net decrease in cash and cash equivalents</FONT></P> </TD> <TD VALIGN="TOP" WIDTH="48">  </TD> <TD VALIGN="bottom" WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (988</FONT></P> </TD> <TD VALIGN="bottom" WIDTH="12" ALIGN="left"><FONT SIZE="-1">)</FONT>  </TD> <TD VALIGN="bottom" WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> (1,596</FONT></P> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"><FONT SIZE="-1">)</FONT></TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="44">  </TD> <TD VALIGN="TOP" WIDTH="379">  </TD> <TD VALIGN="TOP" WIDTH="48">  </TD> <TD VALIGN="bottom" WIDTH="94" ALIGN="right">  </TD> <TD VALIGN="bottom" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="bottom" WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="bottom"> <P><FONT SIZE="-1">Cash and cash equivalents at beginning of period</FONT></P> </TD> <TD VALIGN="bottom" WIDTH="48">  </TD> <TD VALIGN="bottom" WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 5,346</FONT></P> </TD> <TD VALIGN="bottom" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="bottom" WIDTH="88" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> 8,650</FONT></P> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="48"> </TD> <TD VALIGN="top" WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD VALIGN="top" WIDTH="12" ALIGN="left"> </TD> <TD VALIGN="top" WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="top"> <P><FONT SIZE="-1">Cash and cash equivalents at end of period</FONT></P> </TD> <TD VALIGN="top" WIDTH="48">  </TD> <TD VALIGN="top" WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> $ 4,358</FONT></P> </TD> <TD VALIGN="top" WIDTH="12" ALIGN="left">  </TD> <TD VALIGN="top" WIDTH="88" ALIGN="right"> <P><FONT SIZE="-1">$ 7,054</FONT></P> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="48"> </TD> <TD VALIGN="top" WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD VALIGN="top" WIDTH="12" ALIGN="left"> </TD> <TD VALIGN="top" WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Supplemental disclosure of cash flow information:</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right">  </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right">  </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Interest paid</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1"> $ — </FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P><FONT SIZE="-1">$ 150</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR> <TD COLSPAN="2" VALIGN="top"> </TD> <TD VALIGN="top" WIDTH="48"> </TD> <TD VALIGN="top" WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD VALIGN="top" WIDTH="12" ALIGN="left"> </TD> <TD VALIGN="top" WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="left" VALIGN="bottom"> </TD> </TR> <TR VALIGN="bottom"> <TD COLSPAN="2"> <P><FONT SIZE="-1">Income taxes paid</FONT></P> </TD> <TD WIDTH="48">  </TD> <TD WIDTH="94" ALIGN="right"> <P ALIGN="RIGHT"><FONT SIZE="-1">$ 205</FONT></P> </TD> <TD WIDTH="12" ALIGN="left">  </TD> <TD WIDTH="88" ALIGN="right"> <P><FONT SIZE="-1">$ 1,030</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD COLSPAN="2"> </TD> <TD WIDTH="48"> </TD> <TD WIDTH="94" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="12" ALIGN="left"> </TD> <TD WIDTH="88" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> </TABLE> <P ALIGN="CENTER">The accompanying notes are an integral part of the consolidated financial statements</P> <A NAME="tx4"></A> <P ALIGN="left"></P> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif"><B>THE BOSTON BEER COMPANY, INC. <BR> </B></FONT><FONT FACE="Times New Roman, Times, serif"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>A. BASIS OF PRESENTATION</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">The Boston Beer Company, Inc. (the "Company") is engaged in the business of brewing and selling malt beverages and cider products throughout the United States and select international markets. The accompanying consolidated financial position as of March 25, 2000 and the results of its consolidated operations and consolidated cash flows for the quarter ended March 25, 2000 and March 27, 1999 have been prepared by the Company, without audit, in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. </FONT><FONT FACE="Times New Roman, Times, serif">Accordingly, they do not include all of the information and footnotes required for complete financial statements by generally accepted accounting principles and should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 25, 1999. </FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>Management's Opinion <BR> </B></FONT><FONT FACE="Times New Roman, Times, serif">In the opinion of the Company's management, the Company's unaudited consolidated financial position as of March 25, 2000 and the results of its consolidated operations and consolidated cash flows for the interim periods ended March 25, 2000 and March 27, 1999, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>B. SHORT-TERM INVESTMENTS</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">At March 25, 2000, short-term investments consist of money market funds, United States government obligations and high-grade commercial paper. The Company's investments in money market funds are backed by United States government securities and are held for an indefinite period and thus are classified as available-for-sale. The Company's investments in debt securities, which typically mature in one year or less, are classified as held-to-maturity and are valued at amortized cost, which approximates fair value. There were no unrealized holding gains or losses on available-for-sale securities.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Amortized cost and fair value for investments in securities are summarized as follows:</FONT></P> <P> <TABLE CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="29"></TD> <TD WIDTH="207"></TD> <TD WIDTH="8"></TD> <TD WIDTH="78"></TD> <TD WIDTH="34"></TD> <TD WIDTH="97"></TD> </TR> <TR ALIGN="center"> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD WIDTH="207" VALIGN="bottom"></TD> <TH COLSPAN="4" VALIGN="bottom"> (in thousands) </TH> </TR> <TR ALIGN="left"> <TD COLSPAN="2" VALIGN="bottom"> </TD> <TH COLSPAN="4" VALIGN="bottom"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR> <TD WIDTH="29" VALIGN="top"> </TD> <TD WIDTH="207" VALIGN="top">  </TD> <TH COLSPAN="2" ALIGN="center" VALIGN="top">  <FONT FACE="Times New Roman">March 25, <BR> 2000</FONT></TH> <TH WIDTH="34" VALIGN="top">  </TH> <TH WIDTH="97" VALIGN="top"> <P ALIGN="CENTER"><FONT FACE="Times New Roman">December 25, 1999</FONT></P> </TH> </TR> <TR ALIGN="left"> <TD COLSPAN="2" VALIGN="top"> </TD> <TH COLSPAN="4" VALIGN="top"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR ALIGN="left"> <TD COLSPAN="2" VALIGN="bottom"><FONT FACE="Times New Roman">Available-for-sale securities:</FONT></TD> <TD WIDTH="8" VALIGN="bottom">  </TD> <TD WIDTH="78" VALIGN="bottom"> </TD> <TD WIDTH="34" VALIGN="bottom"> </TD> <TD WIDTH="97" VALIGN="bottom"> </TD> </TR> <TR> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD WIDTH="207" VALIGN="bottom"> <FONT FACE="Times New Roman">US government obligations</FONT></TD> <TD WIDTH="8" VALIGN="bottom">  </TD> <TD WIDTH="78" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 26,767</FONT></P> </TD> <TD WIDTH="34" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="97" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 