<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


[ X ]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended   SEPTEMBER 29, 2001

OR

[   ]          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES AND EXCHANGE ACT OF 1934

              For the transition period from _________ to _________

                         Commission file number: 1-14092

                          THE BOSTON BEER COMPANY, INC.
             (Exact name of registrant as specified in its charter)
 
        MASSACHUSETTS                                          04-3284048
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                              Identification No.)

                   75 ARLINGTON STREET, BOSTON, MASSACHUSETTS
                    (Address of principal executive offices)

                                      02116
                                   (Zip Code)

                                 (617) 368-5000
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes  X     No 
                                     ---      ---

Number of shares outstanding of each of the issuer's classes of common stock, as
of November 7, 2001:

            CLASS A COMMON STOCK, $.01 PAR VALUE               12,186,278
            CLASS B COMMON STOCK, $.01 PAR VALUE                4,107,355
            (Title of each class)                       (Number of shares)


                                       1


<PAGE>
                 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
                                    FORM 10-Q

                                QUARTERLY REPORT
                               SEPTEMBER 29, 2001

                                TABLE OF CONTENTS



PART I.     FINANCIAL INFORMATION                                      PAGE


            Item 1.  Consolidated Financial Statements

                     Consolidated Balance Sheets as of
                     September 29, 2001 and December 30, 2000            3

                     Consolidated Statements of Operations for the
                     Three and Nine Months Ended September 29, 2001 
                     and September 23, 2000                              4

                     Consolidated Statements of Cash Flows for the
                     Nine Months Ended September 29, 2001 and
                     September 23, 2000                                  5

                     Notes to Consolidated Financial Statements          6-7


            Item 2.  Management's Discussion and Analysis of
                     Financial Condition and Results of Operations       8-11


PART II.    OTHER INFORMATION


            Item 1.  Legal Proceedings                                   12


            Item 2.  Changes in Securities                               12


            Item 3.  Defaults Upon Senior Securities                     12


            Item 4.  Submission of Matters to a Vote of
                     Security Holders                                    12


            Item 5.  Other Information                                   12


            Item 6.  Exhibits and Reports on Form 8-K                    12-15

SIGNATURES                                                               16



                                       2



<PAGE>

                 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except share data)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                                    September 29,      December 30,
                                                                                                        2001               2000
                                                                                                    -------------      ------------
<S>                                                                                                    <C>               <C>     
ASSETS
   Current Assets:
          Cash and cash equivalents                                                                    $ 11,139          $  6,256
          Short-term investments                                                                         33,334            28,858
          Accounts receivable, net of the allowance for doubtful
            accounts of $625 as of September 29, 2001 and December 30,
            2000, respectively                                                                           16,712            12,593
          Inventories                                                                                    15,640            15,739
          Prepaid expenses                                                                                  965             1,619
          Deferred income taxes                                                                           2,415             2,415
          Other current assets                                                                              725               927
                                                                                                       --------          --------
              Total current assets                                                                       80,930            68,407
                                                                                                       --------          --------
          Property, plant and equipment, net of accumulated depreciation
            of $28,169 and $24,906 as of September 29, 2001 and December 30,
            2000, respectively                                                                           25,309            27,047
          Goodwill, net of accumulated amortization $91 and $16 as of
            September 29, 2001 and December 30, 2000, respectively                                        1,402             1,477
          Other assets                                                                                    1,215             1,671
                                                                                                       --------          --------
              Total assets                                                                             $108,856          $ 98,602
                                                                                                       ========          ========

LIABILITIES AND STOCKHOLDERS' EQUITY
   Current Liabilities:
          Accounts payable                                                                             $  7,868          $  6,506
          Accrued expenses                                                                               15,280            13,940
                                                                                                       --------          --------
              Total current liabilities                                                                  23,148            20,446
                                                                                                       --------          --------
   Long-term deferred taxes                                                                               1,833             1,833

   Other long-term liabilities                                                                            1,763             2,634

   Stockholders' Equity:
          Class A Common Stock, $.01 par value;
            22,700,000 shares authorized; 16,380,583 and 16,458,857 issued
            and outstanding as of September 29, 2001 and December 30, 2000,
            respectively                                                                                    164               165
          Class B Common Stock, $.01 par value;
            4,200,000 shares authorized; 4,107,355 issued and outstanding                                    41                41
          Additional paid-in-capital                                                                     57,197            56,859
          Unearned compensation                                                                            (217)             (156)
          Unrealized gain on short-term investments                                                         201              --
          Retained earnings                                                                              58,734            47,814
          Less:  Treasury stock
            (4,232,150 and 3,906,700 shares as of September 29, 2001 and
            December 30, 2000, respectively) at cost                                                    (34,008)          (31,034)
                                                                                                       --------          --------
              Total stockholders' equity                                                                 82,112            73,689
                                                                                                       --------          --------
              Total liabilities and stockholders' equity                                               $108,856          $ 98,602
                                                                                                       ========          ========
</TABLE>



                                       3


<PAGE>

                 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)
                                   (unaudited)



<TABLE>
<CAPTION>
                                                            Three months ended                      Nine months ended
                                                  ----------------------------------------------------------------------------
                                                    September 29,      September 23,        September 29,      September 23,
                                                        2001                2000                2001               2000
                                                  ------------------  -----------------    ----------------   ----------------

<S>                                                    <C>               <C>                   <C>                <C>        
Sales                                                  $54,515            $51,221              $154,610           $157,744     
Less excise taxes                                        5,410              5,230                15,196             16,056
                                                       -------            -------              --------           --------     
          Net sales                                     49,105             45,991               139,414            141,688
Cost of sales                                           20,397             19,831                57,263             61,662
                                                       -------            -------              --------           --------     
          Gross profit                                  28,708             26,160                82,151             80,026
                                                                                                                
