Exhibit 99.1
MOLSON COORS REPORTS 2006 FOURTH QUARTER AND FULL-YEAR RESULTS
DENVER and MONTREAL, Feb. 15 /PRNewswire-FirstCall/ -- Molson Coors Brewing
Company (NYSE: TAP; TSX) today released its financial results for the fiscal
fourth quarter and full year ending December 31, 2006.
The Company's sales volume increased 5.2 percent to 10.9 million barrels, or
12.7 million hectoliters (HLs), during the 14-week fiscal fourth quarter 2006
compared to the 13-week fiscal fourth quarter 2005. Net sales increased 10.6
percent to $1.53 billion in the fourth quarter 2006 compared to the fourth
quarter a year ago. (All $ amounts in U.S. dollars.) Income from continuing
operations in the fourth quarter 2006 was $112.1 million. Excluding one-time
items(1), after-tax income from continuing operations(2) was $108.4 million, up
101.1 percent compared to fourth quarter 2005.
For the 53-week fiscal 2006, consolidated sales volume increased 2.4 percent
to 42.1 million barrels, or 49.5 million HLs, compared to the 52-week pro forma
2005. Full-year 2006 net sales of $5.84 billion were up 4.1 percent compared to
pro forma 2005. (For meaningful comparisons, 2005 full-year figures are pro
forma, as if the Molson Coors merger had been completed at the beginning of
fiscal 2005 rather than on Feb. 9, 2005.) In 2006, income from continuing
operations was $373.6 million. Excluding one-time items, 2006 after-tax income
from continuing operations was $369.1 million, or $4.26 per diluted share, up
26.4 percent from pro forma 2005. Cash flow available for debt pay down during
the year totaled approximately $448 million, well above the Company's 2006 goal
of $300 million. Net debt at the end of 2006 was $1.85 billion, excluding
approximately $99 million of non-owned joint venture debt. This debt level is
net of approximately $182 million of cash on hand at the end of 2006.
Leo Kiely, Molson Coors president and chief executive officer, said, "We are
very pleased with Molson Coors Brewing Company's 2006 fourth quarter and
full-year results, which demonstrated that our brand growth strategies and
cost-reduction efforts continue to strengthen our competitive capabilities and
financial performance. Throughout the company, our teams achieved solid sales
momentum and profit growth, despite substantial competitive and inflationary
cost challenges in each of our major markets. We finished 2006 with even
stronger brands, positive pricing, cost savings that exceeded our goals for the
year, double-digit earnings growth and strong cash generation.
"Looking ahead, we feel good about the underlying strength of our company as
we strive to make even more progress in 2007. We're confident that our teams can
build on the sales momentum and revenue-generating potential of our strategic
brands, continue attacking costs and further strengthen the fundamentals of our
businesses worldwide."
2006 Fourth Quarter Results
In the 14-week fiscal fourth quarter ended December 31, 2006, all of the
Company's operating segments achieved pretax profit growth, with solid core
brand volume performance. Key results for the Company's fourth quarter 2006,
compared to the 13-week fourth quarter a year ago, include the following:
* Net sales increased 10.6 percent to $1.53 billion.
* Sales volume of 10.9 million barrels (12.7 million HLs), was up 5.2
percent.
* Cost of goods sold increased 10.5 percent to $927.1 million.
* Marketing, general and administrative expense rose 3.8 percent to
$434.2 million.
* Net income was $99.2 million, or $1.14 per diluted share, compared to
$22.4 million, or $0.26 per share, in the same period a year ago.
* Excluding one-time items, income from continuing operations (after tax)
was $108.4 million, or $1.24 per diluted share, up 101.1 percent from
$53.9 million, or $0.63 per share, in the fourth quarter 2005.
(See tables below for reconciliations to nearest U.S. GAAP measures.)
The additional week in the Company's fiscal 2006 fourth quarter and full
year added approximately 600,000 barrels (704,000 HLs) to total company sales
volume, or about 6 percent to fourth quarter and 1.5 percent to full-year sales
volume, and added an estimated $6 million to company pretax income, or about 7
percent to fourth quarter and about 1 percent to full-year pretax income,
excluding special items.
During the quarter, Molson Coors achieved approximately $33 million in
merger synergies and other cost savings. Favorable foreign exchange rates
increased total-company pretax income by approximately $4 million in the
quarter.
