Central European Distribution Corporation Announces Pricing of Senior Secured Notes OfferingNovember 30, 2009
The Senior Secured Notes will be guaranteed by the Company and substantially all of its material subsidiaries. The Senior Secured Notes will be secured by, among other things, (a) pledges over the shares of certain subsidiaries of CEDC, (b) pledges, assignments of rights or withdrawal rights agreements over certain bank accounts of CEDC and its subsidiaries, (c) mortgages over certain real property and fixtures of certain subsidiaries of CEDC and (d) security over certain intellectual property of certain subsidiaries of CEDC. The Senior Secured Notes will also be secured by certain intercompany loans.
The Senior Secured Notes have not been and will not be registered under the Securities Act or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities, and shall not constitute an offer, solicitation or sale of the Senior Secured Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Senior Secured Notes are being offered pursuant to a purchase agreement entered into by the Company, the Issuer and the initial purchasers on November 24, 2009. There will be no public offering of the securities in Poland within the meaning of the Polish Act on Public Offerings and Conditions Governing the Introduction of Financial Instruments to Organized Trading System and Public Companies of July 29, 2005.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC's reports with the SEC.
SOURCE Central European Distribution Corporation
Pernod(R), the Creator of Absinthe, Debuts Website and Art Competition Sparking New Era of Enlightenment, Appreciation and Absinthe EducationNovember 30, 2009
A Storied History Unveils Itself
The brand's elegant new website offers visitors an informative glimpse into the past, present and future of absinthe culture. An interactive tool for consumers, trade and media, the website tells the story of Pernod's colorful history, offers how-to's on consumption, cocktail recipes, as well as press information and imagery for download. A highlight of the website is a section entitled "Art,' which offers a comprehensive overview of Pernod's influence on 19th Century art and literary legends, including Toulouse-Lautrec, Picasso, Manet, Van Gogh and Degas. The site focuses on artists that not only enjoyed Pernod, but created paintings featuring drinkers or the famous "Pernod Fils" bottle. Today, Pernod maintains a strong relationship with the art community as a patron of contemporary arts.
Inspiration in a Green Bottle
Hosted on its Facebook page and website, the "Creator Of" art contest will award the First Place winner with $1,805 (the year Pernod Fils began distilling in France); second place $500; and third place $250. A celebratory event is being planned concurrent with The Armory Show, the annual international art fair, in New York City. There are two main requirements for submissions: all pieces must be original works and all works must include the date 1805.
Submissions are being accepted through January 31, 2010, in the following categories: Painting, Illustration, Photography, Video, Digital/Animation. Submissions will be accepted entirely online at www.facebook.com and www.pernodabsinthe.com. Judging will take place in February 2010, followed by the winner's announcement in March 2010. For more information, become fans of Pernod Aux Plantes d'Absinthe Superieure on Facebook: www.facebook.com/pernodabsinthe.com.
About Pernod Aux Plantes d'Absinthe Superieure
Pernod® Aux Plantes d'Absinthe Superieur is based on the original absinthe recipe and today returns to restore its reputation for quality and handcrafted excellence. This 136 proof spirit is distilled from three primary ingredients, Grande Wormwood, Fennel, and Star Anis producing a light green and hint of amber color with a dominant flavor of anis, balanced with wormwood and a citrusy finish.
PERNOD® Aux Plantes. 68% Alc./Vol. (136 Proof) ©2009 Imported by Pernod Ricard USA, Purchase, NY
About Pernod Ricard USA
Pernod Ricard USA is the premium spirits and wine company in the U.S., and the largest subsidiary of Paris, France-based Pernod Ricard SA. In July, 2008, Pernod Ricard completed the acquisition of the iconic ABSOLUT® Vodka brand from the V &S Group, and Pernod Ricard USA is now the second leading company in the U.S. by sales value.
In addition to ABSOLUT®, Pernod Ricard USA's leading brands include such prestigious spirits as The Glenlivet® Single Malt Scotch Whisky, Chivas Regal® Scotch Whisky, Jameson® Irish Whiskey, Seagram's Extra Dry Gin®, Beefeater® Gin, Martell(TM) Cognac, Malibu® flavored Rum, Kahlua® Liqueur, Hiram Walker(TM) Liqueurs, Pernod® and Ricard®; such superior wines as Jacob's Creek® and Brancott Estate®; and such exquisite champagnes and sparkling wines as Perrier Jouet® Champagne, G.H. Mumm® Champagne and Mumm Napa(TM) wines.
The company is based in Purchase, New York, and has roughly 1,000 employees across the country. Pernod Ricard USA urges all adults to consume its products responsibly and has an active campaign to promote responsible drinking. For more information on this, please visit: www.acceptresponsibility.org
SOURCE Pernod Ricard USA
Crown Imports Hires Horizon Media as New Media Agency of RecordNovember 29, 2009
(Photo: http://www.newscom.com/cgi-bin/prnh/20091123/NY16088-a )
(Logo: http://www.newscom.com/cgi-bin/prnh/20091123/NY16088LOGO-b )
Beginning this month, Horizon Media will partner with Crown as Agency of Record for media to help maximize brand awareness, consideration and purchase intent for the entire Crown portfolio, which includes Corona Extra, the number one imported beer, Corona Light, Modelo Especial, Negra Modelo, Pacifico, St. Pauli Girl and Tsingtao.
"Crown's well positioned portfolio, led by Corona, already benefits from having unique and memorable ad campaigns, and we look forward to leveraging Horizon's impressive media planning and buying experience to maximize the delivery of our brand messages to our targeted consumers across a wide variety of platforms," said Jim Sabia, executive vice president of marketing for Crown Imports. "We were impressed by Horizon's strong category experience and collaborative approach to media planning and buying across national and local media channels for the General and Hispanic Market."
Horizon will begin working with Crown this month to plan and execute media buying efforts for the 2010 calendar year. "We are extremely motivated to help take Corona, and the entire Crown portfolio, to the next level. The media landscape today provides great opportunity for innovation and creativity in the planning process and we look forward to putting all of Horizon's assets to work in achieving the goals for Corona and the entire Crown portfolio," said Bill Koenigsberg, president, CEO and founder Horizon Media Inc.
"We are thrilled to be working with a brand that has an incredibly strong heritage," added Zach Rosenberg, EVP and general manager, Horizon Media, Inc. "We look forward to leveraging Horizon's creativity and innovation to help raise the bar even higher."
About Crown Imports
Crown Imports LLC is a joint venture that imports, distributes and markets the Modelo portfolio and other fine beer brands across the entire U.S. The Modelo portfolio includes Corona Extra, the #1 imported beer in the U.S. and #6 beer overall, Corona Light, Modelo Especial, Negra Modelo and Pacifico beer brands. Crown also imports the St. Pauli Girl and Tsingtao beer brands in the U.S. Crown is a 50-50 joint venture between Grupo Modelo, S.A. de C.V. (MX: GMODELOC), Mexico's leading company in the brewing, distribution and sale of beer, and Constellation Brands, Inc. ( STZ, ASX: CBR), a leading international beverage alcohol producer, importer and marketer. For more information, visit www.crownimportsllc.com.
About Horizon Media
Founded in 1989, Horizon Media, Inc. is the largest U.S. independent media services company. Horizon's core mission, "To create the most meaningful brand connections within the lives of people everywhere," is focused on helping clients sell products and build brands through insightful marketing counsel, and delivered through effective negotiation and placement. Horizon's holistic approach to brand marketing and development has resulted in estimated billings of $2 billion and established the company as the fastest growing agency in the industry. Headquartered in New York City with a full service office in Los Angeles, Horizon also has offices in San Diego, and Amsterdam, Netherlands. Horizon is also a founding member of Columbus Media International, a multi-national partnership of independent media agencies. For more information, please visit the company's website at www.horizonmedia.com.
SOURCE Crown Imports
Captain Keymaster to Help Keep St. Louis Safe This Thanksgiving EveNovember 29, 2009
In a partnership with STL Scooterguy and the "Calling all Captains" campaign, Captain Morgan is proud to sponsor a free ride service for St. Louis residents and visitors, that will safely take them from their popular downtown party destinations back home in the convenience of their own cars.
"The Thanksgiving holiday is a time that should be celebrated with friends and family. We hope that our efforts to give the people of St. Louis a safe ride home will help make the celebration as stress free as possible," said Tom Herbst, Director of Marketing, Diageo Rums.
The free rides will be offered at the following locations:
- Soulard - 10pm - 1 am
- Washington Ave - 10pm - 3am
- South County-South Lindbergh - 10pm - 1am
- West Port - 10 pm - 1am
- Clayton - 10 pm - 1am
- University City - 10pm - 1am
"ScooterGuy has taken over 7000 people home since this time last year. We know that the Holiday Season is one of the busiest times for parties. Almost everybody has an occasion that they are celebrating over the next 6 weeks. We appreciate Captain Morgan partnering with us to help kick off the season safely," said Kelly Oliver, President of ScooterGuy.
Regardless of the season, Captain Morgan reminds consumers to drink responsibly. Captain's Orders!
About Diageo
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Jose Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit us at www.diageo.com. Celebrating life, every day, everywhere, responsibly.
Contacts: Greg Leonard Diageo 646-223-2111 Greg.Leonard@diageo.com Glenn Lehrman Rogers & Cowan 310-854-8189 glehrman@rogersandcowan.com
SOURCE Captain Morgan
MMA Fighter Cain Velasquez Receives Eighth Tequila CAZADORES(R) Authentic Spirit AwardNovember 29, 2009
(Photo: http://www.newscom.com/cgi-bin/prnh/20091120/NY15508)
The UFC has worked with the Make-A-Wish Foundation® to organize events and opportunities to grant the wishes of children with life-threatening medical conditions. In doing so, they have inspired fighters like Cain Velasquez to dedicate their time and resources to giving back to those in need. Velasquez has become an avid supporter of the foundation and its mission to enrich the human experience with hope, strength and joy. As winner of the Authentic Spirit Award, Tequila CAZADORES will present Velasquez with an Authentic Spirit Award plaque and $1,000 donation made in his name to the Make-A-Wish Foundation. Inspired by the award, Velasquez has chosen to personally donate an additional $500.
"As the eighth winner in this exciting program, Cain Velasquez has demonstrated how an award program like this one can inspire people to reach out and give even more," said Ariel Meyer, vice president and brand managing director, Tequila CAZADORES. "This reflects the continued success of both the program and sponsorship."
The Authentic Spirit Award is an honor that is presented to the UFC fighter who best exemplifies one of the following qualities: social responsibility, commitment to the MMA art form, or good sportsmanship. Each month the winning fighter will be presented with a plaque and a $1,000 check from Tequila CAZADORES to the fighter's charity of choice. These monthly awards will culminate with a larger award presented to the fighter who best exemplifies all the qualities over the course of the year. A $10,000 check from Tequila CAZADORES will be presented to this winner with the full proceeds benefiting the fighter's charity of choice.
Tequila CAZADORES is the Official Spirit Sponsor of the Ultimate Fighting Championship® ("UFC®") through March 2010. UFC is the world's leading professional mixed martial arts organization ("MMA") that offers a premier series of MMA sporting events. The sponsorship will introduce the authentic experience and taste of Tequila CAZADORES to UFC adult fans (21+) around the world.
Handcrafted in the highlands of Jalisco, Mexico, the premier agave growing region, Tequila CAZADORES is an authentic 100% agave tequila deeply rooted in heritage. This makes it the best way to salute the authentic spirit of the UFC contenders.
About Tequila CAZADORES®
Tequila CAZADORES is the maker of the number-one premium tequila in the world(1) and the number-one Reposado Tequila in California(2). It is renowned as one of the most popular premium tequilas in Mexico. Tequila CAZADORES is made with 100 percent blue agave grown, harvested and distilled in the Highlands of Jalisco, Mexico, recognized as the premier agave growing region in the world, resulting in a smoother, more flavorful taste. For additional information about Tequila CAZADORES please visit www.cazadores.com.
About Bacardi U.S.A., Inc.
Bacardi U.S.A., Inc. is the United States import, sales and marketing arm of one of the world's leading spirits and wine producers. The company boasts a portfolio of some of the most recognized and top-selling spirits brands in the United States including BACARDI® rum, the world's favorite and best-selling premium rum, as well as the world's most awarded premium rum; GREY GOOSE® vodka, the world-leader in super-premium vodka; DEWAR'S® Blended Scotch Whisky, the number-one selling blended Scotch whisky in the United States; BOMBAY SAPPHIRE® gin, the top-valued premium gin in the world; CAZADORES® blue agave tequila, the number-one premium tequila in the world; MARTINI® vermouth, the world-leader in vermouth; and other leading and emerging brands.
About The Ultimate Fighting Championship®
The Ultimate Fighting Championship® is the world's leading professional mixed martial arts organization and offers the premier series of MMA sports events. Owned and operated by Zuffa(TM), LLC, and headquartered in Las Vegas, Nev., UFC® produces over twelve live pay-per-view events annually that are distributed residentially through North American cable and satellite providers including iNDEMAND Networks, DIRECTV, DISH Network, TVN Entertainment, Bell ExpressVU, SaskTel Max(TM), Shaw Pay-Per-View, Viewers Choice, and WOWOW in Japan, and Premiere Combate and SporTV in Brazil, and via the Internet worldwide on Yahoo! Sports, and commercially through Joe Hand Promotions in the U.S. and Canadastar in Canada. In addition to its North American distribution, UFC programming is distributed in over 100 countries and territories throughout the world. For more information, or current UFC fight news, visit ufc.com or uk.ufc.com or ufcespanol.com.
For additional information: Cortney Silverman, Senior Account Executive CORBIN-HILLMAN COMMUNICATIONS Cortney@corbinpr.com (212) 246-3586 Joe Gerbino, Senior Manager, Corporate Communications & Public Relations BACARDI U.S.A., INC. jgerbino@bacardi.com (786) 264-8421
DRINK RESPONSIBLY. DISFRUTE CON MODERACION
®2009 CAZADORES IS A REGISTERED TRADEMARK AND THE DEER DEVICE IS A TRADEMARK. IMPORTED BY TEQUILA CAZADORES U.S.A., SEAL BEACH, CA. TEQUILAS - EACH 40% ALC. BY VOL.