Operating expenses:                                                                                             
Advertising, promotional and selling expenses           21,168             20,108                54,744             56,844
General and administrative expenses                      3,121              2,935                 9,958              8,965
                                                       -------            -------              --------           --------     
          Total operating expenses                      24,289             23,043                64,702             65,809
                                                       -------            -------              --------           --------     
                                                                                                                
Operating income                                         4,419              3,117                17,449             14,217
                                                       -------            -------              --------           --------     
                                                                                                                
Other income (expense):                                                                                         
Interest income                                            383                514                 1,214              1,462
Other income (expense), net                                (26)               224                    70                445
                                                       -------            -------              --------           --------     
          Total other income, net                          357                738                 1,284              1,907
                                                       -------            -------              --------           --------     
                                                                                                                
Income before provision for income taxes                 4,776             3,855                 18,733               16,124
Provision for income taxes                               2,021             1,619                  7,813                6,772
                                                       -------           -------               --------             --------   
Net income                                             $ 2,755           $ 2,236               $ 10,920             $  9,352
                                                       =======           =======               ========             ========   
Earnings per share - basic                             $  0.17           $  0.12               $   0.66             $   0.51
                                                       =======           =======               ========             ========   
Earnings per share - diluted                           $  0.17           $  0.12               $   0.66             $   0.51
                                                       =======           =======               ========             ========   
Weighted average shares - basic                         16,409            18,117                 16,443               18,407
                                                       =======           =======               ========             ========   
Weighted average shares - diluted                       16,568            18,187                 16,556               18,463
                                                       =======           =======               ========             ========   
</TABLE>

                                                            
               The accompanying notes are an integral part of the
                        consolidated financial statements

                                        4


<PAGE>


                 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
                                   (unaudited)



<TABLE>
<CAPTION>
                                                                                                   Nine months ended
                                                                                            ---------------------------------   
                                                                                            September 29,       September 23,
                                                                                                 2001                2000
                                                                                            ---------------    --------------
<S>                                                                                            <C>                 <C>     
Cash flows from operating activities:
Net income                                                                                     $10,920             $  9,352
Adjustments to reconcile net income to net cash
   provided by operating activities:
        Depreciation and amortization                                                            4,885                4,653
        Gain on disposal of fixed assets                                                           (46)                (260)
        Recovery of bad debt                                                                      --                   (225)
        Amortization of unearned compensation                                                       64                   61
    Changes in assets and liabilities:
        Accounts receivable                                                                     (3,960)               2,684
        Inventory                                                                                   99               (3,167)
        Prepaid expenses                                                                           654                1,477
        Other current assets                                                                       104                   62
        Other assets                                                                               (51)                 (32)
        Accounts payable                                                                         1,362               (1,129)
        Accrued expenses                                                                         1,340                2,866
        Other long-term liabilities                                                               (473)              (1,493)
                                                                                               -------             --------
Net cash provided by operating activities                                                       14,898               14,849
                                                                                               -------             --------

Cash flows from investing activities:
        Purchases of property, plant and equipment                                              (2,959)              (4,842)
        Purchases of short-term investments                                                    (18,843)             (24,340)
        Proceeds from the sale of short-term investments                                        14,568               27,667
        Proceeds on disposal of fixed assets                                                        46                  284
                                                                                               -------             --------
Net cash used in investing activities                                                           (7,188)              (1,231)
                                                                                               -------             --------

Cash flows from financing activities:
        Repurchase of treasury stock                                                            (2,974)              (9,373)
        Net proceeds from sale of Investment Shares                                                147                   84
                                                                                               -------             --------
Net cash used in financing activities                                                           (2,827)              (9,289)
                                                                                               -------             --------

Net increase in cash and cash equivalents                                                        4,883                4,329

Cash and cash equivalents at beginning of period                                                 6,256                5,346
                                                                                               -------             --------
Cash and cash equivalents at end of period                                                     $11,139             $  9,675
                                                                                               =======             ========
Supplemental disclosure of cash flow information:

           Interest paid                                                                       $    11             $   --
                                                                                               =======             ========
           Income taxes paid                                                                   $ 4,110             $  4,178
                                                                                               =======             ========
</TABLE>



               The accompanying notes are an integral part of the
                       consolidated financial statements


                                       5


<PAGE>

                 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A.       BASIS OF PRESENTATION

The Boston Beer Company, Inc. (the "Company") is engaged in the business of
brewing and selling beer and hard cider products throughout the United States
and in select international markets. The accompanying consolidated financial
position as of September 29, 2001 and the results of its consolidated operations
and consolidated cash flows for the three and nine months ended September 29,
2001 and September 23, 2000 have been prepared by the Company, without audit, in
accordance with generally accepted accounting principles for interim financial
information and pursuant to the rules and regulations of the Securities and
Exchange Commission. Accordingly, they do not include all of the information and
footnotes required for complete financial statements by generally accepted
accounting principles and should be read in conjunction with the audited
financial statements included in the Company's Annual Report on Form 10-K for
the year ended December 30, 2000.

MANAGEMENT'S OPINION
In the opinion of the Company's management, the unaudited consolidated financial
position as of September 29, 2001 and the results of its consolidated operations
and consolidated cash flows for the interim periods ended September 29, 2001 and
September 23, 2000, reflect all adjustments (consisting only of normal and
recurring adjustments) necessary to present fairly the results of the interim
periods presented. The operating results for the interim periods presented are
not necessarily indicative of the results expected for the full year.