The Company's effective tax rate during the fourth quarter 2006 was 24
percent including special items and 25 percent excluding special items, compared
to 37 percent and 36 percent, respectively, during the fourth quarter a year
ago. The higher tax rates a year ago were attributable to revaluing the
Company's deferred tax assets and liabilities to give effect to an increase in a
Canadian provincial income tax rate, which caused a one-time, non-cash increase
in tax expense in the fourth quarter 2005.
2006 Full-Year Results
In the 53-week fiscal year ended December 31, 2006, the Company's key
results include the following, compared to the 52-week pro forma 2005 fiscal
year:
* Net sales increased 4.1 percent to $5.84 billion.
* Sales volume of 42.1 million barrels (49.5 million HLs), was up 2.4
percent.
* Cost of goods sold increased 4.3 percent to $3.48 billion.
* Marketing, general and administrative expense rose 1.3 percent to $1.71
billion.
* Net income was $361.0 million, or $4.17 per diluted share, compared to
$93.4 million, or $1.10 per share, in the pro forma 2005 full year.
* Excluding one-time items, income from continuing operations (after tax)
was $369.1 million, or $4.26 per diluted share, up 26.4 percent from
$291.9 million, or $3.43 per share, in the pro forma 2005 full year.
(See tables below for reconciliations to nearest U.S. GAAP measures.)
During 2006, Molson Coors achieved approximately $104 million in merger
synergies and other cost savings. These savings offset nearly 60 percent of
commodity and energy-related cost inflation. Favorable foreign exchange rates
increased total-company pretax income by approximately $27 million for the full
year 2006.
The Company's effective tax rate for the full year 2006 was 17 percent
including special items and 20 percent excluding special items, compared to 18
percent and 24 percent, respectively, for the pro forma full year 2005.
Following are the Company's 2006 fourth quarter results by business segment:
Canada Business
Canada business pretax income increased 30.2 percent to $133.4 million in
the fourth quarter 2006 compared to the fourth quarter 2005, excluding special
charges a year ago. Excluding a $4 million non-recurring, non-cash benefit to
cost of goods sold from adjusting foreign currency positions to their market
values, fourth quarter 2006 pretax income increased 26.4 percent compared to the
fourth quarter 2005. The increase in pretax income was due to the additional
week in the company's fiscal fourth quarter 2006, positive beer pricing, lower
marketing and overhead spending and 3 percent favorable movement in foreign
exchange rates. Canada sales volume increased 6.7 percent, including the
additional week in the fiscal 2006 fourth quarter, compared to the fourth
quarter a year ago. Sales to retail increased 1.1 percent during the calendar
quarter of 2006 compared to the same quarter of 2005. Double-digit growth in
Coors Light and the Company's partner import brands and high-single-digit growth
of Rickard's were offset by a decline in other premium, discount and unsupported
brands. Canada business net sales increased 11.3 percent. Net revenue per barrel
increased about 1 percent in local currency compared to the fourth quarter 2005.
Cost of goods sold per barrel decreased 1.5 percent while marketing, general and
administrative costs declined approximately 4 percent, both in local currency,
compared to the same period a year ago. Synergies and other cost reduction
initiatives offset about one-third of the Canada business cost of goods
inflation.
The additional week in the Company's fiscal 2006 calendar added an estimated
$10 million to Canada pretax profits in the 2006 fourth quarter.
United States Business
U.S. business pretax income was $51.2 million in the fourth quarter 2006.
Excluding special items a year ago, U.S. pretax income increased 59.7 percent,
driven by sales volume growth, higher net pricing and results of the Company's
cost saving initiatives and merger synergies. In the fourth quarter 2006, sales
volume and net sales in the U.S. business increased 7.1 percent and 10.0
percent, respectively, from the fourth quarter a year ago. Sales to retail grew
10.8 percent. Excluding the benefit of the additional week in the fiscal fourth
quarter, U.S. sales to retail increased 2.1 percent during the quarter compared
to the fourth quarter 2005, driven by a low-single-digit growth by Coors Light
and double-digit increases by Keystone Light and Blue Moon. Excluding the
company's Caribbean business and the benefit of the additional week in the
fiscal quarter, U.S. 50-states sales to retail increased 2.7 percent from a year
ago.
