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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
  FORM 10-K/A  (MARK ONE) þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE YEAR ENDED DECEMBER 31, 2003o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROMTO.
 COMMISSION FILE NUMBER 0-27116  PYRAMID BREWERIES INC.  Washington
    
    91-1258355(State or other jurisdiction of
incorporation or organization)
    
    (IRS Employer
Identification No.)
 91 South Royal Brougham Way, Seattle, WA 98134
(Address of principal executive offices)
(206) 682-8322
(Registrants telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
Common Stock, par value $.01 per share  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 þ No o . Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of 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. o Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes o No þ The aggregate market value of the voting stock held by non-affiliates of
the registrant as of the last business day of the registrants most recently
completed second quarter, June 30, 2003, was $29,930,975. The number of shares outstanding of the registrants common stock as of
March 8, 2004, was 8,665,085. DOCUMENTS INCORPORATED BY REFERENCE None




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TABLE OF CONTENTS  EXPLANATORY NOTEItem 14  Principal Accountant Fees and ServicesSIGNATURESEXHIBIT 31.1EXHIBIT 31.2EXHIBIT 31.3EXHIBIT 32.1EXHIBIT 32.2EXHIBIT 32.3    Table of Contents  
 EXPLANATORY NOTE On March 12, 2004, Pyramid Breweries Inc. (the Company) filed with the
Securities and Exchange Commission (the SEC) its Annual Report on Form 10-K
for the year ended December 31, 2003 (the Initial Form 10-K). In accordance
with the SEC rules, the Company incorporated by reference Part III, Item 14 -
Principal Accountant Fees and Services of the Initial Form 10-K from the
Companys Proxy Statement filed on April 21, 2004 in connection with its 2004
Annual Stockholders Meeting. Upon a subsequent review of the 2004 Proxy Statement, the Company
identified additional information associated with certain fees paid to KPMG
LLP, which now serves as the Companys independent auditor, under a
finding-based fee arrangement for services performed in 2002. This Amendment
No. 1 on Form 10-K/A amends Part III of the Initial Form 10-K in order to
include disclosure related to those fees and services as required by Item 14 of
Form 10-K. 
 Item 14  Principal Accountant Fees and Services Independent Accountant Fees The aggregate fees billed by Andersen and KPMG LLP for professional
services rendered for the audit of the Companys annual financial statements
for the fiscal years ended December 31, 2003 and 2002 are as follows: KPMG LLP
    
    Andersen(1)2003
    
    2002
    
    2003
    
    2002Audit Fees (2)
    
    $
    83,000
    
    
    $
    66,000
    
    
    
    
    $
    56,000Audit-Related Fees
    
    
    0
    
    
    
    0
    
    
    
    
    
    0Tax Fees (3)
    
    
    87,000
    
    
    
    42,000
    
    
    
    
    
    3,000All Other Fees (4)
    
    
    7,000
    
    
    
    13,000
    
    
    
    
    
    0Total Fees
    
    $
    177,000
    
    
    $
    121,000
    
    
    
    
    $
    59,000
  (1)
    
    Effective May 30, 2002, we dismissed Arthur Andersen LLP as our
independent accountant and engaged KPMG LLP to serve as our independent
accountants for the fiscal year ended December 31, 2002.(2)
    
    Audit services billed in 2003 and 2002 consisted of the audit of our
annual financial statements, review of quarterly financial statements, consents
and other services related to filings with the SEC.(3)
    
    Tax services billed in 2003 and 2002 consisted of the following:  (a)
    
    Fees for tax compliance services totaled $25,000 in 2003 and
$18,000 in 2002. Tax compliance services are services rendered, based
upon facts already in existence or transactions already occurred, to
document and compute amounts to be included in tax filings. Such
services consisted of federal and state income tax return assistance.(b)
    
    Fees for tax planning and advice services totaled $5,000 in 2003
and $3,000 in 2002. Tax planning and advice are services rendered
with respect to proposed transactions, earnings and profit
calculations for dividend classification or that structure a
transaction to obtain a particular tax result.(c)
    
    Fees for a review of Washington State sales and use tax payments
made by the Company dating back five years (1998  2002) for the
purpose of identifying possible overpayments and opportunities for
refund, and included a review of the Washington state law regarding
the machinery and equipment exemption and the resale exemption as it
applies to Pyramid Breweries Inc. Findings-based fees for the
application and receipt of a refund related to the state tax
exemptions totaled $57,000 in 2003 and $24,000 in 2002.  (4)
    
    All other fees billed in 2003 consisted of fees associate with due
diligence related to the acquisition of the Portland Brewing Company assets.
2002 consisted of fees associated with the audit of the 401(k) plan.




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SIGNATURES Pursuant to the requirements of Section 13 of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized. September 3, 2004 Pyramid Breweries Inc.
(Registrant)By       /s/ JAMES K. HILGERJames K. HilgerVice President and
Chief Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. By
    
    /s/ JOHN J. LENNON
    
    September 3, 2004John LennonChief Executive Officer and DirectorBy
    
    /s/ JAMES K. HILGER
    
    September 3, 2004James K. HilgerVice President and Chief Financial OfficerBy
    
    /s/ JASON W. REES
    
    September 3, 2004Jason W. ReesController and Chief Accounting OfficerBy
    
    /s/ GEORGE HANCOCK
    
    September 3, 2004George HancockChairman of the BoardBy
    
    /s/ SCOTT S. BARNUM
    
    September 3, 2004Scott S. BarnumDirectorBy
    
    /s/ KURT DAMMEIER
    
    September 3, 2004Kurt DammeierDirectorBy
    
    /s/ NANCY MOOTZ
    
    September 3, 2004Nancy MootzDirectorBy
    
    /s/ SCOTT SVENSON
    
    September 3, 2004Scott SvensonDirector