E-Malt.com News article: 617

Adolph Coors Company, the US company, announced on January 07 higher consolidated net sales, net income and earnings per share for 2002. For the 52-week fiscal year ended Dec. 29, 2002, the company achieved consolidated net sales of $3.78 billion, a 55.4 percent increase from 2001. Reported sales volume totaled 31,841,000 U.S. barrels, or 37,365,000 hectoliters (HLs), in 2002, a 40.2 percent increase from 2001. The increase in 2002 volume, sales, income and earnings per share was driven primarily by the addition of results from Coors Brewers Limited (CBL), the business acquired from Interbrew S.A. on Feb. 2, 2002. Results for 2001 and the first five weeks of 2002 exclude CBL.

Consolidated 2002 net income was $161.7 million, up 31.5 percent from $123.0 million a year ago. For 2002, diluted earnings per share were $4.42, up 33.5 percent from a year earlier. Excluding special items, as well as gains on the sale of distributorships last year, the company achieved 2002 after-tax income of $165.6 million, a 37.8 percent increase from $120.2 million in 2001. Comparable diluted earnings per share were $4.53, up 40.2 percent from $3.23 per share in 2001.

Peter H. Coors, chairman of Coors Brewing Company (CBC), said, "2002 was a transformational year for Coors. We completed the first major acquisition in our history and successfully incorporated the second-largest U.K. brewer into our total enterprise. This acquisition has made our company larger, stronger and more flexible. Although sales to retail trends in the U.S. were soft during the year, particularly in the fourth quarter, we continued to make significant investments to build our brands and improve our operations. Nevertheless, we faced significant challenges as a company in 2002, including essentially flat sales volume in our Americas segment. We did, however, make significant progress in improving our production capabilities and reducing costs on both sides of the Atlantic.”

“Volume for Carling, the largest beer brand in the U.K., grew at mid-single-digit percentage rates for 2002 and the fourth quarter in both the on-trade and off-trade channels."

Excluding special items and gains on the sale of distributorships, the company achieved fourth quarter 2002 after-tax income of $23.1 million, up 28.7 percent from $17.9 million a year ago.

Americas Segment Results For the full year 2002, Americas segment net sales were $2.4 billion, a 0.9 percent decrease from a year earlier.

These results reflect solid beer pricing, U.S. cost reductions and strong Canada growth, partially offset by unfavourable mix shifts and a significant increase in marketing and sales investment.

Europe Segment Results (primarily Coors Brewers Limited) The company's Europe segment achieved net sales of $1.38 billion in 2002.


07 February, 2003