Coors had a record year in 2000, selling more beer than ever before and posting strong financial results. However, meeting the high demand was challenging and required hard work from employees. Looking ahead, Coors is well positioned for continued growth through focused brand building and strategic partnerships that increase capacity.
This document is The Home Depot's annual report for the year 2000. It includes letters from the founders and the new CEO, Robert Nardelli. It summarizes the company's financial performance for the year, with sales of $45.7 billion and net earnings of $2.6 billion. While it was a challenging year due to economic slowdown, the report emphasizes the company's continued growth opportunities through new stores, product expansion, and operational improvements. The CEO outlines five business imperatives to drive future success, including customer service, innovation, and leadership development.
Limited Brands had a successful fiscal year 2002, growing earnings by 27% despite a difficult retail climate. The company simplified its business structure through sales and spin-offs, and returned over $6 billion to shareholders. Going forward, the company will focus on its capabilities in talent, financial strength, and portfolio of brands including Victoria's Secret, Bath & Body Works, and Express. The CEO is optimistic about the company's continued growth and strong financial position.
Leslie Wexner, CEO of The Limited, provides a summary of the company's performance in 2001, a difficult year marked by economic challenges and the September 11th attacks. While sales were impacted, strategic decisions like inventory control helped manage risks. The company's major brands - Victoria's Secret, Bath & Body Works, and Express - saw growth. Wexner outlines an ambitious vision to build these into multi-billion dollar "master brands" through expanding products/categories. He expresses confidence that the company's strategies, capabilities, and talent will support continued growth and development of powerful retail brands.
The document is Dillard's, Inc.'s 2006 annual report. It discusses Dillard's strong financial results in 2006, including record earnings per share. It attributes this success to changes made to improve its merchandise mix and appeal to customers seeking upscale, contemporary fashion. These changes included launching a new branding campaign called "Dillard's - The Style of Your Life" and focusing on presenting fashionable merchandise from recognized national brands. Going forward, Dillard's plans to open nine new stores in 2007 and continue strengthening customer relationships through an emphasis on fashion, quality, and value.
In 2004, Kohl's expanded its brand selection and introduced several new exclusive brands to attract more customers. Financial highlights show sales and profits increased over 13-22% from the previous year. In 2005, Kohl's will continue adding new brands like Chaps, Candie's, and The Backyardigans to draw customers and differentiate its merchandise. It will also enhance the store experience through improved navigation and presentation.
This document summarizes a brand development company that has been in business since 1988. It provides visual solutions for brands, including design, marketing, and production services. It has offices in Vermont and Taiwan, and works with brands across various industries. The company focuses on delivering high-quality branded products and custom solutions while maintaining a brand-first approach and top value.
Parfois is a fashion accessory retailer focused on guaranteeing a fresh and exciting product range through regular updates. It currently operates 170 stores across 19 markets. The company plans to open a minimum of 30 new stores per year, focusing on markets where it already has a presence as well as expanding into new territories. Parfois' international business development manager discusses their new store design concept and sustained growth, emphasizing the importance of prime locations, traffic, and renewing stores weekly with new styles.
Dillard's had a challenging year in 2007 with sales not meeting expectations following strong performance in 2006. The company completed a $200 million share repurchase program and approved another $200 million program. Despite economic headwinds, Dillard's remained committed to shareholders and closed underperforming stores. Looking ahead, Dillard's plans to strengthen its appeal to aspirational shoppers and find new brands to redefine itself as a national brand with a new attitude. The company will also work to better match inventory with demand and improve its financial position.
This document is The Home Depot's annual report for the year 2000. It includes letters from the founders and the new CEO, Robert Nardelli. It summarizes the company's financial performance for the year, with sales of $45.7 billion and net earnings of $2.6 billion. While it was a challenging year due to economic slowdown, the report emphasizes the company's continued growth opportunities through new stores, product expansion, and operational improvements. The CEO outlines five business imperatives to drive future success, including customer service, innovation, and leadership development.
Limited Brands had a successful fiscal year 2002, growing earnings by 27% despite a difficult retail climate. The company simplified its business structure through sales and spin-offs, and returned over $6 billion to shareholders. Going forward, the company will focus on its capabilities in talent, financial strength, and portfolio of brands including Victoria's Secret, Bath & Body Works, and Express. The CEO is optimistic about the company's continued growth and strong financial position.
Leslie Wexner, CEO of The Limited, provides a summary of the company's performance in 2001, a difficult year marked by economic challenges and the September 11th attacks. While sales were impacted, strategic decisions like inventory control helped manage risks. The company's major brands - Victoria's Secret, Bath & Body Works, and Express - saw growth. Wexner outlines an ambitious vision to build these into multi-billion dollar "master brands" through expanding products/categories. He expresses confidence that the company's strategies, capabilities, and talent will support continued growth and development of powerful retail brands.
The document is Dillard's, Inc.'s 2006 annual report. It discusses Dillard's strong financial results in 2006, including record earnings per share. It attributes this success to changes made to improve its merchandise mix and appeal to customers seeking upscale, contemporary fashion. These changes included launching a new branding campaign called "Dillard's - The Style of Your Life" and focusing on presenting fashionable merchandise from recognized national brands. Going forward, Dillard's plans to open nine new stores in 2007 and continue strengthening customer relationships through an emphasis on fashion, quality, and value.
In 2004, Kohl's expanded its brand selection and introduced several new exclusive brands to attract more customers. Financial highlights show sales and profits increased over 13-22% from the previous year. In 2005, Kohl's will continue adding new brands like Chaps, Candie's, and The Backyardigans to draw customers and differentiate its merchandise. It will also enhance the store experience through improved navigation and presentation.
This document summarizes a brand development company that has been in business since 1988. It provides visual solutions for brands, including design, marketing, and production services. It has offices in Vermont and Taiwan, and works with brands across various industries. The company focuses on delivering high-quality branded products and custom solutions while maintaining a brand-first approach and top value.
Parfois is a fashion accessory retailer focused on guaranteeing a fresh and exciting product range through regular updates. It currently operates 170 stores across 19 markets. The company plans to open a minimum of 30 new stores per year, focusing on markets where it already has a presence as well as expanding into new territories. Parfois' international business development manager discusses their new store design concept and sustained growth, emphasizing the importance of prime locations, traffic, and renewing stores weekly with new styles.
Dillard's had a challenging year in 2007 with sales not meeting expectations following strong performance in 2006. The company completed a $200 million share repurchase program and approved another $200 million program. Despite economic headwinds, Dillard's remained committed to shareholders and closed underperforming stores. Looking ahead, Dillard's plans to strengthen its appeal to aspirational shoppers and find new brands to redefine itself as a national brand with a new attitude. The company will also work to better match inventory with demand and improve its financial position.
Rocky Brands' annual report summarizes its strong financial performance in fiscal year 2019. Key highlights include:
- Rocky Brands achieved the highest earnings per share in the Company's history in 2019.
- Wholesale sales increased 3.7% and diluted EPS increased 20.5% compared to 2018.
- The retail segment saw a 21.8% increase in sales, its strongest growth ever.
- Gross margin increased 170 basis points and the Company was well positioned for continued long-term success.
The document is Limited Brands' 2004 annual report. It provides an overview of the company's strategy and performance in 2004, as well as its strategic direction going forward. Specifically:
1) In 2004, Limited Brands communicated its faith in the company's future through share repurchases exceeding $3 billion and a $500 million special dividend to shareholders.
2) The company has reinvented itself as predominantly a personal care, beauty and lingerie company, with over 70% of sales coming from those areas through Victoria's Secret and Bath & Body Works.
3) Going forward, Limited Brands is organized into three groups - lingerie, beauty and personal care, and apparel - which
The document is Limited Brands' 2004 annual report. It provides an overview of the company's strategy and performance in 2004, as well as its strategic direction going forward. Specifically:
1) In 2004, Limited Brands communicated its faith in the company's future through share repurchases and a special dividend totaling over $3.5 billion.
2) The company has reinvented itself as predominantly a personal care, beauty and lingerie company, with over 70% of sales coming from those areas through Victoria's Secret and Bath & Body Works.
3) Going forward, Limited Brands aims to double the sales of its lingerie and beauty businesses over the next five years through initiatives like
Best Buy successfully met many challenges in fiscal 2003, including executive succession, a slowdown in consumer spending, and increased competition in certain product categories. Employees helped deliver record profits through initiatives like opening new stores, cutting costs, boosting productivity, and increasing market share in digital products. Looking ahead, Best Buy aims to increase revenue and earnings through strategies like opening more stores, improving operating margins, gaining a larger share of customers' entertainment spending, and developing employee leadership.
This document is The Home Depot's 2007 Annual Report. It provides a summary of the company's financial performance for 2007, including net sales, net earnings, earnings per share, total assets, liabilities, and store count. It discusses investments made in areas like associate engagement, product excitement, availability, shopping environment, and serving professional customers. It also summarizes international performance, the company strategy of focusing on retail operations, and capital allocation plans. The report is addressed to shareholders, associates, customers, suppliers and communities.
This document summarizes the services provided by branding and marketing firm Ove to help organizations build strong brands. Ove helps clients achieve competitive advantage through branding strategy, design, and stewardship. Case studies describe projects Ove has worked on with various clients, such as developing new branding for BMO Financial Group, Grand & Toy, and Air Miles to update their images, as well as creating branding for new initiatives like Toronto Eaton Centre's Urban Eatery food court.
Global Wine Marketing / Speech by Mr. Marian Kopp Sept. 2006Marian Kopp
The document summarizes the set up and global launch of Golden Kaan, a South African wine brand. It discusses the Racke Group, a German family-owned wine company established in 1855. Racke has launched several global wine brands and distributes brands worldwide through subsidiaries across Europe. The document then describes Racke's process for developing and launching new wine brands internationally, including Golden Kaan. It provides details on the brand's distribution network across 28 countries and sales of over 10 million bottles since its launch.
CVS had a very successful year in 2005, with sales increasing 21% to a record $37 billion and earnings per share climbing 32%. Same store sales grew 6.5% overall. CVS opened many new stores in important growth markets and expects to open 250-275 new stores in 2006. The acquisition of former Eckerd stores has met or exceeded expectations and provided opportunities to drive further growth. An upcoming acquisition of 700 Sav-on and Osco stores will strengthen CVS' position as the #1 retail pharmacy in the US. All signs point to continued growth and success for CVS in 2006 and beyond.
The document is Mattel's 1998 annual report. It summarizes Mattel's financial performance for 1998, which saw a 1% decrease in sales due to retailers reducing inventories more quickly than expected. It outlines Mattel's strategic initiatives to position itself for future growth, such as acquisitions of other toy companies and a planned merger with The Learning Company to expand into educational software. Key brands like Barbie, Fisher-Price, and American Girl are discussed as drivers of long-term growth.
The document summarizes the company's financial performance for the fiscal year, noting that they surpassed their financial goals for net sales growth, earnings before interest and taxes growth, and earnings per share growth. It highlights growth in various product lines and brands like Campbell's condensed soups and Pepperidge Farm. It discusses strategies to expand brands in growing categories like Simple Meals and Baked Snacks, as well as initiatives to appeal to consumer preferences for convenience, wellness, and quality products.
This annual report summarizes the company's performance in 2008. It discusses challenges faced due to economic deterioration, but also growth through new store openings and sales increasing 24% to $8 billion. Cost-cutting measures were implemented and an investment was received to ensure liquidity during difficult times. The company remains committed to its core values like high quality, customer satisfaction, and social/environmental responsibility.
The document provides an annual report and letter to stakeholders from Whole Foods Market for the 2007 fiscal year. It summarizes the company's strong financial performance, including 15% sales growth and 7% comparable store sales growth. It also details strategic initiatives like acquiring Wild Oats Markets and expanding private label offerings. The CEO expresses optimism about continued growth and achieving the goal of $12 billion in sales by 2010.
