Utah one of the lasts states to change law legalizing homebrewing

Boulder, CO • March 25, 2009 – Yesterday, Governor Jon M. Huntsman, Jr. of Utah signed into law legislation that makes homebrewing beer legal. The “Exemption for Alcoholic Beverage Manufacturing License” was sponsored by Representative Christine A. Johnson and made Utah the 46th state to legalize homebrewing. The US Government made homebrewing legal on a federal level in 1978. Since then all but four states; Alabama, Kentucky, Mississippi and Oklahoma have made homebrewing legal.

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BOSTON, March 10 /PRNewswire-FirstCall/ — The Boston Beer Company, Inc. (NYSE: SAM) reported a fourth quarter core product depletions increase of 2% and net revenue growth of 13%. Net income for the fourth quarter was $3.6 million, or $0.25 per diluted share, a decrease of 46%, or $0.21 per diluted share, from the fourth quarter of 2007, primarily driven by increased costs of raw and packaging materials, Pennsylvania Brewery costs which include start-up expenses, and an asset impairment charge relating to investments in the Latrobe Brewery. Depletions growth was driven by Samuel Adams(R) Seasonals, Twisted Tea(R) and the Samuel Adams(R) Brewmaster’s Collection. Net revenue for the fourth quarter of 2008 was $103.8 million, an increase of $11.6 million, or 13%, over the same period last year, primarily due to volume and pricing gains.Jim Koch, Chairman and Founder of the Company, commented, “We reported 2% depletions growth in the fourth quarter, bringing depletions growth for the second half of 2008 to 7%, as compared to 10% depletions growth in the first half of 2008. Our trends in the first two months of 2009 have slowed slightly from the fourth quarter and while the better beer category appears reasonably healthy, we believe we may be losing share in recent months as the drinker is faced with more choices. We believe that craft beer will continue to grow and that we are well positioned to share in that growth through the quality of our beers, our innovation capability and our sales execution, coupled with our strong financial position and ability to invest in growing our brand. While we are disappointed with our recent depletion trends, we believe that the history, authenticity and quality of the Samuel Adams brand, our unique beers, and our ability to invest, position us well for future growth. We are proud of our acquisition and integration of the Pennsylvania Brewery during 2008 and especially pleased that we were able to meet the product demands of our wholesalers and drinkers without disruption during this transition.”

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