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Coors reports first quarter profits up.

Adolph Coors Co. reported a 3.4% increase in fiscal second-quarter net income, and a 25% increase in profit from continuing operations. The brewer cautioned that results in the second half of the year could be affected by continued price discounting in the market and heavy promotional expenses in the summer months.

For the 12-week quarter ended June 13, the company reported net income of $18.9 million, or 50 cents a share, compared with $18.3 million, or 49 cents a share, a year ago. The year ago net included operations of ACX Technologies Inc., which was spun off to shareholders in December 1993. Year-ago profit from continuing operations was $14.9 million or 40 cents a share.

Sales rose about 1% to $506.6 million from $502.3 million. The Coors Brewing Co. unit's beer sales increased 0.9%.

For the 24-week period, the company reported net of $23.5 million, or 62 cents a share, compared with a loss of $2.7 million, or seven cents a share, a year earlier. The year-ago 24-week period included a loss from discontinued operations of $8.8 million and a net charge from accounting changes of $8.3 million. Profit from continuing operations in the year-ago 24-week period was $14.3 million.
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Title Annotation:Adolph Coors Co.
Publication:Modern Brewery Age
Date:Jul 19, 1993
Words:212
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