Exhibit 99.1
MOLSON COORS BREWING COMPANY
SUMMARY OF OPERATIONS - CONSOLIDATED
3rd QUARTER 2005
(Unaudited)
| | Thirteen Weeks Ended | | Thirty-nine Weeks Ended | |
| | September 25, | | September 26, | | September 25, | | September 26, | |
(In thousands, except per share amounts) | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Barrels of beer and other beverages sold | | 12,837 | | 8,559 | | 33,729 | | 24,419 | |
| | | | | | | | | |
Sales | | $ | 2,210,188 | | $ | 1,487,828 | | $ | 5,837,783 | | $ | 4,272,841 | |
Beer excise taxes | | (613,326 | ) | (383,522 | ) | (1,565,463 | ) | (1,094,330 | ) |
Net sales | | 1,596,862 | | 1,104,306 | | 4,272,320 | | 3,178,511 | |
| | | | | | | | | |
Costs and expenses: | | | | | | | | | |
Cost of goods sold | | (935,426 | ) | (688,384 | ) | (2,575,773 | ) | (2,003,152 | ) |
Gross profit | | 661,436 | | 415,922 | | 1,696,547 | | 1,175,359 | |
| | | | | | | | | |
Marketing, general and administrative | | (465,461 | ) | (312,018 | ) | (1,285,173 | ) | (917,857 | ) |
Special charges - net | | (33,493 | ) | — | | (161,866 | ) | — | |
Operating income | | 162,482 | | 103,904 | | 249,508 | | 257,502 | |
| | | | | | | | | |
Other (expense) income - net | | (6,405 | ) | 5,903 | | (9,393 | ) | 5,883 | |
Interest expense - net | | (40,232 | ) | (12,268 | ) | (102,105 | ) | (40,831 | ) |
Income before income taxes | | 115,845 | | 97,539 | | 138,010 | | 222,554 | |
Income tax expense | | (7,372 | ) | (29,430 | ) | (29,097 | ) | (69,658 | ) |
Income before minority interest | | 108,473 | | 68,109 | | 108,913 | | 152,896 | |
Minority interest | | (275 | ) | (3,967 | ) | 3,647 | | (11,878 | ) |
Net income (1) | | $ | 108,198 | | $ | 64,142 | | $ | 112,560 | | $ | 141,018 | |
| | | | | | | | | |
Net income per share (basic) | | $ | 1.27 | | $ | 1.72 | | $ | 1.45 | | $ | 3.81 | |
Net income per share (diluted) | | $ | 1.26 | | $ | 1.68 | | $ | 1.44 | | $ | 3.74 | |
| | | | | | | | | |
Weighted average number of shares o/s (basic) (2) | | 85,323 | | 37,341 | | 77,405 | | 37,054 | |
Weighted average number of shares o/s (diluted) | | 85,900 | | 38,125 | | 78,059 | | 37,754 | |
| | | | | | | | | |
Cash dividends declared per share | | $ | 0.32 | | $ | 0.205 | | $ | 0.96 | | $ | 0.615 | |
(1) Purchase accounting, which is preliminary as of September 25, 2005, could result in additional income or loss that these results do not reflect on an annualized basis when finalized in subsequent reporting periods.
(2) Shares outstanding at December 26, 2004, totaled 37.7 million and were 85.3 million at September 25, 2005, largely as a result of the merger.
NOTE: All results prior to February 9, 2005, exclude Molson Inc., which merged with Adolph Coors Company on that date.