The document provides information about the 2009 San Diego Ad Club Hispanic Marketing Day event, including the program speakers and committee members. It introduces the panel moderator, Robert Santiago from La Agencia de Orci & Asociados, and three panelists - Jeff Overton from the San Diego Padres, Joe Benites from The Benites Group, Inc., and Laura Hernandez from Sharp Healthcare - who will provide insights into successful Hispanic marketing efforts in various industries. It also notes that the event will present a Lifetime Achievement Award to Dr. Mary Beth McCabe from Sun Marketing for her contributions to Hispanic marketing conferences.
This document is El Paso Corporation's 2004 Annual Report. It summarizes the company's operations and performance for the year. The key points are:
1) El Paso owns and operates a large network of natural gas pipelines and production areas across North America and Mexico. Its core businesses are natural gas pipelines and production.
2) In 2004, El Paso met its primary goals of divesting $3.3 billion in non-core assets, reducing debt by $3.4 billion, reducing costs, and investing in its pipeline business. However, production business performance was mixed and legal costs were higher than planned.
3) The pipeline business delivered on commitments and is well-positioned for future growth.
O.J. Mayo said his game has become more efficient on offense and that his focus is now on playing better every time he steps on the court and playing hard for 32 minutes. He also said it's not about him individually and that he would be happy if he scored no points as long as his team wins.
This document discusses exploring biological structures and forms as building blocks for novel wearable designs. It proposes deconstructing biological shapes and giving them to people to create customizable wearables. It outlines questions around which elements to hold constant or allow flexibility. Precedent examples are given in biology, origami, data visualization, and DIY wearables. User testing is proposed to gauge interest in customized designs based on molecular structures. Feedback supported the idea but noted needing better materials and defined constants/variables. Next steps include material testing and interface exploration.
This document provides an introduction to programming in Go. It discusses the origins and intentions of the Go language, where it is commonly used today, and what Go is and isn't. Go was created to be a systems programming language with better productivity than C++. It has seen widespread adoption beyond its original use cases. While Go isn't a functional or object-oriented language, it is compiled, statically typed, memory managed, concurrent, and ideal for building cloud infrastructure. The document also covers Go syntax including variables, types, loops, conditionals, functions, and more.
- Omnicom Group Inc. reported record revenues and earnings in 1995, with worldwide revenues increasing 18% and net income increasing 26% over 1994.
- The company's major advertising agency subsidiaries (BBDO Worldwide, DDB Needham Worldwide, TBWA, and Goodby, Silverstein & Partners) all experienced strong growth in billings and new business wins.
- Omnicom's Chairman expressed optimism for continued growth in 1996, noting trends toward larger clients consolidating marketing efforts through fewer agencies, of which Omnicom agencies have been major beneficiaries.
Linux is an open source operating system that is very stable, fast, and robust. It is used widely for internet servers, powering over 80% of servers worldwide. It provides a free alternative to paid operating systems like Windows and Mac OS. Linux is also used in devices like Playstations and hardware controllers. It offers significant cost savings over Windows for desktops, servers, and office software like OpenOffice compared to Microsoft Office. Linux also provides more flexibility and mobility than Windows since it can boot from various partitions and devices. It has lower hardware requirements than Windows and is not susceptible to viruses, reducing costs from virus-related issues and system failures.
One Unified Platform for Deploying Enterprise Class Solutions across any ente...trw188
WYSIWYG Business Process Automation / Workflows
Collaboration tools
Document Management
Document Generation and Format Conversion
Rules based Information Flow
Flexible but powerful Information Security with SSO capabilities
Integration with other Systems like SAP, Ariba or other ECM and BPM software
Widgets
Configuration Management
Profile Management and Personalization
Hpw ttructure a blog post to create more leadsMariana Wagner
This document provides tips for structuring blog posts to attract search engines and generate more leads for a real estate business. It recommends using relevant titles that incorporate location-specific keywords and questions. The content should provide answers to consumer questions, tools to help them reach their goals, and showcase expertise. Images, lists, and links can break up the text. Posts should be categorized broadly and tagged with specific keywords to aid discoverability. The conclusion should summarize key points and include calls to action like contact forms. Following these guidelines can help posts appeal to both consumers and search engines.
Cybercom Enhanced Security Platform, CESP, is an integrated platform
that provides comprehensive security functions for high assurance
applications that require high level of security and protection.
CESP has been developed based on the latest technology to be able
to create a robust and flexible solution that conforms to the highest
standard of performance and security.
Rocky Brands' annual report summarizes its strong financial performance in fiscal year 2019. Key highlights include:
- Rocky Brands achieved the highest earnings per share in the Company's history in 2019.
- Wholesale sales increased 3.7% and diluted EPS increased 20.5% compared to 2018.
- The retail segment saw a 21.8% increase in sales, its strongest growth ever.
- Gross margin increased 170 basis points and the Company was well positioned for continued long-term success.
The document is Limited Brands' 2004 annual report. It provides an overview of the company's strategy and performance in 2004, as well as its strategic direction going forward. Specifically:
1) In 2004, Limited Brands communicated its faith in the company's future through share repurchases exceeding $3 billion and a $500 million special dividend to shareholders.
2) The company has reinvented itself as predominantly a personal care, beauty and lingerie company, with over 70% of sales coming from those areas through Victoria's Secret and Bath & Body Works.
3) Going forward, Limited Brands is organized into three groups - lingerie, beauty and personal care, and apparel - which
The document is Limited Brands' 2004 annual report. It provides an overview of the company's strategy and performance in 2004, as well as its strategic direction going forward. Specifically:
1) In 2004, Limited Brands communicated its faith in the company's future through share repurchases and a special dividend totaling over $3.5 billion.
2) The company has reinvented itself as predominantly a personal care, beauty and lingerie company, with over 70% of sales coming from those areas through Victoria's Secret and Bath & Body Works.
3) Going forward, Limited Brands aims to double the sales of its lingerie and beauty businesses over the next five years through initiatives like
Best Buy successfully met many challenges in fiscal 2003, including executive succession, a slowdown in consumer spending, and increased competition in certain product categories. Employees helped deliver record profits through initiatives like opening new stores, cutting costs, boosting productivity, and increasing market share in digital products. Looking ahead, Best Buy aims to increase revenue and earnings through strategies like opening more stores, improving operating margins, gaining a larger share of customers' entertainment spending, and developing employee leadership.
This document is The Home Depot's 2007 Annual Report. It provides a summary of the company's financial performance for 2007, including net sales, net earnings, earnings per share, total assets, liabilities, and store count. It discusses investments made in areas like associate engagement, product excitement, availability, shopping environment, and serving professional customers. It also summarizes international performance, the company strategy of focusing on retail operations, and capital allocation plans. The report is addressed to shareholders, associates, customers, suppliers and communities.
This document summarizes the services provided by branding and marketing firm Ove to help organizations build strong brands. Ove helps clients achieve competitive advantage through branding strategy, design, and stewardship. Case studies describe projects Ove has worked on with various clients, such as developing new branding for BMO Financial Group, Grand & Toy, and Air Miles to update their images, as well as creating branding for new initiatives like Toronto Eaton Centre's Urban Eatery food court.
Global Wine Marketing / Speech by Mr. Marian Kopp Sept. 2006Marian Kopp
The document summarizes the set up and global launch of Golden Kaan, a South African wine brand. It discusses the Racke Group, a German family-owned wine company established in 1855. Racke has launched several global wine brands and distributes brands worldwide through subsidiaries across Europe. The document then describes Racke's process for developing and launching new wine brands internationally, including Golden Kaan. It provides details on the brand's distribution network across 28 countries and sales of over 10 million bottles since its launch.
CVS had a very successful year in 2005, with sales increasing 21% to a record $37 billion and earnings per share climbing 32%. Same store sales grew 6.5% overall. CVS opened many new stores in important growth markets and expects to open 250-275 new stores in 2006. The acquisition of former Eckerd stores has met or exceeded expectations and provided opportunities to drive further growth. An upcoming acquisition of 700 Sav-on and Osco stores will strengthen CVS' position as the #1 retail pharmacy in the US. All signs point to continued growth and success for CVS in 2006 and beyond.
The document is Mattel's 1998 annual report. It summarizes Mattel's financial performance for 1998, which saw a 1% decrease in sales due to retailers reducing inventories more quickly than expected. It outlines Mattel's strategic initiatives to position itself for future growth, such as acquisitions of other toy companies and a planned merger with The Learning Company to expand into educational software. Key brands like Barbie, Fisher-Price, and American Girl are discussed as drivers of long-term growth.
The document summarizes the company's financial performance for the fiscal year, noting that they surpassed their financial goals for net sales growth, earnings before interest and taxes growth, and earnings per share growth. It highlights growth in various product lines and brands like Campbell's condensed soups and Pepperidge Farm. It discusses strategies to expand brands in growing categories like Simple Meals and Baked Snacks, as well as initiatives to appeal to consumer preferences for convenience, wellness, and quality products.
This annual report summarizes the company's performance in 2008. It discusses challenges faced due to economic deterioration, but also growth through new store openings and sales increasing 24% to $8 billion. Cost-cutting measures were implemented and an investment was received to ensure liquidity during difficult times. The company remains committed to its core values like high quality, customer satisfaction, and social/environmental responsibility.
The document provides an annual report and letter to stakeholders from Whole Foods Market for the 2007 fiscal year. It summarizes the company's strong financial performance, including 15% sales growth and 7% comparable store sales growth. It also details strategic initiatives like acquiring Wild Oats Markets and expanding private label offerings. The CEO expresses optimism about continued growth and achieving the goal of $12 billion in sales by 2010.
The document provides information about the 2009 San Diego Ad Club Hispanic Marketing Day event, including the program speakers and committee members. It introduces the panel moderator, Robert Santiago from La Agencia de Orci & Asociados, and three panelists - Jeff Overton from the San Diego Padres, Joe Benites from The Benites Group, Inc., and Laura Hernandez from Sharp Healthcare - who will provide insights into successful Hispanic marketing efforts in various industries. It also notes that the event will present a Lifetime Achievement Award to Dr. Mary Beth McCabe from Sun Marketing for her contributions to Hispanic marketing conferences.
This document is El Paso Corporation's 2004 Annual Report. It summarizes the company's operations and performance for the year. The key points are:
1) El Paso owns and operates a large network of natural gas pipelines and production areas across North America and Mexico. Its core businesses are natural gas pipelines and production.
2) In 2004, El Paso met its primary goals of divesting $3.3 billion in non-core assets, reducing debt by $3.4 billion, reducing costs, and investing in its pipeline business. However, production business performance was mixed and legal costs were higher than planned.
3) The pipeline business delivered on commitments and is well-positioned for future growth.
O.J. Mayo said his game has become more efficient on offense and that his focus is now on playing better every time he steps on the court and playing hard for 32 minutes. He also said it's not about him individually and that he would be happy if he scored no points as long as his team wins.
This document discusses exploring biological structures and forms as building blocks for novel wearable designs. It proposes deconstructing biological shapes and giving them to people to create customizable wearables. It outlines questions around which elements to hold constant or allow flexibility. Precedent examples are given in biology, origami, data visualization, and DIY wearables. User testing is proposed to gauge interest in customized designs based on molecular structures. Feedback supported the idea but noted needing better materials and defined constants/variables. Next steps include material testing and interface exploration.
This document provides an introduction to programming in Go. It discusses the origins and intentions of the Go language, where it is commonly used today, and what Go is and isn't. Go was created to be a systems programming language with better productivity than C++. It has seen widespread adoption beyond its original use cases. While Go isn't a functional or object-oriented language, it is compiled, statically typed, memory managed, concurrent, and ideal for building cloud infrastructure. The document also covers Go syntax including variables, types, loops, conditionals, functions, and more.
