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Coors reports first quarter earnings.

But good numbers don't mean marketplace improvement

Adolph Coors Co. reported net income of $4.7 million for the first fiscal quarter ended March 21 compared with a loss of $21 million a year ago.

The year-ago quarter included a loss from discontinued operations of $12.1 million, a loss from changes in accounting of $12.7 million, and a gain from a change in income tax accounting of $30 million.

The year-ago operating loss was about $600,000.

Coors said its improvement in earnings does not indicate an improvement in the marketplace, but reflects the impact a change in its distribution system had on year-ago earnings.

"We continue to see a very competitive beer market nationwide," a spokesman for the Colorado-based company said.

For the quarter, the brewer had sales of $296 million, up 3.5 percent from $285.8 million.

The company also said its marketing, general and administrative costs fell $8,056,000 in the latest quarter, to $82,747,000 from $90,803,000 in the same three months a year earlier.

Coors said its research and project development expenses declined in the first quarter, to $2,602,000 from $3,081,000 a year ago.
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Title Annotation:Adolph Coors Co.; brewing industry
Publication:Modern Brewery Age
Date:Apr 26, 1993
Words:200
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