Ultimate Fighting Championship®, Ultimate Fighting®, UFC®, The Ultimate Fighter®, Submission®, As Real As It Gets®, Zuffa(TM), The Octagon(TM) and the eight-sided competition mat and cage design are registered trademarks, trademarks, trade dress or service marks owned exclusively by Zuffa, LLC in the United States and other jurisdictions. All other marks referenced herein may be the property of Zuffa, LLC or other respective owners.
SOURCE Tequila CAZADORES(R)
Rum Rescue Calls Out to Captain MorganNovember 28, 2009
The TITAN Salvage crew of Crowley Maritime successfully re-floated the barge La Princesa off Sandbridge beach at 7:48 a.m. Wednesday morning. The crews used two tugs pulling together on the bow and stern of the barge at high tide to free it. The barge, which broke free from the Sentry on the evening of November 12th, grounded on the beach near Little Island Pier Friday morning, November 13th. The Crowley and TITAN Salvage personnel worked together to remove the barge from the beach while ensuring the safety of the public and environment. The American Bureau of Shipping and all necessary government response teams surveyed the vessel to ensure it was safe before heading to its destination port in Pennsauken, N.J. under the direction of Sentry's 32-year veteran Capt. Elijah Seals.
"I knew that the best crew in the world would be made available to salvage this battle of wills against Mother Nature," said Captain Morgan. "90,000 gallons? That is 425,000 bottles of Captain Morgan Lime Bite that would have never made it to the store shelves over the holidays and enjoyed with a mixer or to liven up a domestic beer. Whether it is the Nor'easter of the decade or the storm of the century, Captain Morgan is there to battle, support and guard over the world's most popular spiced rum so that all my friends of legal drinking age can appreciate its joys like I do, in a very responsible manner."
"The quick resolution of this situation was a testament to the professionalism and teamwork displayed by TITAN, Crowley, the Coast Guard, and all the first responders in Virginia Beach," said Rob Grune, Crowley's senior vice president and general manager of Puerto Rico and Caribbean services. "After ensuring the safety of the public, the environment, the vessel and its cargo, our priority was to get our customers' cargoes to their destinations as quickly as possible - including Captain Morgan's rum. Communication with all our customers was constant to ensure they knew what was happening with the operation every step of the way."
The Captain Morgan Rum is now situated at Crowley's Petty's Island Terminal located in the Delaware River directly across from Philadelphia and is getting ready to be shipped to its plant in Relay, Maryland. The oak aged rum is transported across the Atlantic Ocean to its final bottling destination in 20-foot and 40-foot tanks with 6,800 gallons or more capacity.
"Some diligent commitment by all parties brought forth a success story for everybody, especially for my bottling team in Relay, Maryland who were greatly anticipating this important shipment to meet our supplier deadlines," said Diageo-Relay Plant Manager Rick Robinson. "We are very thankful to all the Crowley Maritime team for their world class professionalism and seamanship in getting this shipment to its destination in the safest manner possible."
Unconfirmed stories about Petty's Island go back to Elizabeth Kinsey, a Quaker, who acquired the island from Lenni-Lenape Indians in the late 17th century and later transferred the property to William Penn. Petty's Island has had a long and colorful history; indeed it's been home to a slave depot and possibly even pirates. The island takes its name from John Petty who owned it around the time of the American Revolution. During the 19th century schooners were built here and a summer resort flourished before industrial operations took root in the early 1900s.
According to documents kept by the Camden Historical Society, it was the property of the Lenape Indians until 1678, when a Quaker woman bought it for $240 and annual payments of 16 barrels of gunpowder and 16 barrels of rum. It was later owned by William Penn, and it received Benjamin Franklin on his first trip to Philadelphia. At times, Petty's Island was a place for parties, duels, slave ships and, on at least one occasion, a lynching.
Whether you're saving a marooned barge or simply marooned at the bar, Captain Morgan reminds consumers to drink responsibly. Captain's Orders!
About Diageo
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Jose Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit us at www.diageo.com. Celebrating life, every day, everywhere, responsibly.
About Crowley
Jacksonville-based Crowley Holdings Inc., a holding company of the 117-year-old Crowley Maritime Corporation, is a privately held family and employee-owned company. The company provides diversified transportation and logistics services in domestic and international markets by means of six operating lines of business: Puerto Rico/Caribbean Liner Services, Latin America Liner Services, Logistics Services, Petroleum Services, Marine Services and Technical Services. Offered within these operating lines of business are the following services: liner container shipping, logistics, contract towing and transportation; ship assist and escort; energy support; salvage and emergency response through its TITAN Salvage subsidiary; vessel management; vessel construction and naval architecture through its Jensen Maritime subsidiary; government services, and petroleum and chemical transportation, distribution and sales. Additional information about Crowley, its subsidiaries and business units may be found on the Internet at www.crowley.com
Contacts: Greg Leonard Diageo 646-223-2111 Greg.Leonard@diageo.com
SOURCE Captain Morgan
Harm Reduction for Alcohol_ An Idea Whose Time Has ArrivedNovember 28, 2009
The National Institute on Alcohol Abuse and Alcoholism tells us that only 7% of people with an alcohol problem ever seek treatment. And clinical research shows that over two-thirds of those who enter 12-step treatment programs drop out. HAMS acknowledges that 12-step programs are a great resource for those people who've had success with them; and applauds anyone who manages to beat a drinking problem by going to AA. But why do so few people succeed with 12-step programs? Perhaps it is because 12-step programs require:
- Participants to identify themselves as "diseased" and "alcoholic;"
- Total abstinence from all addictive, mood altering drugs, except nicotine and caffeine;
- A confession of "powerlessness" and a reliance on a "Higher Power" (i. e., God) to cure one's "disease."
For a majority of people these demands are unpalatable, making the 12-step programs unapproachable.
By way of contrast, the HAMS alcohol harm reduction program:
- Meets people "where they are at" with their drinking;
- Does not label people or require them to identify themselves as "diseased" or "alcoholic;"
- Empowers people to choose their own goal -- safer drinking, reduced drinking or quitting;
- Engages people with realistic goals that they can actually accomplish.
Harm reduction programs have been applied to situations other than alcohol problems and owe much of their success to their approachability. Some highly successful harm reduction programs in America include:
- seatbelt use to reduce injuries from automobile accidents;
- making condoms widely available, resulting in safer sex and the reduction of STDs;
- the distribution of clean needles among intravenous drug users to stop the spread of HIV.
Isn't it time that there was a harm reduction approach to alcohol problems, too?
HAMS founder Kenneth Anderson says, "At HAMS we see people who have been failed by standard treatment approaches to alcohol whose lives have been shattered by drinking. These people turn their lives around completely after learning simple approachable harm reduction strategies. We also see people who have never suffered any major consequences from drinking who find the disease label unhelpful and unacceptable. These people come to HAMS and turn their drinking around before it ever harms them. It does not matter how much or how little you drink, the miracle of harm reduction can work for anyone who wants to change his or her drinking for the better."
If you or a loved one wants to make a change in your drinking behavior, please visit hamsnetwork.org.
"The life you save may be your own."
Contact: Kenneth Anderson, 347 678 5671, hams@hamshrn.org
SOURCE The HAMS Harm Reduction Network, Inc
Wine.com Announces Black Friday and Cyber Monday Deals_ Go Green, Save Green This Holiday SeasonNovember 28, 2009
Save Green, Go Green Tips From Wine Director, Gwendolyn Osborn
"Wine lovers are still watching their wallets this holiday season," said Gwendolyn Osborn, Wine Director at Wine.com. "At the same time, they are looking for earth-friendly gifts. Here are my top ten tips for saving 'green' and going 'green' this holiday when entertaining or gift giving."
- Buy in Bulk, Save on Shipping: On Monday, November 30th, take advantage of one cent shipping when you spend $49 or more - it's a great time to stock up for parties, holiday meals and gift giving.
- Highly-Rated Wines Under $20: Shop more than 400 of our popular 90+ rated wines under $20 for both entertaining and gift-giving; you're sure to impress your friends and family without breaking the bank.
- Look South! Bubbly for Less: Spanish Cava and Italian Prosecco are lower-cost alternatives to Champagne, but Argentina offers great sparkling wines too, and most bottles can be found for under $20. Two of my favorites include Vida Organica Sparkling Chardonnay ($12) and Ernesto Catena Selections Siesta Extra Brut ($18). Argentinean sparklers are dry and crisp, and offer a little something different for entertaining.
- Save on Shipping: Wine.com's Stewardship program gets you 12 months of unlimited shipping for $49. All your holiday gifts shipped for just $49, and the next 11 months of free shipping for you!
- Gifts Under $40: Wine.com offers more than 80 gift sets under $40. Our Organic Wine and Food Pairing is eco-chic on a budget.
- Host a "Green" Wine Tasting Party: You provide the food, and ask guests to bring a bottle of organic wine in a non-descript paper bag. Create festive tasting stations around the room with notepads, pens and hors d'oeuvres. Guests can mingle, taste, jot down notes and vote for their favorite "green" wines. Tasting parties ease the financial burden of hosting a full bar, and create great conversations.
- Organic Wines for Less: Try my favorite three organic wines under $15: Bonterra Organically Grown Viognier, Monte Antico Rosso and Red Truck Winery Petite Sirah. Shop our entire green collection at www.wine.com/green
- Bye Bye Baskets: Be eco-conscious by giving gifts packaged in recyclable gift boxes. Wine.com has a great selection of festive, 100% recyclable gift boxes available on many wine gifts at no extra charge. A green alternative to traditional wicker.
- Save the Earth, Spare the Budget: Check out our Wine.com Eco Wine Trio. Its budget-friendly $29.99 price tag, 100% recycled and recyclable packaging materials, PET bottles and carbon-balanced shipment make this the perfect gift for an earth-conscious loved one.
- Waste Not: Don't let a half-finished bottle go bad. An inexpensive wine saver makes a great stocking stuffer. Wine.com sells two kinds. The Private Preserve Wine Preserver fills the bottle with a safe, inert, environmentally safe gas that blankets the wine with a protective layer, preventing it from oxidizing. Or, try a bottle vacuum. Wine.com also sells a popular model by Vacuvin. In fact, Gwyneth Paltrow told Oprah a wine saver was one of her kitchen must haves.
Wine.com Promotions and Tips on Twitter and Facebook
Throughout the holidays Wine.com will use Twitter and Facebook to offer entertaining and gift-giving tips as well as special promotions. Be sure to follow @wine_com on Twitter and become a fan at http://facebook.com/winecom
In addition, Wine.com's Wine Director, Gwendolyn Osborn, will be posting more in-depth holiday entertaining and gift-giving advice on the Wine.com blog.
Shop Wine.com's Online Catalog
For an easy way to find great gifts this holiday season, shop Wine.com's online catalog, available at http://www.wine.com/Wine-Bottle-and-Wine-Gift-Catalog.htm
About Gwendolyn Osborn
Gwendolyn holds an advanced certificate from the London-based Wine & Spirit Education Trust and expects to achieve the Diploma certification from the same organization later this year. Previously, she was the education coordinator for the Wine Spectator School, an online wine education program that teaches and promotes wine appreciation. She also worked extensively in the San Francisco area with Uncorked Events, teaching seminars in wine and organizing larger tastings. More recently, she opened and managed Wine.com's Retail Outlet in Berkeley, CA.
Her educational pursuits in wine have led her to travel extensively in wine regions, including France, Italy, Oregon, Chile, Argentina, South Africa, Australia and of course, California, meeting with top winemakers around the globe. Her mantra? Everyone should feel free to enjoy wine without confusion or pretention. Gwendolyn's passion is contagious, no matter what level wine drinker you are. Her style is easy-going, amusing, enthusiastic and knowledgeable.
About Wine.com
Wine.com is the nation's #1 online wine retailer, according to Internet Retailer magazine's annual ranking of websites by revenue, offering thousands of wines, wine gifts, gift baskets and monthly wine clubs. Wine.com's mission is to be the ultimate resource for wine enthusiasts, whether shopping for themselves or sending a gift, by offering a great selection, low prices, convenient delivery and helpful information. Wine.com is the world's most visited wine web site, according to research conducted by comScore Media Metrix. For more information, visit http://www.wine.com.
SOURCE Wine.com
New Interim CFO Appointed at Core Groupe LLCNovember 27, 2009
John Kingston (FCA, FCBV) will act as CFO for an interim period during which he will oversee all areas of finance & controlling, legal and tax affairs, as well as supply chain management. Mr. Kingston brings tremendous experience to the Core Groupe team highlighted by 15 years at KPMG as a Senior Partner in the Corporate Finance and Valuation groups. John's experience includes providing financial consulting, valuation of business interests, sourcing of financing and acquisition/divestiture assistance. His clients have ranged in size from under $1 million in sales to in excess of $3 billion in revenue. The businesses included sole proprietorships through to multi-national public corporations and covered such industries as manufacturing (including food and liquor), retail, media, financial services and service companies.
About Core Groupe LLC
Founded in 2006, Core Groupe LLC is a unique marketer and producer of innovative Wine & Spirit brands. For more information about Core Groupe LLC visit coregroupe.com.
Visit: http://www.coregroupe.com
SOURCE Core Groupe LLC
Tastes of New Zealand Take Center Stage on Crystal SailingNovember 27, 2009
On March 30, from New Zealand to Australia, luxury specialist Crystal Cruises is showcasing the epicurean appeal of the region on a 12-day Wine & Food Experiences of Discovery cruise. Master Sommeliers Robert Bath and Cameron Douglas - the first and only Master Sommelier from New Zealand - will guide guests through the nuances and pairings of New Zealand's finest vintages, while optional Crystal Adventures take guests to celebrated Cloudy Bay Vineyards, Hawke's Bay and Marlborough. Sailing to Sydney, leading Australian chef and innovator Serge Dansereau will share regional specialties via cooking demonstrations, tastings and special menus, while top Australian food purveyor Simon Johnson will host tastings of artisanal cheeses and gourmet chocolate.