MOLSON COORS BREWING COMPANY
SUMMARY OF OPERATIONS - CANADA
3rd QUARTER 2005
(Unaudited)
| | Thirteen Weeks Ended | | Thirty-nine Weeks Ended | |
| | September 25, | | September 26, | | September 25, | | September 26, | |
(In thousands) | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Barrels of beer and other beverages sold | | 2,398 | | — | | 5,490 | | — | |
| | | | | | | | | |
Sales | | $ | 635,191 | | $ | 17,765 | | $ | 1,445,813 | | $ | 44,959 | |
Beer excise taxes | | (149,725 | ) | — | | (325,423 | ) | — | |
Net sales | | 485,466 | | 17,765 | | 1,120,390 | | 44,959 | |
| | | | | | | | | |
Costs and expenses: | | | | | | | | | |
Cost of goods sold | | (233,297 | ) | — | | (586,111 | ) | — | |
Gross profit | | 252,169 | | 17,765 | | 534,279 | | 44,959 | |
| | | | | | | | | |
Marketing, general and administrative | | (113,968 | ) | 403 | | (273,065 | ) | 637 | |
Operating income | | 138,201 | | 18,168 | | 261,214 | | 45,596 | |
| | | | | | | | | |
Other expense - net | | (6,953 | ) | — | | (6,953 | ) | — | |
Interest income - net | | — | | — | | — | | — | |
Earnings before income taxes | | $ | 131,248 | | $ | 18,168 | | $ | 254,261 | | $ | 45,596 | |
MOLSON COORS BREWING COMPANY
SUMMARY OF OPERATIONS - UNITED STATES
3rd QUARTER 2005
(Unaudited)
| | Thirteen Weeks Ended | | Thirty-nine Weeks Ended | |
| | September 25, | | September 26, | | September 25, | | September 26, | |
(In thousands) | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Barrels of beer and other beverages sold | | 6,077 | | 5,883 | | 17,205 | | 16,802 | |
| | | | | | | | | |
Sales | | $ | 766,389 | | $ | 738,887 | | $ | 2,192,293 | | $ | 2,107,927 | |
Beer excise taxes | | (108,529 | ) | (105,077 | ) | (307,478 | ) | (300,625 | ) |
Net sales | | 657,860 | | 633,810 | | 1,884,815 | | 1,807,302 | |
| | | | | | | | | |
Costs and expenses: | | | | | | | | | |
Cost of goods sold | | (403,203 | ) | (381,657 | ) | (1,144,624 | ) | (1,098,618 | ) |
Gross profit | | 254,657 | | 252,153 | | 740,191 | | 708,684 | |
| | | | | | | | | |
Marketing, general and administrative | | (186,371 | ) | (192,283 | ) | (561,009 | ) | (554,568 | ) |
Special charges | | (37,115 | ) | — | | (54,561 | ) | — | |
Operating income | | 31,171 | | 59,870 | | 124,621 | | 154,116 | |
| | | | | | | | | |
Other (expense) income - net | | (1,163 | ) | 6,178 | | (1,105 | ) | 8,461 | |
Interest income - net | | — | | — | | — | | — | |
Earnings before income taxes | | $ | 30,008 | | $ | 66,048 | | $ | 123,516 | | $ | 162,577 | |
MOLSON COORS BREWING COMPANY
SUMMARY OF OPERATIONS - EUROPE
3rd QUARTER 2005
(Unaudited)
| | Thirteen Weeks Ended | | Thirty-nine Weeks Ended | |
| | September 25, | | September 26, | | September 25, | | September 26, | |
(In thousands) | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Barrels of beer and other beverages sold | | 2,767 | | 2,676 | | 7,418 | | 7,618 | |
| | | | | | | | | |
Sales | | $ | 664,077 | | $ | 731,176 | | $ | 1,888,933 | | $ | 2,119,955 | |
Beer excise taxes | | (282,965 | ) | (278,445 | ) | (774,402 | ) | (793,705 | ) |
Net sales | | 381,112 | | 452,731 | | 1,114,531 | | 1,326,250 | |
| | | | | | | | | |
Costs and expenses: | | | | | | | | | |
Cost of goods sold | | (245,722 | ) | (306,727 | ) | (736,732 | ) | (904,534 | ) |
Gross profit | | 135,390 | | 146,004 | | 377,799 | | 421,716 | |
| | | | | | | | | |
