Dear Shareholders, We are happy to report to you Today, Angry Orchard hard cider is the leading hard cider in the that 2014 was another record year. We sold 4.1 million barrels U.S. Similarly, the hard tea we began making in small batches in of beer and cider in all 50 states and about 30 countries. Our 1999 has become America’s favorite hard iced tea, Twisted Tea. sales soared 22%; our annual sales for 2014 were $903 million. Think about that, just five years ago in 2009, our sales were The first bottles of Samuel Adams Boston Lager officially went $415 million. We more than doubled that in 2014. While more on sale on Patriots’ Day thirty years ago. This year, Patriots’ Day than 3,000 craft breweries operated in the U.S. last year, we falls on Monday, April 20th. So, we invite our shareholders to continue to be the leading craft brewer in the U.S. because of raise a Samuel Adams Boston Lager and toast to 30 more years the support from our 1,300 employees, our distributors, and of of brewing and enjoying Samuel Adams Boston Lager and great course, our drinkers. craft beers. Our mission statement has always been to “seek long term profitable growth by offering the highest quality products to the U.S. Beer Drinker”. Perhaps our most successful new beer launch in 2014 was Samuel Adams Rebel IPA. We wanted our Cheers! West Coast IPA to set a high standard for this style, showcasing the flavors of the West Coast hops over hop bitterness . In fact, drinkers liked Rebel IPA so much that in 2015 we are releasing two new Rebel IPA styles: Rebel Rouser Double IPA and Rebel Rider Session IPA. In 2014 we received a major honor at Brau Beviale, a worldwide gathering of brewers in Germany. The award, the “Bayerischer Bierorden” (which translates to the Bavarian Beer Medal Jim Koch Martin Roper Award), had never been given before to a non-German brewer Founder & Brewer President & CEO and was given to The Boston Beer Company for our contribution to the world of beer and brewing. This was truly a year of new records and accomplishments achieved because of our mission to brew the best craft beer possible. Innovation has been our passion since we first began brewing Samuel Adams Boston Lager more than thirty years ago. But our creativity doesn’t stop there. We have been able to help revive the production of one of America’s most traditional beverages, hard cider, under our subsidiary the Angry Orchard Cider Com- pany. We began making hard cider almost twenty years ago and have been honing our cider-making skills since then. THE BOSTON BEER COMPANY | ANNUAL REPORT 340,000+ viewers within 24 Hours business loans made through Samuel Adams 2014 Brews Boston Lager Limited Release Barrel Room Sam Adams Light Maple Pecan Porter Collection Rebel IPA Belgian Session New World Blueberry Hill Lager Seasonals Thirteenth Hour Harvest Saison* American Kriek Cold Snap* Old Fezziwig Stony Brook Red Summer Ale Chocolate Bock Tetravis OctoberFest Latitude 48 Deconstructed Kosmic Mother Funk Grand Cru* Winter Lager Hallertau Mittelfrueh other Seasonal LIMITED Release Mosaic* East Kent Goldings Boston 26.2 Brew Escape Route* Simcoe Brewlywed Ale Porch Rocker Zeus Golden Yuzu* Harvest Pumpkin Ale Sam Stout Word to the Weiss* White Christmas Black Harbor Stout* SMALL BATCH Brewmasters Oats McGoats* Double Bock Collection Honey Queen* LONGSHOT Latitude 48 IPA Fat Jack Russ Brunner’s American Stout* Samuel Adams Whitewater IPA Merry Maker Teresa Bury’s Pineapple IPA* Noble Pils Roggen Wolf* Cesar Marron’s Gratzer* Cherry Wheat Tasman Red Double Agent IPL Third Voyage White Lantern Grumpy Monk Boston Ale Double Pilsner* *NEW Irish Red Double Black Lager* Cream Stout Helles Bock* Blackberry Witbier The Vixen Black Lager THE BOSTON BEER COMPANY | ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2014 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES 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 incorporation or organization) (I.R.S. Employer Identification No.) One Design Center Place, Suite 850, Boston, Massachusetts 02210 (Address of principal executive offices) (Zip Code) (617) 368-5000 (Registrant’s telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: Title of each class Name of each exchange on which registered Class A Common Stock NYSE SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: NONE Indicate by check mark YES NO ••if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ••if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. ••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. ••whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. ••if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ••whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Large accelerated filer Accelerated filer Non-accelerated filer ••whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). The aggregate market value of the Class A Common Stock ($.01 par value) held by non-affiliates of the registrant totaled $1,977.2 million (based on the average price of the Company’s Class A Common Stock on the New York Stock Exchange on June 28, 2014). All of the registrant’s Class B Common Stock ($.01 par value) is held by an affiliate. As of February 20, 2015, there were 9,721,327 shares outstanding of the Company’s Class A Common Stock ($.01 par value) and 3,617,355 shares outstanding of the Company’s Class B Common Stock ($.01 par value). DOCUMENTS INCORPORATED BY REFERENCE Certain parts of the registrant’s definitive Proxy Statement for its 2015 Annual Meeting to be held on May 27, 2015 are incorporated by reference into Part III of this report. Table of Contents PART I 1 ITEM 1. Business ................................................................................................................................................................................................................................................................................................... 1 ITEM 1A. Risk Factors ....................................................................................................................................................................................................................................................................................... 7 ITEM 1B. Unresolved Staff Comments .............................................................................................................................................................................................................................. 12 ITEM 2. Properties ........................................................................................................................................................................................................................................................................................... 12 ITEM 3. Legal Proceedings............................................................................................................................................................................................................................................................... 12 ITEM 4. Mine Safety Disclosures............................................................................................................................................................................................................................................. 12 PART II 13 ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ................................................................................................................................................................................. 13 ITEM 6. Selected Consolidated Financial Data ............................................................................................................................................................................................... 16 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ....................................................................................................................................................................................................................................