"With Crystal, in great style and comfort, epicureans can enjoy an authentic, informed wine and food experience," says Toni Neumeister, Crystal Cruises' vice president, food and beverage. "The guest experts - icons in their fields - along with Crystal Symphony's own culinary professionals share a breadth of knowledge that will no doubt enhance the flavors of this magical itinerary."
Ashore, Crystal Adventures offer intimate looks at the farms and vineyards dotting the coast:
- Cloudy Bay Vineyards, which first put New Zealand Sauvignon Blanc on the map, provides guests with a tutored tasting session in the privately hosted barrel room.
- At Hawke's Bay, New Zealand's leading wine-producing region, guests will visit three of 600 celebrated wineries, Brookfield's Vineyards, Church Road and Mission Estate.
- From the rich farmlands of the Wairau Valley to the vineyards of Marlborough, the largest grape-growing region in New Zealand, then Havelock, the mussel shellfish hub, guests will see varied sides of New Zealand food and drink.
From Auckland, Crystal Symphony visits Picton, Wellington, Christchurch, Napier and Dunedin, New Zealand; the breathtaking fjords of Milford Sound, Doubtful Sound and its longest fjord, Dusky Sound; concluding with an overnight in Sydney.
New 2010 two-for-one cruise fares begin at $6,530 per person, double occupancy, and include a $1,000 per person All Inclusive - As You Wish shipboard credit, plus complimentary air transportation from more than 20 North American gateways.
For more information and Crystal reservation, contact a travel agent, call 888-799-4625, or visit crystalcruises.com.
CONTACT: Mimi Weisband or Julie Dibble (310) 203-4305, mediarelations@crystalcruises.com
SOURCE Crystal Cruises
So, the realbuzz.com team has compiled a list of 25 health-boosting tips which we believe to be pretty much incontrovertible! Doing a combination of our suggested activities will boost your health and improve your lifestyle and well-being - so try them out.
1. Reduce your fat intake. The effects of fat on our arteries and general health are pretty well known, so you should try to reduce your fat intake by changing your cooking methods. Try grilling, baking, steaming or poaching, rather than frying.
2. Improve your sleep. If you're having trouble sleeping, try cutting out alcohol or caffeine and other stimulants before you go to bed, as this can help you to nod off and get a good night's sleep. Also, adding a few drops of lavender oil onto your pillow at night has been shown to have relaxing effects.
3. Cut down on your salt intake. To reduce the impact of salt on your blood pressure, cut down on your salt intake. We suggest using herbs and spices such as oregano, nutmeg and paprika to season your food, rather than always adding salt. You may eventually find that you don't need to add salt at all!
4. Enjoy a glass of wine. Drinking just one or two glasses of wine a day is thought to cut your risk of heart disease by up to a third. Make sure you go for red or rose variety, as they contain much higher levels of antioxidants than your average glass of white wine.
5. Be good to your bones. A diet high in calcium and vitamin D will lead to strong bones and healthy nerves and muscles. Good sources of calcium and vitamin D include egg yolk, broccoli, oily fish and direct sunlight.
To see the next 20 tips to improve your healthy lifestyle, head to http://bit.ly/5eUnl5
And that's not all; the realbuzz.com team has been delving deeper, looking at healthy ways to get the most out of your sex life. How many calories could you burn in a 20-minute sex session? Do you know what activity will increase the blood flow to your loins? What's the perfect libido boosting breakfast? What vegetable can contribute to a better sex life?
Take our realbuzz.com sex IQ test, and find out the answers. http://bit.ly/66k405
realbuzz.com is the definitive guide to healthy, active living. The purpose of the website is to help everyone get more out of life by providing them with the tools to live a healthy, active lifestyle. It has a growing number of pages on Health & Fitness, Sport & Leisure, Food & Diet and Active Travel.
SOURCE realbuzz.com
Diageo Helps Bring Thanksgiving to Needy Connecticut FamiliesNovember 26, 2009
"Diageo employees are proud to lend a hand to help more Connecticut residents enjoy a Thanksgiving meal," said Guy L. Smith, Executive Vice President, Diageo North America. "The Connecticut Food Bank is dedicated to alleviating hunger, and their work, during the holidays and throughout the entire year, is especially important in this challenging economic climate."
Diageo's support of the Connecticut Food Bank is part of the company's ongoing 'Spirit of the Americas' humanitarian aid program, which includes local and international humanitarian aid and disaster relief projects.
About Diageo
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit us at Diageo.com. For our global resource that promotes responsible drinking through the sharing of best practice tools, information and initiatives, visit DRINKiQ.com.
Celebrating life, every day, everywhere.
SOURCE Diageo
So, the realbuzz.com team has compiled a list of 25 health-boosting tips which we believe to be pretty much incontrovertible! Doing a combination of our suggested activities will boost your health and improve your lifestyle and well-being - so try them out.
1. Reduce your fat intake. The effects of fat on our arteries and general health are pretty well known, so you should try to reduce your fat intake by changing your cooking methods. Try grilling, baking, steaming or poaching, rather than frying.
2. Improve your sleep. If you're having trouble sleeping, try cutting out alcohol or caffeine and other stimulants before you go to bed, as this can help you to nod off and get a good night's sleep. Also, adding a few drops of lavender oil onto your pillow at night has been shown to have relaxing effects.
3. Cut down on your salt intake. To reduce the impact of salt on your blood pressure, cut down on your salt intake. We suggest using herbs and spices such as oregano, nutmeg and paprika to season your food, rather than always adding salt. You may eventually find that you don't need to add salt at all!
4. Enjoy a glass of wine. Drinking just one or two glasses of wine a day is thought to cut your risk of heart disease by up to a third. Make sure you go for red or rose variety, as they contain much higher levels of antioxidants than your average glass of white wine.
5. Be good to your bones. A diet high in calcium and vitamin D will lead to strong bones and healthy nerves and muscles. Good sources of calcium and vitamin D include egg yolk, broccoli, oily fish and direct sunlight.
To see the next 20 tips to improve your healthy lifestyle, head to http://bit.ly/5eUnl5
And that's not all; the realbuzz.com team has been delving deeper, looking at healthy ways to get the most out of your sex life. How many calories could you burn in a 20-minute sex session? Do you know what activity will increase the blood flow to your loins? What's the perfect libido boosting breakfast? What vegetable can contribute to a better sex life?
Take our realbuzz.com sex IQ test, and find out the answers. http://bit.ly/66k405
realbuzz.com is the definitive guide to healthy, active living. The purpose of the website is to help everyone get more out of life by providing them with the tools to live a healthy, active lifestyle. It has a growing number of pages on Health & Fitness, Sport & Leisure, Food & Diet and Active Travel.
SOURCE realbuzz.com
How Competitive are the Major Supermarkets_November 25, 2009
When going into a supermarket to shop we almost inevitably come out with many more items than we intended to buy. That's how the big retail chains do it. It's nothing new; the trade term is a "loss leader" a more realistic and down to earth description would be "a sprat to catch a mackerel".
So why don't we mackerels take another look at the independent food shops, we might even save some money. The range of shops in the independent sector is breathtaking, great delicatessens, wine stores, retailers that sell the best coffee and tea around and of course genuine health food stores. Interestingly, the market share of the independent sector is rising. So there might be some logic in following this new trend by starting to visit your local deli. Fruit and vegetables will be cheaper in many independent stores and fresh meat will be what it says it is. It's doubtful if the ham and chicken will be bulked up with water to increase weight and volume either.
Why are organic foods being dropped by the supermarkets? Is it because the organic producers won't be bullied into loss making deals? One could be forgiven for thinking that corporate retailers are dumbing down the choices to appear to always be cheaper. Cheap food should be cheap - it hasn't got anything else going for it.
Cotswold Fayre is a deli wholesaler that supplies excellent organic and
gourmet food to local delis, including savoury snacks, chutneys and pickles.
These independent shops won't sell one item below cost and then inflate 10
others to make up the loss. But they will offer a fantastic range of food and
beverage products supplied by Cotswold Fayre, one of the best delicatessen
suppliers in the UK. Visit the website to browse a whole range of products
sourced from all over the UK and
http://www.cotswold-fayre.co.uk/specialitybites/2009/11/supermarkets/
Customer Loyalty
For regular customers, Cotswold Fayre is also running a customer loyalty scheme where customers will have the opportunity to win days out and even holidays.
About Cotswold Fayre
Further information about Cotswold Fayre can be obtained from the
website, the most comprehensive trade website for speciality food in the UK,
and from
For further information on Cotswold Fayre, its products and services
please contact MD Paul Hargreaves of Cotswold Fayre Ltd, Units 9-11, Manor
Farm,
SOURCE Cotswold Fayre
SABMiller CEO Interviewed on Half-Year ResultsNovember 25, 2009
In a video interview released today,
Finance Director
The interviews and transcripts are available now on http://www.cantos.com.
Also, there will be a live UK analyst webcast at
It's free to view. All you need to do is register at www.cantos.com. Cantos.com, the online financial broadcaster, features in-depth interviews, documentaries and webcasts with senior company executives. If you would like to contact us, please email enquiries@cantos.com or phone +44-207-936-1333.
SOURCE SABMiller plc
Crown Imports Hires Horizon Media as New Media Agency of RecordNovember 25, 2009
(Photo: http://www.newscom.com/cgi-bin/prnh/20091123/NY16088-a )
(Logo: http://www.newscom.com/cgi-bin/prnh/20091123/NY16088LOGO-b )
Beginning this month, Horizon Media will partner with Crown as Agency of Record for media to help maximize brand awareness, consideration and purchase intent for the entire Crown portfolio, which includes Corona Extra, the number one imported beer, Corona Light, Modelo Especial, Negra Modelo, Pacifico, St. Pauli Girl and Tsingtao.
"Crown's well positioned portfolio, led by Corona, already benefits from having unique and memorable ad campaigns, and we look forward to leveraging Horizon's impressive media planning and buying experience to maximize the delivery of our brand messages to our targeted consumers across a wide variety of platforms," said Jim Sabia, executive vice president of marketing for Crown Imports. "We were impressed by Horizon's strong category experience and collaborative approach to media planning and buying across national and local media channels for the General and Hispanic Market."
Horizon will begin working with Crown this month to plan and execute media buying efforts for the 2010 calendar year. "We are extremely motivated to help take Corona, and the entire Crown portfolio, to the next level. The media landscape today provides great opportunity for innovation and creativity in the planning process and we look forward to putting all of Horizon's assets to work in achieving the goals for Corona and the entire Crown portfolio," said Bill Koenigsberg, president, CEO and founder Horizon Media Inc.
"We are thrilled to be working with a brand that has an incredibly strong heritage," added Zach Rosenberg, EVP and general manager, Horizon Media, Inc. "We look forward to leveraging Horizon's creativity and innovation to help raise the bar even higher."
About Crown Imports
Crown Imports LLC is a joint venture that imports, distributes and markets the Modelo portfolio and other fine beer brands across the entire U.S. The Modelo portfolio includes Corona Extra, the #1 imported beer in the U.S. and #6 beer overall, Corona Light, Modelo Especial, Negra Modelo and Pacifico beer brands. Crown also imports the St. Pauli Girl and Tsingtao beer brands in the U.S. Crown is a 50-50 joint venture between Grupo Modelo, S.A. de C.V. (MX: GMODELOC), Mexico's leading company in the brewing, distribution and sale of beer, and Constellation Brands, Inc. ( STZ, ASX: CBR), a leading international beverage alcohol producer, importer and marketer. For more information, visit www.crownimportsllc.com.
About Horizon Media
Founded in 1989, Horizon Media, Inc. is the largest U.S. independent media services company. Horizon's core mission, "To create the most meaningful brand connections within the lives of people everywhere," is focused on helping clients sell products and build brands through insightful marketing counsel, and delivered through effective negotiation and placement. Horizon's holistic approach to brand marketing and development has resulted in estimated billings of $2 billion and established the company as the fastest growing agency in the industry. Headquartered in New York City with a full service office in Los Angeles, Horizon also has offices in San Diego, and Amsterdam, Netherlands. Horizon is also a founding member of Columbus Media International, a multi-national partnership of independent media agencies. For more information, please visit the company's website at www.horizonmedia.com.
SOURCE Crown Imports
Molson Coors Appoints Krishnan (Kandy) Anand President of Molson Coors InternationalNovember 24, 2009
"A significant part of Molson Coors' growth strategy moving forward will come from international expansion and we are fortunate to have attracted someone of Kandy's calibre to help us expand this effort. In addition to his many years of senior leadership experience in global brand and marketing strategy in the beverage industry, Kandy has demonstrated a proven ability to build strong teams, drive change and deliver both revenue and profit growth," according to Peter Swinburn, CEO, Molson Coors Brewing Company. "We welcome Kandy to our senior leadership team and look forward to working with him to expand the reach of our extraordinary brands, unlock the value of new markets, and accelerate our position as a leading global brewer."
"Molson Coors is well known in the brewing industry as an exceptional brand builder and innovator and I am very excited to be joining at a time when the company is well positioned to continue its strong growth in new markets. I look forward to working closely with the international team to help focus and accelerate the company's international strategy around key markets including Asia, Europe and Latin America," said Anand. "This is truly an exciting time to be a part of Molson Coors and the beer business. I am eager to leverage my international background and brand marketing expertise to help advance Molson Coors' goal of being one of the world's top global brewers."
In order to better plan, coordinate and execute the expansion of the Molson Coors brand portfolio outside of the Company's mature markets, the company established a new international business unit called Molson Coors International in 2008. Molson Coors currently markets over 65 beer brands in 40 countries around the world. Dave Perkins led Molson Coors International until he was appointed President and CEO of Molson Coors Canada in June 2009.