Marketing, general and administrative | | (107,109 | ) | (109,438 | ) | (329,570 | ) | (335,551 | ) |
Special charges | | (561 | ) | — | | (960 | ) | — | |
Operating income | | 27,720 | | 36,566 | | 47,269 | | 86,165 | |
| | | | | | | | | |
Other expense - net | | (2,487 | ) | (900 | ) | (9,080 | ) | (2,894 | ) |
Interest income - net | | 3,150 | | 3,757 | | 10,108 | | 11,828 | |
Earnings before income taxes | | $ | 28,383 | | $ | 39,423 | | $ | 48,297 | | $ | 95,099 | |
MOLSON COORS BREWING COMPANY
SUMMARY OF OPERATIONS - BRAZIL
3rd QUARTER 2005
(Unaudited)
| | Thirteen Weeks Ended | | Thirty-nine Weeks Ended | |
| | September 25, | | September 26, | | September 25, | | September 26, | |
(In thousands) | | 2005 (1) | | 2004 | | 2005 (1) | | 2004 | |
| | | | | | | | | |
Barrels of beer and other beverages sold | | 1,595 | | — | | 3,616 | | — | |
| | | | | | | | | |
Sales | | $ | 141,871 | | $ | — | | $ | 308,084 | | $ | — | |
Beer excise taxes | | (72,107 | ) | — | | (158,160 | ) | — | |
Net sales | | 69,764 | | — | | 149,924 | | — | |
| | | | | | | | | |
Costs and expenses: | | | | | | | | | |
Cost of goods sold | | (52,923 | ) | — | | (108,025 | ) | — | |
Gross profit | | 16,841 | | — | | 41,899 | | — | |
| | | | | | | | | |
Marketing, general and administrative | | (34,081 | ) | — | | (70,024 | ) | — | |
Special charges | | — | | — | | (46,710 | ) | — | |
Operating loss | | (17,240 | ) | — | | (74,835 | ) | — | |
| | | | | | | | | |
Other income - net | | 492 | | — | | 175 | | — | |
Interest expense | | (7,263 | ) | — | | (18,254 | ) | — | |
Loss before income taxes | | $ | (24,011 | ) | $ | — | | $ | (92,914 | ) | $ | — | |
(1) The Brazil segment’s results are reported from February 9, 2005, the effective date of the merger with Molson, Inc. The Brazil segment is reported one month in arrears. Accordingly, the amounts above represent results for the period from February 9, 2005 through August 31, 2005.
MOLSON COORS BREWING COMPANY
SUMMARY OF OPERATIONS - CORPORATE
3rd QUARTER 2005
(Unaudited)
| | Thirteen Weeks Ended | | Thirty-nine Weeks Ended | |
| | September 25, | | September 26, | | September 25, | | September 26, | |
(In thousands) | | 2005 | | 2004 | | 2005 | | 2004 | |
| | | | | | | | | |
Barrels of beer and other beverages sold | | — | | — | | — | | — | |
| | | | | | | | | |
Sales (1) | | $ | 2,660 | | $ | — | | $ | 2,660 | | $ | — | |
Beer excise taxes | | — | | — | | — | | — | |
Net sales (1) | | 2,660 | | — | | 2,660 | | — | |
| | | | | | | | | |
Costs and expenses: | | | | | | | | | |
Cost of goods sold (1) | | (281 | ) | — | | (281 | ) | — | |
Gross profit | | 2,379 | | — | | 2,379 | | — | |
| | | | | | | | | |
Marketing, general and administrative | | (23,932 | ) | (10,700 | ) | (51,505 | ) | (28,375 | ) |
Special charges | | 4,183 | | — | | (59,635 | ) | — | |
Operating loss | | (17,370 | ) | (10,700 | ) | (108,761 | ) | (28,375 | ) |
| | | | | | | | | |
Other income - net | | 3,706 | | 625 | | 7,570 | | 316 | |
Interest expense - net | | (36,119 | ) | (16,025 | ) | (93,959 | ) | (52,659 | ) |
Loss before income taxes | | $ | (49,783 | ) | $ | (26,100 | ) | $ | (195,150 | ) | $ | (80,718 | ) |
(1) The amounts shown are reflective of revenues and costs associated with the Company’s intellectual property, including trademarks and brands. Prior period amounts have not been reclassified due to immateriality.