- Omnicom Group Inc. reported record revenues and earnings in 1995, with worldwide revenues increasing 18% and net income increasing 26% over 1994.
- The company's major advertising agency subsidiaries (BBDO Worldwide, DDB Needham Worldwide, TBWA, and Goodby, Silverstein & Partners) all experienced strong growth in billings and new business wins.
- Omnicom's Chairman expressed optimism for continued growth in 1996, noting trends toward larger clients consolidating marketing efforts through fewer agencies, of which Omnicom agencies have been major beneficiaries.
Linux is an open source operating system that is very stable, fast, and robust. It is used widely for internet servers, powering over 80% of servers worldwide. It provides a free alternative to paid operating systems like Windows and Mac OS. Linux is also used in devices like Playstations and hardware controllers. It offers significant cost savings over Windows for desktops, servers, and office software like OpenOffice compared to Microsoft Office. Linux also provides more flexibility and mobility than Windows since it can boot from various partitions and devices. It has lower hardware requirements than Windows and is not susceptible to viruses, reducing costs from virus-related issues and system failures.
One Unified Platform for Deploying Enterprise Class Solutions across any ente...trw188
WYSIWYG Business Process Automation / Workflows
Collaboration tools
Document Management
Document Generation and Format Conversion
Rules based Information Flow
Flexible but powerful Information Security with SSO capabilities
Integration with other Systems like SAP, Ariba or other ECM and BPM software
Widgets
Configuration Management
Profile Management and Personalization
Hpw ttructure a blog post to create more leadsMariana Wagner
This document provides tips for structuring blog posts to attract search engines and generate more leads for a real estate business. It recommends using relevant titles that incorporate location-specific keywords and questions. The content should provide answers to consumer questions, tools to help them reach their goals, and showcase expertise. Images, lists, and links can break up the text. Posts should be categorized broadly and tagged with specific keywords to aid discoverability. The conclusion should summarize key points and include calls to action like contact forms. Following these guidelines can help posts appeal to both consumers and search engines.
Cybercom Enhanced Security Platform, CESP, is an integrated platform
that provides comprehensive security functions for high assurance
applications that require high level of security and protection.
CESP has been developed based on the latest technology to be able
to create a robust and flexible solution that conforms to the highest
standard of performance and security.
Access control in CESP is performed by CESP-Access. Once the user
has been uniquely identified his/her ability to access data or application
is checked. The PEP (policy Enforcement Point) is the gatekeeper that
collects data about the caller and the request. This data is the sent to
the Authorization Engine that performs this check. The Authorization
Engine uses the Axiomatic Policy Server to evaluate the policies.
Michael Jackson was an American singer, dancer, and entertainer known as the "King of Pop". He was born in Gary, Indiana and had an immensely successful career in music spanning over four decades. He established the Heal the World Foundation and supported many humanitarian causes throughout his life.
Red Robin Nursery welcomes children aged 4 months to 4 years. It provides a nurturing learning environment with qualified staff. The nursery aims to encourage children's development through play, creativity, social skills and preparing them for school. It is open from 8am to 6pm with breakfast, lunch, snacks and tea provided and follows all relevant policies around health, safety, special needs and equal opportunities.
This document discusses using Twitter's API with PHP to retrieve a user's location and tweets from Twitter and store them in a database. It explains how OAuth authentication works to allow secure API access without sharing passwords. It also describes how cURL can be used to communicate with the Twitter API from PHP applications. The document lists the types of user information that can be retrieved from the Twitter API and discusses some issues with inconsistent location data across mobile devices.
Stage 3 of 100mph's process - Filling & then Converting the Funnel following Brand Identity development in Stage 2 and the Social Insights developed in Stage 1
This document outlines the branding portfolio of Vadim Andreev. It shows the logos and branding used before 2008, between 2008-2011, and after 2011. The branding evolved from 1992 to include a registered US trademark in 2013 and a return to the original 1992 logo design with some updated details.
Universal TransGroup is a leading transportation and freight forwarding company in Russia and CIS countries. It operates 8000 railcars across Russia, CIS and Baltic states. The company aims to consolidate transport assets and become one of the top 5 transportation companies in Russia by 2012. It provides reliable cargo delivery and transport services to major Russian and CIS industrial clients.
Kohl's operates over 500 department stores across 37 states and online. In 2003, net sales increased 12.7% to over $10 billion however net income decreased 8.1% due to issues with inventory levels, customer experience, and marketing. In 2004, Kohl's plans to open 95 new stores and expand existing categories through partnerships for beauty products and new brands. The company believes its focus on national brands, value, and convenience positions it for continued growth.
The 2002 annual report of Adolph Coors Company summarizes the company's transformation that year through an acquisition in the UK beer market, a new US advertising approach, and strides in productivity and cost reduction. It discusses focusing marketing and advertising efforts on young adult males and strengthening core brands. It also outlines initiatives to improve operations, reduce costs, and reinvest savings into growth. The report emphasizes building brands through relevant sponsorships and campaigns tailored to specific markets and channels.
The 2002 annual report summarizes Adolph Coors Company's transformation through the acquisition of one of the largest UK beer businesses, a new US advertising approach, and strides in productivity improvement and cost reduction. Sales and profits increased substantially. The company strengthened its focus on young adult males and improved efficiency across operations from breweries to distribution. The acquisition added leading UK brands and was described as "talent accretive". Overall, the report describes a year of dramatic progress in transforming and strengthening the company.
The document is The Home Depot's 2002 Annual Report. It provides the following key information:
1) The Home Depot is the world's largest home improvement retailer with fiscal 2002 sales of $58.2 billion. It operates various store formats across the US, Canada, and Mexico.
2) In 2002, The Home Depot achieved net earnings of $3.7 billion, earnings per share growth of 21%, and a return on invested capital of 18.8%. It ended the year with $2.3 billion in cash after repurchasing $2 billion in stock.
3) The Home Depot made significant investments in 2002 to transform the business through technology upgrades, merchandising
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that this is just the beginning and that Jarden will continue executing its strategy to deliver strong growth.
The 2003 annual report summarizes Jarden Corporation's financial and operating results for the year. It discusses record financial performance with revenues surpassing $500 million and cash flow from operations exceeding $70 million. It also highlights the acquisitions of Diamond Brands and Lehigh Consumer Products, which added over $250 million in annual revenue. The Chairman expresses optimism that 2004 will be another record year as the company continues executing its strategy of building a portfolio of market-leading consumer brands.
1) Adolph Coors Company reported having its best year in history in 1999 and made progress on all fronts including brewing better beer, amazing customers, and making money.
2) The company focuses on delivering the highest quality beer from the barley fields to the consumer's glass and believes its beers are better due to its unique water source and barley varieties grown by contract farmers.
3) Coors strives to amaze customers through highly targeted advertising, innovative packaging, and creative promotions while also building strong relationships with distributors to grow market share.
Adolph Coors Company reported strong financial results for 1999, their best year in history. They saw sales volume and dollar sales increase for the 12th consecutive quarter, and after-tax income growth for the 8th quarter in a row. Coors is focused on brewing premium beers, with 88% of their volume coming from premium and above-premium brands. Looking forward, Coors expects their international growth, led by continued strength in Canada, Puerto Rico, and Ireland, to play an increasingly important role in the company's future success.
Constellation Brands had a dynamic fiscal 2007 with strategic changes including acquiring Vincor, forming a joint venture with Grupo Modelo, and announcing the acquisition of SVEDKA vodka. While most business segments performed as expected, growth in the UK was slowed by an Australian wine surplus. Constellation revised its long-term organic growth targets due to changes in accounting and potential higher interest and tax rates. The company believes opportunities remain to create shareholder value through efficiency gains, product development, infrastructure investment, and small acquisitions.
Ball Corporation is a leading provider of metal and plastic packaging for beverages and foods. In 2001, Ball reported a net loss of $1.85 per share due to business consolidation charges, but excluding these charges earnings were $1.78 per share. Ball took actions to improve its packaging operations in China and North America to better position them for the future. Ball also expects solid performance in 2002 and beyond as it builds on its strengths of quality, customer relationships, and creative employees.
This document is Ball Corporation's 2001 annual report. It provides an overview of Ball Corporation, including that it is a leading provider of metal and plastic packaging for beverages and foods, as well as aerospace technologies. It discusses Ball's vision, mission, and strategy. The report notes challenges in 2001 from rising costs but performance was still slightly below 2000 levels when excluding charges. It describes actions taken to improve Ball's packaging and aerospace operations and position them for future growth.
Adolph Coors Company achieved strong financial results in 1997, its 125th anniversary year. Net income increased 89% to $82.3 million, driven by gains in market share, pricing power, and international sales. Coors gained share in key brands like Coors Light and saw volume growth of 2.7% to a record 20.6 million barrels. Looking ahead, Coors will continue focusing on the fundamentals of quality brewing, customer service, productivity, and developing its employees to maintain momentum despite competitive challenges.
West 49 Inc.'s 2009 annual report. Provides a summary of the Company's business strategy, growth plans and outlook as well as the financial statements for its fiscal 2009 year ended January 31, 2009.
West 49 Inc.'s 2009 Annual Report. West 49 Inc. is a leading Canadian specialty retailer of fashion and apparel, footwear, accessories and equipment related to the youth action sports lifestyle. The Company’s common shares are listed on the Toronto Stock Exchange under the symbol WXX.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
This annual report summarizes Jarden Corporation's financial performance in 2005. It discusses the company's acquisition of American Household and The Holmes Group, which expanded its consumer solutions segment. It also highlights initiatives across its various business segments, including new product introductions, employee programs, and efforts to improve operations. The Chairman expresses pride in the company's strong growth and record results in 2005, with revenues reaching $3.2 billion, nearly halfway to its goal of doubling EPS within 3 to 5 years.
Constellation Brands had strong financial performance in fiscal year 2003. Net sales increased 5% to $2.7 billion and net income grew 22% to $192 million. Earnings per share also increased 16% to $2.07. The company has a broad portfolio of over 200 wine, beer, and spirits brands that makes it unique among global beverage alcohol companies. Its acquisition of BRL Hardy in 2003 is expected to further accelerate sales and earnings growth going forward.
This annual report summarizes the company's fiscal year 2004 performance and goals for fiscal year 2005. In fiscal year 2004, the company achieved 17% revenue growth to $24.5 billion by opening new stores and increasing comparable store sales by 7.1%. Earnings from continuing operations increased 29% through higher revenue and operating income. For fiscal year 2005, the company aims to grow revenue 11-13% by opening new stores and earn comparable sales gains, while increasing diluted EPS 15-20%. The company is also transforming its business through a customer centricity initiative to improve customer service and engagement.
The document summarizes Jarden Corporation's 2004 annual report. It discusses record financial results in 2004, including 5% organic sales growth and 18% EBITDA margins. It also highlights acquisitions of The United States Playing Card Company and American Household, Inc., owner of brands like Coleman and Sunbeam. The acquisition of American Household tripled Jarden's revenue base and provides opportunities for margin expansion and earnings growth.
The document is Jarden Corporation's 2004 annual report. It discusses Jarden's record financial results in 2004, including organic sales growth of 5% and EBITDA margins of 18% excluding non-cash charges. It also summarizes two acquisitions completed in 2004 - The United States Playing Card Company and American Household, Inc. - and how they will help Jarden expand its business and drive margin improvement towards a target of 15% over five years. The report highlights the company's focus on innovation through new product introductions and maintaining financial flexibility.
This document outlines AutoZone's Code of Ethical Conduct for Financial Executives. It establishes principles that financial executives are expected to adhere to and advocate for, including acting with honesty and integrity, providing full and accurate information to stakeholders, and complying with all applicable laws and regulations. It details responsibilities of financial executives and procedures for reporting violations of the code or unethical behavior.
