Printer Friendly

Coors says sales increased 15%.

Coors says sales increased 15%

Adolph Coors Co. announced record net sales but lower net income for 1989.

Net sales for the 53-week fiscal year ending December 31, 1989, were a record $1.76 billion, a 15.9-percent increase, compared with $1.52 billion for the 52-week period in 1988.

Net income for 1989 was $13.1 million, or 36 cents per share, after recognizing asset writedowns of $26 million, or 71 cents per share. In 1988, the company reported net income of $46.8 million, or $1.28 per share.

The company also reported record net sales for 1989 and a net loss for the final quarter of 1989. Net sales in the 13-week fourth quarter were $431 million, up 21.9 percent from the same quarter in 1988. The net loss in the fourth quarter of 1989 was $19.9 million, compared with $2.2 million in 1988.

"Each of our business units, Coors Brewing Company, Coors Technology Companies and Coors Ceramic, achieved record sales last year," said Coors chairman William Coors. "These sales increases resulted from new product introductions and expansion of our existing businesses."

The Coors Brewing Co. reported last month that it had shipped 17.7 million barrels of beer in 1989, up seven percent from the 16.5 million shipped in 1988. Beer shipments during the fourth quarter also set a record, rising 32 percent to 4.4 million barrels.

These increases resulted from the continued growth of Coors Light, Coors said, and the introduction of the popular-priced beers, Keystone and Keystone Light.
COPYRIGHT 1990 Business Journals, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Adolph Coors Co.
Publication:Modern Brewery Age
Date:Feb 26, 1990
Words:259
Previous Article:200 cited for illegal beer sales in TN.
Next Article:Party brewing up in Czechoslovakia as Iron Curtain falls.
Topics:


Related Articles
Coors shipments lower in second quarter, 100 positions cut.
Adolph Coors reports a second quarter record net sales.
Coors again reports record sales and barrelage.
Coors wins POPAI promotional award.
Coors begins its search for a new president, COO.
Coors reports first quarter profits up.
Coors reports record net sales, net income.
Coors achieves higher third quarter sales and stronger earnings.
Coors reports 23.7% increase in earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters