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ADOLPH COORS CO. REPORTS IMPROVED SECOND QUARTER RESULTS

 ADOLPH COORS CO. REPORTS IMPROVED SECOND QUARTER RESULTS
 GOLDEN, Colo., July 16 /PRNewswire/ -- Adolph Coors Co. (NASDAQ: ACCOB) today announced higher second quarter earnings for the 12-week period ended June 14, 1992. The company also reported record net sales, compared with the like period of 1991.
 Net income for the 1992 second quarter was $19.1 million, or 51 cents per share, compared with $16.1 million, or 43 cents per share, a year earlier. Net sales for the 1992 second quarter were $507.9 million, up 10.4 percent from net sales of $460.0 million for the like 12-week period a year ago. In the like period, operating income increased 31.8 percent to $34.2 million.
 Chairman William K. Coors said, "We're pleased to report improved results for Coors Brewing Company, Graphic Packaging Corporation and Coors Ceramics Company. All of our businesses are focused on improved financial performance, and we are beginning to see the results of that focus. This is especially encouraging as we continue to pursue a plan to spin off the technology businesses to create a separate public company.
 "However," he added, "we still have some challenges to face. Earnings continue to be impacted by underutilized capacity at the Memphis, Tenn., brewery and continuing start-up costs at Golden Aluminum Company's San Antonio mill."
 Coors Brewing Co. net sales were a record $410.3 million for the quarter, up 9.4 percent from $375.2 million in the second quarter of 1991. For the first time in the company's history, beer sales for the second quarter exceeded 5 million barrels -- for a total of 5,065,000 barrels, an increase of 6.2 percent from second quarter a year earlier. The increase was primarily attributable to continuing strong sales of Coors Light and the Keystone brands and additional volume from Coors Dry and Coors Cutter.
 Beer business operating income increased 6.7 percent to $28.7 million from $26.9 million for the like period a year earlier. Coors Brewing Co. recorded a pretax charge of approximately $7.0 million against second quarter earnings related to a lawsuit involving a former distributor. The company believes that this charge, together with reserves previously established, will be adequate to cover the ultimate resolution of this case.
 Coors' technology companies -- Coors Ceramics Co., Golden Aluminum Co., Graphic Packaging Corp. and the developmental businesses -- reported improved financial results with combined net sales of $146.9 million, a 14.4 percent increase compared to $128.3 million in the second quarter of 1991. The combined companies reported operating income of $7.0 million, up significantly from operating income of $2.8 million in the second quarter a year earlier.
 Coors Ceramics Co. reported improved results over the second quarter of 1991, with 1992 second quarter net sales of $43.5 million and operating income of $2.9 million. Coors Ceramics' improved results are because of cost reduction efforts and productivity improvements.
 Golden Aluminum Co. reported operating income of $0.9 million in the second quarter, a slight decline compared with operating income of $1.1 million in the second quarter of 1991. This was primarily the result of continuing start-up costs -- estimated at $3.4 million for the quarter -- associated with the company's new aluminum rolling mill in San Antonio. Golden Aluminum has made significant progress in refining and adapting the continuous casting technology at the new mill to meet diverse and stringent customer qualification requirements. Net sales for the quarter increased to $27.3 million from $19.7 million for the like quarter a year earlier.
 Graphic Packaging Corp. continued its stellar performance. Operating income for Graphic Packaging increased 36.3 percent to $5.5 million in the second quarter, up from $4.1 million a year earlier. Net sales increased 20.8 percent to $50.9 million for the second quarter. This business continues to record substantial sales growth through expansion of its customer base for existing products and increases in manufacturing capabilities.
 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 technology businesses to create a new public company. This transaction 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 -- tentatively called AC Technologies -- which would serve as a holding company for Coors Ceramics Co., Golden Aluminum Co., Graphic Packaging Corp. and three developmental businesses.
 ADOLPH COORS CO. AND SUBSIDIARIES
 Summary of Operations
 Twelve Weeks Twenty-four Weeks
 Ended Ended
 June 14, June 16, June 14, June 16,
 1992 1991 1992 1991
 (in thousands, except per share data)
 Barrels sold 5,065 4,770 8,661 8,416
 Sales, net of
 excise taxes $507,880 $459,984 $891,364 $834,675
 11,700 10,200 12,300 14,100
 Income before
 extraordinary
 credit $17,844 $16,073 $18,606 $22,382
 Extraordinary credit-
 Tax benefit from
 utilization of
 capital loss
 carryforward 1,300 --- 1,300 ---
 Net income $19,144 $16,073 $19,906 $22,382
 Net income per share
 of common stock:
 Income before
 extraordinary credit $0.48 $0.43 $0.50 $0.60
 Extraordinary credit 0.03 --- 0.03 ---
 Net income per share
 of common stock $0.51 $0.43 $0.53 $0.60
 Weighted average
 number of outstanding
 shares of common
 stock 37,507 37,398 37,504 37,395
 Segment Information
 Second Quarter Operating
 Net Sales Income (Loss)
 1992 1991 1992 1991
 Beer business $410,285 $375,196 $28,663 $26,870
 Ceramics business 43,534 41,027 2,861 488
 Aluminum business 27,326 19,661 943 1,106
 Packaging business 50,867 42,120 5,530 4,056
 Developmental
 businesses 25,137 25,521 (2,348) (2,825)
 Corporate --- --- (1,026) (4,236)
 Intersegment
 activity (49,269) (43,541) (440) 485
 $507,880 $459,984 $34,183 $25,944
 Year-To-Date Operating
 Net Sales Income (Loss)
 1992 1991 1992 1991
 Beer business $696,637 $662,316 $35,440 $33,917
 Ceramics business 85,898 83,398 1,022 2,533
 Aluminum business 50,843 46,915 298 6,143
 Packaging business 99,433 77,798 11,499 6,650
 Developmental
 businesses 51,525 51,432 (4,145) (4,935)
 Corporate --- --- (5,034) (7,982)
 Intersegment
 activity (92,972) (87,184) (748) 426
 $891,364 $834,675 $38,332 $36,752
 -0- 7/16/92
 /CONTACT: Becky Winning or Dave Dunnewald of Adolph Coors Co., 303-277-2555 or 800-525-3786/
 (ACCOB) CO: Adolph Coors Co. ST: Colorado IN: FOD SU: ERN


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