B.       SHORT-TERM INVESTMENTS

The Company's investments in debt securities, which typically mature in one year
or less, are valued at amortized cost, which approximates fair value. The
Company has the positive intent and ability to hold these securities until
maturity. The aggregate fair value at September 29, 2001 and December 30, 2000
was $7.0 million and $9.4 million, respectively, for investments in US
government obligations and corporate debt.

Available-for-sale investments consist of investments in mutual funds backed by
US government securities and are recorded at fair market value. The periodic
change in fair value is excluded from earnings and recorded as a component of
other comprehensive income. The aggregate cost of available-for-sale securities
at September 29, 2001 and December 30, 2000 was $26.1 million and $19.5 million,
respectively. The Company had recorded unrealized gains of approximately
$201,000 and $339,000 on available-for-sale securities as of September 29, 2001
and September 23, 2000, respectively. There were no realized gains or losses
recorded during the period ended September 29, 2001 and September 23, 2000.

C.       INVENTORIES

Inventories, which consist principally of hops, brewery materials and packaging,
are stated at the lower of cost, determined on a first-in, first-out (FIFO)
basis, or market.

Inventories consist of the following (in thousands):


<TABLE>
<CAPTION>
                                                  September 29,        December 30,
                                                      2001                 2000
                                                  -------------        ------------
<S>                                                 <C>                  <C>      
Raw materials, principally hops                     $12,665              $14,076  
Work in process                                         905                  787
Finished goods                                        2,070                  876
                                                    -------              -------
                                                    $15,640              $15,739
                                                    =======              =======
</TABLE>

                                                                  
D.       EARNINGS PER SHARE

The Company follows Statement of Financial Accounting Standards No. 128,
"Earnings per Share". In accordance with this statement, basic earnings per
share (EPS) is calculated by dividing net income by the weighted average common
shares outstanding. Dilutive EPS is calculated by dividing net income by the
weighted average common shares and potentially dilutive securities outstanding
during the period (in thousands, except per share data):



                                       6


<PAGE>
                 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

D.       EARNINGS PER SHARE (CONTINUED)


<TABLE>
<CAPTION>
                                                           For the three months ended            For the nine months ended      
                                                        ---------------------------------    ----------------------------------
                                                        September 29,     September 23,      September 29,      September 23,
                                                            2001              2000               2001              2000
                                                        ------------      ------------       -------------      -------------
<S>                                                       <C>               <C>                 <C>               <C>      
Net income                                                $ 2,755           $ 2,236             $10,920           $ 9,352  
                                                                                                                
Shares used in earnings per common share - basic           16,409            18,117              16,443            18,407
Dilutive effect of common equivalent shares                   159                70                 113                56
                                                          -------           -------             -------           -------
Shares used in earnings per common share - diluted         16,568            18,187              16,556            18,463
                                                          =======           =======             =======           =======
                                                                                                                
Earnings per common share - basic                         $  0.17           $  0.12             $  0.66           $  0.51
                                                          =======           =======             =======           =======
Earnings per common share - diluted                       $  0.17           $  0.12             $  0.66           $  0.51
                                                          =======           =======             =======           =======
</TABLE>


E.       COMPREHENSIVE INCOME
                                                         
The Company follows Statement of Financial Accounting Standards No. 130 ("SFAS
130"), "Reporting Comprehensive Income". This statement established standards
for reporting and displaying comprehensive income and its components. The
components of comprehensive income include revenues, expenses, gains and losses
that are excluded from net income under current accounting standards, including
foreign currency translation items and unrealized gains and losses on certain
investments in debt and equity securities (in thousands):


<TABLE>
<CAPTION>
                                                     For the three months ended         For the nine months ended
                                                   ------------------------------     ------------------------------
                                                    September 29,    September 23,     September 29,   September 23,
                                                        2001            2000               2001           2000
                                                   -------------    -------------     -------------   -------------
<S>                                                    <C>             <C>               <C>             <C>   
Net income                                             $2,755          $2,236            $10,920         $9,352
   Plus: Unrealized gain on available-for-sale
            securities                                     95             144                201            339
                                                       ------          ------            -------         ------
Comprehensive income                                   $2,850          $2,380            $11,121         $9,691
                                                       ======          ======            =======         ======
</TABLE>



Accumulated other comprehensive income calculated in accordance with SFAS No.
130 is as follows (in thousands):


<TABLE>
<CAPTION>
                                                 For the three months ended             For the nine months ended
                                               ------------------------------        ------------------------------
                                               September 29,    September 23,        September 29,    September 23,
                                                    2001             2000                2001              2000
                                               -------------    -------------        -------------    -------------
<S>                                                 <C>              <C>                  <C>              <C>   
Beginning Balance                                   $106             $195                 $ --             $ --  
Unrealized gain on                                                                            
   available-for-sale-securities                      95              144                  201              339
                                                    ----             ----                 ----             ----
Ending balance                                      $201             $339                 $201             $339
                                                    ====             ====                 ====             ====
</TABLE>




F.       BREWERY TRANSACTIONS

On September 21, 2001, the Pabst Brewing Company closed its Lehigh, Pennsylvania
brewery ("Lehigh Brewery"), where approximately 20% of the Company's beer was
brewed. Pursuant to a guarantee by Miller Brewing Company of Pabst's obligations
under the Company's production agreement, the Company has transferred production
to existing contract breweries and the Miller-owned brewery in Eden, North
Carolina ("Eden Brewery"). The Company has been brewing at the Eden Brewery for
over six months on a trial basis, but does not expect to reach full capacity
there until the end of the year. While the Company has not experienced any
significant disruptions to its business or any other problems during the
transition thus far, the ultimate impact of this transition on the Company's
business and financial statements, both during and after the transition period,
cannot be predicted.