20,541</FONT></P> </TD> </TR> <TR ALIGN="left"> <TD COLSPAN="2" VALIGN="bottom"> </TD> <TD WIDTH="8" VALIGN="bottom"> </TD> <TD WIDTH="78" VALIGN="bottom"> </TD> <TD WIDTH="34" VALIGN="bottom"> </TD> <TD WIDTH="97" VALIGN="bottom"> </TD> </TR> <TR ALIGN="left"> <TD COLSPAN="2" VALIGN="bottom"><FONT FACE="Times New Roman">Held-to-maturity securities:</FONT></TD> <TD WIDTH="8" VALIGN="bottom">  </TD> <TD WIDTH="78" VALIGN="bottom"> </TD> <TD WIDTH="34" VALIGN="bottom"> </TD> <TD WIDTH="97" VALIGN="bottom"> </TD> </TR> <TR> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD WIDTH="207" VALIGN="bottom"> <P><FONT FACE="Times New Roman">US government obligations</FONT><FONT FACE="Times New Roman"> </FONT></P> </TD> <TD WIDTH="8" VALIGN="bottom">  </TD> <TD WIDTH="78" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">8,069</FONT></P> </TD> <TD WIDTH="34" ALIGN="left" VALIGN="bottom">  </TD> <TD WIDTH="97" ALIGN="left" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">11,028</FONT></P> </TD> </TR> <TR> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD WIDTH="207" VALIGN="bottom"><FONT FACE="Times New Roman">Corporate debt</FONT></TD> <TD WIDTH="8" VALIGN="bottom"> </TD> <TD WIDTH="78" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">994</FONT></P> </TD> <TD WIDTH="34" VALIGN="bottom">  </TD> <TD WIDTH="97" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">7,430</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29"> </TD> <TD WIDTH="207"> </TD> <TD WIDTH="8">  </TD> <TD WIDTH="78"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="34"> </TD> <TD WIDTH="97"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> </TR> <TR> <TD WIDTH="29" VALIGN="bottom"> </TD> <TD WIDTH="207" VALIGN="bottom"> </TD> <TD WIDTH="8" VALIGN="bottom"> </TD> <TD WIDTH="78" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 35,830</FONT></P> </TD> <TD WIDTH="34" VALIGN="bottom">  </TD> <TD WIDTH="97" VALIGN="bottom"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 38,999</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="29"> </TD> <TD WIDTH="207"> </TD> <TD WIDTH="8"> </TD> <TD WIDTH="78"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="34"> </TD> <TD WIDTH="97"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif"><B>C. INVENTORIES</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Inventories, which consist principally of hops, brewery materials and packaging, are stated at the lower of cost, determined on a first-in, first-out (FIFO) basis, or market.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Inventories consist of the following:</FONT></P> <P> <TABLE CELLSPACING="0"> <TR> <TD WIDTH="237"></TD> <TD WIDTH="90"></TD> <TD WIDTH="15"></TD> <TD WIDTH="107"></TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="237">  </TD> <TH COLSPAN="3" VALIGN="bottom" ALIGN="center"> <FONT FACE="Times New Roman">(in thousands)</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR> <TD VALIGN="TOP" WIDTH="237">  </TD> <TH VALIGN="TOP" WIDTH="90" ALIGN="center"> <P ALIGN="CENTER"><FONT FACE="Times New Roman">March 25, <BR> 2000 </FONT></P> </TH> <TH VALIGN="TOP" WIDTH="15" ALIGN="center">  </TH> <TH VALIGN="TOP" WIDTH="107" ALIGN="center"> <P><FONT FACE="Times New Roman">December 25, <BR> 1999 </FONT></P> </TH> </TR> <TR> <TD VALIGN="TOP" WIDTH="237" HEIGHT="19">  </TD> <TH VALIGN="TOP" COLSPAN="3" HEIGHT="19"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR VALIGN="bottom"> <TD WIDTH="237"> <P><FONT FACE="Times New Roman">Raw materials, principally hops</FONT></P> </TD> <TD WIDTH="90"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 14,254</FONT></P> </TD> <TD WIDTH="15">  </TD> <TD WIDTH="107"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 14,333</FONT></P> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="237"> <P><FONT FACE="Times New Roman">Work in process</FONT></P> </TD> <TD WIDTH="90"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">761</FONT></P> </TD> <TD WIDTH="15">  </TD> <TD WIDTH="107"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">732</FONT></P> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="237"> <P><FONT FACE="Times New Roman">Finished goods</FONT></P> </TD> <TD WIDTH="90"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">861</FONT></P> </TD> <TD WIDTH="15">  </TD> <TD WIDTH="107"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">591</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="237"> </TD> <TD WIDTH="90"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="15"> </TD> <TD WIDTH="107"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="237">  </TD> <TD WIDTH="90"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 15,876</FONT></P> </TD> <TD WIDTH="15">  </TD> <TD WIDTH="107"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman"> $ 15,656</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="237"> </TD> <TD WIDTH="90"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="15"> </TD> <TD WIDTH="107"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> </TR> </TABLE> <P></P> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif"><B>THE BOSTON BEER COMPANY, INC. <BR> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>D. EARNINGS PER SHARE</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">The following table sets forth the computation of basic and diluted earnings per share in accordance with Statement of Financial Accounting Standard No. 128.</FONT></P> <P> <TABLE CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="335"></TD> <TD WIDTH="11"></TD> <TD WIDTH="92"></TD> <TD WIDTH="9"></TD> <TD WIDTH="99"></TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="335" ALIGN="center">  </TD> <TD VALIGN="TOP" WIDTH="11" ALIGN="center"> </TD> <TH COLSPAN="3" VALIGN="TOP" ALIGN="center"><FONT FACE="Times New Roman">For the three months ended <BR> (in thousands, except per <BR> share data)</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR> <TD VALIGN="TOP" WIDTH="335" ALIGN="center">  </TD> <TD VALIGN="TOP" WIDTH="11" ALIGN="center"> </TD> <TH VALIGN="TOP" WIDTH="92" ALIGN="center"> <FONT FACE="Times New Roman">March 25, 2000</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TH VALIGN="TOP" WIDTH="9" ALIGN="center">  </TH> <TH VALIGN="TOP" WIDTH="99" ALIGN="center"> <FONT FACE="Times New Roman">March 27, 1999</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR VALIGN="bottom"> <TD WIDTH="335"> <P><FONT FACE="Times New Roman">Net income</FONT></P> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 3,573</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="99"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 3,229</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="335"> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="9"> </TD> <TD WIDTH="99"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="335"> <P><FONT FACE="Times New Roman">Shares used in earnings per common share - basic</FONT></P> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">18,859</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="99"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">20,513</FONT></P> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="335"> <P><FONT FACE="Times New Roman">Dilutive effect of common equivalent