To me it should look clearer. Did you apply anti-aliasing on that font? if so set this to NONE as pixel fonts should not contain any kind of anti-aliasing. Ensure the horizontal spacing is is set to "0" also as this distorts the font if text spacing is added.
The following mood derived from this thread so I commenced on designing the beer mug (which was a pain in the arse to design) just wondering if the title and the design (specifically the beer mug) is good enough to convey this? Be honest and don't hold back I'm open to criticism (mood below)