                                       7


<PAGE>


I
TEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The following is a discussion of the financial condition and results of
operations of the Company for the three and nine-month periods ended September
29, 2001 as compared to the three and nine-month periods ended September 23,
2000. This discussion should be read in conjunction with the Management's
Discussion and Analysis of Financial Condition and Results of Operations,
Consolidated Financial Statements of the Company and Notes thereto included in
the Form 10-K for the fiscal year ended December 30, 2000.

RESULTS OF OPERATIONS

For purposes of this discussion, Boston Beer's "core brands" include all
products sold under Samuel Adams(R), Oregon Original(TM), HardCore(R) and
Twisted Tea(TM) trademarks. "Core brands" do not include the products brewed at
the Cincinnati Brewery under contract arrangements for third parties. Volume
produced under contract arrangements is referred to below as "non-core
products". Boston Beer's flagship brand is Samuel Adams Boston Lager(R) ("Boston
Lager").

THREE MONTHS ENDED SEPTEMBER 29, 2001 COMPARED TO THREE MONTHS ENDED
SEPTEMBER 23, 2000

NET SALES. Net sales increased by $3.1 million or 6.8% to $49.1 million for the
three months ended September 29, 2001 as compared to the three months ended
September 23, 2000. The increase was primarily due to volume growth in core
brands as well as price increases.

Volume. Volume decreased by 1,000 barrels to 301,000 barrels in the three months
ended September 29, 2001 from 302,000 barrels in the three months ended
September 23, 2000. The decline in volume was primarily due to a decrease in
non-core products, offset by an increase in core brands.

Non-core volume decreased by 12,000 barrels for the three months ended September
29, 2001 to 2,000 barrels from 14,000 barrels in the three months ended
September 23, 2000. The decrease in non-core products was primarily due to the
expiration of the production contract with the Company's largest non-core
customer. As gross profit is significantly lower on non-core products as
compared to core brands, the Company does not believe that this change will have
a material impact on its financial position, results of operations or cash flows
in the short and long-term.

Core brands increased by 3.8% to 299,000 barrels for the quarter ended September
29, 2001 from 288,000 barrels for the quarter ended September 23, 2000. The
increase in core brands was primarily due to increases in Twisted Tea(TM) and
seasonal beers, offset by declines in year-round styles.

Selling Price. The net selling price per barrel increased by approximately 6.8%
to $163.21 per barrel for the three months ended September 29, 2001. This
increase was primarily due to a decline in non-core volume, price increases for
core brands and changes in packaging mix. As net selling price is significantly
lower for non-core products as compared to core brands, a decline in non-core
volume effectively increased the combined net selling price per equivalent
barrel.

GROSS PROFIT. Gross profit was 58.5% as a percentage of net sales or $95.42 per
barrel for the quarter ended September 29, 2001, as compared to 56.9% and $86.75
for the quarter ended September 23, 2000. The increase was primarily due to a
decline in non-core volume, price increases and packaging mix changes, slightly
offset by increases in cost of sales.

Cost of sales increased by $2.03 per barrel to $67.79 per barrel for the quarter
ended September 29, 2001, as compared to $65.76 per barrel for the quarter ended
September 23, 2000. This is primarily due to a decline in non-core volume as
well as packaging mix changes, partially offset by freight savings.

As a percentage of net sales, cost of sales has declined to 41.5% for the
quarter ended September 29, 2001, as compared to 43.1% for the quarter ended
September 23, 2000.

ADVERTISING, PROMOTIONAL AND SELLING. Advertising, promotional and selling
expenses increased by $1.1 million or 5.3% to $21.2 million or $70.36 per barrel
for the three months ended September 29, 2001, as compared to $66.68 per barrel
for the three months ended September 23, 2000. The increase was primarily due to
radio advertising, production costs, and promotional related expenditures. These
increases were partially offset by declines in television media spending.



                                       8


<PAGE>
GENERAL AND ADMINISTRATIVE. General and administrative expenses increased by
6.3% or $186,000 to $3.1 million for the three months ended September 29, 2001
as compared to the same period last year. This increase was primarily due to bad
debt recovery and depreciation expense. For the three months ended September 23,
2000, the Company had recognized a $75,000 recovery of bad debt. There were no
such recoveries in the three months ended September 29, 2001. Additionally,
depreciation expense related to the purchase of computers was higher for the
three months ended September 29, 2001, as compared to the three months ended
September 23, 2000.

INTEREST INCOME. Interest income decreased by 25.5% to $383,000 for the three
months ended September 29, 2001 from $514,000 for the three months ended
September 23, 2000. This decrease was primarily due to lower short-term interest
rates during the three months ended September 29, 2001 as compared to the same
period last year.

OTHER INCOME (EXPENSE), NET. Other income (expense), net decreased by $250,000
to an expense of $26,000 from income of $224,000, for the three months ended
September 23, 2000, as compared to the same period last year. The Company
received proceeds of $224,000 from the sale of fixed assets for the three months
ended September 23, 2000. There were no proceeds from the sale of fixed assets
for the three months ended September 29, 2001.

NINE MONTHS ENDED SEPTEMBER 29, 2001 COMPARED TO NINE MONTHS ENDED 
SEPTEMBER 23, 2000

NET SALES. Net sales decreased by $2.3 million or 1.6% to $139.4 million for the
nine months ended September 29, 2001 as compared to the nine months ended
September 23, 2000. The decrease was primarily due to a decrease in volume of
Boston Beer's core brands, which was partially offset by increases in selling
prices.

