Molson Coors reports Q1 earnings
DENVER, Colo. Brewing company Molson Coors reported its first-quarter earnings Tuesday.
The international brewer reported that its total worldwide beer volume declined 2.7% on a pro forma basis. Meanwhile, worldwide Coors Light volume grew more than 4%, compared with the year-ago period.
Net income attributable to Molson Coors increased $41.4 million, or 120.6%, to $75.7 million for the first quarter 2009.
Net income (after tax) increased $98.8 million, or $0.53 per diluted share, up from $56.4 million, or $0.31 per diluted share a year ago. This strong earnings performance was driven by increased beer pricing and substantial cost reductions across the company, which more than offset continuing commodity inflation, unfavorable currency movements, and lower worldwide volume.
The company reports results associated with its former Brazilian unit, Cervejarias Kaiser (“Kaiser”), as discontinued operations. The company reported a loss of $3.9 million from discontinued operations during the quarter primarily due to the impact of foreign exchange movements on the Kaiser indemnity estimates.
Report: U.S. Organic sales grow by 17.1% in 2008
GREENFIELD, Mass. U.S. sales of organic products, both food and non-food, reached $24.6 billion by the end of 2008, growing an impressive 17.1% over 2007 sales despite tough economic times, according to the Organic Trade Association, which made available final results from its 2009 Organic Industry Survey.
While the overall economy has been losing ground, sales of organic products reflect very strong growth during 2008.
“Organic products represent value to consumers, who have shown continued resilience in seeking out these products,” said Christine Bushway, OTA’s Executive Director.
The survey, conducted by Lieberman Research Group on behalf of OTA, measured the growth of U.S. sales of organic foods and beverages as well as such non-food categories as organic fibers, personal care products and pet foods during 2008. Results show organic food sales grew in 2008 by 15.8% to reach $22.9 billion, while organic non-food sales grew by an astounding 39.4% to reach approximately $1.65 billion. As a result, organic food sales now account for approximately 3.5 percent of all food product sales in the United States.
“This marks another milestone for the organic food market,” said Bushway.
With tough economic times, consumers have used various strategies in continuing to buy organic products. Because most venues now offer organic products, consumers have the opportunity to shop around. Increased use of coupons, the proliferation of private label brands, and value-positioned products offered by major organic brands all have contributed to increased sales.
Hydrive Energy expands energy drink line with new product
RYE, N.Y. Hydrive Energy is extending their line of enhanced water energy drinks into a convenient and delicious new edible form – a full power energy soft chew.
Hydrive Energy Chews deliver all the benefits of Hydrive Energy Drinks – great taste, vitamins, electrolytes, antioxidants, and a full power energy boost – in a non-liquid form that can be enjoyed anywhere, anytime.
“Hydrive Energy Chews will appeal to people looking for the boost of an energy drink without having to drink,” said Brian O’Byrne, CEO of Hydrive Energy. “The idea of being able to conveniently get an energy boost at any time – on-the-go, biking, yoga or just sitting at your desk – was incredibly appealing to folks we talked to and is exactly what they want. They loved the idea that these chews taste great and provide nutrients in addition to energy.”
Hydrive Energy Chews come in foil pouches containing 4 individually wrapped chews. The chews are available in two flavors – Orange Burst and Berry Burst (coming in June). A pouch of chews contains 400% RDI of Vitamin C, 200% of Vitamin B3, B5, B6, and B12, 20% Calcium, plus 160-mg of caffeine (equal to about 2 cups of coffee). The chews have been specially formulated to provide a long-lasting, time-released boost of energy without the crash or jitters associated with other energy products.
Hydrive Energy Chews will be supported by local and national television advertising beginning May 4. Hydrive Energy Chews are available online at the Hydrive Web site, www.hydriveenergy.com as well as at select stores around the country.