This document outlines AutoZone's Code of Ethical Conduct for Financial Executives. It establishes principles that financial executives are expected to adhere to and advocate for, including acting with honesty and integrity, providing full and accurate information to stakeholders, and complying with all applicable laws and regulations. The code defines financial executives and lists responsibilities such as avoiding conflicts of interest, maintaining confidentiality, and reporting any violations or issues regarding financial disclosures, controls, or legal compliance.
This document outlines the restated articles of incorporation for AutoZone, Inc. It details the company name, authorized shares including 200 million shares of common stock and 1 million shares of preferred stock. It establishes that the board of directors will set the stock consideration and that stock will not be assessable. The board can also set rights and designations of preferred stock series. It limits director personal liability and allows the board to adopt, amend or repeal bylaws.
This document outlines the restated articles of incorporation for AutoZone, Inc. It establishes the company name as AutoZone, Inc. and authorizes 201 million total shares made up of 200 million common shares and 1 million preferred shares. It also limits the personal liability of directors and officers, establishes that shareholders have no preemptive or cumulative voting rights, and allows the board of directors to determine the number of directors and adopt/amend company by-laws.
This document outlines the by-laws of Autozone, Inc. regarding meetings of stockholders. It specifies that the annual meeting will be held each year to elect directors and conduct business, and stockholders must give advance notice to the Secretary of any additional business to be addressed. It also describes how special meetings may be called, the information that must be provided to stockholders prior to meetings, and requirements for stockholder lists and quorums. Stockholders may only take actions at annual or special meetings and not by written consent without a meeting.
AutoZone has strong corporate governance practices according to Institutional Shareholder Services. Its board is comprised of the CEO, founder and seven independent directors who are elected annually. All board committees consist solely of independent directors. The audit committee, comprised of designated financial experts, meets quarterly with external and internal auditors without management present. All AutoZone officers and functional controllers must certify financial reports in writing and are subject to trading restrictions and general counsel approval for option exercises.
This document outlines the by-laws of Autozone, Inc. It discusses procedures for stockholder meetings, including annual meetings, notices of meetings, quorums, voting procedures. It also discusses the board of directors, including the number of directors, nominations, vacancies, meetings, and actions that can be taken without meetings. The by-laws provide the framework for how business is conducted and decisions are made within the corporation.
AutoZone has strong corporate governance practices according to Institutional Shareholder Services. Its board is comprised of the CEO, founder and seven independent directors who are elected annually. All board committees consist solely of independent directors. The audit committee, comprised of designated financial experts, meets quarterly with external and internal auditors without management present. All AutoZone officers and functional controllers must certify financial reports in writing and are subject to trading restrictions and general counsel approval for option exercises.
Este documento presenta el Código de Conducta de AutoZone para el año fiscal 2008. Explica los valores fundamentales de la compañía como poner a los clientes primero, preocuparse por las personas y esforzarse por un desempeño excepcional. También cubre temas como igualdad de oportunidades, acoso, conflictos de interés, confidencialidad y cumplimiento de leyes y regulaciones. El código establece las expectativas de comportamiento ético para todos los empleados de AutoZone.
Este documento presenta el Código de Conducta de AutoZone para el año fiscal 2008. Contiene secciones sobre los valores de AutoZone, las expectativas de conducta para los empleados, políticas sobre igualdad de oportunidades, acoso, conflictos de interés, uso de bienes de la compañía y reporte de comportamientos no éticos. El código busca establecer los más altos estándares éticos y legales para todos los empleados de AutoZone.
This document provides AutoZone's Code of Conduct for fiscal year 2008. It outlines AutoZone's values and expectations for ethical behavior from all employees.
The Code of Conduct covers topics such as equal employment opportunity, harassment, conflicts of interest, treatment of confidential information, fair dealing, and compliance with laws. Employees are expected to perform their jobs ethically and treat all people with dignity and respect. The Code also provides guidance on issues like accepting gifts, outside employment, and relationships within the workplace.
Employees who have questions about the Code of Conduct or face ethical issues are instructed to consult their supervisor. Adherence to the Code and AutoZone's policies is required to ensure responsible and lawful behavior from all.
This document is AutoZone's Code of Conduct for fiscal year 2008. It outlines AutoZone's values and ethical standards that all employees and board members must follow. The Code of Conduct covers topics such as equal employment opportunity, harassment, conflicts of interest, treatment of confidential information, and compliance with laws and regulations. Employees are expected to perform their jobs ethically and in a way that serves customers and shareholders. The Code also provides contact information for employees to report illegal or unethical behavior.
The document outlines AutoZone's corporate governance principles, which were first adopted in 2001 and have been amended several times since. It discusses the board's mission to maximize shareholder value, outlines the responsibilities and core competencies of board members, describes board organization and operations, and establishes policies regarding director independence, compensation, conflicts of interest, succession planning, and annual board evaluations.
The document outlines AutoZone's corporate governance principles, which were first adopted in 2001 and have been amended several times since. It discusses the board's mission to maximize shareholder value, outlines the responsibilities and core competencies of board members, describes board organization and operations, and establishes policies regarding director independence, compensation, conflicts of interest, succession planning, and annual board evaluations.
- AutoZone reported first quarter fiscal year 2009 results, with net sales up 2% to $1.478 billion and diluted EPS up 10% to $2.23. Operating profit was flat at $239 million and operating margin decreased slightly.
- The company opened 30 new stores and replaced 2 stores in the US, ending the quarter with 4,122 domestic stores. Commercial programs grew 2% and commercial sales increased 1.8% to $170.6 million.
- Inventory increased 6% to $2.192 billion while inventory turns decreased to 1.5x. Working capital was negative $66 million and debt increased 5% to $2.268 billion.
The document summarizes AutoZone's 2008 annual stockholders' meeting. It discusses AutoZone's position as the largest auto parts retailer in the US, with over $6.5 billion in annual sales. It highlights AutoZone's strategic priorities of growing its US retail and commercial segments, expanding in Mexico, and growing its ALLDATA business. The document also reviews AutoZone's strong financial performance in recent years and its focus on continued sales growth, improving customer satisfaction, and managing costs.
This annual report summarizes AutoZone's financial performance in 2000. Some key points:
- Sales reached a record $4.48 billion, up 9% from 1999. Earnings per share grew 23% to $2.00.
- Acquired stores like Chief Auto Parts and Pep Boys Express locations significantly increased same-store sales. Stores in Mexico also saw strong growth.
- Cash flow from operations increased over $200 million to $513 million, allowing AutoZone to repurchase $608 million in stock.
- AutoZone opened 204 new stores in the US, bringing the total to 2,915. International expansion also continued with new stores in Mexico.
This document is AutoZone's 2001 annual report which provides an overview of the company's performance in fiscal year 2001. Some key points:
- AutoZone is the largest retailer of automotive parts and accessories in North America with over 3,000 stores in the US and Mexico.
- In fiscal 2001, the company pursued three strategic priorities: expanding the US retail business, developing the commercial business, and growing in Mexico.
- New marketing initiatives like the "Get in the Zone" campaign helped drive an 8% increase in same-store sales in the fourth quarter.
- The commercial business saw 11% same-store sales growth and now generates over $400 million in revenue.
- Auto
This document is AutoZone's 2001 annual report which provides an overview of the company's performance in fiscal year 2001. Some key points:
- AutoZone is the largest retailer of automotive parts and accessories in North America with over 3,000 stores in the US and Mexico.
- In fiscal 2001, the company pursued three strategic priorities: expanding the US retail business, developing the commercial business, and growing in Mexico.
- New marketing initiatives like the "Get in the Zone" campaign helped drive an 8% increase in same-store sales and 27% EPS growth in Q4.
- The commercial business saw an 11% increase in same-store sales for the year as the company focused on
- The annual report summarizes AutoZone's fiscal year 2002 performance, which saw record sales of $5.3 billion, earnings per share of $4.00, and a 52% return for shareholders.
- The three divisions - U.S. Retail, AZ Commercial, and Mexico - all contributed to growth. U.S. Retail had same-store sales growth of 8% and now operates 3,068 stores across 44 states.
- AZ Commercial grew 20% to $532 million in sales by expanding commercial product offerings and dedicated sales force for commercial customers.
- AutoZone aims to continue delivering strong profitable growth and pursuing opportunities in the large market for automotive maintenance and repairs.
South Dakota State University degree offer diploma Transcriptynfqplhm
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...
molson coors brewing COORS_AR2000
1. Adolph Coors Company 2000 Annual Report
There’s
something
brewing
here
Adolph Coors Company
2000 Annual Report
2. Something’s brewing here at Coors. It’s a feeling.
An excitement in the air. We had a great year
in 2000 – we sold more beer than ever before.
But it wasn’t easy. Our people worked very hard to
deliver the record performance we posted. What’s
important is our people now see that we can
deliver results at levels never before thought
3. possible by working the fundamentals, working
smart and working together. And the better we do,
the more clearly we see what we’re capable of.
There’s definitely something brewing here – besides
a whole lot of great beer, it’s a growing confidence,
a winning attitude, a sense of possibility. Some folks
call it momentum. We just call it a good start.
4.
5. It was a big year for our beer.
We think Coors products are the most drinkable on
the planet, and it seems that quite a few consumers agreed.
Our volume broke all records here, growing at more than
four times the industry rate. That’s a lot of beer.
And it was a lot of work, because the increase in demand
surprised even us. So our people had to work smart, work
together and just plain work hard to get all that product Our people went the extra
mile in 2000. They lived the
out the door. Coors value of “excelling” –
There were a few disappointments. We very likely dedicated to performance,
productivity and process
could have sold even more beer than we did. As they say improvement, determined to
do their part to make our
in the industry, we probably left some cases on the table. company a winner.
We also had to spend more than we wanted to meet
our commitments.
But we made it, and we’re proud. It takes a great organi-
zation to accomplish what we did. And the best part is, we
know we can do even better.
demandi
Meeting record n 2000
told us a lot about ourselves.
If you’ve ever been challenged
beyond what you thought were
your limits, you know that
feeling of exhausted elation
when you succeed. That’s how
a lot of us felt after the peak
beer-selling season in 2000.
We sold a record amount
of product, and tough as it
was, it gave us a glimpse
of what’s possible.
6. By working closely with dis-
tributors and retailers, we’ve
become known for being a
solid, professional partner,
driving our own success by
helping to build theirs. Seen
here, representatives from
Coors Distributing Company,
Denver, and Applejack Wine
and Spirits, Wheat Ridge,
Colorado.
excelling
Our commitment to
continued to drive results.
Coors broke volume records in 2000 in large part by
emphasizing the basics – targeted marketing, exciting
packaging, commitment to solid selling fundamentals
and supply chain efficiency, quality and service.
Our approach to growth at the field level is two-
We won! Again! Retailers
pronged. One, build our big brands in our big markets. recognized our category
management excellence for
And two, go into high-potential markets with strong,
the fourth consecutive year
committed local wholesaler partners. In both cases we in 2000 – this time Coors
was chosen as one of the
bring proven market-building expertise, working closely 12 best category managers
in the entire consumer goods
with our distributors to identify opportunities, develop industry – the only brewer
among the 12.
clear strategies and execute them.
At retail, our unique category management approach
is based upon bringing value rather than just gaining shelf
space. We use a sophisticated, objective process to help
retailers sell more beer, not just our beer. That builds rela-
tionships, loyalty and, over time, sales for Coors.
4 ADOLPH COORS COMPANY
7. Strong distributor partners
are critical to our success,
and there are none stronger
than DeCrescente Distributing
in Albany, New York. Led by
C.J. and Carmine DeCrescente,
the organization’s disciplined
execution, outstanding people,
great customer service and
community involvement have,
three years running, made
it a winner of a Founder’s
Award, Coors’ recognition of
excellence in wholesalers –
and made Coors Light a win-
ner in the Albany market.
