BEVERLY HILLS, Calif., May 25 /PRNewswire/ -- CBR Brewing Company, Inc. (OTC Bulletin Board: CBRB) announced the  results of its operations for the year ended December 31, 1998, reporting net sales of $135,061,098 and net income of $2,577,290, as compared to net sales of $140,877,890 and net income of $3,706,374 for the year ended December 31, 1997. Net income per common share (basic and diluted) was $0.32 in 1998 as compared to $0.46 in 1997. Weighted average common shares outstanding (basic and diluted) were 8,008,342 in 1998 and 8,000,013 in 1997. During the years ended December 31, 1998 and 1997, the Company sold 235,670 and 227,418 metric tons of beer, respectively.

For the three months ended March 31, 1999, CBR Brewing Company, Inc. reported net sales of $33,688,258 and net income of $902,389, as compared to net sales of $34,413,555 and net income of $852,412 for the three months ended March 31, 1998. Net income per common share (basic and diluted) was $0.11 in both 1999 and 1998. Weighted average common shares were 8,010,013 in 1999 (basic and diluted), and 8,003,346 (basic) and 8,046,227 (diluted) in 1998. During the three months ended March 31, 1999 and 1998, the Company sold 52,563 and 55,979 metric tons of beer, respectively.

CBR Brewing Company, Inc., through its subsidiaries and affiliates, is engaged in the production, distribution and marketing of Pabst Blue Ribbon beer in the People's Republic of China. As of December 31, 1998, the Company owned effective interests of 60%, 24% and 33% in three brewing facilities currently producing Pabst Blue Ribbon beer in the People's Republic of China, all of which are managed by the Company. The Company produces Pabst Blue Ribbon beer under a sublicense agreement with Guangdong Blue Ribbon Group Co. Ltd., an affiliated company, which expires on November 6, 2003.

For further information, contact investor relations at (818) 789-0488.
SOURCE CBR Brewing Company, Inc.