About Molson Coors Brewing Company:
Molson Coors Brewing Company is a leading global brewer delivering extraordinary brands that delight the world's beer drinkers. It brews, markets and sells a portfolio of leading premium brands such as Coors Light, Molson Canadian, Carling, Blue Moon, and Keystone Light across North America, Europe and Asia. It operates in Canada through Molson Coors Canada; in the US through MillerCoors; and in the U.K. and Ireland through Molson Coors UK. For more information on Molson Coors Brewing Company and our portfolio of brands, visit the company's Web site, www.molsoncoors.com.
SOURCE Molson Coors Brewing Company
Video_ 'No Snooty Wine Speak' on New WineExperience.com_ Multi-Media Resource Site Explores Everything About Wine for Everyday Good LivingNovember 24, 2009
Pernod(R), the Creator of Absinthe, Debuts Website and Art Competition Sparking New Era of Enlightenment, Appreciation and Absinthe EducationNovember 24, 2009
A Storied History Unveils Itself
The brand's elegant new website offers visitors an informative glimpse into the past, present and future of absinthe culture. An interactive tool for consumers, trade and media, the website tells the story of Pernod's colorful history, offers how-to's on consumption, cocktail recipes, as well as press information and imagery for download. A highlight of the website is a section entitled "Art,' which offers a comprehensive overview of Pernod's influence on 19th Century art and literary legends, including Toulouse-Lautrec, Picasso, Manet, Van Gogh and Degas. The site focuses on artists that not only enjoyed Pernod, but created paintings featuring drinkers or the famous "Pernod Fils" bottle. Today, Pernod maintains a strong relationship with the art community as a patron of contemporary arts.
Inspiration in a Green Bottle
Hosted on its Facebook page and website, the "Creator Of" art contest will award the First Place winner with $1,805 (the year Pernod Fils began distilling in France); second place $500; and third place $250. A celebratory event is being planned concurrent with The Armory Show, the annual international art fair, in New York City. There are two main requirements for submissions: all pieces must be original works and all works must include the date 1805.
Submissions are being accepted through January 31, 2010, in the following categories: Painting, Illustration, Photography, Video, Digital/Animation. Submissions will be accepted entirely online at www.facebook.com and www.pernodabsinthe.com. Judging will take place in February 2010, followed by the winner's announcement in March 2010. For more information, become fans of Pernod Aux Plantes d'Absinthe Superieure on Facebook: www.facebook.com/pernodabsinthe.com.
About Pernod Aux Plantes d'Absinthe Superieure
Pernod® Aux Plantes d'Absinthe Superieur is based on the original absinthe recipe and today returns to restore its reputation for quality and handcrafted excellence. This 136 proof spirit is distilled from three primary ingredients, Grande Wormwood, Fennel, and Star Anis producing a light green and hint of amber color with a dominant flavor of anis, balanced with wormwood and a citrusy finish.
PERNOD® Aux Plantes. 68% Alc./Vol. (136 Proof) ©2009 Imported by Pernod Ricard USA, Purchase, NY
About Pernod Ricard USA
Pernod Ricard USA is the premium spirits and wine company in the U.S., and the largest subsidiary of Paris, France-based Pernod Ricard SA. In July, 2008, Pernod Ricard completed the acquisition of the iconic ABSOLUT® Vodka brand from the V &S Group, and Pernod Ricard USA is now the second leading company in the U.S. by sales value.
In addition to ABSOLUT®, Pernod Ricard USA's leading brands include such prestigious spirits as The Glenlivet® Single Malt Scotch Whisky, Chivas Regal® Scotch Whisky, Jameson® Irish Whiskey, Seagram's Extra Dry Gin®, Beefeater® Gin, Martell(TM) Cognac, Malibu® flavored Rum, Kahlua® Liqueur, Hiram Walker(TM) Liqueurs, Pernod® and Ricard®; such superior wines as Jacob's Creek® and Brancott Estate®; and such exquisite champagnes and sparkling wines as Perrier Jouet® Champagne, G.H. Mumm® Champagne and Mumm Napa(TM) wines.
The company is based in Purchase, New York, and has roughly 1,000 employees across the country. Pernod Ricard USA urges all adults to consume its products responsibly and has an active campaign to promote responsible drinking. For more information on this, please visit: www.acceptresponsibility.org
SOURCE Pernod Ricard USA
SABMiller CEO Interviewed on Half-Year ResultsNovember 23, 2009
In a video interview released today,
Finance Director
The interviews and transcripts are available now on http://www.cantos.com.
Also, there will be a live UK analyst webcast at
It's free to view. All you need to do is register at www.cantos.com. Cantos.com, the online financial broadcaster, features in-depth interviews, documentaries and webcasts with senior company executives. If you would like to contact us, please email enquiries@cantos.com or phone +44-207-936-1333.
SOURCE SABMiller plc
SVB Predicts Sales Growth in 2010 Fine Wine SalesNovember 23, 2009
"Our current research is showing that the wine businesses continue to be pushed in this economic environment, and there is no expectation that what was normal for the past decade will return in short order," said Rob McMillan, founder of Silicon Valley Bank's Wine Division and author of the report. "Defining a new normal and acting on that is more prudent than waiting for the old normal to return."
Emerging demographic shifts in particular will impact sales and marketing strategies for fine wines as target consumers change spending patterns, and potentially exit the market altogether.
"For that segment of Baby Boomers who have seen their net worth drastically reduced and who have been the prime target of wine marketing for nearly 20 years, a $50 bottle of wine is now permanently out of the question for a normal purchase," McMillan said.
Early reports for Q4 2009 sales suggest improvement over the same period in 2008, an expected down year for the full year 2009, but positive growth in the fine wine business in 2010. However, the report continues, true recovery will take time due to lasting, negative economic changes in housing, consumer wealth, consumer credit, business spending and restaurant sales.
"Not all the changes we're seeing and expecting during an ongoing correction and recovery will be permanent and it's not all doom and gloom, but everyone in this business should expect that the future will be quite different than the past decade in fine wine," McMillan said.
Silicon Valley Bank's Annual State of the Wine Industry Report due for release in the spring captures trends and addresses critical issues facing the U.S. wine industry. Given the state of the economy and the need for wine businesses to think critically about their strategies, these preliminary findings intend to offer data, trends and observations that businesses can use during their 2010 - 2011 planning.
- For a copy of Silicon Valley Bank's 2010-2011 preliminary findings report, please visit http://www.svb.com/pdfs/wine/StateoftheWineIndustry1109.pdf
- To receive an invitation to participate in Silicon Valley Bank's annual on-line survey and thus receive survey results, please e-mail Penny Northrop (PNorthrop@SVB.com)
- To be added to Silicon Valley Bank's report distribution list, contact the author, Rob McMillan (RMcMillan@SVB.com)
About Silicon Valley Bank's Wine Division
Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. Its Wine Division specializes in commercial banking for premium wineries and vineyards and the industries that support them. SVB has the largest team of commercial bankers dedicated to the wine industry of any bank nationwide. Founded in 1994, SVB's Wine Division has offices in Napa and Sonoma counties and serves clients in Napa, Sonoma, the Central Coast of California, Oregon and Washington. By virtue of its dedication to the wine industry, Silicon Valley Bank is able to support its clients consistently through economic and growth cycles, and offer guidance on many aspects of their business, beyond traditional banking services. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Financial Group is also a member of the Federal Reserve.
SOURCE Silicon Valley Bank
Video_ 'No Snooty Wine Speak' on New WineExperience.com_ Multi-Media Resource Site Explores Everything About Wine for Everyday Good LivingNovember 23, 2009
Coors Light will deliver its "refreshment as cold as the Rockies" message to TiVo viewers in several ways throughout this period. Whenever fans see a Coors Light prompt while watching NFL programming, they will have the opportunity to go to the Coors Light NFL Showcase. The Showcase will offer a variety of special content such as behind-the-scenes footage from the popular Coors Light "Coaches" ads, consumer-generated versions of the TV spots and details on how to win Super Bowl tickets and other prizes as part of the Coors Light "Countdown to 44" promotion.
"This is an exciting opportunity to strengthen consumer awareness of Coors Light as the Official Beer Sponsor of the NFL and Super Bowl by engaging the millions of TiVo users across the country," said Jackie Woodward, vice president of marketing services at MillerCoors. "By going beyond the traditional 30-second TV ad and providing unique, engaging content at multiple entry points, we expect to make a strong impact with TiVo viewers."
Anytime a fan pauses or deletes NFL programming, they will see a Coors Light-branded prompt inviting them to visit the Coors Light NFL Showcase Page. A prompt also will appear on TiVo Central, the TiVo Showcase Grid and during Coors Light ads that show on screen when consumers are rewinding or fast-forwarding programs.
As part of the Coors Light Showcase, Coors Light and TiVo will team up with XLNTads to invite legal-drinking-age consumers to create their own take on the Coors Light "Coaches" ads. XLNTads has posted a creative brief for the Coors Light assignment before its Poptent network of 12,000+ videographers and is expected to receive more than 100 video entries for the brand to consider for the TiVo Showcase.
Tara Maitra, vice president and general manager of content services and advertising sales at TiVo Inc., said, "With the increase of DVR homes across the country, brands need to be able to expand their presence and offer unique, compelling content for consumers. As TV viewing habits evolve, even sporting events, which are typically watched live, are becoming more prone to timeshifting and, as a result, are experiencing increased levels of commercial avoidance. We are pleased that Coors Light is taking advantage of our full suite of interactive advertising options as our solutions provide unique ways to reach the DVR viewer."
About XLNTads
XLNTads produces videos for commercial and web use through its sister site, Poptent.net. Poptent is a social network of 12,000 independent commercial video creators, with members in over 80 countries. This network of creative talent connects with brands through an approach called "crowd sourcing", developing scores of video solutions for each assignment embraced by XLNTads clients. This Internet based creative solution develops network ready commercials and video content for about one-tenth the cost of traditional production methods. Poptent was launched in 2008 by XLNTads, LLC, and has produced over 40 different campaigns for major brands. Visit www.poptent.net or www.xlntads.com for more information.
About TiVo Inc.
Founded in 1997, TiVo Inc. (Nasdaq: TIVO) developed the first commercially available digital video recorder (DVR). TiVo offers the TiVo service and TiVo DVRs directly to consumers online at www.tivo.com and through third-party retailers. TiVo also distributes its technology and services through solutions tailored for cable, satellite and broadcasting companies. Since its founding, TiVo has evolved into the ultimate single solution media center by combining its patented DVR technologies and universal cable box capabilities with the ability to aggregate, search, and deliver millions of pieces of broadband, cable, and broadcast content directly to the television. An economical, one-stop-shop for in-home entertainment, TiVo's intuitive functionality and ease of use puts viewers in control by enabling them to effortlessly navigate the best digital entertainment content available through one box, with one remote, and one user interface, delivering the most dynamic user experience on the market today. TiVo also continues to weave itself into the fabric of the media industry by providing interactive advertising solutions and audience research and measurement ratings services to the television industry www.tivo.com. TiVo, 'TiVo, TV your way.', Season Pass, WishList, TiVoToGo, Stop||Watch, Power||Watch, and the TiVo Logo are trademarks or registered trademarks of TiVo Inc. or its subsidiaries worldwide. © 2009 TiVo Inc. All rights reserved. All other trademarks are the property of their respective owners.
About MillerCoors
Built on a foundation of great beer brands and more than 288 years of brewing heritage, MillerCoors continues the commitment of its founders to brew the highest quality beers. MillerCoors is the second largest beer company in America, capturing nearly 30 percent of U.S. beer sales. Led by two of the best-selling beers in the industry, MillerCoors has a broad portfolio of highly complementary brands across every major industry segment. Miller Lite is the great tasting beer that established the American light beer category in 1975, and Coors Light is the brand that introduced consumers to refreshment as cold as the Rockies. MGD 64 completes the company's premium light beer portfolio, offering consumers fresh, crisp taste at just 64 calories. MillerCoors brews premium beers Coors Banquet and Miller Genuine Draft; and economy brands Miller High Life and Keystone Light. The company also imports Peroni Nastro Azzurro, Pilsner Urquell, Grolsch and Molson Canadian and offers innovative products such as Miller Chill and Sparks. MillerCoors features craft brews from the Jacob Leinenkugel Company, Blue Moon Brewing Company and the Blitz-Weinhard Brewing Company. MillerCoors operates eight major breweries in the U.S., as well as the Leinenkugel's craft brewery in Chippewa Falls, WI and two microbreweries, the 10th Street Brewery in Milwaukee and the Blue Moon Brewing Company at Coors Field in Denver. MillerCoors vision is to create America's best beer company by driving profitable industry growth. MillerCoors insists on building its brands the right way through brewing quality, responsible marketing and environmental and community impact. MillerCoors is a joint venture of SABMiller plc and Molson Coors Brewing Company.
SOURCE MillerCoors
Drinks Americas Sells and Commences Shipment of _250,000 in Holiday Spirits Orders in First Month of Third QuarterNovember 22, 2009
J. Patrick Kenny, CEO Drinks Americas, stated, "Our revenue will grow each quarter as we rebuild inventory. Getting off to a fast start with these three core products for the holiday quarter is a milestone in the company's forward progress. As revenue builds, we intend to continue to reduce our debt, strategically outsource and aggressively manage our overhead and build toward a profitable company."
About Drinks Americas Holdings, Ltd.
Drinks Americas develops, owns, markets, and nationally distributes alcoholic and non-alcoholic premium beverages associated with renowned icon celebrities. Drinks Americas' portfolio of premium alcoholic beverages includes Kid Rock's American BADASS Beer, Trump Super Premium Vodka, Olifant Vodka and Willie Nelson's Old Whiskey River Bourbon. The company also has a partnership with Universal Music's Interscope, Geffen, A&M Records to jointly develop and launch beverage products. Other products owned and distributed by Drinks Americas include award-winning Damiana Liqueur and Aguila Tequila from Mexico, and Rheingold Beer. For further information, please visit our website at www.drinksamericas.com.
