Chambly, August 14, 2003 – For the second quarter ended June 30, 2003, Unibroue reported sales of $6 874 060, an increase of $750 604 or 12.3% over the same period last year. Net earnings increased 35.3 % to $485 529 from $358 947 in the corresponding period of fiscal 2002.

The cumulative sales for the first semester of 2003, increased 7% - from $10 934 697 to $11 697 150. Furthermore, Unibroue generated net earnings of $542 829, up 18.2% compared to the first semester of 2002. Earnings per share were nine cents compared to earnings per share of seven cents reported in the first six months of fiscal 2002.

“ Even if the competitive practices of the large breweries hinder our growth in Quebec, Unibroue continues to broaden its niche by strengthening its distribution network and by offering a selection of superior products that satisfy the taste of consumers”, said André Dion, Unibroue’s CEO. While Quebec sales rang up a 1% growth, sales in the other Canadian provinces registered a 21.2% increase. The volume of sales for British Columbia increased by 32.2%, followed by Ontario with a 16.1% growth. The combined sales of these two provinces represent 89% of all Unibroue shipments in the rest of Canada and account for 7% of the total sales.

Worldwide, the United States’ market is still dominant with an increase in sales of 35.8% compared to the first semester of 2002. The states that recorded the highest increases were California, New York, Florida and Texas. “The United States currently contributes 16.6% of our total sales – a crowning achievement for our master brewers and a reflection of the momentum of our sales force”, continued Mr. Dion.

In the rest of the world, sales progressed by 7.8%, including a slight increase of 0.4% for Europe.

Tight management of Unibroue operating costs resulted in an increase in earnings before interest charges, amortization and income taxes of 16.4% or from $1 960 335 to $2 281 096.

“ We are pleased by the results we achieved, we were able to vigorously increase our sales while carefully controlling our costs and showing improved margins”, concluded Mr. Dion.

Consolidated balance sheets (pdf format)
Consolidated earnings (pdf format)
Consolidated statements of cash flow (pdf format)

-30-

Information: Sébastien Dion, CA
Chief Financial Officer, Unibroue
Tel: (450) 658-7658