shares</FONT></P> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">46</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="99"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">61</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="335"> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="9"> </TD> <TD WIDTH="99"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="335"> <P><FONT FACE="Times New Roman">Shares used in earnings per common share - diluted</FONT></P> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">18,905</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="99"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">20,574</FONT></P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="335">  </TD> <TD VALIGN="TOP" WIDTH="11"> </TD> <TD VALIGN="TOP" WIDTH="92">  </TD> <TD VALIGN="TOP" WIDTH="9">  </TD> <TD VALIGN="TOP" WIDTH="99">  </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="335"> <P><FONT FACE="Times New Roman">Earnings per common share — basic</FONT></P> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 0.19</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="99"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 0.16</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="335"> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="9"> </TD> <TD WIDTH="99"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="335"> <P><FONT FACE="Times New Roman">Earnings per common share — diluted</FONT></P> </TD> <TD WIDTH="11"> </TD> <TD WIDTH="92"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 0.19</FONT></P> </TD> <TD WIDTH="9">  </TD> <TD WIDTH="99"> <P ALIGN="RIGHT"><FONT FACE="Times New Roman">$ 0.16</FONT></P> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="335" HEIGHT="20"> </TD> <TD WIDTH="11" HEIGHT="20"> </TD> <TD WIDTH="92" HEIGHT="20"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="9" HEIGHT="20"> </TD> <TD WIDTH="99" HEIGHT="20"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif"><B>E. COMPREHENSIVE INCOME</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Comprehensive income calculated in accordance with Statement of Financial Accounting Standard No. 130 is as follows:</FONT></P> <P> <TABLE CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="18"></TD> <TD WIDTH="355"></TD> <TD WIDTH="85"></TD> <TD WIDTH="77"></TD> </TR> <TR> <TD ALIGN="center" COLSPAN="2">  </TD> <TH COLSPAN="2" ALIGN="center"> <FONT FACE="Times New Roman">For the three months ended <BR> (in thousands)</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> </TR> <TR> <TD VALIGN="TOP" COLSPAN="2" ALIGN="center">  </TD> <TH VALIGN="TOP" WIDTH="85" ALIGN="center"> <FONT FACE="Times New Roman">March 25, 2000</FONT> </TH> <TH VALIGN="TOP" WIDTH="77" ALIGN="center"> <FONT FACE="Times New Roman">March 27, 1999</FONT> </TH> </TR> <TR> <TD VALIGN="TOP" COLSPAN="2" HEIGHT="22"> </TD> <TD VALIGN="TOP" ALIGN="right" COLSPAN="2" HEIGHT="22"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> </TR> <TR> <TD VALIGN="TOP" COLSPAN="2"> <P><FONT FACE="Times New Roman">Net income</FONT></P> </TD> <TD VALIGN="TOP" WIDTH="85" ALIGN="right"> <P><FONT FACE="Times New Roman">$ 3,573</FONT></P> </TD> <TD VALIGN="TOP" WIDTH="77" ALIGN="right"> <P><FONT FACE="Times New Roman">$ 3,229</FONT></P> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="18" HEIGHT="39"> <P> </P> </TD> <TD VALIGN="TOP" WIDTH="355" HEIGHT="39"><FONT FACE="Times New Roman">Plus: reclassification adjustments for capital losses included in net income, net of tax</FONT></TD> <TD VALIGN="bottom" WIDTH="85" ALIGN="right" HEIGHT="39"> <FONT FACE="Arial" SIZE="-1">—</FONT></TD> <TD VALIGN="bottom" WIDTH="77" ALIGN="right" HEIGHT="39"><FONT FACE="Times New Roman">1</FONT></TD> </TR> <TR> <TD VALIGN="TOP" COLSPAN="2"> </TD> <TD VALIGN="TOP" ALIGN="right" COLSPAN="2"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> </TR> <TR> <TD VALIGN="TOP" COLSPAN="2"> <FONT FACE="Times New Roman">Comprehensive income</FONT> </TD> <TD VALIGN="TOP" WIDTH="85" ALIGN="right"> <FONT FACE="Times New Roman">$ 3,573</FONT> </TD> <TD VALIGN="TOP" WIDTH="77" ALIGN="right"> <FONT FACE="Times New Roman">$ 3,230</FONT></TD> </TR> <TR> <TD VALIGN="TOP" COLSPAN="2"> </TD> <TD VALIGN="TOP" ALIGN="right" COLSPAN="2"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif">Accumulated other comprehensive income calculated in accordance with Statement of Financial Accounting Standard No. 130 is as follows:</FONT></P> <P> <TABLE CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="276"></TD> <TD WIDTH="13"></TD> <TD WIDTH="93"></TD> <TD WIDTH="22"></TD> <TD WIDTH="90"></TD> <TD WIDTH="10" ALIGN="left"></TD> </TR> <TR ALIGN="center"> <TD VALIGN="TOP" WIDTH="276">  </TD> <TD VALIGN="TOP" WIDTH="13"> </TD> <TH COLSPAN="3" VALIGN="TOP"><FONT FACE="Times New Roman">For the three months ended <BR> (in thousands)</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TD VALIGN="TOP" WIDTH="10" ALIGN="left"> </TD> </TR> <TR> <TD VALIGN="TOP" WIDTH="276">  </TD> <TD VALIGN="TOP" WIDTH="13" ALIGN="center"> </TD> <TH VALIGN="TOP" WIDTH="93" ALIGN="center"> <FONT FACE="Times New Roman">March 25, 2000</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TH VALIGN="TOP" WIDTH="22" ALIGN="center">  </TH> <TH VALIGN="TOP" WIDTH="90" ALIGN="center"> <FONT FACE="Times New Roman">March 27, 1999</FONT> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TH> <TD VALIGN="TOP" WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="276"> <P><FONT FACE="Times New Roman">Beginning Balance </FONT></P> </TD> <TD WIDTH="13"> </TD> <TD WIDTH="93" ALIGN="right"> <P><FONT FACE="Times New Roman">$ </FONT><FONT FACE="Arial" SIZE="-1">—</FONT></P> </TD> <TD WIDTH="22" ALIGN="right">  </TD> <TD WIDTH="90" ALIGN="right"> <P><FONT FACE="Times New Roman">$ (1</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"><FONT FACE="Times New Roman">)</FONT></TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="276"> <P><FONT FACE="Times New Roman">Realized loss on marketable equity security </FONT></P> </TD> <TD WIDTH="13"> </TD> <TD WIDTH="93" ALIGN="right"> <P><FONT FACE="Arial" SIZE="-1">—</FONT></P> </TD> <TD WIDTH="22" ALIGN="right">   </TD> <TD WIDTH="90" ALIGN="right"> <P><FONT FACE="Times New Roman"> 1</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="baseline"> <TD WIDTH="276"> </TD> <TD WIDTH="13"> </TD> <TD WIDTH="93" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="22" ALIGN="right"> </TD> <TD WIDTH="90" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="1"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="bottom"> <TD WIDTH="276"> <P><FONT FACE="Times New Roman">Ending balance</FONT></P> </TD> <TD WIDTH="13"> </TD> <TD WIDTH="93" ALIGN="right"> <P><FONT FACE="Times New Roman">$</FONT><B><FONT FACE="Times New Roman"> </FONT><FONT FACE="Arial" SIZE="-1">—</FONT></B></P> </TD> <TD WIDTH="22" ALIGN="right">  </TD> <TD WIDTH="90" ALIGN="right"> <P><FONT FACE="Times New Roman">$ </FONT><FONT FACE="Arial" SIZE="-1">—</FONT></P> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> <TR VALIGN="top"> <TD WIDTH="276"> </TD> <TD WIDTH="13"> </TD> <TD WIDTH="93" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="22" ALIGN="right"> </TD> <TD WIDTH="90" ALIGN="right"> <HR NOSHADE ALIGN="right" WIDTH="100%" SIZE="2"> </TD> <TD WIDTH="10" ALIGN="left"> </TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif"><B>F. BREWERY TRANSACTIONS</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">In December 1999, Genesee Brewing Company, Inc. ("Genesee") announced its intentions to sell the brewery in Rochester, New York to City Brewing Company ("City Brewing"). On May 2, 2000, the proposed transaction between Genesee and City Brewing was terminated.