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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.
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Title Annotation:Adolph Coors Co.
Publication:Modern Brewery Age
Date:Feb 26, 1990
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