Anheuser-Busch Companies, Inc. reports record sales and earnings for first quarter 1997.

ST. LOUIS--(BUSINESS WIRE)-- April 23, 1997--Anheuser-Busch Companies, Inc. achieved record sales and earnings for the first quarter 1997, excluding the 1996 gain on the sale of the Cardinals, it was announced today by August A. Busch III, Chairman of the Board and President, at the company's annual shareholders meeting in Houston, Texas.

"Beer sales volume grew and our pricing leadership has provided increased net revenue per barrel in the first quarter 1997," Mr. Busch said. "These increases, along with continued productivity improvements and the strong performance of our theme park business, generated an 8.5 percent increase in earnings per share. These results are in line with our projections for the quarter and we continue to target our objective of double-digit earnings per share growth for the full year 1997."

First quarter 1997 results represent an improvement over the company's very strong performance in the first quarter a year ago which included an extra selling day because it was a leap year. For the first quarter 1997, net sales were up 3.8 percent and reported beer volume increased .3 percent.

"We've seen some increased price discounting in certain markets by our competitors as they try to maintain their market share and we have followed our policy of meeting competitive prices where necessary," Mr. Busch said. "Overall, however, our February 1997 price increase has held in most of the country."

FIRST QUARTER 1997 FINANCIAL RESULTS

In the first quarter last year, the company sold the St. Louis Baseball Cardinals, Busch Memorial Stadium and other downtown St. Louis properties and reported a $54.7 million ($.06 per share) pretax gain. The gain on the sale of the Cardinals is reported as a separate line item on the company's income statement.

To facilitate a more complete understanding of underlying company operations in 1997 versus last year, key financial results are summarized below both excluding and including the Cardinal gain: -0-

First Quarter
                           ($ in millions, except per share)
                   1997       1996        1996      1997 vs. 1996
                           Excluding   Including Excluding  Including
                            Cardinal    Cardinal  Cardinal   Cardinal
                             Gain         Gain     Gain       Gain

Gross Sales       $2,864    $2,767      $2,767    Up 3.5%    Up 3.5%
Net Sales         $2,463    $2,372      $2,372    Up 3.8%    Up 3.8%
Operating Income    $468      $446        $500    Up 5.0%    Dn 6.4%
Pretax Income       $418      $398        $453    Up 5.0%    Dn 7.6%
Net Income          $258      $242        $275    Up 6.4%    Dn 6.4%
Fully Diluted Earnings
 per Share          $.51      $.47        $.53    Up 8.5%    Dn 3.8%

A discussion of financial highlights for the first quarter 1997 follows (excluding the 1996 Cardinal gain):

-- Gross sales increased $96 million, or 3.5 percent, and net sales increased $91 million, or 3.8 percent, compared to the first quarter 1996. The sales increases were primarily due to higher net revenue per barrel and increased revenue from the company's international beer and theme park operations.

-- Operating income increased $22 million, or 5.0 percent, compared to last year. The increase in operating income was primarily due to higher margins on beer sales, continuing productivity improvements and improved performance by the company's theme park operations.

-- Net income increased $16 million, or 6.4 percent, versus the same period last year. The effective tax rate declined .8 percentage points due to lower state and foreign taxes.

-- Fully diluted earnings per share were $.51, an increase of $.04, or 8.5 percent, compared to the first quarter 1996. Earnings per share growth continues to benefit from fewer shares outstanding due to the company's ongoing share repurchase program.

In the first quarter 1997, the company completed its 50 million share repurchase program authorized by the Board of Directors in 1994. This program has enhanced shareholder value through direct cash payments to shareholders totaling $1.6 billion. The company is currently repurchasing shares under the 50 million share repurchase authorization approved by the Board of Directors in July 1996. The company continues to anticipate the repurchase of between 15 and 20 million shares in 1997.