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"> </FONT> </P> <P><FONT FACE="Times Roman"><B></B></FONT></P> <TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0"> <TR VALIGN="top"> <TD WIDTH="9%"><FONT FACE="Times Roman"><B>Item 2.</B></FONT></TD> <TD WIDTH="2%"> </TD> <TD WIDTH="89%"><FONT FACE="Times Roman"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS <FONT FACE="Times Roman">OF OPERATIONS</FONT></B></FONT></TD> </TR> </TABLE> <P><FONT FACE="Times Roman"> <B> </B></FONT>T<FONT FACE="Times Roman">he following is a discussion of the financial condition and results of operations of the Company for the three-month period ended March 25, 2000 as compared to the three-month period ended March 27, 1999. This discussion should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations, Consolidated Financial Statements of the Company and Notes thereto included in the Form 10-K for the fiscal year ended December 25, 1999. </FONT></P> <P><B><FONT FACE="Times Roman">RESULTS OF OPERATIONS</FONT></B></P> <P><B><FONT FACE="Times Roman">Three Months Ended March 25, 2000 compared to Three Months Ended March 27, 1999</FONT></B></P> <P><FONT FACE="Times Roman">For purposes of this discussion, Boston Beer's "core brands" include all products sold under Samuel Adams®, Oregon Original™, HardCore® or BoDEAN's Twisted Tea™ trademarks. "Core brands" do not include the products brewed at the Cincinnati Brewery under contract arrangements for third parties. Volume produced under contract arrangements is referred to below as "non-core products". Boston Beer's flagship brand is Samuel Adams Boston Lager® ("Boston Lager").</FONT></P> <P><FONT FACE="Times Roman"><B>Net sales.</B> Net sales increased by $3.4 million or 8.3% to $44.3 million for the three months ended March 25, 2000 from $40.9 million for the three months ended March 27, 1999. The increase is primarily due to an increase in volume of Boston Beer's core brands.</FONT></P> <P><FONT FACE="Times Roman"><I>Volume.</I> Total volume increased by 8.3% to 290,000 barrels in the three months ended March 25, 2000 from 268,000 barrels in the three months ended March 27, 1999. Core brands increased by 8.4% to 279,000 barrels for the quarter ended March 25, 2000 from 257,000 barrels for the quarter ended March 27, 1999. The increase in core brands is primarily due to an increase volume of Boston Lager, in addition to volume generated from the initial rollout of a new product, BoDEAN's Twisted Tea. Volume from non-core products was 11,000 barrels for the quarter ended March 25, 2000 and was flat with the same period last year.</FONT></P> <P><FONT FACE="Times Roman"><I>Selling Price.</I> The selling price per barrel increased less than 1.0% to $152.58 per barrel for the quarter ended March 25, 2000. This increase is due to normal price increases that were partially offset by changes in the packaging mix.</FONT></P> <P><FONT FACE="Times Roman">Significant changes in the packaging mix could have a material effect on sales per barrel. The Company packages its core brands in bottles and kegs. Assuming the same level of production, a shift in the mix from bottles to kegs would effectively decrease revenue per barrel, as the selling price per equivalent barrel is lower for kegs than for bottles. The ratio of kegs to bottles increased slightly in core brands, with kegs representing 28.8% of total shipments relating to kegs in the three months ended March 25, 2000 as compared to 28.3% for the same period last year.</FONT></P> <P><FONT FACE="Times Roman"><B>Gross Profit.</B> Gross profit was 55.7% as a percentage of net sales or approximately $85.00 per barrel for the quarters ended March 25, 2000 and March 27, 1999. Cost of sales was 44.3% as a percentage of net sales for the quarter ended March 25, 2000 and was consistent with the same period last year.</FONT></P> <P><FONT FACE="Times Roman"><B>Advertising, promotional and selling. </B>Advertising, promotional and selling expenses increased by $1.4 million or 9.3% to $16.1 million for the three months ended March 25, 2000 as compared to $14.8 million for the three months ended March 27, 1999. This increase is primarily due to an increase in freight costs and promotional expenditures. The increase in freight costs was primarily due to fuel surcharges. As a percentage of net sales, advertising, promotional and selling expenses increased slightly to 36.5% for the three months ended March 25, 2000 from 36.2% for the same period last year.</FONT></P> <P><FONT FACE="Times Roman"><B>Interest income. </B> Interest income decreased by 8.6% to $514,000 due to a decrease in average cash and short-term investments to approximately $42.3 million during the first quarter 2000 from $53.1 million during the first quarter 1999. The decline of cash and short-term investments was primarily due to the repurchase of Company shares under a repurchase program which began during the fourth quarter in 1999. See <I>Liquidity and Capital Resources</I> for further explanation.</FONT></P> <P><FONT FACE="Times Roman"><B>Interest expense.</B> There was no interest expense for the three months ended March 25, 2000 as compared to $145,000 for the three months ended March 27, 1999. There were no amounts outstanding on the $15.0 million revolving line of credit nor the $30.0 million credit facility during the three months ended March 25, 2000.</FONT></P> <A NAME="tx5"></A> <TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0"> <TR> <TD WIDTH="9%" VALIGN="top"><FONT FACE="Times New Roman"><B>Item 2.</B></FONT></TD> <TD WIDTH="91%"><FONT FACE="Times New Roman"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS</B></FONT> <B><FONT FACE="Times New Roman">OF OPERATIONS (continued)</FONT></B> </TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif"><B>Other income (expense), net. </B>Other income (expense), net increased by $104,000 to income of $128,000 for the three months ended March 25, 2000 from income of $24,000 for same period last year. The change is primarily due to a gain recognized from the disposal of fixed assets of $155,000 during the quarter ended March 25, 2000.</FONT> <P><FONT FACE="Times New Roman, Times, serif"><B>Provision for income taxes. </B>The effective income tax rate remained at approximately 42.0% for the three months ended March 25, 2000 and March 27, 1999.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>LIQUIDITY AND CAPITAL RESOURCES</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Although cash and short-term investments decreased by $4.1 million to $40.2 million as of March 25, 2000 from $44.3 million as of December 25, 1999, the Company's financial condition continued to be strong during the first quarter of 2000. This decrease was primarily due to the repurchase by the Company of its stock under the stock repurchase program discussed below. During the quarter ended March 25, 2000, the Company repurchased 776,300 shares of its outstanding Class A Common Stock at an aggregate cost of $5.8 million. Cash provided by operating activities of $2.9 million and cash provided by investing activities of $1.9 million for the three months ended March 25, 2000, partially offset the cash used in financing activities.