Drinks Americas was founded in 2004 by J. Patrick Kenny, a leading expert in beverage sales and marketing. Mr. Kenny developed his industry expertise in a variety of management positions at the world's leading beverage companies, including Joseph E. Seagram and Sons and The Coca-Cola Company. He has also acted as advisor to several Fortune 500 beverage marketing companies, and has participated in several beverage industry transactions.
CONTACTS Drinks Americas, Inc. Charles Davidson, 203-762-7000 cdavidson@drinksamericas.com or CEO Cast Dan Schustack, 212-732-4300 dschustack@ceocast.com
To see press release go to http://myprgenie.com/3231
SOURCE Drinks Americas Holdings, Ltd.
Video_ 'No Snooty Wine Speak' on New WineExperience.com_ Multi-Media Resource Site Explores Everything About Wine for Everyday Good LivingNovember 22, 2009
Rum Rescue Calls Out to Captain MorganNovember 21, 2009
The TITAN Salvage crew of Crowley Maritime successfully re-floated the barge La Princesa off Sandbridge beach at 7:48 a.m. Wednesday morning. The crews used two tugs pulling together on the bow and stern of the barge at high tide to free it. The barge, which broke free from the Sentry on the evening of November 12th, grounded on the beach near Little Island Pier Friday morning, November 13th. The Crowley and TITAN Salvage personnel worked together to remove the barge from the beach while ensuring the safety of the public and environment. The American Bureau of Shipping and all necessary government response teams surveyed the vessel to ensure it was safe before heading to its destination port in Pennsauken, N.J. under the direction of Sentry's 32-year veteran Capt. Elijah Seals.
"I knew that the best crew in the world would be made available to salvage this battle of wills against Mother Nature," said Captain Morgan. "90,000 gallons? That is 425,000 bottles of Captain Morgan Lime Bite that would have never made it to the store shelves over the holidays and enjoyed with a mixer or to liven up a domestic beer. Whether it is the Nor'easter of the decade or the storm of the century, Captain Morgan is there to battle, support and guard over the world's most popular spiced rum so that all my friends of legal drinking age can appreciate its joys like I do, in a very responsible manner."
"The quick resolution of this situation was a testament to the professionalism and teamwork displayed by TITAN, Crowley, the Coast Guard, and all the first responders in Virginia Beach," said Rob Grune, Crowley's senior vice president and general manager of Puerto Rico and Caribbean services. "After ensuring the safety of the public, the environment, the vessel and its cargo, our priority was to get our customers' cargoes to their destinations as quickly as possible - including Captain Morgan's rum. Communication with all our customers was constant to ensure they knew what was happening with the operation every step of the way."
The Captain Morgan Rum is now situated at Crowley's Petty's Island Terminal located in the Delaware River directly across from Philadelphia and is getting ready to be shipped to its plant in Relay, Maryland. The oak aged rum is transported across the Atlantic Ocean to its final bottling destination in 20-foot and 40-foot tanks with 6,800 gallons or more capacity.
"Some diligent commitment by all parties brought forth a success story for everybody, especially for my bottling team in Relay, Maryland who were greatly anticipating this important shipment to meet our supplier deadlines," said Diageo-Relay Plant Manager Rick Robinson. "We are very thankful to all the Crowley Maritime team for their world class professionalism and seamanship in getting this shipment to its destination in the safest manner possible."
Unconfirmed stories about Petty's Island go back to Elizabeth Kinsey, a Quaker, who acquired the island from Lenni-Lenape Indians in the late 17th century and later transferred the property to William Penn. Petty's Island has had a long and colorful history; indeed it's been home to a slave depot and possibly even pirates. The island takes its name from John Petty who owned it around the time of the American Revolution. During the 19th century schooners were built here and a summer resort flourished before industrial operations took root in the early 1900s.
According to documents kept by the Camden Historical Society, it was the property of the Lenape Indians until 1678, when a Quaker woman bought it for $240 and annual payments of 16 barrels of gunpowder and 16 barrels of rum. It was later owned by William Penn, and it received Benjamin Franklin on his first trip to Philadelphia. At times, Petty's Island was a place for parties, duels, slave ships and, on at least one occasion, a lynching.
Whether you're saving a marooned barge or simply marooned at the bar, Captain Morgan reminds consumers to drink responsibly. Captain's Orders!
About Diageo
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Jose Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit us at www.diageo.com. Celebrating life, every day, everywhere, responsibly.
About Crowley
Jacksonville-based Crowley Holdings Inc., a holding company of the 117-year-old Crowley Maritime Corporation, is a privately held family and employee-owned company. The company provides diversified transportation and logistics services in domestic and international markets by means of six operating lines of business: Puerto Rico/Caribbean Liner Services, Latin America Liner Services, Logistics Services, Petroleum Services, Marine Services and Technical Services. Offered within these operating lines of business are the following services: liner container shipping, logistics, contract towing and transportation; ship assist and escort; energy support; salvage and emergency response through its TITAN Salvage subsidiary; vessel management; vessel construction and naval architecture through its Jensen Maritime subsidiary; government services, and petroleum and chemical transportation, distribution and sales. Additional information about Crowley, its subsidiaries and business units may be found on the Internet at www.crowley.com
Contacts: Greg Leonard Diageo 646-223-2111 Greg.Leonard@diageo.com
SOURCE Captain Morgan
Framed Molecular Cocktail Art Makes Unique Holiday GiftNovember 21, 2009
(Photo: http://www.newscom.com/cgi-bin/prnh/20091117/FL12634)
BevShots MicroArt blends art with adult beverages by featuring images of beer, wine, liquors and cocktails shot by a high-powered microscope on canvas and gallery-grade paper. The unique cocktail art is available from a sophisticated web site, where prices range from $20 for a metallic print, up to $550 for a large print matted in a deluxe frame or an image on canvas in an elegant floating frame.
The full BevShots gallery is comprised of 29 images ranging from tequila and whiskey to martini and vodka tonic to domestic and imported beers and red, white and sparkling wines, all available as customizable art pieces. No two beverages look alike, with images representing an array of colors and patterns that can fit the decor of any home or office.
"BevShots easily mix with today's trends in abstract art, but feature a topic we all know and love - alcoholic beverages," said BevShots President Lester Hutt. "It's exciting to find out what your drink of choice looks like under a microscope. We're thrilled by the outpouring of interest from people who want to display their favorite drinks in their home or office."
Hutt is also counting on BevShots' images finding their way to this year's holiday gift lists.
"It's the perfect gift for a friend, family member or client who loves art, a drink, a unique accessory for their home decor and the ultimate conversation piece."
Any of BevShots images can be ordered online at www.BevShots.com. Gift cards are available for those who would rather let recipients select their own favorite image.
In addition to the full gallery of BevShots available online, owners of iPhones can sample and share the unique images thanks to the new BevShots' BarHop application. At a cost of $1.99, it provides microscopic images of a dozen drinks in various bar settings.
To learn more visit www.BevShots.com. To check out the iPhone app, touch the App Store button on your iPhone and search BevShots or BarHop.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Lester Hutt | https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=92089
SOURCE BevShots
Love, Set, Taste...Cure! Governors Towne Club Hosts A Most Unique Breast Cancer Fundraiser, Sunday November 22nd, 1 - 4PMNovember 21, 2009
(Logo: http://www.newscom.com/cgi-bin/prnh/20091119/AQ14328LOGO)
The Tennis Center at Governors Towne Club (GTC) will be the site of this remarkable combination of events to raise money to fight breast cancer. But perhaps one of the most remarkable aspects about this fundraiser is that 100% of all proceeds raised will be donated to support the important work of the Susan G. Komen For The Cure, Atlanta Affiliate.
Several homeowners at GTC came together and enlisted the help of sponsors T2Tennis, La Parrilla Restaurant and NO Winery to host a Sunday afternoon of mixed doubles and wine tasting all for a great cause. Attendees can select the venue of high activity and colossal fun to play tennis organized by the professionals of T2Tennis. All prizes and event coordination for the "Tennis For the Cure" have been donated by T2Tennis, Atlanta's premier flexible tennis league.
Non-sporting types can participate and raise money to fight breast cancer through "Tasting for the Cure" by enjoying the afternoon tasting the various white wines of NO Winery and learning many interesting facts and subtleties of the various grape varietals and how they positively impact the wines.
At 2:00PM, Kenneth G. Horton, developer of Governors Towne Club will officially open the fundraiser. Congressman and Doctor Phil Gingery will be on hand to cut the ribbon to the Silent Auction. Over 50 valuable products and services have been contributed to the Silent Auction from individuals and companies in the Atlanta area. Attendees will be able to bid on items ranging from a package of horse riding lessons from Serenbe Stables, to Macintosh Computer Service and Support by 3 Alarm Fire, to a signed autographed racket donated by Melanie Oudin, the 17 year old tennis star from Marietta who became world famous in this year's US Open. Additionally, the Silent Auction will include items in all price ranges from gift certificates from The Shaving Gallery, La Parrilla Mexican Restaurants, and Abundance Luxury Limo to the use of an upscale vacation cottage in Destin, Fl, for a week's stay. Perhaps, one of the most unique donations that will be up for auction is "An Evening with Acworth Mayor Tommy Allegood", including a private reception at Gallery 4463 and a dinner at The Old Mill. And finally, cheering on the event will be Atlanta's very own Falcon cheerleaders!
Everyone attending will receive a pink Susan G. Komen For The Cure "Goodie Bag" filled with various donated items. The gift bags will be handed out by two Mrs. Georgia titleholders who both just happen to be homeowners at Governors Towne Club. Mrs. Amanda Vogel, former Miss Georgia USA 1985-86 and Mrs. Georgia America 2005-2006, and the current reining Mrs. Georgia for 2009 - 2010, Mrs. Jennifer Everett.
The event's website can be found at http://www.TennisForTheCure.com.
A rain date has been set for Sunday, December 6th.
Please join us to for a fun day for a great cause!
Event Sponsors:
Governors Towne Club- www.governorstowneclub.com
T2Tennis- www.t2tennis.com.
NO Winery- www.novineyardsandwinery.com
La Parrilla Restaurant - www.laparrilla.com/
SOURCE Governors Towne Club
Kendall-Jackson winemaster Randy Ullom will better the Scots by a case: for $30,000 he will spend three days with a wine lover, doing extensive wine tastings with them, learning their preferences in wine, and creating an exact, customized blend based on their tastes and personality. After which the purchaser will receive a case of the one-of-a-kind wine, adorned with their own, personal label.
The idea was inspired by Whyte & Mackay Whisky's success offering one-off whiskies by its master blender--all the more remarkable in these economic times.
"Evidently, there remains a strong niche for tailor-made luxury products," said Ullom. "If there are hundreds of people willing to pay an ultra-premium price for a single bottle of customized whisky, then we will be happy to offer them 12 bottles of personalized wine."
Ullom will have a broad palette from which to create a portrait of his customers' tastes. With the grapes from scores of premiere lots, from thousands of acres of estate vineyards located along the hillsides and mountains of California's cool coastal regions, Ullom can blend virtually any shade or nuance of taste within dozens of grape varieties. His portfolio of wines that are generally available to the public routinely score in the 90s.
"Those who are able to take advantage of his offer will have a wine that is unique in the world--as unique as they are," said Ullom. "In addition, they will have a pretty good time as we explore and experiment."
A portion of the proceeds will be donated to charity. Those interested in the program should email for more information at customWine@kjmail.com.
<p>(This offer is good only to persons over the age of 21 years. Due to the restrictions of some states' laws, this offer is not extended to residents of Alabama, Arkansas, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Ohio, Pennsylvania, or Utah.)SOURCE Kendall-Jackson
Shot Spirits Corporation Decreases Net Loss by 55.7 Percent in the Third Quarter of 2009 as Compared to the Third Quarter of 2008November 20, 2009
Shot Spirits Corporation recently announced that the Company launched a strategic marketing campaign, targeting the $21 Billion premium beverage market. Shot Spirits Corporation's strategy is to add premium beverages to the single serve "ready to drink" product line as well as expand distribution both in the United States and abroad. According to Packaged Facts.com, sales of premium beverages in the United States alone were $21 Billion in 2007 and the new management will be leveraging their relationships in the industry in order to expand presence in the market place. Shot Spirits Corporation is targeting to assist in the distribution in supermarkets, liquor stores, as well as bars, restaurants, and sporting venues across the globe.
"We are excited about the future of Shot Spirits Corporation and the potential market share we can gain through our strong relationships in the hotel, food, and beverage industry," stated Brian Barrett, President and Chairman of Shot Spirits Corporation.
To view Shot Spirits Corporation's recent filings, please visit: www.pinksheets.com/pink/quote/quote.jsp?symbol=sspt
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise.
Contacts:
Investor Relations
Big Apple Consulting USA, Inc.
1-407-389-5900
SOURCE Shot Spirits Corporation
Video_ 'No Snooty Wine Speak' on New WineExperience.com_ Multi-Media Resource Site Explores Everything About Wine for Everyday Good LivingNovember 20, 2009
'Brandywine Book of Food' Profiles Region's Culinary TerroirNovember 19, 2009
The landmark book is the work of Roger Morris, a well-known international writer on wine, food and travel, and Cathleen Ryan, an internationally trained pastry chef, with photos by Ella Morris, former fashion executive and now magazine photographer, painter and art gallery manager.
"Our goals for the book are primarily to provide recipes showcasing the prowess of chefs of the Brandywine Region," Morris says, "but we wanted to do this within the context of culinary terroir, integrating the area's rich history with the stories of the people who grow produce, create artisan foods, make wines and create dishes."