The additional week in the Company's fiscal 2006 calendar is estimated to
have had no significant impact on U.S. business pretax profits in the 2006
fourth quarter.
Europe Business
Europe business pretax income in the fourth quarter 2006 was $31.4 million.
Excluding special items, pretax income for the Europe business was $32.3
million, a 3.7 percent increase from the fourth quarter of 2005, driven by a 9
percent increase in the British pound versus the U.S. dollar, cost savings
initiatives in supply chain and overheads, and improved performance from the
Company's distribution joint venture in the U.K. These positive earnings factors
more than offset the negative impact of lower beer pricing and unfavorable
channel and product mix, as well as commodity cost inflation. In the fourth
quarter 2006, Europe business owned-brand sales volume increased 0.7 percent
including the extra week in the fiscal fourth quarter, but decreased by 4.2
percent excluding the additional week.
Net sales per barrel were essentially unchanged in local currency compared
to the fourth quarter of 2005. Cost of goods sold per barrel for the Company's
owned brands decreased approximately 1 percent in local currency during the
quarter. Marketing, general and administrative expense increased about 2 percent
in local currency. Excluding the additional week in the Company's fiscal 2006
calendar, MG&A costs were down approximately 4 percent. Europe business other
income increased $8.5 million in the fourth quarter 2006 due primarily to
improved performance of the Company's Tradeteam distribution joint venture and
lower leasehold costs versus a year ago.
The additional week in the Company's fiscal 2006 calendar had a negative
impact on Europe pretax profits estimated to be less than $1 million in the 2006
fourth quarter.
Corporate Expenses
The Company's Corporate general and administrative expenses totaled $35.0
million in the fourth quarter 2006, about even with the fourth quarter 2005. The
additional week in the Company's fiscal 2006 calendar added an estimated $1
million to Corporate G&A expenses in the 2006 fourth quarter. Interest expense,
excluding interest income from trade loans in the U.K., was $32.7 million in the
fourth quarter, $5.2 million lower than a year ago due to debt repayments during
the past year and lower expense related to recording Ontario Beer Store interest
rate swaps at market value. Excluding the additional week in the fiscal
calendar, fourth quarter 2006 interest expense would have been $30.2 million.
(1)One-Time Items
During the fourth quarter 2006 the Company reported a net special credit of
$3.7 million, primarily related to the following:
* In Europe, a $0.9 million special charge was attributable to
restructuring costs in the Company's U.K. supply chain and other areas.
* A Corporate special credit of $4.6 million was attributable to the
quarterly adjustment to the cost of providing a floor price under
options for Coors executives who left immediately following the merger
of Molson and Coors under a change of control agreement.
For the full year 2006 and full year 2005, tax benefits impacting the
Company's results in prior quarters included the following:
* In the second quarter 2006, the Company recognized a $52.3 million
non-recurring tax benefit from revaluing its deferred tax assets and
liabilities to give effect to a two-percentage-point reduction in the
Canadian corporate income tax rate, as well as minor changes in two
provincial income tax rates.
* In the third quarter 2005, the Company recognized a $43.5 million
non-recurring tax benefit from the reversal of a previously recognized
deferred tax liability related to the Company's U.K. business with the
election to consider earnings from foreign subsidiaries to be
permanently reinvested (APB 23 tax treatment).
(2)Discontinued Operations
In the fourth quarter 2006, the Company sold its remaining interest in the
Kaiser Brazil business for approximately $16 million in cash. The Company
reported a net loss of $12.9 million from discontinued operations during the
quarter arising from an offsetting increase in the proportion of indemnity
guarantees related to the Brazil Kaiser business for which the Company is
responsible.
2006 Fourth Quarter and Full-year Earnings Conference Call
Molson Coors Brewing Company will conduct an earnings conference call with
financial analysts and investors at noon Eastern Time today to discuss the
Company's 2006 fourth quarter and full-year financial results. The Company will
provide a live webcast of the earnings call. Approximately two hours after the
conclusion of the earnings call, the Company also will host an online, real-time
webcast of an Investor Relations Follow-up Session with financial analysts at
3:00 p.m. Eastern Time. Both webcasts will be accessible via the Company's
website, www.molsoncoors.com. Online replays of the webcasts will be available
until 11:59 p.m. Eastern Time on March 31, 2007.