8. Coors Light is a great fit for
French Canadian beer drinkers
with its young, hip, active
image. Our marketing strat-
egy emphasizes on-premise
and borrows elements from
European Coors Light adver-
tising campaigns to build
awareness and market share.
9. Coors Light has unique international appeal. It represents
the cold, crisp, pure freshness of the Colorado Rockies. It
exudes an energetic sociability and an American-ness that’s
active, positive and down-to-earth. And the distinctive Coors
Light silver graphics say pure and cold, bright and modern.
We drove positive growth momentum in Puerto Rico dur-
ing the second half of 2000 with a new marketing strategy, Fresh new graphics and
an integrated marketing
placing stronger emphasis on Coors Light attributes across campaign emphasizing our
signature silver color helped
print, outdoor and point-of-sale media. Today, more than reestablish our momentum
in Puerto Rico during the
half the beer sold in Puerto Rico is Coors Light. second half of 2000.
We develop new international markets in much the
same way as we do domestic ones – with highly focused
strategies and strong, committed local distributor partners.
Coors Light scored a win in the Canadian province of
Quebec, nearly doubling market share in 2000.
markets,post
Picking our ing wins –
our international approach is working.
As brewer of the majority
of our export beers, the
Coors Memphis plant is a
critical part of our interna-
tional strategy. The Memphis
team spearheaded efforts to
better utilize existing brewing
capacity at the facility and
improve the quality of our
product in 2000.
ADOLPH COORS COMPANY 7
10. What’s brewing at Coors? Confidence. Consistency. Strength.
You can feel it – we’re making real progress in our drive to
become one of the industry’s most consistent performers.
Central to sustaining our momentum is finding creative
ways to increase capacity – investing wisely to use existing
assets better and improve returns. In 2000 we made many
process improvements in Golden, and we announced plans
to add a new bottling line in our Shenandoah Valley facility.
Both will increase packaging capacity and reduce costs.
Strategic partnerships give us still another way to increase
flexibility and capacity while bringing other benefits. Case
in point: our joint venture with Montréal-based Molson,
North America’s oldest brewer. The new relationship adds
Molson’s brands to our U.S. portfolio and provides access
to as much as 500,000 barrels of Molson’s available brew-
ing capacity for Coors products in the future.
alliances
Getting stronger through
and smart spending.
Our joint venture with
Canada’s Molson brings
three import brands – Molson
Canadian, Molson Golden and
Molson Ice – to the Coors
portfolio, further strengthening
our position in the highest-
growth, highest-margin
premium and above-premium
beer categories. We also
strengthened our existing
Coors Canada partnership
in 2000.
11. We expect our planned addi-
tion of a new bottling line at
our Elkton, Virginia, facility
in the Shenandoah Valley to
add more than one million
barrels of packaging capacity
by early 2002 while reducing
costs to supply our eastern
U.S. markets.
12. We’ve built one of the
strongest portfolios of
brands in the business:
Coors Light. Original Coors.
Killian’s Irish Red. Zima.
Blue Moon. Keystone. Coors
Non-Alcoholic. And Extra
Gold. Each brand offers its
own take on our unique,
clean, refreshing Rocky
Mountain taste.
13. We brewed and sold a Coors
record 24,150,000 barrels of
beer in 2000, including Coors
Light brewed in Canada – and
raised the bar for 2001.
Around the world, Coors
is powered by its 5,850
employees – a diverse group New to the Coors fold
of smart, talented and com- through a joint venture with
mitted men and women Molson, Inc. comes a great
working together every day family of beers from the north:
to make their company the Molson Canadian, Molson
best it can be. Golden and Molson Ice. Now,
with the addition of these
premium imports to our U.S.
portfolio, we truly have a
beer for every taste.
snapshotof a great
American beer company.
4,5,6
In 2000 Coors outpaced the
U.S. industry volume growth
rate for the fourth consecu-
tive year, posted its fifth
consecutive year of double-
digit earnings growth and
for the sixth straight year
grew Coors Light at a strong
single-digit rate.
Times may change, but the It started back in 1873 on
secret to our success will the very same site where our
not: our single-minded, com- Golden, Colorado, brewery
panywide focus on the four stands today, a great Rocky
fundamentals of the beer Mountain brewing tradition
business: doing great beer, that’s getting stronger every
amazing our customers, mak- day. We like to think Adolph
ing money and investing in our Coors would be proud of how
people. When we get these we’ve continued his life’s work.
four things right, we feel
we’re pretty tough to stop.
ADOLPH COORS COMPANY 11
14. Financial Highlights
(Dollars in thousands, except per share data, for the years ended) December 26, 1999 Change
December 31, 2000
Barrels of beer and other malt beverages sold 21,954,000 4.7%
22,994,000
Net sales $2,236,484 8.0%
$2,414,415
Net income $«««««92,284 18.8%
$÷«109,617
Properties – net $«««714,001 3.1%
$÷«735,793
Total assets $1,546,376 5.4%
$1,629,304
Shareholders’ equity $«««841,539 10.8%
$÷«932,389
Dividends $«««««23,745 11.9%
$÷÷«26,564
Number of full-time employees 5,800 0.9%
5,850
Number of shareholders of record 3,105 (5.5%)
2,933
Number of Class A common shares outstanding 1,260,000 0.0%
1,260,000
Number of Class B common shares outstanding 35,462,034 1.2%
35,871,121
Per share of common stock
Net income – basic $÷÷÷«÷2.51 18.7%
$÷÷÷÷«2.98
Net income – diluted $÷÷÷«÷2.46 19.1%
$÷÷÷÷«2.93
Net book value $÷÷÷«22.91 10.7%
$÷÷÷«25.35
Dividends $÷÷«÷0.645 11.6%
$÷÷÷«0.720
Profile Adolph Coors Company, traded on the New York Stock Exchange under the ticker symbol “RKY,” is ranked among the 700
largest publicly traded corporations in the United States. Its principal subsidiary is Coors Brewing Company, the nation’s third-largest
brewer. With its headquarters and primary brewery in Golden, Colorado, the company also has brewing and packaging facilities in
Elkton, Virginia, and Memphis, Tennessee. Coors owns major facilities in Colorado to manufacture aluminum cans and ends, as well
as bottles, and is a partner in joint ventures that operate these plants.
Malt Beverage Sales After-tax Income Return on
1 2
Sales Volume Invested Capital 3
(In millions of barrels) (In billions of dollars) (In millions of dollars) (In percentages)
23 3.0 125 12.5
22 2.4 100 10.0
21 1.8 75 7.5
20 1.2 50 5.0
19 0.6 25 2.5
0 0 0 0
96 97 98 99 00 96 97 98 99 00 96 97 98 99 00 96 97 98 99 00
I Gross Sales
I Net Sales
The difference between gross sales and net sales represents beer excise taxes.
1
Excluding net special charges (in 2000, 1999, 1998 and 1996) and special credits (in 1997).
2
Defined as after-tax income before interest expense and any unusual income or expense items (including special charges and credits), divided by the sum of average
3
total debt and shareholders’ equity. The 1996 return on invested capital rate includes gains related to changes in non-pension postretirement benefits.
12 A D O L P H C O O R S C O M PA N Y A N D S U B S I D I A R I E S
15. Pete Coors and Leo Kiely
among the brew kettles at
our Golden, Colorado, brewery.
shareholders
To our
Brewing. Besides describing what we do every day, the higher-cost packages. But the measure of a great organiza-
word implies something happening, something in the tion is its ability to respond to challenges, and respond we
works. In the most positive sense possible, there’s some- did. Through the skills, dedication and teamwork of our
thing going on at Coors, and it’s pretty exciting. people and partners, we were able to achieve our fifth
We’re achieving good, consistent financial results, we’re consecutive year of strong double-digit earnings growth.
well positioned to benefit from changing industry dynamics Some highlights from the year:
and we’re more committed than ever to executing a disci- • We again outgrew the U.S. beer industry – our unit
plined, focused strategy for growth and profitability. volume grew more than four times faster.
This business is all about execution. Executing at an • We set company records for annual unit volume, sales,
absolute level of excellence is what makes winners. Coors net income and earnings per share, and grew returns
executed well in 2000, enabling the company to benefit significantly – return on invested capital approached
from a positive industry environment that included favor- 12 percent, up from 6 percent in 1996.*
able demographic trends, continued strong growth in • We continued to invest significantly in our brands and
demand for light, refreshing premium-priced beers and sales organization, both domestically and internationally.
a positive pricing environment. • We began construction of a new bottling line at our
We had to overcome some significant cost challenges Elkton, Virginia, plant.
to meet unprecedented demand, particularly for our *All figures exclude special items
ADOLPH COORS COMPANY 13
16. seasonally low, this extra week did not materially affect
I’ve worked for Coors
the company’s annual earnings.
since 1939, more than
Excluding special items, after-tax income for fiscal
60 years. As recently as
30 years ago, there were year 2000 was $114.5 million. This, compared with the
more than 700 family-
$95.8 million we achieved in 1999, represented a 19.6 per-
owned breweries in the
cent increase. Basic earnings per share rose 19.2 percent
United States; today there
to $3.11 and diluted earnings per share reached $3.06, up
are just a handful left.
I’m proud to count
19.5 percent from $2.56 per share in 1999, not including
Bill Coors
Coors as a leader among
Chairman, Adolph Coors Company
special items.
them. You see, survival
A number of key factors drove our company’s fiscal
was always a key word in my vocabulary in the past.
As our goal evolves from surviving to winning, the most 2000 results, including volume growth, increased pricing,
important strategy here at Coors remains unchanged:
the success of key international businesses and higher
paying meticulous attention to the uniqueness and
interest income.
quality of our product.
Overall, our brand volumes grew at more than four
You may not know this, but my father always had
somewhat of a bias against growth. He thought the big-
times the industry rate. Coors Light extended its string
ger you get, the harder it is to maintain quality. But I’ve
of consecutive years of mid-single-digit growth to six.
found just the opposite to be true. Today, our beers are
Original Coors was flat for the year with tough fourth-
better than ever, and if product quality is any indication,
we’re going to be around – and increasingly successful – quarter comparisons, but Killian’s Irish Red, Zima and
for many generations to come.
Keystone Light volumes all experienced significant growth.
Throughout 2000, we continued to improve sales execu-
tion and grow key brand equities by increasing our sales
• We entered into a joint venture with Molson, which and marketing investments by more than $30 million.
added import brands to our portfolio and, through a The industry pricing environment remained positive in
contract brewing arrangement, gained access to extra 2000 – we were able to increase our domestic net prices mod-
production capacity for our U.S. brands. We also estly with no significant negative effect on volume trends.
strengthened our existing Coors Canada partnership. We again had success internationally, particularly in
Canada with Coors Light, that country’s number-one light
beer, and in Japan, where Zima volume nearly doubled in
Review of 2000 financial performance
Our scorecard for the year was pretty good. For the 53-week 2000. Both grew earnings faster than our domestic business.
fiscal year ended December 31, 2000, the company’s net And we continue to be excited about our relationship
sales were $2.4 billion, an increase of 8 percent over 1999’s with Murphy’s in Ireland – working together, we have so
52-week figure of $2.2 billion. Including the extra week in far been able to build Coors Light to a 5 percent market
the fiscal year, 2000 sales volume reached 22,994,000 bar- share in the bottled lager segment. Elsewhere on the inter-
rels, showing 4.7 percent growth over the previous year. national front, our decision early in 2000 to close our
Distributor sales to retail for the year 2000 increased by brewing operations in Spain began to reap financial benefits
approximately 6.5 percent over 1999. Excluding the extra toward year-end.
week in fiscal year 2000, sales volume and sales to retail Our 2000 results also were positively impacted by higher
increased 4.1 percent and 4.4 percent respectively, year to interest income as we built cash balances, increased the
year. As we expected, because sales in the 53rd week were return on those balances and had lower debt than in 1999.