Volume. Volume decreased by 52,000 barrels or 5.6% to 875,000 barrels in the
nine months ended September 29, 2001 from 927,000 barrels in the nine months
ended September 23, 2000. Core brands decreased by 4.5% to 849,000 barrels for
the nine months ended September 29, 2001 from 889,000 barrels for the nine
months ended September 23, 2000. The decrease in core brands was primarily due
to decreases in other year-round products, which was partially offset by
increases in seasonal products.

Non-core volume decreased by 12,000 barrels to 26,000 barrels in the nine months
ended September 29, 2001 from 38,000 barrels in the nine months ended September
23, 2000. The decrease in non-core products was primarily due to the expiration
of the production contract with the Company's largest non-core customer. As
gross profit is significantly lower on non-core products as compared to core
brands, the Company does not believe that this change will have a material
impact on its financial position, results of operations or cash flows in the
short and long-term.

Selling Price. The selling price per barrel increased by approximately 4.3% to
$159.27 per barrel for the nine months ended September 29, 2001, as compared to
the nine months ended September 23, 2000. This increase was primarily due to
price increases and a decline in non-core products, partially offset by
packaging mix changes. As net selling price is significantly lower for non-core
products as compared to core brands, a decline in non-core products effectively
increased the combined net selling price per equivalent barrel.

GROSS PROFIT. Gross profit was 58.9% as a percentage of net sales or $93.85 per
barrel for the nine months ended September 29, 2001, as compared to 56.5% and
$86.29 for the nine months ended September 23, 2000. The increase was primarily
due to price increases, a decline in non-core volume, and a decline in cost of
sales.

Cost of sales decreased by $1.07 per barrel to 41.1% as a percentage of net
sales or $65.42 per barrel for the nine months ended September 29, 2001, as
compared to 43.5% as a percentage of net sales or $66.49 per barrel for the nine
months ended September 23, 2000. This is primarily due to a one-time recovery of
water and sewer charges, lower hops related costs, and a decline in non-core
volume during the nine months ended September 29, 2001. The one-time recovery of
$400,000 was due to a re-assessment and subsequent abatement of 2000 water and
sewer charges at the Cincinnati Brewery. See Hop Purchase Commitments for
further discussion on potential future losses relating to hops.

ADVERTISING, PROMOTIONAL AND SELLING. Advertising, promotional and selling
expenses were 39.3% as a percentage of net sales, or $62.54 per barrel for the
nine months ended September 29, 2001 as compared to 40.1% as a percentage of net
sales or $61.29 per barrel for the nine months ended September 23, 2000.
Advertising, promotional and selling expenses decreased by $2.1 million or 3.7%
to $54.7 million for the nine months ended September 29, 2001. The decrease was
primarily due to a delay in media spending to the later half of the year.



                                       9


<PAGE>
GENERAL AND ADMINISTRATIVE. General and administrative expenses increased by
11.1% or $993,000 to $10.0 million for the nine months ended September 29, 2001
as compared to the same period last year. The increase was primarily due to an
increase in depreciation and amortization expense, changes in bad debt expense,
and higher legal, recruiting, and consulting expenditures. Depreciation and
amortization expense increased due to purchases of computer equipment and the
addition of goodwill amortization. The Company had recognized $215,000 as a
recovery of bad debt for the nine months ended September 23, 2000. There were no
such recoveries during the nine months ended September 29, 2001. Litigation
costs and corporate restructure fees resulted in higher legal-related costs.

INTEREST INCOME. Interest income decreased by 17.0% or $248,000 to $1.2 million
for the nine months ended September 29, 2001 from $1.5 million for the nine
months ended September 23, 2000. This decrease was primarily due to lower
average cash and short-term investments balances coupled with lower short-term
interest rates during the nine months ended September 29, 2001, as compared to
the same period last year.

OTHER INCOME (EXPENSE), NET. Other income (expense), net decreased by $376,000
to $70,000 for the nine months ended September 29, 2001 from $446,000 for the
nine months ended September 23, 2000. For the nine months ended September 29,
2001, the Company received proceeds of $46,000 from the sale of fixed assets as
compared to $404,000 for the same period last year.

LIQUIDITY AND CAPITAL RESOURCES

The Company's financial condition continued to be strong during the first nine
months of 2001. Cash and short-term investments increased to $44.5 million as of
September 29, 2001 from $35.1 million as of December 30, 2000. This increase is
primarily due to cash provided by operating activities partially offset by cash
used for the repurchase of the Company's stock and cash used for the purchase of
capital equipment. Cash provided by operating activities of $14.9 million was
partially offset by cash used in investing and financing activities of $10.0
million, for the nine months ended September 29, 2001.

During the first nine months of 2001, the Company repurchased 325,000 shares of
its outstanding Class A Common Stock at an aggregate cost of $3.0 million under
its stock repurchase program. Under this program, the Company has repurchased a
total of 4.2 million shares at an aggregate cost of $34.0 million as of
September 29, 2001. Effective August 17, 2001, the Board of Directors increased
the aggregate expenditure limitation on the Company's stock repurchase program
by $5.0 million to $45.0 million.

With working capital of $57.8 million and $45.0 million in unused bank lines of
credit as of September 29, 2001, the Company believes that its existing
resources should be sufficient to meet the Company's short-term and long-term
operating and capital requirements.

THE POTENTIAL IMPACT OF KNOWN FACTS, COMMITMENTS, EVENTS AND UNCERTAINTIES

HOPS PURCHASE COMMITMENTS
The Company utilizes several varieties of hops in the production of its malt
beverages. To ensure adequate supplies of these varieties, the Company entered
into advanced multi-year purchase commitments based on forecasted future hop
requirements among other factors. The Company now believes that its actual
future requirements will be significantly lower than the original forecast on
which its existing purchase commitments were based. Factors affecting the
current forecast of requirements include: the slow down of sales growth during
the 1990's, the discontinuation of certain beer styles, and the improved
utilization of hops in production due to process improvements and higher brewing
utility values of recent hop crops.