Reconciliations to Nearest U.S. GAAP Measures
Molson Coors Brewing Company
2006 Fourth Quarter After-tax Income From Continuing Operations, Excluding
Special Items
(Note: Some numbers may not sum due to rounding.)
(In millions of $US, except per share data) 4th Q 2006 4th Q 2005
- --------------------------------------------------- ----------- -----------
U.S. GAAP: After-tax income from
continuing operations: $ 112.1 $ 34.4
Per diluted share $ 1.29 $ 0.40
Add back: Pretax special items - net (3.7) 30.2
Plus (Minus): Tax effect on special items 0.04 (10.7)
Non-GAAP: After-tax income from continuing
operations, excluding special items: $ 108.4 $ 53.9
Per diluted share: $ 1.24 $ 0.63
Percent change from 2005 results from
continuing operations, excluding special items 101.1%
Molson Coors Brewing Company
2006 Full-Year After-tax Income From Continuing Operations, Excluding
Special Items and One-time Tax Benefits
(Note: Some numbers may not sum due to rounding.)
(In millions of $US, except per share data) FY 2006 FY 2005(1)
- --------------------------------------------------- ----------- -----------
U.S. GAAP: After-tax income from continuing
operations: $ 373.6 $ 222.8
Per diluted share $ 4.31 $ 2.62
Add back: Pretax special items - net 77.4 169.3
Minus: Tax effect on special items (29.6) (56.6)
Non-GAAP: After-tax income from continuing
operations, excluding special items: $ 421.4 $ 335.5
Minus: One-time tax benefit reported in
3rd Q 2005 -- (43.5)
Minus: One-time tax benefit reported in
2nd Q 2006 (52.3) --
Non-GAAP: After-tax income from continuing
operations, excluding special items and
one-time tax benefits 369.1 291.9
Per diluted share: $ 4.26 $ 3.43
Percent change from 2005 results from continuing
operations, excluding special items and
one-time tax benefits 26.4%
(1) Due to the completion of the Molson Coors merger on Feb. 9, 2005, FY05
figures are pro forma.
Molson Coors Brewing Company
2006 Fourth Quarter Pretax Income From Continuing Operations, Excluding
Special Items
(Note: Some numbers may not sum due to rounding.)
Business
------------------------------------------------ Total
(In millions of $US) Canada U.S. Europe Corporate Consolidated
- ------------------------------- --------- --------- --------- ------------ ------------
U.S. GAAP: 2006
4th Q pretax income
(loss) from
continuing
operations -
reported $ 133.4 $ 51.2 $ 31.4 $ (63.4) $ 152.6
Add back: Pretax
special charges/
credits - net -- -- 0.9 (4.6) (3.7)
Non-GAAP: 2006
4th Q Pretax
income (loss)
from continuing
operations,
excluding special
items $ 133.4 $ 51.2 $ 32.3 $ (68.0) $ 148.8
Percent change 2006
4th Q vs. 2005 4th Q
pretax from continuing
operations, excluding
special items 30.2% 59.7% 3.7% (12.9)% 69.9%
U.S. GAAP: 2005 4th Q
pretax income (loss)
from continuing
operations $ 97.3 $ 18.5 $ 18.3 $ (76.7) $ 57.4
Add back: Pretax special
charges/credits - net 5.2 13.5 12.9 (1.3) 30.2
Non-GAAP: 2005 4th Q
Pretax income (loss)
from continuing
operations,
excluding special
items $ 102.5 $ 32.0 $ 31.1 $ (78.0) $ 87.6
Pretax and After-tax Income (Loss) From Continuing Operations, Excluding
Special Items and One-time Tax Benefits should be viewed as a supplement to --
not a substitute for -- our results of operations presented on the basis of
accounting principles generally accepted in the United States. We believe that
Pretax and After-tax Income (Loss) From Continuing Operations, Excluding Special
Items and One-time Tax Benefits is used by and is useful to investors and other
users of our financial statements in evaluating our operating performance
because it provides them with an additional tool to evaluate our performance
without regard to items such as special items, which can vary substantially from
company to company depending upon accounting methods and book value of assets
and capital structure. Our management uses Pretax and After-tax Income (Loss)
From Continuing Operations, Excluding Special Items and One-time Tax Benefits as
a measure of operating performance to assist in comparing performance from