14 ADOLPH COORS COMPANY
17. Looking ahead to 2001 A bright future
We’ll be watching the same factors in 2001 that we discussed We are extremely optimistic about the future of this indus-
this time last year: volume, pricing and cost of goods. try and our place in it. Sure, it’s competitive, but we feel
We entered 2001 with solid volume momentum in four very strongly that Coors, with a solid portfolio of brands,
of our five largest brands. With strong brand equities and premium light beer focus, strong young adult appeal, man-
our sales execution solid and getting better, our goal is to ufacturing scale and one of the best teams in the business,
outperform the industry volume growth rate for the fifth has all the attributes necessary to be a winner. We have
consecutive year. plenty of room to improve and, as we said in last year’s
On the pricing front, we will again seek to strike a letter to you, that’s just the way we like it.
balance between price competitiveness and building strong But we never forget that being a brewer and marketer of
brands. The factors that will affect pricing in 2001 include alcohol beverages carries with it an awesome responsibility.
the level of promotional discounting, the degree of value- Underage drinking, drunk driving and reckless overcon-
pack activity and the extent of any new front-line increases, sumption are very serious issues. Coors always has been
all of which are difficult to predict. strongly committed to helping address them through
We expect cost of goods to be up modestly in 2001 with marketing responsibly, actively partnering with distributors
most of the same challenges we saw in 2000 – raw material and retailers, and supporting legislation and educational
prices and shifts in demand toward higher-cost packages. programs. This commitment will continue.
brewingi
What’s s our sense that
we can win in this business.
We believe the biggest cost factor will be mix shifts, where We’d like to thank our employees, partners and share-
we are continuing to increase the percentage of popular but holders for the roles they played in our success in 2000.
more costly longneck bottles in our package mix. Higher There’s something great brewing here at Coors, and you’re
anticipated sales of import beers by Coors-owned distribu- all a big part of it.
torships and increasing raw material and energy costs will
be factors as well.
We have addressed a number of the issues that
Peter H. Coors
increased costs as we operated at nearly full capacity President and Chief Executive Officer,
Adolph Coors Company
throughout much of 2000. We added to bottle and multi-
Chairman, Coors Brewing Company
pack capacity and improved many production processes,
all of which will help us meet growing demand more effi-
ciently in 2001 and beyond – although one-time project
W. Leo Kiely III
expenses to implement these measures will largely offset Vice President,
Adolph Coors Company
cost savings in the short term.
President and Chief Executive Officer,
Coors Brewing Company
ADOLPH COORS COMPANY 15
18. Without question, the year 2000 represented an encouraging During the fourth quarter of
start to what we feel could be a truly exciting new decade for 2000, we had the opportunity
Adolph Coors Company. By virtually every measure, our to meet hundreds of potential
financial performance during the year reflected a continuing new investors in the course of
commitment to growth and constant improvement at Coors: the secondary offering of Coors
• Total worldwide unit volume, including our joint ven- Class B common shares by some
ture in Canada, grew to nearly 24.2 million barrels. of the Coors Family Trusts.
That’s 4.1 million more barrels than we brewed in 1996, Telling our story, sharing our
Tim Wolf
Chief Financial Officer
a compound annual growth rate of 4.8 percent since that progress and the great potential
time – more than 7 times the U.S. industry growth rate we see – in growth, in margin expansion, profit leverage and
during this 4-year period. international opportunities – was exhilarating for us.
• Pretax earnings grew 18.1 percent in 2000 to $185 million, During 2000, we feel we were successful in strength-
more than double our pretax earnings of four years ago.* ening our financial and market positions with vision and
• Diluted earnings per share in 2000 grew by $0.50 per discipline. We have confidence in our future and in our
share from 1999, achieving compound annual growth of ability to succeed in an extremely competitive domestic
25 percent since 1996. and global beer industry.
performance
Financial
summary
• All liquidity and leverage ratios improved as our cash At the same time, we are all well aware that the solid rate
generation continued to strengthen. We ended the year of progress we’ve achieved so far does not mean that our
with a net cash position of more than $281 million, an focus and commitment can waiver, even for a moment. On
increase of about $106 million from 1999 – continued the contrary, the competition – in virtually every market –
progress given our need to increase capacity capital is only getting tougher, so our pace of improvement must
spending to support our growth. continue to meet or exceed the challenges ahead.
• Most important, all key measures of return increased We have a great team and a great product. We are up
significantly from 1999 to 2000: return on invested to the task.
capital improved 1.4 percentage points to 11.9 percent;
return on equity improved 1 point to 12.9 percent; and
return on assets grew 0.8 of a point to 7.2 percent.
Timothy V. Wolf
It’s encouraging that these improvements in financial
Vice President and Chief Financial Officer,
measures were achieved as we invested significantly in our Adolph Coors Company
Senior Vice President and Chief Financial Officer,
business in 2000: an incremental $36.7 million in domestic
Coors Brewing Company
and international marketing and sales-related spending and March 5, 2000
$150.3 million in capacity, productivity and systems. *All figures exclude special items
16 ADOLPH COORS COMPANY
19. Our progress continues. In 2000 we extended our track record of steady Financial Contents
Management’s
improvement, reaching new highs in a number of important performance
Discussion
measures such as unit volume, sales, net income and earnings per share, and Analysis 18
while seeing significant year-over-year growth in our returns, including Reports from
Management
return on invested capital, return on equity and return on assets.
and Independent
Accountants 26
Cash for strategic flexibility. We continued to strengthen cash genera-
Consolidated
tion at Coors in 2000, improving our net cash position by more than Financial
Statements 27
60 percent and giving us the means to support a range of strategies for
growth in 2001 and beyond. Notes to
Consolidated
Financial
Room for improvement. Despite the progress we have made, Coors Statements 32
has considerable room to improve performance balance – there is still
Selected
significant top-line growth potential in untapped domestic and interna- Financial Data 46
tional markets, while plenty of opportunities remain to reduce costs
and increase efficiencies in our operations.
Gross Margin Operating Margin Capital Expenditures/ Cash from Operating
Depreciation, Depletion and Investing Activities 1
and Amortization
(In percentages of net sales) (In percentages of net sales) (In millions of dollars) (In millions of dollars)
40 7.5 160 225
32 6.0 128 180
24 4.5 135
96
16 3.0 90
64
8 1.5 45
32
0 0 0
0
96 97 98 99 00 96 97 98 99 00 96 97 98 99 00 96 97 98 99 00
I Capital Expenditures
I Depreciation, Depletion and Amortization
Excluding purchases, sales and maturities of marketable securities.
1
ADOLPH COORS COMPANY 17
20. Management’s Discussion and Analysis of December. Our fiscal year 2000 consisted of 53 weeks. Our
Financial Condition and Results of Operations 1999 and 1998 fiscal years each consisted of 52 weeks.
In 2000, the Financial Accounting Standards Board’s
Emerging Issues Task Force issued a pronouncement stating that
Introduction
shipping and handling costs should not be reported as a reduction
We are the third-largest producer of beer in the United States.
to gross sales within the income statement. As a result of this
Our portfolio of brands is designed to appeal to a range of con-
pronouncement, our finished product freight expense, which is
sumer taste, style and price preferences. Our beverages are sold
incurred upon shipment of our product to our distributors, is
throughout the United States and in select international markets.
now included within Cost of goods sold in our accompanying
This discussion summarizes the significant factors affecting
Consolidated Statements of Income. This expense had previously
our consolidated results of operations, liquidity and capital
been reported as a reduction to gross sales; prior year financial
resources for the three-year period ended December 31, 2000,
statements have been reclassified for consistency as to where
and should be read in conjunction with the financial statements
freight expense is reported.
and notes thereto included elsewhere in this report. Our fiscal
Summary of operating results:
year is the 52 or 53 weeks that end on the last Sunday in
(In thousands, except percentages, fiscal year ended) Dec. 26, 1999 Dec. 27, 1998
Dec. 31, 2000
Gross sales $«2,642,712 $«2,463,655
$«2,841,738
Beer excise taxes (406,228) (391,789)
(427,323)
Net sales 2,236,484 100% 2,071,866 100%
«2,414,415 100%
Cost of goods sold 62%%
(1,397,251) (1,333,026) 64%
(1,525,829) 63%
Gross profit 38%%
839,233 738,840 36%
888,586 37%
Other operating expenses
Marketing, general and administrative (692,993) 31% (615,626) 30%
(722,745) 30%
Special charges (5,705) – (19,395) 1%
(15,215) 1%
Total other operating expenses 31%%
(698,698) (635,021) 31%
(737,960) 31%
Operating income 7%% 5%%
140,535 103,819
150,626 6%
Other income – net 10,132 – 7,281 –
18,899 1%
Income before taxes 150,667 7% 111,100 5%
169,525 7%
Income tax expense (58,383) 3% (43,316) 2%
(59,908) 2%
Net income 4%%
$÷÷÷92,284 $÷÷÷67,784 3%
$÷÷109,617 5%
Consolidated Results of Operations – mately 4.1% compared to the 52-week period ended December 26,
2000 vs. 1999 and 1999 vs. 1998 1999. Excise taxes as a percent of gross sales decreased slightly
2000 vs. 1999 Our gross and net sales for 2000 were in 2000 compared to 1999 primarily as a result of a shift in the
$2,841.7 million and $2,414.4 million, respectively, resulting geographic mix of our sales.
in a $199.0 million and $177.9 million increase over our 1999 Cost of goods sold was $1,525.8 million in 2000, an increase
gross and net sales of $2,642.7 million and $2,236.5 million, of 9.2%, compared to $1,397.3 million in 1999. Cost of goods
respectively. Gross and net sales were favorably impacted by a sold as a percentage of sales was 63.2% for 2000, compared to
4.7% increase in barrel unit volume. We sold 22,994,000 barrels 62.5% for 1999. On a per barrel basis, cost of goods sold increased
of beer and other malt beverages in 2000, compared to sales of 4.3% in 2000 compared to 1999. This increase was primarily due
21,954,000 barrels in 1999. Year-to-date net sales were also favor- to an ongoing mix shift in demand toward more expensive prod-
ably impacted by a continuing shift in consumer preferences ucts and packages, including longneck bottles and import products
toward higher-net-revenue products, domestic price increases and sold by Coors-owned distributors, as well as higher aluminum,
a longer fiscal year (2000 consisted of 53 weeks, versus 52 weeks energy and freight costs. Cost of goods sold also increased as a result
in 1999). Excluding our 53rd week, unit volume was up approxi- of higher labor costs in 2000 from wage increases and overtime
incurred during our peak season in order to meet unprecedented
18 A D O L P H C O O R S C O M PA N Y A N D S U B S I D I A R I E S
21. demand for our products, higher depreciation expense because of In 1999, we recorded a special charge of $5.7 million, or $0.10
higher capital expenditures and additional fixed costs as a result per basic and diluted share, after tax. The special charge included
of our 53rd week in 2000. $3.7 million for severance costs from the restructuring of our
Gross profit for 2000, was $888.6 million, a 5.9% increase engineering and construction units and $2.0 million for distribu-
over gross profit of $839.2 million for 1999. As a percentage of tor network improvements. Approximately 50 engineering and
sales, gross profit decreased to 36.8% in 2000, compared to construction employees accepted severance packages under this
37.5% of net sales in 1999. reorganization. During 1999 and 2000, approximately $0.9 million
Marketing, general and administrative costs were $722.7 million and $2.3 million, respectively, of severance costs were paid. The
in 2000 compared to $693.0 million in 1999. The $29.7 million remaining $0.5 million of severance costs at December 31, 2000,
or 4.3% increase over the prior year was primarily due to higher are expected to be paid in the first quarter of 2001.
spending on marketing and promotions, both domestically and As a result of these factors, our operating income was
internationally. We continued to invest behind our brands and $150.6 million for the year ended December 31, 2000, an
sales forces – domestic and international – during 2000, which increase of $10.1 million or 7.2% over operating income of
included reinvesting incremental revenues that were generated $140.5 million for the year ended December 26, 1999. Excluding
from the volume and price increases achieved and discussed earlier. special charges, operating earnings were $165.8 million for 2000,
Our 2000 corporate overhead and information technology an increase of $19.6 million or 13.4% over operating earnings of
spending was also up slightly over 1999. $146.2 million for 1999.