Since the late 1990's there has also been a decline in the market prices of
hops. The decline in market price is due to an oversupply of certain varieties
and changes in foreign exchange rates and appears to be non-temporary in nature.
After intensive review of the options with regards to our excess hop commitments
and inventory levels, the Company intends to dispose of certain hop types and
cancel some hop future contracts during the fourth quarter 2001. The Company
believes that the transactions contemplated will bring hop inventory levels and
future contracts into balance with our current brewing volume and hop usage.

As a result of the hop transactions that are expected to be completed in the
fourth quarter of 2001, the Company expects to incur a non-recurring pretax
charge between $2.2 million and $5.6 million. The exact amount will depend on
the nature and extent of the disposal transactions actually consummated. This
non-recurring charge is expected to reduce fourth quarter after-tax earnings
between $.08 and $.20 per share.


                                       10


<PAGE>
Generally accepted accounting principles require the Company to reserve for
losses related to excess inventory and purchase commitments by estimating the
range of potential losses and, because no amount within this range represents a
better estimate of the loss than any other, recording a reserve at the lower
value of the range. As of September 29, 2001, the Company had reserved for an
estimated loss of $1.6 million. Generally accepted accounting principles
preclude the Company from recording a lower of cost or market reserve for the
decline in hops market prices because the Company can still recover its cost
through the sale of finished products.

RECENT ACCOUNTING PRONOUNCEMENTS
In June 2001, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standard No. 141, "Business Combinations" (SFAS No. 141)
and SFAS No. 142, "Goodwill and Other Intangible Assets". SFAS No.141 requires
business combinations initiated after June 30, 2001 to be accounted for using
the purchase method of accounting, and broadens the criteria for recording
intangible assets separate from goodwill. SFAS No. 142 requires the use of a
non-amortization approach to account for purchased goodwill and certain
intangibles. The Company is required to adopt these provisions on January 1,
2002. The Company has evaluated the provisions of SFAS No. 141 and SFAS No. 142
and does not believe that the adoption of such statements will have a material
impact on its financial position, results of operations or cash flows.

In July 2001, the FASB issued SFAS No. 143, "Accounting for Asset Retirement
Obligations". This statement addresses financial accounting and reporting for
obligations associated with the retirement of tangible long-lived assets and the
associated asset retirement costs. SFAS No. 143 is effective for financial
statements issued for fiscal years beginning after June 15, 2002. The Company
does not believe the adoption of SFAS No. 143 will have a material impact on its
results of operations or financial position and will adopt such standards on
July 29, 2002, as required.

In August 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets." This statement supercedes FASB Statement No.
121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of," and the accounting and reporting provisions of APB
Opinion No. 30, "Reporting the Results of Operations - Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently
Occurring Events and Transactions." Under this statement it is required that one
accounting model be used for long-lived assets to be disposed of by sale,
whether previously held and used or newly acquired, and it broadens the
presentation of discontinued operations to include more disposal transactions.
The provisions of this statement are effective for financial statements issued
for fiscal years beginning after December 15, 2001, and interim periods within
those fiscal years, with early adoption permitted. The Company is currently
evaluating whether it will early adopt the provisions of SFAS No. 144, and
management will not be able to determine the ultimate impact of this statement
on its results of operations or financial position until such time as its
provisions are analyzed.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Since December 30, 2000, there have been no significant changes in the Company's
exposures to interest rate or foreign currency rate fluctuations. The Company
currently does not enter into derivatives or other market risk sensitive
instruments for the purpose of hedging or for trading purposes.

FORWARD-LOOKING STATEMENTS

In this Form 10-Q and in other documents incorporated herein, as well as in oral
statements made by the Company, statements that are prefaced with the words
"may," "will," "expect," "anticipate," "continue," "estimate," "project,"
"intend," "designed" and similar expressions, are intended to identify
forward-looking statements regarding events, conditions, and financial trends
that may affect the Company's future plans of operations, business strategy,
results of operations and financial position. These statements are based on the
Company's current expectations and estimates as to prospective events and
circumstances about which the Company can give no firm assurance. Further, any
forward-looking statement speaks only as of the date on which such statement is
made, and the Company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date factor that may
emerge, forward-looking statements should not be relied upon as a prediction of
actual future financial condition or results. These forward-looking statements,
like any forward-looking statements, involve risks and uncertainties that could
cause actual results to differ materially from those projected or unanticipated.
Such risks and uncertainties include the factors set forth below in addition to
the other information set forth in this Form 10-Q.


                                       11


<PAGE>

P
ART II. OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

         Two complaints were filed against the Company in 2000 relating to its
         use of the word "BoDean's" in connection with its BoDean's Twisted Tea
         product. Both of the lawsuits have been settled. Neither suit, nor the
         two suits in combination, had a materially adverse impact on the
         results of operation, cash flow or financial position of the Company.

         The Company is party to certain claims and litigation in the ordinary
         course of business. The Company does not believe any of these
         proceedings will, individually or in the aggregate, have a material
         adverse effect upon its financial condition or results of operations



ITEM 2.  CHANGES IN SECURITIES

         Not Applicable


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not Applicable


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         Not Applicable


ITEM 5.  OTHER INFORMATION

         Not Applicable


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits

                                  EXHIBIT INDEX

         EXHIBIT NO.                       TITLE
         -----------                       -----

            3.1         Amended and Restated By-Laws of the Company, dated June
                        2, 1998 (incorporated by reference to Exhibit 3.5 to the
                        Company's Form 10-Q filed on August 10, 1998).