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Effective October 15, 1998, the Board authorized management to implement a stock repurchase program, initially subject to an aggregate expenditure limitation of $10.0 million. In 1999 this limitation was increased to $20.0 million, and on April 14, 2000, the Board increased the aggregate expenditure limitation further to $25.0 million. As of March 25, 2000, the Company had repurchased 2,095,900 shares under this program at an aggregate cost of $15.6 million. As of March 27, 1999, the Company had not repurchased any Company shares.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif">The Company had cash inflows of $3.2 million resulting from maturities of short-term investments during the quarter ended March 25, 2000 as compared to $50,000 as of March 27, 1999. The Company has historically invested its excess cash in money market funds, short-term treasury and agency bills, and high-grade commercial paper.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif">With working capital of $56.4 million and $45.0 million in unused bank lines of credit as of March 25, 2000, the Company believes that its existing resources should be sufficient to meet the Company's short-term and long-term operating and capital requirements.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>THE POTENTIAL IMPACT OF KNOWN FACTS, COMMITMENTS, EVENTS AND UNCERTAINTIES</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B><I>Year 2000</I></B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">The Company believes that it has successfully completed its system remediation efforts regarding date recognition for the year 2000. The total cost incurred related to the year 2000 conversion efforts of its internal systems was approximately $12,000. As of May 9, 2000, the Company has not encountered any problems processing date information in the year 2000. The year 2000 issue has had no material effect on the Company's results of operations, statement of financial position or statement of cash flows for the quarter ended March 25, 2000, nor does the Company anticipate that this issue will have a material effect on its financial position or operations going forward.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B><I>Hops Purchase Commitments</I></B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">The Company enters into purchase commitments for hops based upon forecasted future requirements, among other factors. In recent years the Company's sales growth declined, resulting in an increase in hops inventory. Although sales have increased in the first quarter, existing purchase commitments may exceed projected future needs over the life of such commitments. The Company recorded a charge of $397,000 and $250,000 associated with the cancellation of contracts and the reserve for excess purchase commitments and excess inventory on hand during the quarters ended March 25, 2000 and March 27, 1999, respectively. The Company continues to manage inventory levels in an effort to maximize utilization of hops on hand and hops under commitment.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">The computation of the excess purchase commitment reserve requires management to make certain assumptions regarding future sales growth, product mix, cancellation costs and supply, among others. Actual results may differ materially from management's estimates.</FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">Since December 25, 1999, there have been no significant changes in the Company's exposures to interest rate or foreign currency rate fluctuations. The Company currently does not enter into derivatives or other market risk sensitive instruments for the purpose of hedging or for trading purposes. </FONT></P> <P><FONT FACE="Times New Roman, Times, serif"><B>FORWARD-LOOKING STATEMENTS</B></FONT></P> <P><FONT FACE="Times New Roman, Times, serif">In this Form 10-Q and in other documents incorporated herein, as well as in oral statements made by the Company, statements that are prefaced with the words "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," "designed" and similar expressions, are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect the Company's future plans of operations, business strategy, results of operations and financial position. These statements are based on the Company's current expectations and estimates as to prospective events and circumstances about which the Company can give no firm assurance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date factor that may emerge, forward-looking statements should not be relied upon as a prediction of actual future financial condition or results. These forward-looking statements, like any forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially from those projected or unanticipated. Such risks and uncertainties include the factors set forth below in addition to the other information set forth in this Form 10-Q. </FONT></P> <P><FONT FACE="Times New Roman, Times, serif"></FONT></P> <TABLE WIDTH="97%" BORDER="0" CELLSPACING="0" CELLPADDING="0"> <TR> <TD COLSPAN="2"><B><FONT FACE="Times New Roman">PART II.</FONT></B></TD> <TD WIDTH="12%"> </TD> <TD COLSPAN="2"><B><FONT FACE="Times New Roman">OTHER INFORMATION</FONT></B></TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%" VALIGN="top"> </TD> <TD WIDTH="12%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="67%"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="154"> </TD> <TD WIDTH="10%" VALIGN="top" HEIGHT="154"><B><FONT FACE="Times New Roman"> <A NAME="tx6"></A> Item 1. </FONT></B></TD> <TD WIDTH="12%" VALIGN="top" HEIGHT="154"> </TD> <TD VALIGN="top" COLSPAN="2" HEIGHT="154"> <P><B>LEGAL PROCEEDINGS</B></P> <FONT FACE="Times New Roman">A claim has been asserted against the Company and its subsidiary, Samuel Adams Brewery Company, Ltd., as alleged successors to The Schoenling Brewing Company ("Schoenling"), by the City of Cincinnati, Ohio for closure costs and related remedial response costs for the closure of a City landfill at which Schoenling purportedly disposed of certain materials. Neither the Company nor its subsidiary has ever made use of this landfill. The Company does not believe that it is legally a successor to Schoenling's business and is vigorously contesting the claim. Further, Schoenling has agreed to indemnify the Company with respect to this claim. The Company does not believe that this claim will have a material, adverse effect upon the future results of operations, financial position or cash flows.</FONT> </TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="67%"> </TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%" VALIGN="top"> </TD> <TD WIDTH="12%"> </TD> <TD VALIGN="top" COLSPAN="2"><FONT FACE="Times New Roman">The Company is a party to other certain claims and litigation in the ordinary course of business. The Company does not believe any of these proceedings will result, individually or in the aggregate, in a material adverse effect upon its financial condition or results of operations.</FONT></TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="67%"> <P> </P> </TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"><B><FONT FACE="Times New Roman"> <A NAME="tx7"></A> Item 2.