Date of Report (Date of earliest event reported): July 27, 2004

The Boston Beer Company, Inc.
(Exact name of registrant as specified in its chapter)

Massachusetts
(State or other jurisdiction
of incorporation)

001-14092
(Commission
File Number)

04-3284048
(IRS Employer
Identification No.)

75 Arlington Street, Boston, MA
(Address of principal executive offices)

02116
(Zip Code)

Registrant's telephone number, including area code (617) 368-5000

      On July 27, 2004, The Boston Beer Company, Inc. disclosed unaudited financial information for the second quarter of 2004 in an earnings release, a copy of which is set forth in the attached Exhibit 99.

      The information in this Form 8-K and the Exhibit 99 attached hereto is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Boston Beer Company, Inc.
(Registrant)

Date: July 27, 2004

/s/ William F. Urich

William F. Urich
Chief Financial Officer
(Signature)^*

Exhibit
      99. Press release of The Boston Beer Company, Inc. dated July 27, 2004.

BOSTON, MA (7/27/04) -- The Boston Beer Company, Inc. (NYSE: SAM) today reports increases in second quarter 2004 volume, revenue and earnings compared to the second quarter 2003.

For the 13-week period ended June 26, 2004, The Boston Beer Company recorded net sales of $62.0 million, a 10.1% increase from the second quarter in 2003. Net revenue per barrel increased slightly during the quarter due to price increases of approximately 1.0%, offset by a shift in the package mix. As reflected on the following chart, reported sales volume for the period increased to 363,000 barrels.

(in barrels)

Q2-2004

Q2-2003

%Chg

Total Boston Beer Brands

359,000

328,000

9.5%

3^rd Party Contract Brewing

4,000

2,000

100%

Total Company

363,000

330,000

10.0%

The Company recorded net income of $5.4 million or $.37 per diluted share for the quarter versus net income of $3.1 million and $.20 per diluted share for the same period last year. Gross margin as a percentage of net sales was 60.5% as compared to 61.0% in the prior year second quarter. This decrease is due to an increase in packaging costs, partially offset by price increases. Operating expenses for the quarter were down 6.2% in comparison to the same period last year, driven by more effective purchasing of media in 2004, as well as a decrease in point-of-sale expenses related to the purchase of new tap handles in 2003.

Based on the information available to the Company, distributor sales of Boston Beer brands to retail (depletions) during the second quarter 2004 totaled 326,000 barrels, approximately a 2% increase from the same period in 2003. Shipments and orders in-hand suggest that shipments of Boston Beer brands for July and August 2004 will be essentially flat as compared to the same periods last year. Actual shipments for the current quarter may differ, however, and no inferences should be drawn with respect to shipments in future periods.

For the 26-week period ended June 26, 2004, Boston Beer Company recorded net sales of $106.7 million, a 5.0% increase from the same period in 2003. Net revenue per barrel increased by 0.6% during the six months due to price increases, offset by a package mix shift. As reflected on the following chart, reported sales volume for the period increased to 626,000 barrels.

(in barrels)

6 MOS-2004

6 MOS-2003

%Chg

Total Boston Beer Brands

620,000

596,000

4.0%

3^rd Party Contract Brewing

6,000

4,000

50.0%

Total Company

626,000

600,000

4.3%

Based on the information available to the Company, distributor sales of Boston Beer brands to retail (depletions) totaled 577,000 barrels, approximately a 1% increase over 2003.

The Company recorded $6.6 million in net income or $.46 per diluted share for the six months versus net income of $3.0 million and $.19 per diluted share for the same period last year. Gross margins as a percent of net sales were 60.1% for the first six months of 2004 as compared to 59.9% in the same period 2003. Advertising, promotional and selling expenditures decreased by $2.6 million to $46.7 million for the period ended June 26, 2004. The decrease was primarily driven by more effective purchasing of television advertising in 2004 and lower point-of-sale expenditures in 2004 as compared to the same period in 2003.

The Company's effective tax rate was 37.8% for the six months ended June 26, 2004, down from 38.0% during the same period 2003. The rate recorded through the first six months 2004 is expected to approximate that for the full year 2004.