            3.2         Restated Articles of Organization of the Company, dated
                        July 21, 1998 (incorporated by reference to Exhibit 3.6
                        to the Company's Form 10-Q filed on August 10, 1998).

            4.1         Form of Class A Common Stock Certificate (incorporated
                        by reference to Exhibit 4.1 to the Company's
                        Registration Statement No. 33-96164).

            10.1        Revolving Credit Agreement between Fleet Bank of
                        Massachusetts, N.A. and Boston Beer Company Limited
                        Partnership (the "Partnership"), dated as of May 2, 1995
                        (incorporated by reference to Exhibit 10.1 to the
                        Company's Registration Statement No. 33-96162).

            10.2        Loan Security and Trust Agreement, dated October 1,
                        1987, among Massachusetts Industrial Finance Agency, the
                        Partnership and The First National Bank of Boston, as
                        Trustee, as amended (incorporated by reference to
                        Exhibit 10.2 to the Company's Registration Statement No.
                        33-96164).



                                       12


<PAGE>
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K (CONTINUED)

(a)      Exhibits (continued)

                            EXHIBIT INDEX (CONTINUED)

         EXHIBIT NO.                       TITLE
         -----------                       -----

            10.4        The Boston Beer Company, Inc. Employee Equity Incentive
                        Plan, as adopted effective November 20, 1995 and amended
                        effective February 23, 1996 (incorporated by reference
                        to Exhibit 4.1 to the Company's Registration Statement
                        No. 333-1798).

            10.5        Form of Employment Agreement between the Partnership and
                        employees (incorporated by reference to Exhibit 10.5 to
                        the Company's Registration Statement No. 33-96162).

            10.6        Services Agreement between The Boston Beer Company, Inc.
                        and Chemical Mellon Shareholder Services, dated as of
                        October 27, 1995 (incorporated by reference to the
                        Company's Form 10-K, filed on April 1, 1996).

            10.7        Form of Indemnification Agreement between the
                        Partnership and certain employees and Advisory Committee
                        members (incorporated by reference to Exhibit 10.7 to
                        the Company's Registration Statement No. 33-96162).

            10.8        Stockholder Rights Agreement, dated as of December,
                        1995, among The Boston Beer Company, Inc. and the
                        initial Stockholders (incorporated by reference to the
                        Company's Form 10-K, filed on April 1, 1996).

           +10.9        Agreement between Boston Brewing Company, Inc. and The
                        Stroh Brewery Company, dated as of January 31, 1994
                        (incorporated by reference to Exhibit 10.9 to the
                        Company's Registration Statement No. 33-96164).

           +10.10       Agreement between Boston Brewing Company, Inc. and the
                        Genesee Brewing Company, dated as of July 25, 1995
                        (incorporated by reference to Exhibit 10.10 to the
                        Company's Registration Statement No. 33-96164).

           +10.11       Amended and Restated Agreement between Pittsburgh
                        Brewing Company and Boston Brewing Company, Inc. dated
                        as of February 28, 1989 (incorporated by reference to
                        Exhibit 10.11 to the Company's Registration Statement
                        No. 33-96164).

            10.12       Amendment to Amended and Restated Agreement between
                        Pittsburgh Brewing Company, Boston Brewing Company,
                        Inc., and G. Heileman Brewing Company, Inc., dated
                        December 13, 1989 (incorporated by reference to Exhibit
                        10.12 to the Company's Registration Statement No.
                        33-96162).

           +10.13       Second Amendment to Amended and Restated Agreement
                        between Pittsburgh Brewing Company and Boston Brewing
                        Company, Inc. dated as of August 3, 1992 (incorporated
                        by reference to Exhibit 10.13 to the Company's
                        Registration Statement No. 33-96164).

           +10.14       Third Amendment to Amended and Restated Agreement
                        between Pittsburgh Brewing Company and Boston Brewing
                        Company, Inc. dated December 1,1994 (incorporated by
                        reference to Exhibit 10.14 to the Company's Registration
                        Statement No. 33-96164).

            10.15       Fourth Amendment to Amended and Restated Agreement
                        between Pittsburgh Brewing Company and Boston Brewing
                        Company, Inc. dated as of April 7,1995 (incorporated by
                        reference to Exhibit 10.15 to the Company's Registration
                        Statement No. 33-96162).


                                       13


<PAGE>
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K (CONTINUED)

(a)      Exhibits (continued)

                            EXHIBIT INDEX (CONTINUED)

         EXHIBIT NO.                       TITLE
         -----------                       -----

           +10.16       Letter Agreement between Boston Beer Company Limited
                        Partnership and Joseph E. Seagram & Sons, Inc.
                        (incorporated by reference to Exhibit 10.16 to the
                        Company's Registration Statement No. 33-96162).

            10.17       Services Agreement and Fee Schedule of Mellon Bank, N.A.
                        Escrow Agent Services for The Boston Beer Company, Inc.
                        dated as of October 27, 1995 (incorporated by reference
                        to Exhibit 10.17 to the Company's Registration Statement
                        No. 33-96164).

            10.18       Amendment to Revolving Credit Agreement between Fleet
                        Bank of Massachusetts, N.A. and the Partnership
                        (incorporated by reference to Exhibit 10.18 to the
                        Company's Registration Statement No. 33-96164).

            10.19       1996 Stock Option Plan for Non-Employee Directors
                        (incorporated by reference to the Company's Form 10-K,
                        filed on March 31, 1997).