</FONT></B></TD> <TD WIDTH="12%"> </TD> <TD COLSPAN="2"><B><FONT FACE="Times New Roman">CHANGES IN SECURITIES</FONT></B></TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="67%"> </TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD COLSPAN="2"><FONT FACE="Times New Roman">Not Applicable</FONT></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="13"> </TD> <TD WIDTH="10%" HEIGHT="13"> </TD> <TD WIDTH="12%" HEIGHT="13"> </TD> <TD WIDTH="4%" HEIGHT="13"> </TD> <TD WIDTH="67%" HEIGHT="13"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="27"> </TD> <TD WIDTH="10%" HEIGHT="27"><B><FONT FACE="Times New Roman"> <A NAME="tx8"></A> Item 3.</FONT></B></TD> <TD WIDTH="12%" HEIGHT="27"> </TD> <TD HEIGHT="27" COLSPAN="2"><B><FONT FACE="Times New Roman">DEFAULTS UPON SENIOR SECURITIES</FONT></B></TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="67%"> </TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD COLSPAN="2"><FONT FACE="Times New Roman">Not Applicable</FONT></TD> </TR> <TR> <TD WIDTH="7%"> </TD> <TD WIDTH="10%"> </TD> <TD WIDTH="12%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="67%"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"><B><FONT FACE="Times New Roman"> <A NAME="tx9"></A> Item 4.</FONT></B></TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD HEIGHT="2" COLSPAN="2"><B><FONT FACE="Times New Roman">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</FONT></B></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="21"> </TD> <TD WIDTH="10%" HEIGHT="21"> </TD> <TD WIDTH="12%" HEIGHT="21"> </TD> <TD HEIGHT="21" COLSPAN="2"><FONT FACE="Times New Roman">Not Applicable</FONT> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"><B><FONT FACE="Times New Roman"> <A NAME="tx10"></A> Item 5. </FONT></B></TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD HEIGHT="2" COLSPAN="2"><B><FONT FACE="Times New Roman">OTHER INFORMATION</FONT></B></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD HEIGHT="2" COLSPAN="2"><FONT FACE="Times New Roman">Not Applicable</FONT> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> <UL> </UL> <P><B><FONT FACE="Times New Roman"> <A NAME="tx11"></A> Item 6. </FONT></B></P> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD HEIGHT="2" COLSPAN="2"><B><FONT FACE="Times New Roman">EXHIBITS AND REPORTS ON FORM 8-K</FONT></B><B></B></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"><B><FONT FACE="Times New Roman">(a)</FONT></B> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD HEIGHT="2" COLSPAN="2"><B><FONT FACE="Times New Roman">Exhibits</FONT></B></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif"><B><U>Exhibit No.</U></B></FONT></DIV> </TD> <TD HEIGHT="2" COLSPAN="2"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif"><B><U>Title</U></B></FONT></DIV> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif">3.1</FONT></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"><FONT FACE="Times New Roman, Times, serif">Amended and Restated By-Laws of the Company, dated June 2, 1998 (incorporated by reference to Exhibit 3.5 to the Company's Form 10-Q filed on August 10, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> <DIV ALIGN="center"></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif">3.2</FONT></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"><FONT FACE="Times New Roman, Times, serif">Restated Articles of Organization of the Company, dated July 21, 1998 (incorporated by reference to Exhibit 3.6 to the Company's Form 10-Q filed on August 10, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif">4.1</FONT></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"><FONT FACE="Times New Roman, Times, serif">Form of Class A Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement No. 33-96164).</FONT></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> <DIV ALIGN="center"></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif">10.1</FONT></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"><FONT FACE="Times New Roman, Times, serif">Revolving Credit Agreement between Fleet Bank of Massachusetts, N.A. and Boston Beer Company Limited Partnership (the "Partnership"), dated as of May 2, 1995 (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement No. 33-96162).</FONT></TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2"> <DIV ALIGN="center"></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"> </TD> </TR> <TR> <TD WIDTH="7%" HEIGHT="2"> </TD> <TD WIDTH="10%" HEIGHT="2"> </TD> <TD WIDTH="12%" HEIGHT="2" VALIGN="top"> <DIV ALIGN="center"><FONT FACE="Times New Roman, Times, serif">10.2</FONT></DIV> </TD> <TD WIDTH="4%" HEIGHT="2"> </TD> <TD WIDTH="67%" HEIGHT="2"><FONT FACE="Times New Roman, Times, serif">Loan Security and Trust Agreement, dated October 1, 1987, among Massachusetts Industrial Finance Agency, the Partnership and The First National Bank of Boston, as Trustee, as amended (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement No. 33-96164).</FONT></TD> </TR> </TABLE> <P></P> <P> </P> <TABLE WIDTH="93%" BORDER="0" CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"><FONT FACE="Times New Roman, Times, serif"><B><U>Exhibit No.</U></B></FONT></TD> <TD COLSPAN="2"> <P ALIGN="center"><FONT FACE="Times New Roman, Times, serif"><B><U>Title</U></B></FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> <P> </P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.3</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Deferred Compensation Agreement between the Partnership and Alfred W. Rossow, Jr., effective December 1, 1992 (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement No. 33-96162).</FONT></TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%" HEIGHT="42"> </TD> <TD WIDTH="1%" HEIGHT="42"> </TD> <TD WIDTH="8%" HEIGHT="42" VALIGN="top"> </TD> <TD WIDTH="4%" HEIGHT="42" VALIGN="top"> </TD> <TD WIDTH="17%" HEIGHT="42" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.4</FONT></TD> <TD HEIGHT="42" COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">The Boston Beer Company, Inc. Employee Equity Incentive Plan, as adopted effective November 20, 1995 and amended effective February 23, 1996 (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement No. 333-1798).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.5</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Form of Employment Agreement between the Partnership and employees (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement No. 33-96162).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.6</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Services Agreement between The Boston Beer Company, Inc. and Chemical Mellon Shareholder Services, dated as of October 27, 1995 (incorporated by reference to the Company's Form 10-K, filed on April 1, 1996).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%" HEIGHT="18"> </TD> <TD WIDTH="1%" HEIGHT="18"> </TD> <TD WIDTH="8%" HEIGHT="18" VALIGN="top"> </TD> <TD WIDTH="4%" HEIGHT="18" VALIGN="top"> </TD> <TD WIDTH="17%" HEIGHT="18" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.7</FONT></TD> <TD HEIGHT="18" COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Form of Indemnification Agreement between the Partnership and certain employees and Advisory Committee members (incorporated by reference to Exhibit 10.7 to the Company's Registration Statement No. 33-96162).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.8</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Stockholder Rights Agreement, dated as of December, 1995, among The Boston Beer Company, Inc. and the initial Stockholders (incorporated by reference to the Company's Form 10-K, filed on April 1, 1996).