BEER SALES RESULTS

Volume and Pricing

Anheuser-Busch reported record beer shipments of 20.8 million barrels during the first quarter 1997, an increase of 70,000 barrels, or .3 percent, over reported first quarter 1996 beer volume. First quarter 1997 results were led by the continued momentum of Bud Light. The February 1997 price increase resulted in a 10 to 15 cents per six pack increase to consumers in most states. As expected, there has been some competitor resistance to the company's pricing leadership, particularly in the sub-premium category. Overall, however, the company's pricing strategy has proven successful in most major markets and has yielded revenue per barrel growth of approximately 2 percent in the first quarter.

Beer Market Share

Reported market share for the first quarter 1997 was 45.0 percent of industry shipments, an increase of .4 share points over 1996 reported share of 44.6 percent. Market share is determined based on industry sales estimates provided by the Beer Institute which include imports, exports, non-alcohol brews and other malt beverages.

International Beer

Led by stronger volume in the United Kingdom, China and South America, the company's international beer operations experienced beer volume growth of 31 percent in the first quarter 1997 compared to the same period last year.

Due to strong Budweiser volume growth, during the first quarter 1997 the Board of Directors approved capital funding for an expansion of the Wuhan brewery in China, subject to approval by the Chinese government. The $68 million expansion, which is expected to be completed in 1998, will approximately double Wuhan's capacity, bringing it to 2.1 million barrels.

THEME PARKS

The company's theme park operations had a strong first quarter led by a 10 percent increase in attendance. This increased attendance, combined with higher in-park revenues, contributed to increased profit contribution by Busch Entertainment during the quarter. Busch Entertainment has increased attendance and profitability for each of the past five years.

ANNUAL SHAREHOLDER MEETING COMMENTS

Speaking to shareholders at the company's annual meeting in Houston, Texas, Mr. Busch stated:

"We look with confidence to the future, a future we will create through innovative thinking, flexibility, aggressiveness and foresight. At Anheuser-Busch, we have always had the courage to face challenges and turn them into opportunities. As we pursue our global vision for Anheuser-Busch, we do so confident that we have the quality products, the people, the financial strength and the strategies to make this vision a reality." -0-

                   Comparative Statement of Earnings
                   First Quarter Ended March 31, 1997
                     (In Millions, Except Per Share)

              Includes Cardinal Gain in First Quarter 1996

                                                 Change vs. 1996
                                                Increase/(Decrease)
                         1997        1996         Amount        %
Gross Sales           $2,863.8    $2,767.4        $96.4        3.5
  Excise Taxes          (400.9)     (395.6)         5.3        1.3
Net Sales              2,462.9     2,371.8         91.1        3.8
  Cost of Products
   & Services         (1,597.0)   (1,538.1)        58.9        3.8
  Gain on Sale of
   Cardinals                 -        54.7        (54.7)    (100.0)
  Marketing, Distribution and
   Administrative Expenses
                        (397.6)     (388.0)         9.6        2.5

Operating Income         468.3       500.4        (32.1)      (6.4)
  Interest Expense       (57.2)      (58.2)        (1.0)      (1.8)
  Interest Capitalized     8.8         8.4          0.4        5.0
  Interest Income          1.9         1.9            -          -
  Other Income/(Expense), Net
                          (3.5)        0.4         (3.9)       N/M
Income Before Income
 Taxes                   418.3       452.9        (34.6)      (7.6)
  Provision for Income
   Taxes                (160.6)     (177.4)       (16.8)      (9.5)
Net Income              $257.7      $275.5       $(17.8)      (6.4)

Primary Earnings Per
 Share                    $.51        $.54        $(.03)      (5.6)

Fully Diluted Earnings
 Per Share                $.51        $.53        $(.02)      (3.8)

Capital Expenditures    $265.6      $259.3         $6.3        2.4
Depreciation and
 Amortization           $152.2      $143.9         $8.3        5.8
Weighted Average Shares:
  Primary                505.3       512.4         (7.1)      (1.4)
  Fully Diluted          505.3       519.2        (13.9)      (2.7)

N/M - Not Meaningful

CONTACT: Paul Wagman or Barry Murov at [phone], both for

Anheuser-Busch Companies, Inc