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MINNESOTA BREWING COMPANY ANNOUNCES THIRD QUARTER RESULTS

 ST. PAUL, Minn., Dec. 2 /PRNewswire/ -- Minnesota Brewing Company (NASDAQ: MBRW) announced today net sales for the third quarter and nine month periods ended Sept. 30, 1993 were $4,137,000 and $12,578,000, respectively, compared with $3,833,000 and $7,504,000 for the same period during the prior year. Net earnings for the 1993 third quarter and nine month periods were $46,000, or $.03 per share and $245,000, or $.15 per share compared to a loss of ($95,000)($.06 per share) and a loss of ($1,690,000)($1.02 per share) during the comparable 1992 period.
 Net sales for the third quarter and nine months increased $304,000 (7.9 percent) and $5,074,000 (67.6 percent), respectively, over the comparable prior year period. Net earnings increased $141,000 for the three month period and $1,935,000 for the nine month period compared with comparable 1992 periods.
 MINNESOTA BREWING COMPANY
 THIRD QUARTER AND NINE MONTH RESULTS
 The following table sets for the unaudited comparative operating
 results for the three and nine months ended Sept. 30, 1993 and 1992.
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net sales $4,137,000 $3,833,000 $12,578,000 $7,504,000
 Gross profit 629,000 422,000 1,863,000 131,000
 Operating income (loss) 51,000 (90,000) 297,000 (1,689,000)
 Net earnings (loss) 46,000 (95,000) 245,000 (1,690,000)
 Earnings (loss) per
 common share $.03 $(.06) $.15 $(1.02)
 Weighted average number of
 shares outstanding 1,661,111 1,661,111 1,661,111 1,661,111
 The following table sets forth the unaudited comparative balance
 sheet data of Minnesota Brewing Company as of Sept. 30, 1993 and
 1992. The Sept. 30, 1993 numbers reflect, on a pro forma basis, the
 transactions related to the closing of the company's initial public
 offering of 1,667,500 shares in November 1993.
 9/30/93 9/30/92
 Pro-forma
 Working capital $7,077,000 $1,063,000
 Total assets 14,787,000 4,793,000
 Current liabilities 4,526,000 3,334,000
 Long-term debt-net 2,423,000 875,000
 Shareholder equity 7,837,000 584,000
 Growth in net sales for 1993 was, in part, a result of the introduction of t ?Pig's Eye brand in the second quarter of 1992, so that 1993 sales reflect nine months of Pig's Eye sales. In addition the company's 1993 results reflect a higher level of contract brewing and export sales than in 1992. The rate of increase in sales for the 1993 third quarter was lower than in the first six months, partially because export sales were lower in the third quarter than in the first two quarters. The company's increase in earnings also result from the increased sales.
 Minnesota Brewing Company operates a full-scale brewery in St. Paul, producing its Pig's Eye, Grain Belt, and Landmark beers. The company markets these beers through an independent distribution network. The company also produces beer for third parties pursuant to contract brewing arrangements.
 The company's common stock is traded on the NASDAQ system under the symbol MBRW.
 -0- 12/2/93
 /CONTACT: Richard A. McMahon, president of Minnesota Brewing Company, 612-228-9173/
 (MBRW)


CO: Minnesota Brewing Company ST: Minnesota IN: FOD SU: ERN

CP-DB -- MN020 -- 0024 12/02/93 18:03 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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