           +10.20       Production Agreement between The Stroh Brewery Company
                        and Boston Beer Company Limited Partnership, dated
                        January 14, 1997 (incorporated by reference to the
                        Company's Form 10-K, filed on March 31, 1997).

           +10.21       Letter Agreement between The Stroh Brewery Company and
                        Boston Beer Company Limited Partnership, dated January
                        14, 1997 (incorporated by reference to the Company's
                        Form 10-K, filed on March 31, 1997).

           +10.22       Agreement between Boston Beer Company Limited
                        Partnership and The Schoenling Brewing Company, dated
                        May 22, 1996 (incorporated by reference to the Company's
                        Form 10-K, filed on March 31, 1997).

            10.23       Revolving Credit Agreement between Fleet Bank of
                        Massachusetts, N.A. and The Boston Beer Company, Inc.,
                        dated as of March 21, 1997 (incorporated by reference to
                        the Company's Form 10-Q, filed on May 12, 1997).

           +10.24       Amended and Restated Agreement between Boston Brewing
                        Company, Inc. and the Genesee Brewing Company, Inc.
                        dated April 30, 1997 (incorporated by reference to the
                        Company's Form 10-Q, filed on August 11, 1997).

           +10.26       Fifth Amendment, dated December 31, 1997, to Amended and
                        Restated Agreement between Pittsburgh Brewing Company
                        and Boston Brewing Company, Inc. (incorporated by
                        reference to the Company's Form 10-K, filed on March 26,
                        1998).

            10.27       Extension letters, dated August 19, 1997, November 19,
                        1997, December 19, 1997, January 22, 1998, February 25,
                        1998 and March 11, 1998 between The Stroh Brewery
                        Company and Boston Brewing Company, Inc. (incorporated
                        by reference to the Company's Form 10-K, filed on March
                        26, 1998).

           +10.28       Employee Equity Incentive Plan, as amended and effective
                        on December 19, 1997 (incorporated by reference to the
                        Company's Form 10-K, filed on March 26, 1998).

           +10.29       1996 Stock Option Plan for Non-Employee Directors, as
                        amended and effective on December 19, 1997 (incorporated
                        by reference to the Company's Form 10-K, filed March 26,
                        1998).


                                       14


<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K (CONTINUED)

(a)      Exhibits (continued)

                            EXHIBIT INDEX (CONTINUED)

         EXHIBIT NO.                       TITLE
         -----------                       -----

           +10.30       Glass Supply Agreement between The Boston Beer Company
                        and Owens' Brockway Glass Container Inc., dated April
                        30, 1998 (incorporated by reference to the Company's
                        Form 10-Q, filed on August 10, 1998).

            10.31       Extension letters, dated April 13, 1998, April 27, 1998,
                        June 11, 1998, June 25, 1998 and July 20, 1998 between
                        The Stroh Brewery Company and Boston Brewing Company,
                        Inc. (incorporated by reference to the Company's Form
                        10-Q, filed on August 10, 1998).

            10.32       Extension letters, dated July 31, 1998, August 28, 1998,
                        September 28, 1998, October 13, 1998, October 20, 1998
                        and October 23, 1998 between The Stroh Brewery Company
                        and Boston Brewing Company, Inc. (incorporated by
                        reference to the Company's Form 10-Q, filed on November
                        4, 1998).

           +10.33       Amended and Restated Production Agreement between The
                        Stroh Brewery Company and Boston Beer Company Limited
                        Partnership, dated November 1, 1998 (incorporated by
                        reference to the Company's Form 10-K, filed on March 25,
                        1999).

            10.34       Agreement between Boston Beer Company Limited
                        Partnership, Pabst Brewing Company and Miller Brewing
                        Company, dated February 5, 1999 (incorporated by
                        reference to the Company's Form 10-K, filed on March 25,
                        1999).

            10.35       Amendment to Revolving Credit Agreement between Fleet
                        Bank of Massachusetts, N.A. and The Boston Beer Company,
                        Inc., dated March 30, 1999 (incorporated by reference to
                        the Company's Form 10-Q, filed on May 10, 1999).

           +10.36       Agreement between Boston Beer Company Limited
                        Partnership and Landstar Logistics and Transportation,
                        dated January 9, 1999 (incorporated by reference to the
                        Company's Form 10-Q, filed on May 10, 1999).

           *11.1        The information required by exhibit 11 has been included
                        in Note D of the notes to the consolidated financial
                        statements.

            21.1        List of subsidiaries of The Boston Beer Company, Inc.
                        (incorporated by reference to the Company's Form 10-K,
                        filed on March 31, 1997).

            * Filed with this report.

            + Portions of this Exhibit have been omitted pursuant to an
            application for an order declaring confidential treatment filed with
            the Securities and Exchange Commission.

(b)      REPORTS ON FORM 8-K.
         The Company filed a report on Form 8-K under Item 5, other events and
         regulation FD disclosure, with the Securities and Exchange Commission
         on September 28, 2001.


                                       15


<PAGE>

SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
         the registrant has duly caused this Form 10-Q to be signed on its
         behalf by the undersigned thereunto duly authorized.




                          THE BOSTON BEER COMPANY, INC.
                                  (Registrant)




 Date:  November 13, 2001          By: /s/ Martin F. Roper
                                       -----------------------------------------
                                       Martin F. Roper
                                       President and Chief Executive Officer
                                       (principal executive officer)




 Date:  November 13, 2001          By: /s/ Richard P. Lindsay
                                       -----------------------------------------
                                       Richard P. Lindsay
                                       Chief Financial Officer (principal
                                       financial and accounting officer)








                                       16