Brick Brewing Co. Limited of Waterloo, Ontario announced today its six month financial results for the period ending July 31, 2000. Net earnings for the six months were $329,000 compared to $451,000 the previous year based on sales of $11.8 million compared to $13.8 million the previous year.
The lower sales revenue was due to a contribution of the negative impact of poorer summer weather on industry volume generally and the Company's focus on more profitable sales volume.

Notwithstanding lower volumes, gross margins improved with operating income before interest and amortization holding relatively steady at $1.2 million compared to $1.3 million last year. Cash generated over the six months was $792,000 compared to a cash decrease of $473,000 the previous year.

Jim Brickman, Founder and President of the Company, said, "We are well into our program to reduce our cost infrastructure and focus on more profitable volume, and are beginning to achieve improved margins and cash flow as a result. There is still work to do on growing our key brands but, notwithstanding the impact this year of generally less favorable summer weather, our efforts to enhance overall profitability are showing results. We are looking for further improvements during the remainder of the year."

Established in 1984, The Brick Brewing Co. Limited of Waterloo, Ontario was the first craft brewery of its kind to start up in Eastern Canada in recent decades and is credited as being one of the pioneers of the present day craft beer renaissance in Canada. Brick is traded on the Toronto Stock Exchange under the symbol "BRB".

Brick Brewing Co. Limited
Six Months Ending July 31, 2000

% of change
Revenue $11.8 million $13.8 million -14%
EBITDA $1.2 million $1.3 million -8%
EBITDA/Revenue 10% 9% 11%
Net Income 329,000 451,000 -27%
Earnings per Share 0.03 0.04 -25%
Cash Flow 792,000