Big Rock Brewery Ltd., (NASDAQ: BEERF; TSE: BR) today announced its results for the fiscal year ended March 31, 2000.

Big Rock achieved volume growth of 18.4% from 99,623 hectolitres to 117,918 hectolitres.

Strong growth occurred in both the home market of Alberta and in other provinces (British Columbia, Saskatchewan and Ontario).

This growth - particularly in Alberta - can be attributed to the launch of the new lager product Kold in May, 1999. This product accounted for 16.0% of the 18.4% growth. Other factors that contributed to volume growth were new advertising and marketing initiatives, new packaging and increases in sales personnel.

Financial Highlights

Gross sales increased by $5,240,901 to $31,707,142. Sales per hectolitre increased from $265.66/hectolitre to $268.89/hectolitre. This increase was due to increased sales of packaged products in relation to draught products. Specifically, cans and bottles sales increased by 61.9% and 16.2% respectively, while draught sales increased 8.9%. This is a positive development for the Company as margins on packaged products are greater than for draught products.

Gross profit increased by $4,608,347 to $13,561,997. On a per hectolitre basis there was an increase of $25.13 to $115.01 per hectolitre.

The new markup structure implemented by the Alberta Gaming and Liquor Commission (AGLC) resulted in a $2,574,411 reduction in commissions payable to the AGLC for the fiscal year ended March 31, 2000. A portion of this amount was invested in the normal course issuer bid and in advertising and promotions.

Net income increased by $2,017,864 to $1,461,119 compared with a loss of $556,745 in 1999. Earnings per share were $0.31, compared with a loss of $0.11 for 1999.

EBITDA increased 235% to $4,146,042 compared to $1,237,133 in the period last year. Debt has been reduced by $1,601,587 to $5,874,413. The Company continues to pay down its debt aggressively.

Normal Course Issuer Bid

The Company purchased and cancelled 218,700 shares during the fiscal year, at a total cost of $1,358,205 average of $6.21/share.


               BIG ROCK BREWERY SELECTED FINANCIAL INFORMATION
FOR THE YEAR ENDING MARCH 31, 2000

(all amounts in 000's except per HL information)

Fiscal Year Ending March
----------------------------------------------------
2000 Per Hectolitre 1999 Per Hectolitre Change
(HL) (HL) (%)
------ -------------- ------ -------------- ------
Gross Sales 31,707 268.89 26,466 265.66 19.8
Government Commission
and Taxes 8,990 76.24 9,821 98.58 8.4
------ -------------- ------ -------------- ------
Net Sales 22,717 192.65 16,645 167.08 36.5
Cost of Sales 9,155 77.64 7,691 77.20 19.0
------ -------------- ------ -------------- ------
Gross Profit 13,562 115.01 8,954 89.88 51.4
------ -------------- ------ -------------- ------
Selling, G&A 9,416 79.86 7,945 79.75 18.5
Amortization 1,167 9.89 1,132 11.36 3.1
Interest 518 4.39 661 6.64 (2.2)
------ -------------- ------ -------------- ------
Total Expenses 11,101 94.14 9,738 97.75 13.9
Earnings before
Income Taxes 2,461 20.87 (784) (7.87) 413.0
Income Taxes 1,000 8.48 (228) (2.28) 538.0
------ -------------- ------ -------------- ------
Net Income 1,461 12.39 (556) (5.59) 362.0
------ -------------- ------ -------------- ------



Strategic Positioning

The Company's strategy to place more emphasis on marketing and advertising and entering the lager market is working. The Company continues to focus on its home market in Alberta, however, the Company also recognizes opportunities in markets external to Alberta, and will continue to allocate resources to these particular markets in a strategically planned manner. Return on investment will provide the basis for expansion and new initiatives.

The Company recognizes that market dynamics are changing and that the future success of the Company will depend on how effectively the Company adapts to these dynamics.

The Company has continued to strengthen its Management Team in both the sales and marketing areas. Management recognizes that the brewery is in transition from being a craft brewery to becoming a bonafide regional brewery. The Company is putting in place a strategic plan that will continue to reflect the core values upon which the Company was built, build on its strengths, while at the same time implement a management system approach to its day to day operations.

Founded by Edward McNally, Big Rock is one of North America's leading regional specialty breweries. Its core brands, Traditional, Grasshopper, Kold, Chinook and Warthog are distributed from British Columbia to Ontario and into the United States.

    
Big Rock Brewery Ltd.

CONSOLIDATED BALANCE SHEET

As at March 31, 2000

2000 1999
$ $
-------------------------------------------------------------------------
(Denominated in Canadian Dollars)
ASSETS
Current
Cash 106,492 75,234
Accounts receivable 1,872,064 1,555,394
Inventories 2,676,790 2,050,703
Prepaid expenses and other 237,656 433,785
-------------------------------------------------------------------------
4,893,002 4,115,116

Capital assets 24,954,398 24,978,339
Deferred charges and other 70,839 72,380
-------------------------------------------------------------------------
29,918,239 29,165,835
-------------------------------------------------------------------------
-------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 2,244,903 624,909
Accounts payable and accrued liabilities 1,264,073 1,669,869
Current portion of long-term debt 1,496,189 --
-------------------------------------------------------------------------
5,005,165 2,294,778

Long-term debt 4,378,224 7,476,000
Deferred income taxes 3,905,400 2,947,400
-------------------------------------------------------------------------
Total liabilities 13,288,789 12,718,178
-------------------------------------------------------------------------

Shareholders' equity
Share capital 10,077,900 10,472,209
Retained earnings 6,551,550 5,975,448
-------------------------------------------------------------------------
16,629,450 16,447,657
-------------------------------------------------------------------------
29,918,239 29,165,835
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Big Rock Brewery Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS AND
RETAINED EARNINGS

2000 1999
$ $
-------------------------------------------------------------------------
(Denominated in Canadian Dollars)
Revenue
Sales 31,707,142 26,466,241
Government taxes and commissions (8,990,216) (9,821,360)
-------------------------------------------------------------------------
22,716,926 16,644,881
Cost of sales 9,154,929 7,691,231
-------------------------------------------------------------------------
Gross profit 13,561,997 8,953,650
-------------------------------------------------------------------------

Expenses
Selling, general and administrative 9,415,955 7,716,517
Interest on long-term debt 481,400 647,317
Interest on short-term debt 36,360 14,323
Amortization 1,167,163 1,132,161
Loss on sale of capital assets -- 228,577
-------------------------------------------------------------------------
11,100,878 9,738,895
-------------------------------------------------------------------------

Income (loss) before income taxes 2,461,119 (785,245)
Deferred income tax expense (recovery) 958,000 (268,500)
Large Corporation tax 42,000 40,000
-------------------------------------------------------------------------

Net income (loss) for year 1,461,119 (556,745)

Retained earnings, beginning of year 5,975,448 6,903,471
Redemption of common shares (885,017) (371,278)
-------------------------------------------------------------------------
Retained earnings, end of year 6,551,550 5,975,448
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Net income (loss) per share
Basic and fully diluted 0.31 (0.11)
-------------------------------------------------------------------------