E-Malt.com News article: 753

Boston Beer Co. Inc.'s chief financial officer made a profit selling the brewer's shares the same day the company announced his resignation, according to Reuters.

Shares of Boston Beer, which makes the Samuel Adams line of beers, fell more than 8% on Tuesday to $11.56, their lowest level since November 2001.

The decline came after Boston Beer said late on Monday that Richard Lindsay, its treasurer and CFO, would leave at the end of March "to pursue advanced educational goals and other professional opportunities."

Lindsay exercised an option for 1,000 class A common shares at $7.15625 each on Monday and then sold the shares at $12.50 each, leaving him with direct ownership of 200 shares, according to a filing with the U.S. Securities and Exchange Commission.

Based on those figures, Lindsay made a profit of more than $5,300 on the shares on Monday.

According to separate SEC filings, Lindsay also exercised options for 5,000 shares at $7.15625 each last week and then sold the shares at higher prices.

A spokeswoman for Boston-based Boston Beer could not be reached for comment on Tuesday morning.

Shares of Boston Beer were down 57 cents, or about 4.5%, at $12.07 at midday on the New York Stock Exchange.


12 March, 2003