The Brandywine Region borders the river of the same name that flows through Pennsylvania and Delaware into the Delaware Bay southwest of Philadelphia. It is known for its beautiful scenery, historic water mills, country estates such as Winterthur and Longwood Gardens, thoroughbred horse farms, America's largest mushroom-growing region, a burgeoning wine industry, and as a destination weekend vacation retreat full of small inns and B&Bs.
For a list of places to buy the book and for upcoming signing events, go to www.brandywinebookoffood.blogspot.com.
SOURCE Brandywine Book of Food
Team Reef Wins First Jim Beam(R) Surftag(R) U.S. CompetitionNovember 19, 2009
"The Jim Beam Surftag event is awesome," said Sean Marceron of the winning Team Reef. "There's not really anything like it, where you can link up with your good buddies and get all riled up!"
Surftag® is a relay competition in which five members of each team must catch three waves and then return to the beach to tag the next team member. The culmination of three qualifying rounds held in the past two months on California beaches, the finals were held Friday Nov. 13 and Saturday Nov. 14 off Huntington Beach.
"Our first Surftag event on U.S. shores was a huge success," said Paige Guzman, category lead, Beam Global Spirits & Wine, Inc. "The competitors represented some of the most talented surfers in the world, giving fans the perfect introduction to this exciting team format. Jim Beam is honored to bring Surftag to the U.S. and we look forward to continuing this mutually beneficial partnership."
Each round of the finals was fiercely contested, with bonus points playing a key role in deciding the top finishers. Happy Endings, led by Yves Bright, won two of the three qualifying events, but fell three-tenths of a point short in the semifinals and failed to advance to the championship heat. Team Lost, led by Ryan Simmons, chose the right waves in challenging conditions and put up huge scores to beat Man Sandwich to join the FCS Chargers, Plus One Surfboards, Lost and Reef teams in the final heat.
With Team Reef fighting the clock, the FCS Chargers and Plus One Surfboards turned it on at the end to grab bonus points. However, Chris Abad, Team Reef's anchor man, caught three waves in less than eight minutes and secured the win.
In addition to the $2,000 cash prize, Jim Beam® will salute Team Reef with a mobile billboard featuring their names and team photo. The billboard route will focus on Team Reef's
hometown and break. Jim Beam® Surftag® awarded $25,000 in cash prizes throughout the series.
Jim Beam® supports surfers around the globe. Jim Beam® Surftag® started in Australia in 2001 and has grown into the country's largest team boardriding competition. The U.S. version attracted dozens of competitors and fans to each venue along the California coastline.
Jim Beam®, the world's No. 1-selling Bourbon, launched the first Surftag® U.S. Nationals competition in partnership with IMG Sports & Entertainment.
CHAMPIONSHIP RESULTS:
1st PLACE - Reef
Total Points 102 - Teddy Navarro 20pts; Sean Marceron 28pts; Chris Waring 17.8pts; Nick Rosza 17.8pts; Chris Abad 16.4pts.
2nd PLACE - Plus One Surfboards
Total Points 85.6 - Lane Harrison 10pts; Shane Valiere 16.5pts; Adam Instone 23.3pts; Rodger Eales 19.8pts; Drew Irons 13pts.
3rd PLACE - FCS Chargers
Total Points 85.6 - Jamie Meistrell 13pts; Kyle Knox 20pts; Ricky Whitlock 13.8pts; Che Stang 23.2 pts; Justin Swartz 11.6pts.
4th PLACE - Lost
Total Points 61.3 - Ryan Simmons 18.6 pts; Jason Miller 17.2 pts; Mike Maurer 6.2pts; Brandon Ragenovich 16.7pts; Chuckilupo 7.1pts.
Please visit www.jimbeamsurftag.com or www.surfline.com/jimbeamsurftag for more information.
About Beam Global Spirits & Wine:
Inspiring conversations around the world, Beam Global Spirits & Wine, Inc. is building brands people want to talk about. Consumers from all corners of the globe call for our brands, including Jim Beam® Bourbon, Sauza® Tequila, Canadian Club® Whisky, Courvoisier® Cognac, Maker's Mark® Bourbon, Laphroaig® Scotch Whisky, Cruzan® Rum, EFFEN® Vodka, Larios® Gin, Whisky DYC®, Teacher's® Scotch Whisky, DeKuyper® Cordials and Liqueurs and Knob Creek® Bourbon. Beam Global Spirits & Wine is part of Fortune Brands, Inc. (NYSE: FO), a leading consumer brands company recently named one of the World's Most Admired Companies by Fortune magazine. For more information on Beam Global Spirits & Wine, its brands, and its commitment to social responsibility, visit www.beamglobal.com and www.drinksmart.com.
About IMG Sports & Entertainment
Operating in 30 countries, IMG Sports & Entertainment's diverse businesses include: product and brand licensing; consulting services; event ownership and management; collegiate marketing, media and licensing; fashion events and models representation; golf course design; and client representation in golf, tennis, broadcasting, speakers, European football, rugby, cricket, motor sports, coaching, Olympic and action sports. IMG Academies are the world's largest, multi-sport training and educational facilities, delivering world-class training experiences to more than 12,000 junior, collegiate, adult, and professional athletes each year. More information is available at www.imgworld.com.
About Global Surftag
The Jim Beam Surftag is Australia's premier team surfing series with World Tour surfers Mick Fanning (Kirra), Joel Parkinson (Snapper Rocks) and Taj Burrow (Yallingup) representing their local boardriding clubs. The Jim Beam Surftag provides a national competition for boardriding clubs to compete against each other and to determine Australia's No.1 club. The Jim Beam Surftag is run under the popular tag team format with each club represented by five surfers. In relay style each surfer catches three waves and then returns to the beach to tag their team's next surfer. www.globalsurftag.com.
Jim Beam® Kentucky Straight Bourbon Whiskey, 40% Alc./Vol. ©2009
James B. Beam Distilling Co., Clermont, KY.
SOURCE Beam Global Spirits & Wine, Inc.
Docket #: 07-cr-96-LKK
CONTACT: LAUREN HORWOOD PHONE: (916) 554-2706
SOURCE Bureau of Alcohol, Tobacco, Firearms and Explosives
Molson Coors Brewing Company Announces Regular Quarterly DividendNovember 18, 2009
About Molson Coors Brewing Company:
Molson Coors Brewing Company is one of the world's largest brewers. It brews, markets and sells a portfolio of leading premium quality brands such as Coors Light, Molson Canadian, Carling, Blue Moon, and Keystone Light in North America and Europe and Asia. It operates in Canada, through Molson Coors Canada; in the US, through the MillerCoors joint venture; in the U.K. and Ireland, through Molson Coors UK. For more information on Molson Coors Brewing Company, visit the company's Web site, www.molsoncoors.com.
SOURCE Molson Coors Brewing Company
Appleton Estate Jamaican Rum Master Blender Joy Spence Unveils Limited-Edition 30-Year-Old BlendNovember 18, 2009
Featuring hand-selected marques of matured rum, the blends that make up Appleton Estate 30-Year-Old were first individually aged for eight years, then blended together and aged for an additional 22 years in the highest quality oak barrels. The result: A luxury product unmatched in taste, character and smoothness. True to English law standards of minimum aging, which mandates the age of the youngest rum in a blend is prominently displayed on the label, each of the 744 bottles available in the United States are accompanied by a certificate of authenticity. The handsome bottle is presented in a specially-created gift canister - a luxurious offering in keeping with Appleton Estate's unmatched level of elegance and taste.
"We are proud to introduce Appleton Estate 30-Year-Old as part of the highly regarded Appleton Estate portfolio, adding to its respected aged offerings of 21-Year-Old and 12-Year Old," says Tom Congdon, vice president and managing director of Kobrand Spirits. "With such a unique blending and aging process, Appleton Estate 30-Year-Old exceeds consumer expectations and elevates the brown spirit category to a new level of elegance. Master Blender Joy Spence has deftly and successfully fashioned each individual bottle with care and precision, creating an incredibly complex yet delicate taste and we are proud to introduce her masterpiece to the world."
Steeped in heritage and a tradition of quality and excellence, Appleton Estate 30-Year-Old and the entire brand portfolio is created at the world-famous Appleton Estate, Jamaica's oldest sugar factory and distillery founded in 1749. Appleton Estate's slow distillation methods use small batch copper pots and column distillation which helps create richer, deeper flavor and more complex character to the brand portfolio.
ABOUT APPLETON ESTATE JAMAICA RUM
Appleton Estate Jamaica Rums are created at the world-famous Appleton Estate, Jamaica's oldest sugar factory and distillery, and are exclusively distributed in the US by Kobrand Spirits. Since 1749, these rums have been produced from meticulously cultivated sugar cane that is Estate-grown and harvested on the beautiful island of Jamaica. Appleton Estate Jamaica Rums delivers distinctive, rich, complex, luxurious flavors within its wide array of offerings. Appleton Estate signature rum brands are strictly Estate distilled using a proprietary yeast strain propagated from the sugar cane grown on the Estate, and produced through the painstaking combination of small batch copper pot and column distillation. With the ideal climate on hand, Appleton Estate Jamaica Rum matures in carefully selected, hand-crafted oak barrels. The process is finalized with the artful blending by Master Blender Joy Spence - the industry's first female Master Blender. The Appleton Estate is committed to preserving the environment and reducing its carbon footprint, making a significant investment in plant, equipment and training to ensure that all operations in the Nassau Valley, as well as in its head office in Kingston, are green.
ABOUT KOBRAND SPIRITS
Kobrand Spirits is a division of Kobrand Corporation which was founded in 1944 and to this day remains one of the few family-owned wine and spirits companies. Kobrand's expansive portfolio of wine and spirits was meticulously selected according to a single, unerring principle: quality. This continued focus has made the Kobrand name synonymous with wines and spirits of the highest caliber for over 60 years. Kobrand Corporation is the exclusive agent or brand owner for an outstanding selection of fine wines and spirits that include Appleton Estate Jamaica Rum, Maison Louis Jadot Burgundies, Champagne Taittinger, St. Francis, Sequoia Grove, Benziger Family Winery, Cakebread Cellars, Sassicaia, The Fladgate Partnership of Ports, Alize, Depaz Blue Cane Amber Rhum, Cafe Boheme Coffee Creme Liqueur and Delamain Grande Champagne Cognacs.
SOURCE Appleton Estate Jamaica Rum
Catch a Coconut at a Parade_ Eat Fresh Alligator Meat_ Play with Street Musicians - Do It All at Mardi Gras with Southern ComfortNovember 18, 2009
The winning correspondent chosen by Southern Comfort Facebook fans will be sent, along with a friend to serve as their cameraperson, to the brand's birthplace of New Orleans for Mardi Gras in February 2010. Their prize includes airfare, lodging, daily stipend and a $5,000 USD performance-based bonus.
Performance-based bonus? Yep, the bonus depends on the correspondent's ability to complete the four "stories" Southern Comfort fans vote on for what the winner must cover while in New Orleans. It could be catching a coconut on the parade route one day or enjoying a delicious meal of fresh alligator the next. And like any job done well, if all four stories are covered, then the correspondent enjoys a nice cash bonus at the end of the trip.
How to Enter
Southern Comfort Facebook fans must submit a 30-second to 2-minute video in English on why they would make the perfect Southern Comfort Mardi Gras correspondent. Entries must be submitted using the Southern Comfort Mardi Gras application. Three finalists will be chosen by a Southern Comfort panel of judges based on creativity, comedic value and on-screen charisma and posted on Facebook where Southern Comfort fans will be able to vote for their favorite correspondent using the voting function on the application.
Details and the official rules can be found on the Southern Comfort Mardi Gras Facebook application. No purchase necessary. Other restrictions may apply. All entrants must be 21 years of age or over. Entries must be submitted by December 28, 2009.
Contact: Sean Wachsman, 502-774-7643, sean_wachsman@b-f.com
About Southern Comfort
Southern Comfort®, a fruit, spice, and whiskey flavored liqueur, was founded in New Orleans by bartender M.W. Heron in 1874. Today, it is sold in over 90 countries around the world and continues to grow as an icon brand. Please visit us at SouthernComfort.com and facebook.com/southerncomfort.
Please Drink Responsibly.
Liqueur, 21-50% Alc. by Volume, Southern Comfort Company, Louisville, KY
SOURCE Southern Comfort
Captain Morgan Official StatementNovember 17, 2009
About Diageo
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Jose Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit us at www.diageo.com. Celebrating life, every day, everywhere, responsibly.
Contact:
Greg Leonard
Diageo
646-223-2111
Greg.Leonard@Diageo.com
SOURCE Captain Morgan
Coors Light En Exclusiva (In Exclusive) is a series of VIP events taking place in six cities across the country where legal-drinking-age fans will have the opportunity to meet and greet the Latin superstar.
The first release event will kick off in Orlando, November 18, where hundreds of adults gain access to the intimate and exclusive appearance through a text messaging and/or radio promotion. The Grammy-award winning artist will then travel to Houston, Dallas, New York, Philadelphia and Chicago to meet and greet fans En Exclusiva.
"We know how popular Daddy Yankee is within the Hispanic community, and an opportunity to meet him, up close, in an exclusive environment is a real thrill to loyal fans," said Pamela Palacios, associate brand manager for Coors Light. "This will be a once-in-a-lifetime experience for some very lucky people, thanks to the world's most refreshing beer."
The En Exclusiva single release event of the Grammy Award-winning artist provides a powerful reassertion of Daddy Yankee's commitment to the urban movement that has been the artist's signature since he began his career more than 10 years ago.
This is the second year that Coors Light has partnered with Daddy Yankee. The brand sponsored the U.S. debut of his CD, "Talento de Barrio," in 2008 by hosting CD release events in New York, Orlando and Dallas.
The six-city tour is being supported this year via retail, text messaging and radio promotions that provide opportunities for fans to receive a VIP ticket to meet Daddy Yankee.
