Quarterly Financial Information (Unaudited)

The following summarizes selected quarterly financial information for fiscal years 2013 and 2012.



2013	First			Second			Third			Fourth			Full Year
	(In millions, except per share data)
Sales	$	1,184.8		$	1,659.7		$	1,665.4		$	1,489.7		$	5,999.6
Excise taxes	(356.3		)	(481.7		)	(494.2		)	(461.3		)	(1,793.5		)
Net sales	828.5			1,178.0			1,171.2			1,028.4			4,206.1
Cost of goods sold	(547.1		)	(684.1		)	(670.0		)	(644.4		)	(2,545.6		)
Gross profit	$	281.4		$	493.9		$	501.2		$	384.0		$	1,660.5
Amounts attributable to Molson Coors Brewing Company:
Net income (loss) from continuing operations	$	36.5		$	276.7		$	120.9		$	131.2		$	565.3
Income (loss) from discontinued operations, net of tax	(0.9		)	1.7			0.9			0.3			2.0
Net income (loss) attributable to Molson Coors Brewing Company	$	35.6		$	278.4		$	121.8		$	131.5		$	567.3
Basic net income (loss) attributable to Molson Coors Brewing Company per share(1):
From continuing operations	$	0.20		$	1.51		$	0.65		$	0.72		$	3.09
From discontinued operations	—			0.01			0.01			—			0.01
Basic net income (loss) attributable to Molson Coors Brewing Company per share	$	0.20		$	1.52		$	0.66		$	0.72		$	3.10
Diluted net income (loss) attributable to Molson Coors Brewing Company per share(1):
From continuing operations	$	0.20		$	1.50		$	0.65		$	0.71		$	3.07
From discontinued operations	—			0.01			0.01			—			0.01
Diluted net income (loss) attributable to Molson Coors Brewing Company per share	$	0.20		$	1.51		$	0.66		$	0.71		$	3.08



2012	First			Second			Third			Fourth			Full Year
	(In millions, except per share data)
Sales	$	1,008.1		$	1,440.9		$	1,685.8		$	1,480.2		$	5,615.0
Excise taxes	(316.7		)	(441.5		)	(490.3		)	(450.0		)	(1,698.5		)
Net sales	691.4			999.4			1,195.5			1,030.2			3,916.5
Cost of goods sold	(438.8		)	(580.1		)	(687.0		)	(646.6		)	(2,352.5		)
Gross profit	$	252.6		$	419.3		$	508.5		$	383.6		$	1,564.0
Amounts attributable to Molson Coors Brewing Company:
Net income (loss) from continuing operations	$	79.4		$	104.3		$	197.7		$	60.1		$	441.5
Income (loss) from discontinued operations, net of tax	0.1			0.8			0.7			(0.1		)	1.5
Net income (loss) attributable to Molson Coors Brewing Company	$	79.5		$	105.1		$	198.4		$	60.0		$	443.0
Basic net income (loss) attributable to Molson Coors Brewing Company per share(1):
From continuing operations	$	0.44		$	0.58		$	1.09		$	0.33		$	2.44
From discontinued operations	—			—			—			—			0.01
Basic net income (loss) attributable to Molson Coors Brewing Company per share	$	0.44		$	0.58		$	1.09		$	0.33		$	2.45
Diluted net income (loss) attributable to Molson Coors Brewing Company per share(1):
From continuing operations	$	0.44		$	0.57		$	1.09		$	0.33		$	2.43
From discontinued operations	—			—			—			—			0.01
Diluted net income (loss) attributable to Molson Coors Brewing Company per share	$	0.44		$	0.57		$	1.09		$	0.33		$	2.44

(1)

The sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted average number of outstanding shares during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Subsequent Event Impacting Interim Reporting

In previous years, including interim periods within fiscal year 2013, we recognized advertising costs in expense over the interim periods within a fiscal year based on the proportion of net sales volumes for the interim period in relation to the estimated annual net sales volumes under U.S. GAAP, which permits the allocation of costs across interim periods within a fiscal year when future periods benefit from the expenditure. Advertising expenses were not deferred from one fiscal year to the next. During the first quarter of fiscal 2014, we changed our method of accounting for advertising expense for interim periods such that advertising expense is recognized as incurred, effective at the beginning of the first quarter. We adopted this change as a result of management’s belief that the new method is preferable and results in a more objective measure of quarterly expense that will better support planning and resource allocation decisions by management, results in improved financial statements for investor analysis, and further aligns our treatment with that of our U.S. operations within MillerCoors. The new policy of expensing advertising costs as incurred additionally eliminates the uncertainty in estimating overall expected net sales volumes, advertising expenses, and the benefit period of the advertising on an interim basis, and conforms the Company’s interim accounting policy with that used to prepare the annual financial statements. The change will be applied retrospectively to all prior interim periods, and advertising expense for such interim periods will be recast beginning with our first quarter 2014 interim reporting period.