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.10</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Agreement between Boston Brewing Company, Inc. and The Stroh Brewery Company, dated as of January 31, 1994 (incorporated by reference to Exhibit 10.9 to the Company's Registration Statement No. 33-96164).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.11</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Agreement between Boston Brewing Company, Inc. and the Genesee Brewing Company, dated as of July 25, 1995 (incorporated by reference to Exhibit 10.10 to the Company's Registration Statement No. 33-96164).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.12 </FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Amended and Restated Agreement between Pittsburgh Brewing Company and Boston Brewing Company, Inc. dated as of February 28, 1989 (incorporated by reference to Exhibit 10.11 to the Company's Registration Statement No. 33-96164).</FONT></P> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.13</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Amendment to Amended and Restated Agreement between Pittsburgh Brewing Company, Boston Brewing Company, Inc., and G. Heileman Brewing Company, Inc., dated December 13, 1989 (incorporated by reference to Exhibit 10.12 to the Company's Registration Statement No. 33-96162).</FONT></TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.14</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Second Amendment to Amended and Restated Agreement between Pittsburgh Brewing Company and Boston Brewing Company, Inc. dated as of August 3, 1992 (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement No. 33-96164).</FONT> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.15</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Third Amendment to Amended and Restated Agreement between Pittsburgh Brewing Company and Boston Brewing Company, Inc. dated December 1, 1994 (incorporated by reference to Exhibit 10.14 to the Company's Registration Statement No. 33-96164).</FONT></TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.16</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Fourth Amendment to Amended and Restated Agreement between Pittsburgh Brewing Company and Boston Brewing Company, Inc. dated as of April 7, 1995 (incorporated by reference to Exhibit 10.15 to the Company's Registration Statement No. 33-96162).</FONT></TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%" VALIGN="top"> </TD> <TD WIDTH="4%" VALIGN="top"> </TD> <TD WIDTH="17%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.17</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Letter Agreement between Boston Beer Company Limited Partnership and Joseph E. Seagram & Sons, Inc. (incorporated by reference to Exhibit 10.16 to the Company's Registration Statement No. 33-96162).</FONT></TD> </TR> <TR> <TD WIDTH="1%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="8%"> </TD> <TD WIDTH="4%"> </TD> <TD WIDTH="17%"> </TD> <TD WIDTH="3%"> </TD> <TD WIDTH="68%"> </TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif"><B><U> </U></B></FONT></P> <TABLE WIDTH="98%" BORDER="0" CELLSPACING="0" CELLPADDING="0"> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"><FONT FACE="Times New Roman, Times, serif"><B><U>Exhibit No.</U></B></FONT></TD> <TD COLSPAN="2"> <P ALIGN="center"><FONT FACE="Times New Roman, Times, serif"><B><U>Title</U></B></FONT></P> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.18</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Services Agreement and Fee Schedule of Mellon Bank, N.A. Escrow Agent Services for The Boston Beer Company, Inc. dated as of October 27, 1995 (incorporated by reference to Exhibit 10.17 to the Company's Registration Statement No. 33-96164).</FONT></P> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.19</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Amendment to Revolving Credit Agreement between Fleet Bank of Massachusetts, N.A. and the Partnership (incorporated by reference to Exhibit 10.18 to the Company's Registration Statement No. 33-96164).</FONT></P> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.20</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">1996 Stock Option Plan for Non-Employee Directors (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998).</FONT></P> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.21</FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Production Agreement between The Stroh Brewery Company and Boston Beer Company Limited Partnership, dated January 14, 1997 (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998).</FONT></P> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.22 </FONT></TD> <TD COLSPAN="2"> <P><FONT FACE="Times New Roman, Times, serif">Letter Agreement between The Stroh Brewery Company and Boston Beer Company Limited Partnership, dated January 14, 1997 (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998).</FONT></P> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.23 </FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Agreement between Boston Beer Company Limited Partnership and The Schoenling Brewing Company, dated May 22, 1996 (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998).</FONT> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.24</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Revolving Credit Agreement between Fleet Bank of Massachusetts, N.A. and The Boston Beer Company, Inc., dated as of March 21, 1997 (incorporated by reference to the Company's Form 10-Q, filed on May 12, 1997).</FONT></TD> </TR> <TR> <TD WIDTH="6%" HEIGHT="22"> </TD> <TD WIDTH="2%" HEIGHT="22"> </TD> <TD WIDTH="14%" HEIGHT="22"> </TD> <TD WIDTH="18%" HEIGHT="22"> </TD> <TD WIDTH="60%" HEIGHT="22"> </TD> </TR> <TR> <TD WIDTH="6%" HEIGHT="17"> </TD> <TD WIDTH="2%" HEIGHT="17"> </TD> <TD WIDTH="14%" HEIGHT="17" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.25</FONT></TD> <TD HEIGHT="17" COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Amended and Restated Agreement between Boston Brewing Company, Inc. and the Genesee Brewing Company, Inc. dated April 30, 1997 (incorporated by reference to the Company's Form 10-Q, filed on August 11, 1997).</FONT></TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.26</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Fifth Amendment, dated December 31, 1997, to Amended and Restated Agreement between Pittsburgh Brewing Company and Boston Brewing Company, Inc. (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.27</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Extension letters, dated August 19, 1997, November 19, 1997, December 19, 1997, January 22, 1998, February 25, 1998 and March 11, 1998 between The Stroh Brewery Company and Boston Brewing Company, Inc. (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.28</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Employee Equity Incentive Plan, as amended and effective on December 19, 1997 (incorporated by reference to the Company's Form 10-K, filed on March 27, 1998) .