About Daddy Yankee
Daddy Yankee has sold over eight million copies and has won more than 35 awards, including a Latin Grammy. He has been distinguished as the only urban artist to maintain number one status for so long. His business savvy compels him to create his own fragrance for men, "Daddy Yankee" and this spring his fragrance for women. This last venture makes him the first Puerto Rican artist to break into this market.
About MillerCoors
Built on a foundation of great beer brands and more than 288 years of brewing heritage, MillerCoors continues the commitment of its founders to brew the highest quality beers. MillerCoors is the second largest beer company in America, capturing nearly 30 percent of U.S. beer sales. Led by two of the best-selling beers in the industry, MillerCoors has a broad portfolio of highly complementary brands across every major industry segment. Miller Lite is the great tasting beer that established the American light beer category in 1975, and Coors Light is the brand that introduced consumers to refreshment as cold as the Rockies. MGD 64 completes the company's premium light beer portfolio, offering consumers fresh, crisp taste at just 64 calories. MillerCoors brews premium beers Coors Banquet and Miller Genuine Draft; and economy brands Miller High Life and Keystone Light. The company also imports Peroni Nastro Azzurro, Pilsner Urquell, Grolsch and Molson Canadian and offers innovative products such as Miller Chill and Sparks. MillerCoors features craft brews from the Jacob Leinenkugel Company, Blue Moon Brewing Company and the Blitz-Weinhard Brewing Company. MillerCoors operates eight major breweries in the U.S., as well as the Leinenkugel's craft brewery in Chippewa Falls, WI and two microbreweries, the 10(th) Street Brewery in Milwaukee and the Blue Moon Brewing Company at Coors Field in Denver. MillerCoors vision is to create America's best beer company by driving profitable industry growth. MillerCoors insists on building its brands the right way through brewing quality, responsible marketing and environmental and community impact. MillerCoors is a joint venture of SABMiller plc and Molson Coors Brewing Company.
SOURCE Coors Light
Time Inc.'s MyRecipes.com Uncorks the Largest Collection of Recipes With Wine Pairings on the WebNovember 17, 2009
"The wine coverage on MyRecipes.com is all about helping the audience confidently choose wines to complement their favorite recipes, whether they're cooking for a special occasion or dinner tonight. We're thrilled to pair our food expertise with the wine expertise of Snooth and wine critic Gary Vaynerchuk, to provide this content," says Jim Sexton, SVP/Editorial Director of the Time Inc. Lifestyle Digital Group.
MyRecipes.com partnered with Snooth.com and Yahoo! to build a wine pairing application available to users of MyRecipes.com, Snooth.com, the new customizable Yahoo! homepage, and My Yahoo!. The wine pairings consider a number of variables including recipe ingredients and preparation, grape varietal, and aging process; additionally it leverages their wine expertise and extensive wine data collection. Snooth's proficiency in systematically analyzing and categorizing wine data was applied to MyRecipes.com's recipe data to create this complex pairing algorithm.
To make wine more accessible to the masses, MyRecipes.com invited Internet wine critic Gary Vaynerchuk to host "Weeknight Wines," a video series that provides wine recommendations for some of the site's most popular dinner recipes. Vaynerchuk, the creator and host of WineLibraryTV.com and author of the New York Times bestselling book, Crush It! Why Now is the Time to Cash in on your Passion, has used his lively vocabulary and entertaining metaphors to encourage viewers to expand their wine palate.
About MyRecipes.com:
Time Inc. launched the food portal MyRecipes.com in May 2007 to give consumers the tools they need to cook with confidence and eat with joy. Every recipe on MyRecipes.com is professionally tested and the site offers fresh, daily content from the Time Inc. Lifestyle Group's established brands including Cooking Light, Health, Real Simple, All You, Southern Living, and Sunset. With more than 39,000 professionally tested recipes, MyRecipes.com is the one-stop digital source for recipes, step-by-step instructions, how-to videos, healthy cuisine and entertaining tips.
SOURCE Time Inc.
Captain Morgan Official StatementNovember 16, 2009
About Diageo
Diageo (Dee-AH-Gee-O) is the world's leading premium drinks business with an outstanding collection of beverage alcohol brands across spirits, wines, and beer categories. These brands include Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Jose Cuervo, Tanqueray, Captain Morgan, Crown Royal, Beaulieu Vineyard and Sterling Vineyards wines.
Diageo is a global company, trading in more than 180 countries around the world. The company is listed on both the New York Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information about Diageo, its people, brands, and performance, visit us at www.diageo.com. Celebrating life, every day, everywhere, responsibly.
Contact:
Greg Leonard
Diageo
646-223-2111
Greg.Leonard@Diageo.com
SOURCE Captain Morgan
Giving Thanks for Less With Fresh _ EasyNovember 16, 2009
"There are so many wonderful wines out there that it can be intimidating to pick the right bottles for a holiday celebration," says Quinones. "Our goal is to make the process easier, which is why we focus on offering a wide range of wines that are both high-quality and affordable."
To complement its fresh, wholesome foods, Fresh & Easy has many exclusive, award-winning wines that retail for less than $10 a bottle, perfect for holiday gatherings. Quinones suggests the following wine selection tips:
- KEEP AN OPEN MIND - Wines are made to be shared and enjoyed and should enhance the dining experience. The important thing is to have fun and try something new! There's a wine that fits every taste and personality.
- EXPENSIVE DOESN'T MEAN BETTER - Popular brands and expensive bottles don't always mean they're better. There are many wines for under $10 that are great, high-quality blends.
- WHITE & RED - As a general rule of thumb, try to serve one white wine and one red wine at parties. You want to pair lighter bodied wines with lighter dishes and fuller bodied wines with heavier dishes. For example, white wines pair well with seafood, salad and chicken and red wines with red meats and saucy dishes.
As far as a Thanksgiving menu is concerned, Quinones suggests serving a different wine for every course to provide guests with a unique dining experience.
- APERITIF - Serve sparkling wine, which pairs well with most appetizers and is great for toasting the holidays, to stimulate the appetite and make celebrations more festive. To save time and stress, Fresh & Easy offers a variety of appetizer platters for under $10, including a vegetable platter with ranch dip and a four dip party platter.
- Recommendation: Ogio Prosecco, $8.99 - This Northern Italian sparkling wine has aromas of white peach, ripe melon and sweet spices. It pairs well with cheese and most other appetizers. With its low price, people don't have to spend a lot of money to serve a delicious sparkling wine.
- MAIN COURSE - There's nothing that says Thanksgiving more than a holiday turkey with all the fixings. At the low price of $0.99 a pound for a fresh Grade A turkey, there will be a lot of money left over to make homemade stuffing, gravy, cranberry sauce, mashed potatoes and green bean casserole. Whether people want to make these traditional side dishes from scratch or buy them pre-made, Fresh & Easy carries everything to give customers the option.
- Recommendations: Small Wonders Chardonnay, $13.99 - This white wine enhances the flavor of any holiday turkey with its pear, lemon and vanilla flavors
- The Vine Yard Cabernet Franc, $7.99 - This is a bold, red wine that pairs well with turkey and cranberry sauce because of its powerful raspberry character.
- DESSERT - Fresh & Easy offers ready-made desserts such as pumpkin and apple pie for just $3.99 each. To satisfy a craving for chocolate, Fresh & Easy just introduced its new Sweet Boutique and Choc Choc lines. These lines feature everything from gourmet chocolates to chocolate covered pretzels and almonds - all under $8 each and perfect to serve or bring as gifts to any holiday party.
- Recommendation: St. Helen Riesling, $5.99 - This Riesling has a soft peach and apricot quality that brings out spices in the pies.
- Recommendation: St. Helen Riesling, $5.99 - This Riesling has a soft peach and apricot quality that brings out spices in the pies.
These wine recommendations are only a few of the 170 high-quality wines Fresh & Easy carries, the most popular one being the Big Kahuna Cabernet Shiraz which retails for under $3. Eighty of these wines are exclusive to the company, have won more than 80 awards and were crafted with the help of Master of Wine Phil Reedman.
Fresh & Easy brand products have no artificial flavors or colors, no added trans fats, and no preservatives unless absolutely necessary. For more party food ideas and for a store near you, visit www.freshandeasy.com
Please note that prices are subject to change.
About Fresh & Easy Neighborhood Market
At roughly 10,000 square feet, Fresh & Easy markets are smaller than the typical supermarket to give customers a faster, easier shopping experience. In addition to fresh, high-quality prepared meals and produce, Fresh & Easy offers everyone's favorite national brand products and household items, all at unbelievably low prices.
SOURCE Fresh & Easy Neighborhood Market
Time Inc.'s MyRecipes.com Uncorks the Largest Collection of Recipes With Wine Pairings on the WebNovember 16, 2009
"The wine coverage on MyRecipes.com is all about helping the audience confidently choose wines to complement their favorite recipes, whether they're cooking for a special occasion or dinner tonight. We're thrilled to pair our food expertise with the wine expertise of Snooth and wine critic Gary Vaynerchuk, to provide this content," says Jim Sexton, SVP/Editorial Director of the Time Inc. Lifestyle Digital Group.
MyRecipes.com partnered with Snooth.com and Yahoo! to build a wine pairing application available to users of MyRecipes.com, Snooth.com, the new customizable Yahoo! homepage, and My Yahoo!. The wine pairings consider a number of variables including recipe ingredients and preparation, grape varietal, and aging process; additionally it leverages their wine expertise and extensive wine data collection. Snooth's proficiency in systematically analyzing and categorizing wine data was applied to MyRecipes.com's recipe data to create this complex pairing algorithm.
To make wine more accessible to the masses, MyRecipes.com invited Internet wine critic Gary Vaynerchuk to host "Weeknight Wines," a video series that provides wine recommendations for some of the site's most popular dinner recipes. Vaynerchuk, the creator and host of WineLibraryTV.com and author of the New York Times bestselling book, Crush It! Why Now is the Time to Cash in on your Passion, has used his lively vocabulary and entertaining metaphors to encourage viewers to expand their wine palate.
About MyRecipes.com:
Time Inc. launched the food portal MyRecipes.com in May 2007 to give consumers the tools they need to cook with confidence and eat with joy. Every recipe on MyRecipes.com is professionally tested and the site offers fresh, daily content from the Time Inc. Lifestyle Group's established brands including Cooking Light, Health, Real Simple, All You, Southern Living, and Sunset. With more than 39,000 professionally tested recipes, MyRecipes.com is the one-stop digital source for recipes, step-by-step instructions, how-to videos, healthy cuisine and entertaining tips.
SOURCE Time Inc.
Coors Light En Exclusiva (In Exclusive) is a series of VIP events taking place in six cities across the country where legal-drinking-age fans will have the opportunity to meet and greet the Latin superstar.
The first release event will kick off in Orlando, November 18, where hundreds of adults gain access to the intimate and exclusive appearance through a text messaging and/or radio promotion. The Grammy-award winning artist will then travel to Houston, Dallas, New York, Philadelphia and Chicago to meet and greet fans En Exclusiva.
"We know how popular Daddy Yankee is within the Hispanic community, and an opportunity to meet him, up close, in an exclusive environment is a real thrill to loyal fans," said Pamela Palacios, associate brand manager for Coors Light. "This will be a once-in-a-lifetime experience for some very lucky people, thanks to the world's most refreshing beer."
The En Exclusiva single release event of the Grammy Award-winning artist provides a powerful reassertion of Daddy Yankee's commitment to the urban movement that has been the artist's signature since he began his career more than 10 years ago.
This is the second year that Coors Light has partnered with Daddy Yankee. The brand sponsored the U.S. debut of his CD, "Talento de Barrio," in 2008 by hosting CD release events in New York, Orlando and Dallas.
The six-city tour is being supported this year via retail, text messaging and radio promotions that provide opportunities for fans to receive a VIP ticket to meet Daddy Yankee.
About Daddy Yankee
Daddy Yankee has sold over eight million copies and has won more than 35 awards, including a Latin Grammy. He has been distinguished as the only urban artist to maintain number one status for so long. His business savvy compels him to create his own fragrance for men, "Daddy Yankee" and this spring his fragrance for women. This last venture makes him the first Puerto Rican artist to break into this market.
About MillerCoors
Built on a foundation of great beer brands and more than 288 years of brewing heritage, MillerCoors continues the commitment of its founders to brew the highest quality beers. MillerCoors is the second largest beer company in America, capturing nearly 30 percent of U.S. beer sales. Led by two of the best-selling beers in the industry, MillerCoors has a broad portfolio of highly complementary brands across every major industry segment. Miller Lite is the great tasting beer that established the American light beer category in 1975, and Coors Light is the brand that introduced consumers to refreshment as cold as the Rockies. MGD 64 completes the company's premium light beer portfolio, offering consumers fresh, crisp taste at just 64 calories. MillerCoors brews premium beers Coors Banquet and Miller Genuine Draft; and economy brands Miller High Life and Keystone Light. The company also imports Peroni Nastro Azzurro, Pilsner Urquell, Grolsch and Molson Canadian and offers innovative products such as Miller Chill and Sparks. MillerCoors features craft brews from the Jacob Leinenkugel Company, Blue Moon Brewing Company and the Blitz-Weinhard Brewing Company. MillerCoors operates eight major breweries in the U.S., as well as the Leinenkugel's craft brewery in Chippewa Falls, WI and two microbreweries, the 10(th) Street Brewery in Milwaukee and the Blue Moon Brewing Company at Coors Field in Denver. MillerCoors vision is to create America's best beer company by driving profitable industry growth. MillerCoors insists on building its brands the right way through brewing quality, responsible marketing and environmental and community impact. MillerCoors is a joint venture of SABMiller plc and Molson Coors Brewing Company.
SOURCE Coors Light
Anheuser-Busch's Decades of Support for Latino Community to be Recognized at Los Angeles GalaNovember 15, 2009
The company's partnerships with the Latino community span more than 100 years and include support for a variety of organizations.
