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.
Mrs. Dash offers new seasoning blends
CHICAGO Two new seasoning blends from Mrs. Dash – Fiesta Lime and Caribbean Citrus – available just in time for summer this month.
Get the party started with Mrs. Dash Fiesta Lime Seasoning Blend and create healthy Mexican dishes that are salt free but still full of flavor. All-natural herbs and spices like sweet chili pepper, cumin, paprika and cayenne pepper blended with lime juice and zest turn up the flavor on all of your favorite Mexican-inspired dishes from chicken to tacos. Let the Mexican flavors dance their way onto the menu as a perfect addition to any chicken, meat, fish or vegetable dish.
Mrs. Dash Caribbean Citrus Seasoning Blend is bursting with all-natural spices like sweet chili pepper, allspice, cayenne pepper, cumin, cinnamon, coriander, nutmeg and ginger. Combined with orange zest and lime juice, Caribbean Citrus makes any meal a true tropical experience, whether you are serving chicken, pork, seafood, vegetables or even fruit salad.
“Americans continue to consume nearly double the recommended daily amount of sodium each day, so controlling how much salt you use in your cooking is an important step toward curbing your intake, while making sure you aren’t sacrificing the flavor,” said Brittanie Stewart, assistant brand manager, Specialty Brands, Alberto-Culver. “The new Fiesta Lime and Caribbean Citrus Seasoning Blends from Mrs. Dash are guaranteed to get people cooking and grilling crowd pleasing, healthier dishes with a little extra kick.”
As with all Mrs. Dash seasonings, the Fiesta Lime and Caribbean Citrus Seasoning Blends are all-natural, salt-free and contain no MSG. The suggested retail price is $2.99.
Pepsi Bottling Group rejects PepsiCo acquisition proposal
SOMERS, N.Y. The Pepsi Bottling Group announced Monday that its board of directors has rejected a proposal by PepsiCo to acquire all outstanding shares of common stock of PBG not owned by PepsiCo for a combination of cash and PepsiCo common stock.
The board acted based on the unanimous recommendation of a special committee of the board comprised of independent directors. The Special Committee was advised by Morgan Stanley and Cravath, Swaine & Moore.
The PBG board Monday sent the letter to PepsiCo Chairman and CEO Indra Nooyi, stating that “PBG values its longstanding relationship with PepsiCo, but the PBG board will not agree to a proposal which does not reflect the true value of PBG,” and that the “proposal is substantially below PBG’s intrinsic value.”
The proposal was announced immediately following PepsiCo’s first-quarter earnings release on April 22.
PBG also announced that its board has approved adoption of a stockholder rights plan, retention arrangements for certain key employees and amendments to PBG’s bylaws regarding notice and informational requirements for stockholder actions. Further information will be filed on Form 8-K with the SEC.
The Pepsi Bottling Group is the world’s largest manufacturer, seller and distributor of Pepsi-Cola beverages. With approximately 67,000 employees and annual sales of nearly $14 billion, PBG has operations in the U.S., Canada, Greece, Mexico, Russia, Spain and Turkey.