period to period on a consistent basis; as a measure for planning and
forecasting overall expectations and for evaluating actual results against such
expectations; and in communications with the board of directors, stockholders,
analysts and investors concerning our financial performance.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning
of the federal securities laws, and language indicating trends, such as "trend
improvements," "progress," "anticipated," "expected," "improving sales trends"
and "on track." It also includes financial information, of which, as of the date
of this press release, the Company's independent auditors have not completed
their review. Although the Company believes that the assumptions upon which the
financial information and its forward-looking statements are based are
reasonable, it can give no assurance that these assumptions will prove to be
correct. Important factors that could cause actual results to differ materially
from the Company's projections and expectations are disclosed in the Company's
filings with the Securities and Exchange Commission. These factors include,
among others, changes in consumer preferences and product trends; price
discounting by major competitors; unanticipated expenses, margin impact and
other factors resulting from the recent merger; failure to realize anticipated
results from synergy initiatives; and increases in costs generally. All
forward-looking statements in this press release are expressly qualified by such
cautionary statements and by reference to the underlying assumptions. We do not
undertake to update forward-looking statements, whether as a result of new
information, future events or otherwise.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
December 31, December 25, December 31, December 25,
2006 2005 2006 2005
------------ ------------ ------------ ------------
Volume in barrels 10,857 10,318 42,143 40,431
Sales $ 2,100,969 $ 1,888,003 $ 7,901,614 $ 7,417,702
Excise taxes (569,679) (503,493) (2,056,629) (1,910,796)
Net Sales 1,531,290 1,384,510 5,844,985 5,506,906
Cost of goods sold (927,132) (839,201) (3,481,081) (3,306,949)
Gross profit 604,158 545,309 2,363,904 2,199,957
Marketing, general and
administrative expenses (434,160) (418,249) (1,705,405) (1,632,516)
Special credits (charges),
net 3,720 (30,236) (77,404) (145,392)
Operating income 173,718 96,824 581,095 422,049
Interest expense, net (29,664) (35,009) (126,781) (13,245)
Other income (expense),
net 8,511 (4,462) 17,736 (113,603)
Income from continuing
operations before
income taxes and
minority interests 152,565 57,353 472,050 295,201
Income tax expense (37,180) (21,167) (82,405) (50,264)
Income from continuing
operations before
minority interests 115,385 36,186 389,645 244,937
Minority interests in net
income of consolidated
entities (3,286) (1,797) (16,089) (14,491)
Income from continuing
operations 112,099 34,389 373,556 230,446
Loss from discontinued
operations, net of tax (12,852) (8,329) (12,525) (91,826)
Income before cumulative
effect of change in
accounting principle 99,247 26,060 361,031 138,620
Cumulative effect of
change in accounting
principle, net of tax -- (3,676) -- (3,676)
Net income $ 99,247 $ 22,384 $ 361,031 $ 134,944
Basic income (loss) per share:
From continuing
operations $ 1.30 $ 0.40 $ 4.34 $ 2.90
From discontinued
operations (0.15) (0.10) (0.15) (1.16)
Cumulative effect of
change in accounting
principle -- (0.04) -- (0.04)
Basic net income per share $ 1.15 $ 0.26 $ 4.19 $ 1.70
Diluted income (loss) per share:
From continuing
operations $ 1.29 $ 0.40 $ 4.31 $ 2.88
From discontinued
operations (0.15) (0.10) (0.14) (1.15)
Cumulative effect of
change in accounting
principle -- (0.04) -- (0.04)
Diluted net income per
share $ 1.14 $ 0.26 $ 4.17 $ 1.69
Weighted average shares -
basic 86,501 85,397 86,083 79,403
Weighted average shares -
diluted 87,187 85,968 86,656 80,036
Cash dividends declared
per share $ 0.32 $ 0.32 $ 1.28 $ 1.28
NOTE: All results prior to February 9, 2005, exclude Molson Inc., which merged
with Adolph Coors Company on that date.