Jim Koch, Chairman of The Boston Beer Company, said, "We continue to be pleased with the Samuel Adams Boston Lager advertising campaign, as we have seen increases of approximately 5% in combined depletions for Lager and Seasonals in the first half of 2004. Sam Adams Light appears to have stabilized although we will continue to face tough volume comparison through the fourth quarter. We are currently finalizing the development of a new television advertising campaign for Sam Adams Light, and we anticipate rolling this campaign out in the second half of 2004 with additional investment on top of our existing campaign."

Martin Roper, Boston Beer President and CEO, said, "Continued health of Lager and Seasonals offset the declines in Light, and generated growth in both sales and depletions year to date. While shipments of core products exceeded depletions year to date by approximately 43,000 barrels, this inventory build at wholesaler appears reasonable for this time of year in support of the summer selling season."

Mr. Roper also reported on the Company's financial performance and outlook, "We are pleased with our overall financial performance in the second quarter of 2004. Our gross margins remain strong through June compared to 2003. During the second quarter, we experienced some cost pressures in packaging materials, utility costs and freight costs.

Based on current market pricing conditions and the current cost environment, we expect gross margins for the full year 2004 to approximate 2003. Based on current information, for full year 2004, we expect double-digit earnings growth over 2003. This could be adversely affected if cost pressures or market conditions change."

The Boston Beer Company's balance sheet remains strong with $55.1 million in cash and short-term investments and no debt. The Company's cash flow also remains strong, delivering $12.0 million in operating cash flow during the first six months of 2004. The Company is continually evaluating options for utilizing its cash to increase shareholder value for the long term. The Company has $5.2 million remaining under an $80 million board authorized spending limit related to the Stock Repurchase Program. Through July 26, 2004 the Company has repurchased a total of 7.1 million shares of Class A Common Stock for an aggregate purchase price of $74.8 million.

The Boston Beer Company is America's leading brewer of world-class beer. Founded in 1984 by sixth-generation brewer Jim Koch, the Company has won more than 650 international awards for its better-tasting beers. Samuel Adams Boston Lager^(R) is the Company's flagship brand, celebrated worldwide for its high-quality ingredients and traditional brewing techniques. The result is a beer renowned by drinkers for its full flavor, balance, complexity, and consistent quality. For more information, visit the web-site at www.samadams.com or visit www.bostonbeer.com for financial information.

Statements made in this press release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended December 27, 2003 and for December 28, 2002. Copies of these documents may be obtained by visiting the Company's website at www.bostonbeer.com or contacting the Company or the SEC.

Tuesday, July 27, 2004

THE BOSTON BEER COMPANY, INC.
Financial Results
(In thousands, except per share data)

Operating Results:

(unaudited)

(unaudited)

Quarter Ended

6 Months Ended

June 26,

June 28,

June 26,

June 28,

2004

2003

2004

2003

Barrels sold

363 

330

626 

600 

Gross revenue

$

68,520 

$

62,161

$

117,827 

$

112,284 

Less excise taxes

6,503 

5,842

11,155 

10,645 

Net revenue

62,017 

56,319

106,672 

101,639 

Cost of goods sold

24,504 

21,965

42,577 

40,737 

Gross profit

37,513 

34,354

64,095 

60,902 

Advertising, promotional and selling expenses

25,217 

26,006

46,739 

49,316 

General and administrative expenses

3,630 

3,669

6,839 

7,472 

Total operating expenses

28,847 

29,675

53,578 

56,788 

Operating income

8,666 

4,679

10,517 

4,114 

Interest income, net

187 

260

387 

654 

Other (expense) income, net

(231)

4

(239)

(4)

Income before taxes

8,622 

4,943

10,665 

4,764 

Provision for income taxes

3,259 

1,881

4,031 

1,811 

Net income

$

5,363 

$

3,062

$

6,634 

$

2,953 

Net income per share - basic

$

0.38 

$

0.20

$

0.47 

$

0.19 

Net income per share - diluted

$

0.37 

$

0.20

$

0.46 

$

0.19 

Weighted average number of
  common shares - basic

14,126 

15,087

14,073 

15,411 

Weighted average number of
  common shares - diluted

14,465 

15,306

14,406 

15,649 

Consolidated Balance Sheets:

