EX-99.1 2 a05-19374_1ex99d1.htm 99.1

Exhibit 99.1

 

MOLSON COORS BREWING COMPANY

SUMMARY OF OPERATIONS - CONSOLIDATED

3rd QUARTER 2005

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

September 25,

 

September 26,

 

September 25,

 

September 26,

 

(In thousands, except per share amounts)

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Barrels of beer and other beverages sold

 

12,837

 

8,559

 

33,729

 

24,419

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

2,210,188

 

$

1,487,828

 

$

5,837,783

 

$

4,272,841

 

Beer excise taxes

 

(613,326

)

(383,522

)

(1,565,463

)

(1,094,330

)

Net sales

 

1,596,862

 

1,104,306

 

4,272,320

 

3,178,511

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

(935,426

)

(688,384

)

(2,575,773

)

(2,003,152

)

Gross profit

 

661,436

 

415,922

 

1,696,547

 

1,175,359

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative

 

(465,461

)

(312,018

)

(1,285,173

)

(917,857

)

Special charges - net

 

(33,493

)

—

 

(161,866

)

—

 

Operating income

 

162,482

 

103,904

 

249,508

 

257,502

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income - net

 

(6,405

)

5,903

 

(9,393

)

5,883

 

Interest expense - net

 

(40,232

)

(12,268

)

(102,105

)

(40,831

)

Income before income taxes

 

115,845

 

97,539

 

138,010

 

222,554

 

Income tax expense

 

(7,372

)

(29,430

)

(29,097

)

(69,658

)

Income before minority interest

 

108,473

 

68,109

 

108,913

 

152,896

 

Minority interest

 

(275

)

(3,967

)

3,647

 

(11,878

)

Net income (1)

 

$

108,198

 

$

64,142

 

$

112,560

 

$

141,018

 

 

 

 

 

 

 

 

 

 

 

Net income per share (basic)

 

$

1.27

 

$

1.72

 

$

1.45

 

$

3.81

 

Net income per share (diluted)

 

$

1.26

 

$

1.68

 

$

1.44

 

$

3.74

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares o/s (basic) (2)

 

85,323

 

37,341

 

77,405

 

37,054

 

Weighted average number of shares o/s (diluted)

 

85,900

 

38,125

 

78,059

 

37,754

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

 

$

0.32

 

$

0.205

 

$

0.96

 

$

0.615

 

 

(1) Purchase accounting, which is preliminary as of September 25, 2005, could result in additional income or loss that these results do not reflect on an annualized basis when finalized in subsequent reporting periods.

 

(2) Shares outstanding at December 26, 2004, totaled 37.7 million and were 85.3 million at September 25, 2005, largely as a result of the merger.

 

NOTE:  All results prior to February 9, 2005, exclude Molson Inc., which merged with Adolph Coors Company on that date.

 


 

MOLSON COORS BREWING COMPANY

SUMMARY OF OPERATIONS - CANADA

3rd QUARTER 2005

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

September 25,

 

September 26,

 

September 25,

 

September 26,

 

(In thousands)

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Barrels of beer and other beverages sold

 

2,398

 

—

 

5,490

 

—

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

635,191

 

$

17,765

 

$

1,445,813

 

$

44,959

 

Beer excise taxes

 

(149,725

)

—

 

(325,423

)

—

 

Net sales

 

485,466

 

17,765

 

1,120,390

 

44,959

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

(233,297

)

—

 

(586,111

)

—

 

Gross profit

 

252,169

 

17,765

 

534,279

 

44,959

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative

 

(113,968

)

403

 

(273,065

)

637

 

Operating income

 

138,201

 

18,168

 

261,214

 

45,596

 

 

 

 

 

 

 

 

 

 

 

Other expense - net

 

(6,953

)

—

 

(6,953

)

—

 

Interest income - net

 

—

 

—

 

—

 

—

 

Earnings before income taxes

 

$

131,248

 

$

18,168

 

$

254,261

 

$

45,596

 

 


 

MOLSON COORS BREWING COMPANY

SUMMARY OF OPERATIONS - UNITED STATES

3rd QUARTER 2005

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

September 25,

 

September 26,

 

September 25,

 

September 26,

 

(In thousands)

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Barrels of beer and other beverages sold

 

6,077

 

5,883

 

17,205

 

16,802

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

766,389

 

$

738,887

 

$

2,192,293

 

$

2,107,927

 

Beer excise taxes

 

(108,529

)

(105,077

)

(307,478

)

(300,625

)

Net sales

 

657,860

 

633,810

 

1,884,815

 

1,807,302

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

(403,203

)

(381,657

)

(1,144,624

)

(1,098,618

)

Gross profit

 

254,657

 

252,153

 

740,191

 

708,684

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative

 

(186,371

)

(192,283

)

(561,009

)

(554,568

)

Special charges

 

