Chambly, May 12, 2004 – In the first quarter ended March 31, 2004, Unibroue has announced sales of $5,572,809 compared to $4,823,090 for the same period last year, an increase of 15.5%. Net earnings increased by 30%, from $57,300 to $74,501. Earnings per share is $0.01, the same as March 31, 2003.

A progression in sales has been seen in most of the Corporation’s markets. In Quebec, this progression was of 11.5% and 45% in the rest of Canada and particularly felt in Ontario with an increase of 57%.

In the United States, while the volume in hectolitres increased by 27.7%, the increase in sales volume (translated in Canadian dollars) was affected due to fluctuations with the U.S. dollar between the first three-month period of 2003 compared to the same period in 2004 and increased by only 19.9%. As for other markets, sales grew by 12%, notably in France with a 32.5% increase in sales.

During this first semester of 2004, the gross margin, excluding amortization, went from 49.7% to 47.2%. This 2.5% drop is explained by the use of a dynamic pricing strategy for our pilsner beers in order to improve our visibility in this highly competitive segment and also by the falling of the US dollar.

Therefore, the net earnings during this first three-month period of 2004 were $74,501 compared to $57,300$ for the same period ending March 31, 2003.

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

-30-

Information: André Dion, FCA
President and Chief Executive Officer, Unibroue; or
Sébastien Dion, CA
Chief Financial Officer, Unibroue
Tel: (450) 658-7658