(unaudited)

June 26,

December 27,

2004

2003

Assets

    Current Assets:

        Cash and cash equivalents

$

52,068 

$

27,792 

        Short-term investments

3,001 

15,098 

        Accounts receivable, net of allowance for doubtful

          accounts of$515 and $450 as of June 26, 2004

          and December 28, 2002, respectively

15,273 

10,432 

        Inventories

9,180 

9,890 

        Prepaid expenses

1,044 

1,126 

        Deferred income taxes

1,138 

1,177 

        Other current assets

443 

2,304 

            Total current assets

82,147 

67,819 

    Property, plant and equipment, net

17,022 

17,059 

    Other assets

1,148 

1,099 

    Goodwill

1,377 

1,377 

            Total assets

$

101,694 

$

87,354 

Liabilities and Stockholders' Equity

    Current Liabilities:

        Accounts payable

$

8,176 

$

6,395 

        Accrued expenses

18,767 

15,504 

            Total current liabilities

26,943 

21,899 

    Long-term deferred income taxes

2,190 

2,191 

    Other long-term liabilities

693 

740 

    Commitments and Contingencies

    Stockholders' Equity

        Class A Common Stock, $.01 par value;

          22,700,000 shares authorized; 17,152,835 and

          16,945,418 issued as of June 26, 2004 and

          December 27, 2003, respectively

172 

169 

        Class B Common Stock, $.01 par value;

          4,200,000 shares authorized; 4,107,355 issued and

          outstanding

41 

41 

        Additional paid-in capital

65,481 

62,517 

        Unearned compensation

(337)

(229)

        Other comprehensive income

(104)

45 

        Retained earnings

81,392 

74,758 

        Treasury stock, at cost

          7,102,467 shares as of June 26, 2004 and

          December 27, 2003

(74,777)

(74,777)

            Total stockholders' equity

71,868 

62,524 

            Total liabilities and stockholders' equity

$

101,694 

$

87,354 

Consolidated Statements of Cash Flows:

(unaudited)

Quarter Ended

June 26,

June 28,

2004

2003

Cash flows from operating activities:

    Net income

$

6,634 

$

2,953 

    Adjustments to reconcile net income to net cash from

      operating activities:

        Depreciation and amortization

2,526 

2,788 

        Loss on disposal of fixed assets

- 

47 

        Bad debt expense (recovery)

65 

(39)

        Realized loss (gain) on sale of short-term investments

229 

(28)

        Stock option compensation expense

63 

43 

    Changes in assets and liabilities:

        Accounts receivable

(4,906) 

(5,086)

        Inventories

82 

(2,259)

        Prepaid expenses

710 

101 

        Other current assets

1,643 

(943)

        Deferred taxes

32 

(796)

        Other assets

(121)

- 

        Accounts payable

1,781 

1,951 

        Accrued expenses

3,263 

(1,339)

        Other long-term liabilities

(46)

(47)

            Net cash from (used in) operating activities

11,955 

(2,654)

Cash flows from investing activities:

    Purchases of property, plant and equipment

(2,051)

(1,225)

    Proceeds on disposal of fixed assets

- 

14 

    Purchases of available-for-sale securities

(6,256)

(3,560)

    Purchases of held-to-maturity securities

(3,001)

- 

    Proceeds from the sale of available-for-sale securities

20,983 

4,610 

            Net cash from (used in) investing activities

9,675 

(161)

Cash flows from financing activities:

    Purchase of treasury stock

- 

(17,359)

    Proceeds from exercise of stock options

2,534 

510 

    Net proceeds from the sale of Investment Shares

112 

106 

            Net cash from (used in) provided by financing activities

2,646 

(16,743)

Change in cash and cash equivalents

24,276 

(19,558)

Cash and cash equivalents at beginning of period

27,792 

20,608 

Cash and cash equivalents at end of period

$

52,068 

$

1,050 

Supplemental disclosure of cash flow information:

    Interest paid

$

- 

$

- 

    Taxes paid

$

533 

$

4,356