(37,115

)

—

 

(54,561

)

—

 

Operating income

 

31,171

 

59,870

 

124,621

 

154,116

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income - net

 

(1,163

)

6,178

 

(1,105

)

8,461

 

Interest income - net

 

—

 

—

 

—

 

—

 

Earnings before income taxes

 

$

30,008

 

$

66,048

 

$

123,516

 

$

162,577

 

 


 

MOLSON COORS BREWING COMPANY

SUMMARY OF OPERATIONS - EUROPE

3rd QUARTER 2005

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

September 25,

 

September 26,

 

September 25,

 

September 26,

 

(In thousands)

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Barrels of beer and other beverages sold

 

2,767

 

2,676

 

7,418

 

7,618

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

664,077

 

$

731,176

 

$

1,888,933

 

$

2,119,955

 

Beer excise taxes

 

(282,965

)

(278,445

)

(774,402

)

(793,705

)

Net sales

 

381,112

 

452,731

 

1,114,531

 

1,326,250

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

(245,722

)

(306,727

)

(736,732

)

(904,534

)

Gross profit

 

135,390

 

146,004

 

377,799

 

421,716

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative

 

(107,109

)

(109,438

)

(329,570

)

(335,551

)

Special charges

 

(561

)

—

 

(960

)

—

 

Operating income

 

27,720

 

36,566

 

47,269

 

86,165

 

 

 

 

 

 

 

 

 

 

 

Other expense - net

 

(2,487

)

(900

)

(9,080

)

(2,894

)

Interest income - net

 

3,150

 

3,757

 

10,108

 

11,828

 

Earnings before income taxes

 

$

28,383

 

$

39,423

 

$

48,297

 

$

95,099

 

 


 

MOLSON COORS BREWING COMPANY

SUMMARY OF OPERATIONS - BRAZIL

3rd QUARTER 2005

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

September 25,

 

September 26,

 

September 25,

 

September 26,

 

(In thousands)

 

2005 (1)

 

2004

 

2005 (1)

 

2004

 

 

 

 

 

 

 

 

 

 

 

Barrels of beer and other beverages sold

 

1,595

 

—

 

3,616

 

—

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

141,871

 

$

—

 

$

308,084

 

$

—

 

Beer excise taxes

 

(72,107

)

—

 

(158,160

)

—

 

Net sales

 

69,764

 

—

 

149,924

 

—

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

(52,923

)

—

 

(108,025

)

—

 

Gross profit

 

16,841

 

—

 

41,899

 

—

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative

 

(34,081

)

—

 

(70,024

)

—

 

Special charges

 

—

 

—

 

(46,710

)

—

 

Operating loss

 

(17,240

)

—

 

(74,835

)

—

 

 

 

 

 

 

 

 

 

 

 

Other income - net

 

492

 

—

 

175

 

—

 

Interest expense

 

(7,263

)

—

 

(18,254

)

—

 

Loss before income taxes

 

$

(24,011

)

$

—

 

$

(92,914

)

$

—

 

 

(1) The Brazil segment’s results are reported from February 9, 2005, the effective date of the merger with Molson, Inc. The Brazil segment is reported one month in arrears.  Accordingly, the amounts above represent results for the period from February 9, 2005 through August 31, 2005.

 


 

MOLSON COORS BREWING COMPANY

SUMMARY OF OPERATIONS - CORPORATE

3rd QUARTER 2005

(Unaudited)

 

 

 

Thirteen Weeks Ended

 

Thirty-nine Weeks Ended

 

 

 

September 25,

 

September 26,

 

September 25,

 

September 26,

 

(In thousands)

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

Barrels of beer and other beverages sold

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Sales (1)

 

$

2,660

 

$

—

 

$

2,660

 

$

—

 

Beer excise taxes

 

—

 

—

 

—

 

—

 

Net sales (1)

 

2,660

 

—

 

2,660

 

—

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of goods sold (1)

 

(281

)

—

 

(281

)

—

 

Gross profit

 

2,379

 

—

 

2,379

 

—

 

 

 

 

 

 

 

 

 

 

 

Marketing, general and administrative

 

(23,932

)

(10,700

)

(51,505

)

(28,375

)

Special charges

 

4,183

 

—

 

(59,635

)

—

 

Operating loss

 

(17,370

)

(10,700

)

(108,761

)

(28,375

)

 

 

 

 

 

 

 

 

 

 

Other income - net

 

3,706

 

625

 

7,570

 

316

 

Interest expense - net

 

(36,119

)

(16,025

)

(93,959

)

(52,659

)

Loss before income taxes

 

$

(49,783

)

$

(26,100

)

$

(195,150

)

$

(80,718

)

 

(1) The amounts shown are reflective of revenues and costs associated with the Company’s intellectual property, including trademarks and brands.  Prior period amounts have not been reclassified due to immateriality.