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CANADA SEGMENT RESULTS OF OPERATIONS
(IN THOUSANDS)
(UNAUDITED)
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
December 31, December 25, December 31, December 25,
2006 2005 2006 2005
------------ ------------ ------------ ------------
Volume in barrels 2,099 1,967 8,282 7,457
Sales $ 598,655 $ 533,269 $ 2,346,073 $ 1,979,082
Excise taxes (145,646) (126,353) (552,465) (451,776)
Net sales 453,009 406,916 1,793,608 1,527,306
Cost of goods sold (221,804) (204,748) (883,649) (790,859)
Gross profit 231,205 202,168 909,959 736,447
Marketing, general
and administrative
expenses (103,283) (104,480) (439,920) (377,545)
Special charges, net -- (5,161) -- (5,161)
Operating income 127,922 92,527 470,039 353,741
Other income
(expense), net 5,484 4,770 13,228 (2,183)
Segment earnings
before income
taxes $ 133,406 $ 97,297 $ 483,267 $ 351,558
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
UNITED STATES SEGMENT RESULTS OF OPERATIONS
(IN THOUSANDS)
(UNAUDITED)
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
December 31, December 25, December 31, December 25,
2006 2005 2006 2005
------------ ------------ ------------ ------------
Volume in barrels 5,828 5,440 23,471 22,645
Sales $ 752,279 $ 686,447 $ 3,037,488 $ 2,878,740
Excise taxes (102,838) (96,306) (417,609) (403,784)
Net sales 649,441 590,141 2,619,879 2,474,956
Cost of goods sold (414,521) (380,436) (1,645,598) (1,525,060)
Gross profit 234,920 209,705 974,281 949,896
Marketing, general
and administrative
expenses (183,856) (178,306) (744,795) (739,315)
Special charges, net -- (13,520) (73,652) (68,081)
Operating income 51,064 17,879 155,834 142,500
Other income
(expense), net 103 648 3,238 (457)
Segment earnings
before income
taxes $ 51,167 $ 18,527 $ 159,072 $ 142,043
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
EUROPE SEGMENT RESULTS OF OPERATIONS
(IN THOUSANDS)
(UNAUDITED)
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
December 31, December 25, December 31, December 25,
2006 2005 2006 2005
------------ ------------ ------------ ------------
Volume in barrels 2,930 2,911 10,390 10,329
Sales $ 748,927 $ 667,602 $ 2,512,892 $ 2,556,535
Excise taxes (321,195) (280,834) (1,086,555) (1,055,236)
Net sales 427,732 386,768 1,426,337 1,501,299
Cost of goods sold (289,878) (253,008) (949,513) (989,740)
Gross profit 137,854 133,760 476,824 511,559
Marketing, general
and administrative
expenses (111,989) (100,403) (400,469) (429,973)
Special charges, net (861) (12,881) (9,034) (13,841)
Operating income 25,004 20,476 67,321 67,745
Interest income, net 3,057 2,870 11,687 12,978
Other income
(expense), net 3,358 (5,094) 4,824 (14,174)
Segment earnings
before income
taxes $ 31,419 $ 18,252 $ 83,832 $ 66,549
MOLSON COORS BREWING COMPANY AND SUBSIDIARIES
CORPORATE SEGMENT RESULTS OF OPERATIONS
(IN THOUSANDS)
(UNAUDITED)
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
December 31, December 25, December 31, December 25,
2006 2005 2006 2005
------------ ------------ ------------ ------------
Volume in barrels -- -- -- --
Sales $ 1,108 $ 685 $ 5,161 $ 3,345
Excise taxes -- -- -- --
Net sales 1,108 685 5,161 3,345
Cost of goods sold (929) (1,009) (2,321) (1,290)
Gross profit (loss) 179 (324) 2,840 2,055
Marketing, general
and administrative
expenses (35,032) (35,060) (120,221) (85,683)
Special credits
(charges), net 4,581 1,326 5,282 (58,309)
Operating loss (30,272) (34,058) (112,099) (141,937)
Interest expense,
net (32,721) (37,879) (138,468) (126,581)
Other (expense)
income, net (434) (4,786) (3,554) 3,569
Segment loss
before income
tax $ (63,427) $ (76,723) $ (254,121) $ (264,949)
SOURCE Molson Coors Brewing Company
-0- 02/15/2007
/CONTACT: News Media, Paul de la Plante, +1-514-590-6349, or Investor
Relations, Dave Dunnewald, +1-303-279-6565, or Kevin Caulfield,
+1-303-277-6894, all of Molson Coors Brewing Company/
/Web site: http://www.molsoncoors.com /
(TAP TAP.)