</FONT></TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.29</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">1996 Stock Option Plan for Non-Employee Directors, as amended and effective on December 19, 1997 (incorporated by reference to the Company's Form 10-K, filed March 27, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.30</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Glass Supply Agreement between The Boston Beer Company and Owens' Brockway Glass Container Inc., dated April 30, 1998 (incorporated by reference to the Company's Form 10-Q, filed on August 10, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%"> </TD> <TD WIDTH="18%"> </TD> <TD WIDTH="60%"> </TD> </TR> <TR> <TD WIDTH="6%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="14%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.31</FONT></TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Extension letters, dated April 13, 1998, April 27, 1998, June 11, 1998, June 25, 1998 and July 20, 1998 between The Stroh Brewery Company and Boston Brewing Company, Inc. (incorporated by reference to the Company's Form 10-Q, filed on August 10, 1998).</FONT></TD> </TR> </TABLE> <P><FONT FACE="Times New Roman, Times, serif"> </FONT></P> <TABLE WIDTH="97%" BORDER="0" CELLPADDING="0" CELLSPACING="0"> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3"><FONT FACE="Times New Roman, Times, serif"><B><U>Exhibit No.</U></B></FONT></TD> <TD WIDTH="81%"> <P ALIGN="center"><FONT FACE="Times New Roman, Times, serif"><B><U>Title</U></B></FONT></P> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.32 </FONT></TD> <TD WIDTH="81%"><FONT FACE="Times New Roman, Times, serif">Extension letters, dated July 31, 1998, August 28, 1998, September 28, 1998, October 13, 1998, October 20, 1998 and October 23, 1998 between The Stroh Brewery Company and Boston Brewing Company, Inc. (incorporated by reference to the Company's Form 10-Q, filed on November 4, 1998).</FONT></TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.33</FONT></TD> <TD WIDTH="81%"> <P><FONT FACE="Times New Roman, Times, serif">Amended and Restated Production Agreement between The Stroh Brewery Company and Boston Beer Company Limited Partnership, dated November 1, 1998 (incorporated by reference to the Company's Form 10-K, filed on March 25, 1999).</FONT></P> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.34</FONT></TD> <TD WIDTH="81%"><FONT FACE="Times New Roman, Times, serif">Agreement between Boston Beer Company Limited Partnership, Pabst Brewing Company and Miller Brewing Company, dated February 5, 1999 (incorporated by reference to the Company's Form 10-K, filed on March 25, 1999).</FONT></TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2" VALIGN="top"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">10.35</FONT></TD> <TD WIDTH="81%"> <P><FONT FACE="Times New Roman, Times, serif">Amendment to Revolving Credit Agreement between Fleet Bank of Massachusetts, N.A. and The Boston Beer Company, Inc., dated March 30, 1999.</FONT></P> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">†10.36</FONT></TD> <TD WIDTH="81%"> <P><FONT FACE="Times New Roman, Times, serif">Agreement between Boston Beer Company Limited Partnership and </FONT><FONT FACE="Times New Roman, Times, serif" COLOR="#000000">Landstar Logistics and Transportation, dated January 9, 1999.</FONT></P> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">*11.1</FONT></TD> <TD WIDTH="81%"><FONT FACE="Times New Roman, Times, serif">The information required by exhibit 11 has been included in Note D of the notes to the consolidated financial statements.</FONT></TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">21.1</FONT></TD> <TD WIDTH="81%"> <P><FONT FACE="Times New Roman, Times, serif">List of subsidiaries of The Boston Beer Company, Inc. (incorporated by reference to the Company's Form 10-K, filed on March 28, 1997).</FONT></P> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="3" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">*27.1</FONT></TD> <TD WIDTH="81%"> <P><FONT FACE="Times New Roman, Times, serif">Financial Data Schedule (electronic filing only).</FONT></P> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD WIDTH="9%"> </TD> <TD WIDTH="81%"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD WIDTH="2%" VALIGN="top"><FONT FACE="Times New Roman, Times, serif">† </FONT></TD> <TD WIDTH="2%" VALIGN="top"> </TD> <TD COLSPAN="4"><FONT FACE="Times New Roman, Times, serif"> Portions of this Exhibit have been omitted pursuant to an application for an order declaring confidential treatment filed with the Securities and Exchange Commission.</FONT></TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"> </TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"><FONT FACE="Times New Roman, Times, serif"><B>(b)</B></FONT></TD> <TD WIDTH="4%" COLSPAN="2"> </TD> <TD COLSPAN="2"> </TD> <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, serif"><B>Reports on Form 8-K.</B></FONT></TD> </TR> <TR> <TD WIDTH="3%"> </TD> <TD WIDTH="1%"><FONT FACE="Times New Roman, Times, serif"></FONT></TD> <TD WIDTH="4%" COLSPAN="2"><FONT FACE="Times New Roman, Times, serif"></FONT></TD> <TD COLSPAN="4"><FONT FACE="Times New Roman, Times, serif"></FONT></TD> </TR> <TR> <TD WIDTH="3%" HEIGHT="25"> </TD> <TD WIDTH="1%" HEIGHT="25"> </TD> <TD HEIGHT="25" COLSPAN="6" VALIGN="top"> <P><FONT FACE="Times New Roman, Times, serif">The Company filed no reports on Form 8-K with the Securities and Exchange Commission during the quarter ended March 25, 2000.</FONT></P> </TD> </TR> </TABLE> <P> </P> <UL></UL> <P><FONT FACE="Times New Roman, Times, serif"><B> <A NAME="tx12"></A> SIGNATURES</B></FONT></P> <UL> <UL> <P><FONT FACE="Times New Roman, Times, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></P> </UL> </UL> <P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, serif">THE BOSTON BEER COMPANY, INC. <BR> </FONT><FONT FACE="Times New Roman, Times, serif">(Registrant)</FONT></P> <P> </P> <UL> <TABLE WIDTH="96%" BORDER="0" CELLPADDING="0" CELLSPACING="0"> <TR> <TD HEIGHT="22" COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Date: May 9, 2000 </FONT></TD> <TD HEIGHT="22" WIDTH="2%"> </TD> <TD HEIGHT="22" WIDTH="30%"> </TD> <TD HEIGHT="22" COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">By: /s/ C. James Koch</FONT></TD> </TR> <TR> <TD COLSPAN="2"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="30%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="34%"> <HR NOSHADE ALIGN="left" WIDTH="100%" SIZE="1"> <FONT FACE="Times New Roman, Times, serif">C. James Koch <BR> </FONT><FONT FACE="Times New Roman, Times, serif">Chief Executive Officer, <BR> </FONT><FONT FACE="Times New Roman, Times, serif">(principal executive officer)</FONT></TD> </TR> <TR> <TD COLSPAN="2"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="30%"> </TD> <TD WIDTH="2%"> </TD> <TD WIDTH="34%"> </TD> </TR> <TR> <TD VALIGN="top" COLSPAN="2"><FONT FACE="Times New Roman, Times, serif">Date: May 9, 2000</FONT></TD> <TD WIDTH="2%"> </TD> <TD WIDTH="30%"> </TD> <TD WIDTH="2%"><FONT FACE="Times New Roman, Times, serif">By:</FONT></TD> <TD WIDTH="34%"> /s/ Richard P. Lindsay</TD> </TR> <TR> <TD VALIGN="top" HEIGHT="88" COLSPAN="2"> </TD> <TD WIDTH="2%" HEIGHT="88"> </TD> <TD WIDTH="30%" HEIGHT="88"> </TD> <TD WIDTH="2%" HEIGHT="88"><FONT FACE="Times New Roman, Times, serif"> </FONT></TD> <TD WIDTH="34%" VALIGN="top" HEIGHT="88"> <HR NOSHADE ALIGN="left" WIDTH="100%" SIZE="1"> <FONT FACE="Times New Roman, Times, serif">Richard P. Lindsay <BR> </FONT><FONT FACE="Times New Roman, Times, serif">Chief Financial Officer, <BR> (principal accounting and financial officer)</FONT></TD> </TR> </TABLE> <P> </P> <P> </P> </UL> </BODY> </HTML>