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Investor Relations Contact : Jennifer Larson ( 617 ) 368-5152 jennifer.larson@bostonbeer.com Exhibit 99 Media Contact : Dave DeCecco ( 914 ) 261-6572 dave.dececco@bostonbeer.com BOSTON BEER REPORTS THIRD QUARTER FINANCIAL RESULTS Third Quarter ( 13 - week ) and Year - to - Date ( 39 - week ) 2021 Financial Results BOSTON , MA ( 10/21/21 ) -- The Boston Beer Company , Inc. ( NYSE : SAM ) , today reported financial results for the third quarter and year - to - date fiscal periods ended September 25 , 2021. Key results were : ☐ Third quarter depletions increased 11 % and third quarter shipments increased 11.2 % compared to the prior year . Third quarter net revenue of $ 561.6 million increased 14.0 % compared to the prior year ☐ Third quarter net loss of $ 58.4 million or $ 4.76 per diluted share represented a decrease of $ 139.2 million or $ 11.27 per diluted share compared to net income in the third quarter of last year . The third quarter net loss was primarily a result of direct and indirect volume adjustment costs of $ 133.0 million , or $ 7.73 per diluted share , net of tax benefits , due to slower than anticipated hard seltzer growth . Year - to - date depletions increased 24 % and year - to - date shipments increased 29.7 % compared to the prior year . Year - to - date net revenue of $ 1.710 billion increased 34.0 % compared to the prior year Year - to - date net income of $ 66.3 million or $ 5.33 per share , a decrease of $ 92.8 million or $ 7.57 per diluted share compared to the prior year . " The unexpected rapid slowdown of hard seltzer category growth this summer significantly impacted our business , " said Dave Burwick , President and CEO . " While Truly has continued to grow , gain share and solidify its long - term position , the slower category performance has reduced our full - year growth expectations for Truly to be between 20-25 % year - over - year . In addition , the capacity and inventory we had built to take advantage of a higher - growth environment resulted in significant temporary costs this quarter . " " Despite the slowdown in category growth , we expect hard seltzers , which represent 11 % of total beer dollars year to date , up from 9 % during the same period in 2020 , will remain a very important segment of the beer market in the future . We've been playing to win and have reaped many benefits over the past 18 months . So far this year , Truly has generated 54 % of all hard seltzer category growth . In addition , Truly has achieved the second - highest household penetration in all of beer behind only Bud Light beer and ahead of all its other hard seltzer and beer industry competitors . " " We have a tremendous track record of growth at Boston Beer , which is rooted in our heritage of delivering premium products that consumers love , and constantly innovating to meet ever - evolving tastes , ” said Chairman and Founder Jim Koch . “ Not only have we delivered a 12 % compound annual growth rate in revenue for the last 20 years , we now own leading brands in a number of categories , and where we are not yet number one , our brands are gaining share . With our balanced portfolio of strong brands and a pipeline of innovative products preparing to come to market , we are well positioned to succeed in 2022 and beyond as consumers look to drink more ' Beyond Beer ' products . "