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ADOLPH COORS CO. REPORTS HIGHER OPERATING INCOME AND LOWER SALES FOR THE THIRD QUARTER

 ADOLPH COORS CO. REPORTS HIGHER OPERATING INCOME
 AND LOWER SALES FOR THE THIRD QUARTER
 GOLDEN, Colo., Nov. 5 /PRNewswire/ -- Adolph Coors Co. (NASDAQ-NMS: ACCOB) today announced higher operating income on lower net sales for the 16-week third quarter ended Oct. 4, 1992, compared with the like period of 1991. Chairman and President William K. Coors attributed the improved operating results to improved profitability from Coors Brewing Co. and Coors Ceramics Co.
 Net income for the third quarter fell slightly because of increased interest expense and transaction expenses associated with the company's expected spin-off of its diversified technology businesses, as well as significant start-up costs at Golden Aluminum Co. Adolph Coors Co. net earnings were $24.8 million, or 66 cents per share, down 4.6 percent from $26.0 million, or 69 cents per share, a year earlier. Net sales were $642.7 million, 3.3 percent lower than net sales of $664.4 million for the like period a year ago.
 William Coors said, "Although several factors, including cool weather in most of the United States, reduced beer sales volume for the industry in the third quarter, Coors Brewing Company took a number of steps to reduce costs. We are pleased that our focus on improved financial performance is yielding positive operating results from this business and from Coors Ceramics Company."
 Coors noted that 1992 consolidated financial results will be negatively affected by the net impact of the fourth quarter adoption of new accounting standards for postretirement benefits and income taxes. Also, the company anticipates additional expenses in the fourth quarter associated with the spin-off of the Coors diversified technology businesses and start-up costs at Golden Aluminum.
 Coors Brewing Co. achieved its best third quarter operating results since 1983, with $50.2 million of operating income, up from $31.3 million a year earlier. Net sales for the beer business were $518.8 million, down 3.6 percent from $538.3 million in the third quarter of 1991. Beer sales volume totaled 6,547,000 barrels, down 4.6 percent from 6,864,000 a year ago. Although net sales and volume declined for the quarter, operating income was up because of reduced marketing, plant operating and property abandonment expenses.
 The diversified technology businesses of Adolph Coors Co. -- Coors Ceramics Co., Golden Aluminum Co., Graphic Packaging Corp. and the developmental businesses -- reported combined net sales for the quarter of $180.4 million, a 2.9 percent decrease from $185.7 million a year earlier. Operating income for the combined companies fell to $4.2 million, down from $6.0 million a year ago.
 Coors Ceramics posted improved results over the third quarter of 1991, with net sales of $58.2 million, up 3.1 percent, and operating income of $3.2 million, up from $0.9 million a year earlier. The ceramics business continues to benefit from cost control and improving economic conditions.
 Golden Aluminum operating results declined because of start-up costs totaling $6.6 million associated with its aluminum rolling mill in San Antonio. These expenses resulted in an operating loss of $3.7 million for the third quarter, down from income of $2.2 million a year earlier. Net sales for the quarter were $27.6 million, a 10.2 percent decline from $30.7 million. This company continues to work toward completing the production qualification process with several customers for its new mill.
 Graphic Packaging reported operating income of $6.1 million for the quarter, down slightly from $6.6 million a year earlier. Net sales fell 7.0 percent to $60.6 million. Although financial results for Graphic Packaging declined relative to a very strong 1991 third quarter, this business continues to perform well year-to-date in 1992 because of demand for its Composipac products, cost control and higher niche sales of flexible packaging products.
 Adolph Coors Co., founded in 1873, is one of the 220 largest publicly traded industrial corporations in the United States. In May 1992, the company announced that it is pursuing a plan to spin off its diversified technology businesses to create a new public company. This transaction, if completed, would result in two separate public companies: Adolph Coors Co., which would serve as a holding company for Coors Brewing Co., and a new company called ACX Technologies Inc., which would serve as a holding company for Coors Ceramics Co., Golden Aluminum Co., Graphic Packaging Corp. and several developmental businesses.
 The company also announced that it has received a ruling from the Internal Revenue Service that the spin-off transaction would be considered tax-free, and ACX Technologies has filed a registration statement with the Securities and Exchange Commission to register its common stock under the Securities Exchange Act of 1934. If all remaining contingencies are met, Adolph Coors Co. plans to dividend to its shareholders the stock of ACX Technologies in a tax-free transaction in late December.
 ADOLPH COORS CO. AND SUBSIDIARIES
 Summary of Operations
 Sixteen Weeks Forty Weeks
 Ended Ended
 Oct. 4, Oct. 6, Oct. 4, Oct. 6,
 1992 1991 1992 1991
 (in thousands, except per share data)
 Barrels sold 6,547 6,864 15,208 15,280
 Sales, net of
 excise taxes $642,674 $664,446 $1,534,038 $1,499,121
 Income before income
 taxes and
 extraordinary
 credit $43,178 $34,270 $74,084 $70,752
 Income taxes 18,400 9,900 30,700 24,000
 Income before
 extraordinary
 credit 24,778 24,370 43,384 46,752
 Extraordinary credit-
 Tax benefit from
 utilization of
 capital loss
 carryforward --- 1,600 1,300 1,600
 Net income $24,778 $25,970 $44,684 $48,352
 Net income per share
 of common stock:
 Income before
 extraordinary credit $0.66 $0.65 $1.16 $1.25
 Extraordinary credit --- 0.04 0.03 0.04
 Net income per share
 of common stock $0.66 $0.69 $1.19 $1.29
 Weighted average
 number of outstanding
 shares of common
 stock 37,543 37,414 37,524 37,405
 Segment Information
 Third Quarter Operating
 Net Sales Income (Loss)
 1992 1991 1992 1991
 Beer business $518,845 $538,313 $50,151 $31,306
 Ceramics business 58,206 56,444 3,181 940
 Aluminum business 27,611 30,740 (3,673) 2,212
 Packaging business 60,615 65,161 6,057 6,636
 Developmental
 businesses 33,935 33,317 (1,360) (3,740)
 Corporate --- --- (5,020) (4,807)
 Intersegment
 activity (56,538) (59,529) 399 281
 $642,674 $664,446 $49,735 $32,828
 Year-To-Date Operating
 Net Sales Income (Loss)
 1992 1991 1992 1991
 Beer business $1,215,482 $1,200,629 $85,591 $65,223
 Ceramics business 144,104 139,842 4,203 3,473
 Aluminum business 78,454 77,655 (3,375) 8,355
 Packaging business 160,048 142,959 17,556 13,286
 Developmental
 businesses 85,460 84,749 (5,505) (8,675)
 Corporate --- --- (10,054) (12,789)
 Intersegment
 activity (149,510) (146,713) (349) 707
 $1,534,038 $1,499,121 $88,067 $69,580
 -0- 11/5/92
 /CONTACT: Dave Dunnewald of Becky Winning of Adolph Coors Co., 303-277-2555 or 800-525-3786/
 (ACCOB) CO: Adolph Coors Co. ST: Colorado IN: FOD SU: ERN


MC -- DV004 -- 2957 11/05/92 10:13 EST
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