In 2000, our net special charges were $15.2 million, or $0.13 Net other income was $18.9 million for 2000, compared to
per basic and diluted share, after tax. We incurred a total special net other income of $10.1 million for 1999. The significant
charge of $20.6 million triggered by our decision to close our increase in 2000 is primarily due to higher net interest income,
Spain brewery and commercial operations. The decision to close resulting from higher average cash investment balances with
the Spain operations came as a result of an unfavorable outlook higher average yields and lower average debt balances in 2000
from various analyses we performed which focused on the poten- compared to 1999.
tial for improved distribution channels, the viability of Coors Including the impact of special items, our effective tax rate
brands in the Spain market and additional contract brewing oppor- for 2000, was 35.3% compared to 38.8% for 1999. The primary
tunities. Of the approximately $20.6 million charge, approximately reasons for the decrease in our effective rate were: the realization
$11.3 million related to severance and other related closure costs of a tax benefit pertaining to the Spain brewery closure, the reso-
for approximately 100 employees, approximately $4.9 million lution of an Internal Revenue Service audit, and reduced state tax
related to a fixed asset impairment charge and approximately rates. Excluding the impact of special charges, our effective tax
$4.4 million for the write-off of our cumulative translation rate for the year ended December 31, 2000, was 38.0%, compared
adjustments previously recorded to equity, related to our Spain to 38.8% for the year ended December 26, 1999.
operations. In 2000, approximately $9.6 million of severance Net income for the year increased $17.3 million or 18.8%
and other related closure costs were paid. These payments were over last year. For 2000, net income was $109.6 million, or
funded from current cash balances. The remaining $1.7 million $2.98 per basic share ($2.93 per diluted share), which compares
reserve related to severance and other related closure costs is to net income of $92.3 million, or $2.51 per basic share ($2.46
expected to be paid by the end of the first quarter of 2001 and per diluted share), for 1999. Excluding special charges, after-tax
will also be funded from current cash balances. Closing our Spain earnings for 2000, were $114.5 million, or $3.11 per basic share
operations will eliminate annual operating losses of approximately ($3.06 per diluted share). This was an $18.8 million or 19.6%
$7.0 million to $8.0 million. The anticipated payback period is increase over after-tax earnings, excluding special charges, of
less than three years. We intend to invest much of the annual $95.8 million, or $2.61 per basic share ($2.56 per diluted share),
savings into our domestic and international businesses. The closure for 1999.
resulted in small savings in 2000, and we expect greater annual
savings beginning in fiscal 2001. The Spain closure special charge
was partially offset by a credit of $5.4 million related to an insur-
ance claim settlement.
ADOLPH COORS COMPANY AND SUBSIDIARIES 19
22. Management’s Discussion and Analysis of During 1998, we recorded a $17.2 million pretax charge
Financial Condition and Results of Operations for severance and related costs of restructuring the production
operations and a $2.2 million pretax charge for the impairment
of certain long-lived assets for one of our distributorships. These
1999 vs. 1998 Our gross and net sales for 1999 were
items resulted in a total special pretax charge of $19.4 million
$2,642.7 million and $2,236.5 million, respectively, representing
in 1998.
a $179.1 million and $164.6 million increase over 1998. Gross
As a result of the factors noted above, operating income grew
and net sales were impacted favorably by a unit volume increase
35.4% to $140.5 million in 1999 from $103.8 million in 1998.
of 3.6%. Net sales per barrel for 1999 were also favorably impacted
Excluding special charges, operating income rose 18.7% to
by improved net realizations per barrel due to increased pricing,
$146.2 million in 1999 from $123.2 million in 1998.
reduced domestic discounting and mix improvement toward
Net other income of $10.1 million in 1999 increased from
higher-net-revenue product sales. Excise taxes as a percent of gross
$7.3 million in 1998. This $2.8 million increase was primarily
sales decreased slightly in 1999 compared to 1998 primarily as
due to reductions in net interest expense, which was attributable
a result of a shift in the geographic mix of our sales.
to increased capitalized interest due to higher capital spending
Cost of goods sold was $1,397.3 million in 1999, which was
and lower levels of debt.
a $64.2 million or 4.8% increase over 1998. Cost of goods sold
Our effective tax rate decreased to 38.8% in 1999 from 39.0%
per barrel increased due to a shift in product demand toward more
in 1998 primarily due to higher tax-exempt income. The 1999
expensive products and packages, including import beers sold by
and 1998 effective tax rates exceeded the statutory rate primarily
Coors-owned distributors, higher glass costs as well as increased
because of state tax expense. Our effective tax rates for fiscal years
production and labor costs incurred in the packaging areas dur-
1999 and 1998 were not impacted by special charges.
ing the first quarter of 1999. These increases were partially offset
Net income for 1999 was $92.3 million, or $2.51 per basic
by decreases primarily due to reduced aluminum material costs.
share ($2.46 per diluted share), compared to $67.8 million, or
Gross profit increased 13.6% to $839.2 million from 1998
$1.87 per basic share ($1.81 per diluted share), for 1998, repre-
due to the 7.9% net sales increase coupled with a lower increase
senting increases of 34.2% (basic) and 35.9% (diluted) in
in cost of goods sold of 4.8%, both discussed above. As a percent-
earnings per share. Excluding special charges, after-tax earnings
age of net sales, gross profit in 1999 increased to 37.5% from
for 1999 were $95.8 million, or $2.61 per basic share ($2.56
35.7% in 1998.
per diluted share), compared to $79.6 million, or $2.19 per
Marketing, general and administrative expenses increased to
basic share ($2.12 per diluted share) for 1998.
$693.0 million in 1999. Of the total $77.4 million or 12.6%
increase, advertising costs increased $47.6 million over 1998 due
Liquidity and Capital Resources
to increased investments behind our core brands, both domesti-
Our primary sources of liquidity are cash provided by operating
cally and internationally. General and administrative expenses
activities, marketable securities and external borrowings. In 2000,
for our international business, as well as information technology
our financial condition remained strong. At the end of 2000, our
expenses, were also higher in 1999 compared to 1998.
cash, cash equivalents and marketable securities totaled $386.2 mil-
In 1999, we recorded a special charge of $5.7 million, or $0.10
lion, up from $279.9 million at the end of 1999. Although our
per basic and diluted share, after tax. The special charge included
cash and cash equivalents and working capital balances decreased
$3.7 million for severance costs from the restructuring of our
from $163.8 million and $220.1 million, respectively, in 1999
engineering and construction units and $2.0 million for distribu-
to $119.8 million and $118.4 million, respectively, in 2000,
tor network improvements. Approximately 50 engineering and
this was largely a result of a strategic shift in our investing activi-
construction employees accepted severance packages under this
ties. In 2000, we shifted from investing in shorter-term securities
reorganization. During 1999 and 2000, approximately $0.9 mil-
to investing in longer-term securities which currently provide
lion and $2.3 million, respectively, of severance costs were paid.
better yields. These long-term securities include investment grade
The remaining $0.5 million of severance costs at December 31,
corporate, government agency and municipal debt instruments.
2000, are expected to be paid in the first quarter of 2001.
20 A D O L P H C O O R S C O M PA N Y A N D S U B S I D I A R I E S
23. Our total investments in marketable securities increased The decrease in operating cash flows in 1999 from 1998
$150.3 million to $266.4 million at the end of 2000 compared of $3.5 million was a result of the $48 million contribution
to $116.1 million at the end of 1999. This increase was primarily made to our defined benefit pension plan in January 1999, as
funded by current year maturities of short-term investments, discussed above, with no similar contribution being made in
cash from operations and distributions received from joint ven- 1998. This decrease in operating cash flows was partially offset
tures. All of these securities can be easily converted to cash, if by working capital changes, an increase in deferred tax expense,
necessary. Our decrease in cash and cash equivalents and working higher cash distributions received from our joint venture entities
capital was also a result of increased capital expenditures in 2000. and an increase in depreciation and amortization. The working
We believe that cash flows from operations, cash from sales of capital fluctuations were due to increased operating activity and
highly liquid securities and cash provided by short-term borrow- timing of payments between the two years. The increase in deferred
ings, when necessary, will be more than sufficient to meet our tax expense was due to timing differences arising between book
ongoing operating requirements, scheduled principal and interest income and taxable income. The increase in distributions
payments on debt, dividend payments, anticipated capital expen- received was a result of higher net earnings of the joint ventures
ditures and potential repurchases of common stock under our in 1999 compared to 1998. The increase in depreciation and
stock repurchase plan. amortization was due to an increase in capitalized assets in
1999 compared to 1998.
Operating activities Net cash provided by operating activities
was $285.4 million for 2000, compared to $200.1 million and Investing activities During 2000, we used $297.5 million in
$203.6 million for 1999 and 1998, respectively. Operating cash investing activities compared to a use of $121.0 million in 1999
flows in 1999 were $85.3 million lower than in 2000 because of and $146.5 million in 1998. As discussed under the Liquidity
a $48.0 million contribution we made to our defined benefit section above, we have shifted to investing in longer-term mar-
pension plan in January 1999 with no similar contribution being ketable securities by investing cash from short-term investment
made in 2000. The 1999 contribution was made as a result of maturities into longer term corporate, government agency and
benefit improvements made to our defined benefit pension plan municipal debt instruments. The net impact of our marketable
that resulted in an increase in the projected benefit obligation of securities activities was a cash outflow of $148.6 million com-
approximately $48 million. The remaining increase in 2000 pared to a net inflow of $11.0 million in 1999 and an outflow
operating cash flow was due to higher net income, slightly higher of $39.3 million in 1998. In 1999, we allocated less of our cash
depreciation expense, the non-cash portion of the special charge resources to marketable securities than in both 1998 and 2000,
related to Spain, higher cash distributions received from our joint and instead allocated more resources to cash equivalents. In
venture entities and working capital changes. The increase in 2000, we also increased our capital expenditures to $154.3 mil-
distributions received was a result of higher earnings of the joint lion compared to $134.4 in 1999 and $104.5 million in 1998.
ventures in 2000 compared to 1999. The fluctuations in working Our 2000 capital expenditures included additional spending on
capital were primarily due to timing between the two years; our capacity-related projects, as well as expenditures for upgrades
accounts receivable were lower at December 31, 2000, as a result and improvements to our facilities.
of the 53rd week in 2000, which tends to be our slowest week,
and our accounts payable were higher at December 31, 2000, due Financing activities During 2000, we used approximately
to increased capital expenditures at the end of 2000 compared to $31.6 million in financing activities, primarily for dividend
1999. These increases in operating cash flows were partially offset payments of $26.6 million on our Class B common stock and
by increases in the equity earnings of our joint ventures and gains $20.0 million for purchases of our Class B common stock under
on sale of properties. our stock repurchase program. These cash uses were partially
offset by cash inflows of $17.2 million related to the exercise
of stock options under our stock option plans.
