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Coors profits rise.

Coors profits rise

During 1990's second quarter, Adolph Coors Co. reported that the company's flagship beer company increased beer shipments 14 percent and showed an increased operating profit of 25 percent.

Company officials noted that the increase was due to the 1989 introduction of the Keystone product line, as well as the continued success of Coors Light.

Additionally, for the first time, Coors' non-beer subsidiaries contributed significantly to the company's bottom line. The companies showed a profit of nearly $10 million during the second quarter, compared to 1989's $2 million.

"These businesses are coming into their own," said Coors chief financial officer, Harold Smethilis, referring to the operation's Graphics Packaging Corp., bio-technology company, and energy company.

"Our diversification strategy that we've been talking about for about 10 years is starting to provide a return to our shareholders," Smethilis continued, noting that approximately 38 percent of Coors' assets is held by non-beer concerns.
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Title Annotation:Adolph Coors Co.
Publication:Modern Brewery Age
Date:Aug 20, 1990
Words:152
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