ADOLPH COORS COMPANY AND SUBSIDIARIES 21
24. Management’s Discussion and Analysis of Stock repurchase plan In November 2000, the board of direc-
Financial Condition and Results of Operations tors authorized the extension of our stock repurchase program
through 2001. The program authorizes repurchases of up to
$40 million of our outstanding Class B common stock. Repur-
During 1999, we used $76.4 million in financing activities
chases will be financed by funds generated from operations or
consisting primarily of principal payments of $40.0 million on
by our cash and cash equivalent balances. In 2000, we used
our medium-term notes, net purchases of $11.0 million for
$20.0 million to repurchase common stock of which $17.6 mil-
Class B common stock and dividend payments of $23.7 million.
lion related to repurchases under this stock purchase program.
During 1998, we used $66.0 million in financing activities
consisting of principal payments of $27.5 million on our medium-
Capital improvements During 2000, we spent approximately
term notes, net purchases of $17.8 million for Class B common
$150.3 million in capital expenditures (excluding capital improve-
stock and dividend payments of $21.9 million.
ments for the container joint ventures, which were recorded on the
books of the respective joint ventures). We will continue to invest
Debt obligations At December 31, 2000, we had $100 million
in our business and we expect our capital expenditures in 2001
in Senior Notes outstanding, $80 million of which is due in 2002
to be in the range of approximately $200 million to $240 million
and the remaining $20 million is due in 2005. Fixed interest
for improving and enhancing our facilities, infrastructure, infor-
rates on these notes range from 6.76% to 6.95%. Interest is paid
mation systems and environmental compliance.
semiannually in January and July. No principal payments were
due or made on our debt in 2000. In 1999, we repaid the last
Molson USA, LLC On January 2, 2001, we entered into a joint
$40.0 million of outstanding medium-term notes that were due.
venture partnership agreement with Molson, Inc. and paid $65 mil-
Payments on these notes in 1998 were $27.5 million.
lion for our 49.9% interest in the joint venture. The joint venture,
Our debt-to-total capitalization ratio declined to 10.1% at
known as Molson USA, LLC, has been formed to import, market,
the end of 2000, from 11.1% at year end 1999 and 15.8% at
sell and distribute Molson’s brands of beer in the United States.
year end 1998.
We used a portion of our current cash balances to pay the
$65 million acquisition price.
Revolving line of credit In addition to the Senior Notes,
we have an unsecured, committed credit arrangement totaling
Cautionary Statement Pursuant to Safe Harbor Provisions
$200 million, all of which was available as of December 31, 2000.
of the Private Securities Litigation Reform Act of 1995
This line of credit has a five-year term which expires in 2003,
This report contains “forward-looking statements” within the
with one remaining optional one-year extension. A facilities fee
meaning of the federal securities laws. You can identify these
is paid on the total amount of the committed credit. Under the
statements by forward-looking words such as “expect,” “anticipate,”
arrangement, we are required to maintain a certain debt-to-total
“plan,” “believe,” “seek,” “estimate,” “internal,” “outlook,” “trends,”
capitalization ratio and were in compliance at year end 2000.
“industry forces,” “strategies,” “goals” and similar words. These
We also have two revolving lines of credit used for our opera-
forward-looking statements may include, among others, state-
tions in Japan. Each of these facilities provides up to 500 million
ments concerning our outlook for 2001; overall volume trends;
yen (approximately $4.4 million each as of December 31, 2000)
pricing trends and industry forces; cost reduction strategies and
in short-term financing. As of December 31, 2000, the approxi-
their anticipated results; our expectations for funding our 2001
mate yen equivalent of $2.6 million was outstanding under
capital expenditures and operations; and other statements of
these arrangements.
expectations, beliefs, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
Advertising and promotions As of December 31, 2000, our
are not historical facts. These forward-looking statements are
aggregate commitments for advertising and promotions, including
subject to risks and uncertainties that could cause actual results
marketing at sports arenas, stadiums and other venues and events,
to differ materially from the expectations we describe in our
were approximately $125.5 million over the next eight years.
forward-looking statements.
22 A D O L P H C O O R S C O M PA N Y A N D S U B S I D I A R I E S
25. To improve our financial performance, we must grow premium These and other risks and uncertainties affecting us are
beverage volume, achieve modest price increases for our products discussed in greater detail in this report and in our other filings
and control costs. The most important factors that could influ- with the Securities and Exchange Commission.
ence the achievement of these goals – and cause actual results
to differ materially from those expressed in the forward-looking Outlook for 2001
statements – include, but are not limited to, the following: Our performance in 2000 benefited from strong domestic and
• Our success depends largely on the success of one product, export volume gains, as well as a positive industry environment.
the failure of which would materially adversely affect our For 2001, we are committed to the basic goal of growing our unit
financial results. volume more than twice as fast as the industry. Also in 2001,
• Because our primary production facilities are located at a the beer price environment is again expected to be positive. None-
single site, we are more vulnerable than our competitors to theless, increased sales of value-packs or an increase in price
transportation disruptions and natural disasters. discounting could have an unfavorable impact on our top-line
• We are smaller than our two primary competitors, and we performance, resulting in lower margins.
are more vulnerable than our competitors to cost and price The outlook for cost of goods sold in 2001 includes many of the
fluctuations. same challenges that we saw in 2000 – although we are working
• We are vulnerable to the pricing actions of our primary hard to reduce the growth rate in some key areas. Following are
competitors, which we do not control. the cost factors that we anticipate will be most important in 2001:
• If demand for our products continues to grow at current rates, • First, in the area of operating efficiencies, we have put addi-
we may lack the capacity needed to meet demand or we may tional bottle and value-pack packaging capacity on line and are
be required to increase our capital spending significantly. working to improve many processes to relieve stress points in
• If any of our suppliers are unable or unwilling to meet our our production capacity. These projects should help us to meet
requirements, we may be unable to promptly obtain the growing demand at a lower cost. During peak season 2000, we
materials we need to operate our business. were operating close to full capacity, which increased our costs.
• The government may adopt regulations that could conceivably In 2001, savings from incremental capacity will be largely offset
increase our costs or our liabilities or could limit our business by startup and other one-time expenses related to completing
activities. these capacity projects.
• If the social acceptability of our products declines, or if litiga- • Second, input costs as a group are likely to increase again in
tion is directed at the alcoholic beverage industry, our sales 2001. Early in 2001, the outlook is for slightly higher alu-
volumes could decrease and our business could be materially minum can costs for the year. We anticipate modestly higher
adversely affected. glass bottle costs because of higher natural gas rates. Paper rates
• Any significant shift in packaging preferences in the beer are expected be flat to down slightly. We expect that freight
industry could increase our costs disproportionately and could rates will be up early in the year, with rates in the back half
limit our ability to meet consumer demand. unknown, but perhaps offering some opportunity to moderate.
• We depend on independent distributors to sell our products, Agricultural commodity costs are expected be down slightly
and we cannot provide any assurance that these distributors due to lower prices for rice and corn.
will sell our products effectively. • Third, package and product mix shifts will increase costs in 2001.
• Because our sales volume is more concentrated in fewer geo- Aside from changes in raw material rates, we plan to spend more
graphic areas in the United States than our competition, any on glass in 2001 because of the continuing shift in our package
loss of market share in the states where we are concentrated mix toward longneck bottles, which cost more and are less prof-
could have a material adverse effect on our results of operations. itable than most of our other package configurations. We plan
• Because we lack a significant presence in international markets, to increase longneck bottles as a percent of our bottle mix to
we are dependent on the U.S. market. more than 80% this year, up from just over 70% last year. Cost
• We are subject to environmental regulation by federal, state of goods sold per barrel is likely to be increased by higher antic-
and local agencies, including laws that impose liability ipated sales of import beers by Coors-owned distributorships. We
without regard to fault. expect mix shifts to be the largest group of factors increasing our
cost of goods sold per barrel in 2001, as they were in 2000.
ADOLPH COORS COMPANY AND SUBSIDIARIES 23
26. Management’s Discussion and Analysis of While most of the incremental capital spending in 2001 is
Financial Condition and Results of Operations intended to increase available beer packaging capacity for 2002,
a portion is focused on increasing our brewing capacity. The
largest single project is the addition of a longneck bottle line
• All in all, our expectations early in 2001 are for total cost of
in our Elkton, Virginia, facility.
goods sold to be up modestly per barrel for the year – and we
Our 2001 capacity investments play a critical role in our
are focusing throughout our operations to reduce the growth
long-term plan to increase productivity and lower our costs.
rate per barrel versus last year. It is important to note that a
Additionally, some of these investments will provide a foundation
large shift in raw material prices or consumer demand toward
for future capacity investments. We are approaching these capacity
other packages could alter this outlook.
projects with a strong bias for utilizing current assets fully before
building new assets, and we will continue to apply rigorous disci-
Marketing and sales spending is expected to increase in 2001,
pline to our capital process, ensuring that it is carefully paced,
while general and administrative costs are expected to be flat to up
competitively priced and designed to lower costs and improve
slightly. We continue to focus on reducing costs so that we can
returns. We are prepared to fund our growth in 2001 and well
invest in our brands and sales efforts incrementally. Additional
into the future largely from our strong operating cash flow. In
sales and marketing spending is determined on an opportunity-
addition to our 2001 planned capital expenditures, incremental
by-opportunity basis. Incremental revenue generated by price
strategic investments will be considered on a case-by-case basis.
increases is likely to be spent on advertising and marketplace
support because the competitive landscape has shifted during
Contingencies
the past three years toward much more marketing, promotional
Environmental We were one of numerous parties named by the
and advertising spending.
Environmental Protection Agency (EPA) as a “potentially respon-
Net interest income growth will slow because of our lower
sible party” at the Lowry site, a landfill owned by the City and
cash position as a result of our $65 million payment for a 49.9%
County of Denver. In 1990, we recorded a special pretax charge
interest in our new Molson joint venture and our increase in cap-
of $30 million, representing our portion, for potential cleanup
ital expenditures in 2000 and 2001. The increase in our capital
costs of the site based upon an assumed present value of $120 mil-
expenditures in 2001 will result in higher capitalized interest,
lion in total site remediation costs. We also agreed to pay a specified
which will partially offset the slower interest income growth. Of
share of costs if total remediation costs exceeded this amount.
course, net interest income could be less favorable than expected
The City and County of Denver; Waste Management of
in 2001 if we invest a substantial portion of our cash balances in
Colorado, Inc.; and Chemical Waste Management, Inc. are
operating assets or other investments with longer-term returns,
expected to implement site remediation. Chemical Waste Manage-
or if interest rates decline. Also, cash may be used to repurchase
ment’s projected costs to meet the remediation objectives and
additional shares of outstanding common stock as approved by
requirements are currently below the $120 million assumption
our board of directors.
used for our settlement. We have no reason to believe that total
Our effective tax rate for 2001 is not expected to differ signifi-
remediation costs will result in additional liability to us.
cantly from the 2000 effective tax rate applied to income, excluding
We were one of several parties named by the EPA as a “poten-
special items. However, the level and mix of pretax income for
tially responsible party” at the Rocky Flats Industrial Park site. In
2001 could affect the actual rate for the year.
September 2000, the EPA entered into an Administrative Order
In 2001, we have planned capital expenditures (excluding
on Consent with certain parties, including our company, requir-
capital improvements for our container joint ventures, which will
ing implementation of a removal action. Our projected costs to
be recorded on the books of the respective joint ventures) in the
construct and monitor the removal action are approximately
range of approximately $200 million to $240 million for improv-
$300,000. The EPA will also seek to recover its oversight costs
ing and enhancing our facilities, infrastructure, information
associated with the project which are not possible to estimate
systems and environmental compliance. This capital spending
at this time.
plan is up from $154 million in 2000. All of the planned increase
for 2001 is the result of strong growth in consumer demand for
our products, particularly in longneck bottles and value-packs.
24 A D O L P H C O O R S C O M PA N Y A N D S U B S I D I A R I E S