The award will be given on Thursday, Nov. 12, at The Westin Bonaventure Hotel, when MALDEF hosts its 35th Annual Los Angeles Awards Gala to recognize civic leaders and corporate citizens for their extraordinary work with the Latino community.
Also being honored will be Actress Eva Longoria Parker, who will receive the Community Services Award; Anthony Solana Jr., who will receive the Excellence in Legal Service Award; and Dr. Rodolfo Acuna, who will be honored with the MALDEF Lifetime Achievement Award.
"Our Honorees this year continue the tradition of not only sacrifice for others but inspiring those around to do more for the community," stated Thomas A. Saenz, MALDEF President and General Counsel. "It is an honor to acknowledge these individuals as a demonstration that we do not stand alone in our mission. Anheuser-Busch has been a courageous and generous supporter of MALDEF over several decades, and Anheuser-Busch's example of steadfast and principled support has aided organizations in the Latino community in incalculable ways."
In choosing Anheuser-Busch for this award, MALDEF noted as one example its considerable support for the Hispanic Scholarship Fund (HSF). In the past three decades, the brewer has been the largest corporate contributor in fund-raising efforts for HSF, with the company and its 600 wholesalers nationwide contributing more than $24 million.
"Whether supporting programs to promote Latino education or economic and leadership development, our involvement in the Latino community is just one component of our strong corporate commitment to support causes that are good for society," said Margarita E. Flores, senior director of Community Affairs at Anheuser-Busch.
Overall, and during the past two decades alone, grants and contributions from Anheuser-Busch to support the Latino community have totaled more than $58 million, Flores said. She added that more than 18,000 college students have benefited from scholarships awarded through the HSF.
In choosing Anheuser-Busch for the Corporate Social Responsibility award, MALDEF also cited A-B's leadership in promoting responsible drinking and preventing underage drinking. For nearly three decades, Anheuser-Busch and its wholesalers have invested more than $750 million in community-based programs to promote responsibility and fight alcohol abuse.
"We are proud that our efforts, along with those of many others, have helped reduce underage drinking and drunk driving, and we will continue to be a part of the solution to these issues," Flores said.
Founded in 1968, MALDEF, the nation's leading Latino legal civil rights organization, promotes and protects the rights of Latinos through litigation, advocacy, community education and outreach, leadership development, and higher education scholarships. For more information on MALDEF or to purchase tickets for the gala, please visit www.maldef.org.
For more information on Anheuser-Busch's work in the Latino community, visit www.latinobud.com.
Based in St. Louis, Anheuser-Busch is the leading American brewer, holding a 49.2 percent share of U.S. beer sales. The company brews the world's largest-selling beers, Budweiser and Bud Light. Anheuser-Busch also owns a 50 percent share in Grupo Modelo, Mexico's leading brewer. Anheuser-Busch ranked No. 1 among beverage companies in FORTUNE Magazine's Most Admired Global Companies list in 2009. Anheuser-Busch is a major manufacturer of aluminum cans and one of the world's largest recyclers of aluminum cans. The company is a wholly-owned subsidiary of Anheuser-Busch InBev, the leading global brewer, and continues to operate under the Anheuser-Busch name and logo. For more information, visit www.anheuser-busch.com.
SOURCE Anheuser-Busch
Shot Spirits Corporation Launches Strategic Marketing Campaign to Target the _21 Billion Premium Beverage IndustryNovember 15, 2009
Shot Spirits Corporation, through their partnership with the Beverage Pouch Group, is an innovator in the beverage and service industry with the flavors of the ShotPak® brand. Beverage Pouch Group's ShotPak® Cocktails and STR8UP Spirits brands are packed in their patented StandUp pouch with easy-tear open feature. ShotPak® Cocktails offer a range of unique products, ready-to-drink for people on-the-go. Shot Spirits Corporation is targeting to assist in the distribution in supermarkets, liquor stores, as well as bars, restaurants, and sporting venues across the globe.
"We are looking forward to increasing sales of the Beverage Pouch Group's ShotPak® products through our strong relationships throughout the premium beverage industry," stated Brian Barrett, President and Chairman of Shot Spirits Corporation.
About Shot Spirits Corporation, Inc.:
Shot Spirits Corporation, Inc. is a beverage company focused on innovative products for the on-premise and off-premise market place. Shot Spirits and Beverage Pouch Group (BPG), a prolific innovator of pouch designs and structures for lifestyle beverages, are pioneers in the single serve Ready to Drink alcohol category. Through the partnership, they have developed a full line of straight spirits and mixed shots. All of the shots are packaged in eco-friendly patented plastic pouches for the person on the go or engaged in an active lifestyle.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
www.shotspiritscorporation.com.
SOURCE Shot Spirits Corporation, Inc.
Mario Barth at The MirageNovember 14, 2009
The 4,000 square foot venue is strewn with marble flooring, lavish fabrics, extravagant chandeliers and chairs fit for a king. The traditional elaborate decor will be balanced with a rock 'n' roll edge including glass skulls which will adorn the bar.
The tattooing portion of the venue, also known as King Ink, is operated by Mario Barth and his top rate team. King Ink will only have state-of-the-art equipment and the finest tattoo artists available. For the first time in Las Vegas, tattoo enthusiasts will be given the chance to book an appointment with world-renowned tattoo artist and CEO Mario Barth himself, skipping the typical two-year wait list.
Guests of Mario Barth at The Mirage will enjoy a high-tech interactive lounge and hot spot nightly as well as relax and sip champagne on the outdoor patio. The lounge and bar room will be managed by Las Vegas' own The Light Group.
"We're excited to have partnered with Mario Barth on this new venture which will continue to change the face of Vegas' nightlife scene," said Andy Masi, partner and CEO of The Light Group. "Mario Barth at The Mirage will be one of the most highly anticipated openings in Las Vegas this winter and we're thrilled to be a part of it."
As the first of its kind, Mario Barth at The Mirage and King Ink will encapsulate cutting-edge tattoo fashion and lifestyle.
Scott Sibella, president and COO of The Mirage said, "Introducing Mario into The Mirage family is an absolute privilege for us. His energy, proven track record and reputation around the globe make this new venture a sure-fire hit."
For more information, please visit www.mariobarthtattoo.com
SOURCE Mario Barth
Coors Light En Exclusiva (In Exclusive) is a series of VIP events taking place in six cities across the country where legal-drinking-age fans will have the opportunity to meet and greet the Latin superstar.
The first release event will kick off in Orlando, November 18, where hundreds of adults gain access to the intimate and exclusive appearance through a text messaging and/or radio promotion. The Grammy-award winning artist will then travel to Houston, Dallas, New York, Philadelphia and Chicago to meet and greet fans En Exclusiva.
"We know how popular Daddy Yankee is within the Hispanic community, and an opportunity to meet him, up close, in an exclusive environment is a real thrill to loyal fans," said Pamela Palacios, associate brand manager for Coors Light. "This will be a once-in-a-lifetime experience for some very lucky people, thanks to the world's most refreshing beer."
The En Exclusiva single release event of the Grammy Award-winning artist provides a powerful reassertion of Daddy Yankee's commitment to the urban movement that has been the artist's signature since he began his career more than 10 years ago.
This is the second year that Coors Light has partnered with Daddy Yankee. The brand sponsored the U.S. debut of his CD, "Talento de Barrio," in 2008 by hosting CD release events in New York, Orlando and Dallas.
The six-city tour is being supported this year via retail, text messaging and radio promotions that provide opportunities for fans to receive a VIP ticket to meet Daddy Yankee.
About Daddy Yankee
Daddy Yankee has sold over eight million copies and has won more than 35 awards, including a Latin Grammy. He has been distinguished as the only urban artist to maintain number one status for so long. His business savvy compels him to create his own fragrance for men, "Daddy Yankee" and this spring his fragrance for women. This last venture makes him the first Puerto Rican artist to break into this market.
About MillerCoors
Built on a foundation of great beer brands and more than 288 years of brewing heritage, MillerCoors continues the commitment of its founders to brew the highest quality beers. MillerCoors is the second largest beer company in America, capturing nearly 30 percent of U.S. beer sales. Led by two of the best-selling beers in the industry, MillerCoors has a broad portfolio of highly complementary brands across every major industry segment. Miller Lite is the great tasting beer that established the American light beer category in 1975, and Coors Light is the brand that introduced consumers to refreshment as cold as the Rockies. MGD 64 completes the company's premium light beer portfolio, offering consumers fresh, crisp taste at just 64 calories. MillerCoors brews premium beers Coors Banquet and Miller Genuine Draft; and economy brands Miller High Life and Keystone Light. The company also imports Peroni Nastro Azzurro, Pilsner Urquell, Grolsch and Molson Canadian and offers innovative products such as Miller Chill and Sparks. MillerCoors features craft brews from the Jacob Leinenkugel Company, Blue Moon Brewing Company and the Blitz-Weinhard Brewing Company. MillerCoors operates eight major breweries in the U.S., as well as the Leinenkugel's craft brewery in Chippewa Falls, WI and two microbreweries, the 10(th) Street Brewery in Milwaukee and the Blue Moon Brewing Company at Coors Field in Denver. MillerCoors vision is to create America's best beer company by driving profitable industry growth. MillerCoors insists on building its brands the right way through brewing quality, responsible marketing and environmental and community impact. MillerCoors is a joint venture of SABMiller plc and Molson Coors Brewing Company.
SOURCE Coors Light
Anheuser-Busch's Decades of Support for Latino Community to be Recognized at Los Angeles GalaNovember 14, 2009
The company's partnerships with the Latino community span more than 100 years and include support for a variety of organizations.
The award will be given on Thursday, Nov. 12, at The Westin Bonaventure Hotel, when MALDEF hosts its 35th Annual Los Angeles Awards Gala to recognize civic leaders and corporate citizens for their extraordinary work with the Latino community.
Also being honored will be Actress Eva Longoria Parker, who will receive the Community Services Award; Anthony Solana Jr., who will receive the Excellence in Legal Service Award; and Dr. Rodolfo Acuna, who will be honored with the MALDEF Lifetime Achievement Award.
"Our Honorees this year continue the tradition of not only sacrifice for others but inspiring those around to do more for the community," stated Thomas A. Saenz, MALDEF President and General Counsel. "It is an honor to acknowledge these individuals as a demonstration that we do not stand alone in our mission. Anheuser-Busch has been a courageous and generous supporter of MALDEF over several decades, and Anheuser-Busch's example of steadfast and principled support has aided organizations in the Latino community in incalculable ways."
In choosing Anheuser-Busch for this award, MALDEF noted as one example its considerable support for the Hispanic Scholarship Fund (HSF). In the past three decades, the brewer has been the largest corporate contributor in fund-raising efforts for HSF, with the company and its 600 wholesalers nationwide contributing more than $24 million.
"Whether supporting programs to promote Latino education or economic and leadership development, our involvement in the Latino community is just one component of our strong corporate commitment to support causes that are good for society," said Margarita E. Flores, senior director of Community Affairs at Anheuser-Busch.
Overall, and during the past two decades alone, grants and contributions from Anheuser-Busch to support the Latino community have totaled more than $58 million, Flores said. She added that more than 18,000 college students have benefited from scholarships awarded through the HSF.
In choosing Anheuser-Busch for the Corporate Social Responsibility award, MALDEF also cited A-B's leadership in promoting responsible drinking and preventing underage drinking. For nearly three decades, Anheuser-Busch and its wholesalers have invested more than $750 million in community-based programs to promote responsibility and fight alcohol abuse.
"We are proud that our efforts, along with those of many others, have helped reduce underage drinking and drunk driving, and we will continue to be a part of the solution to these issues," Flores said.
Founded in 1968, MALDEF, the nation's leading Latino legal civil rights organization, promotes and protects the rights of Latinos through litigation, advocacy, community education and outreach, leadership development, and higher education scholarships. For more information on MALDEF or to purchase tickets for the gala, please visit www.maldef.org.
For more information on Anheuser-Busch's work in the Latino community, visit www.latinobud.com.
Based in St. Louis, Anheuser-Busch is the leading American brewer, holding a 49.2 percent share of U.S. beer sales. The company brews the world's largest-selling beers, Budweiser and Bud Light. Anheuser-Busch also owns a 50 percent share in Grupo Modelo, Mexico's leading brewer. Anheuser-Busch ranked No. 1 among beverage companies in FORTUNE Magazine's Most Admired Global Companies list in 2009. Anheuser-Busch is a major manufacturer of aluminum cans and one of the world's largest recyclers of aluminum cans. The company is a wholly-owned subsidiary of Anheuser-Busch InBev, the leading global brewer, and continues to operate under the Anheuser-Busch name and logo. For more information, visit www.anheuser-busch.com.
SOURCE Anheuser-Busch
AmBev Reports Third Quarter 2009 Results Under IFRSNovember 13, 2009
This press release segregates the impact of organic changes from those arising from changes in scope or currency translation. Scopes represent the impact of acquisitions and divestitures and the start-up or termination of activities. Whenever used in this document, the term "normalized" refers to performance measures (EBITDA, EBIT, Net Income, EPS) before non-recurring items. Non-recurring items are either income or expenses, which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management, and should not replace the measures determined in accordance with IFRS as an indicator of the Company's performance. Comparisons, unless otherwise stated, refer to the third quarter of 2008 (Q3 2008). Values in this release may not add up due to rounding.
OPERATING AND FINANCIAL HIGHLIGHTS
Top line performance: Net sales grew 9.8% driven by volume growth and
price increases across our regions. Organic volume growth of 4.7% in the
period was driven by a 9.5% volume growth in
Cost of Goods Sold (COGS) and Selling, General & Administrative (SG&A) expenses: COGS per hectoliter increased by 1.4% as inflation was partly offset in the quarter by expected gains on our hedges, lower commodity prices for PET and corn and productivity initiatives. SG&A (excluding depreciation & amortization) increased organically by 18.7% driven by volume growth, inflation, timing of certain investments and accruals for variable compensation in the period.
EBITDA, Operating Cash Flow and Net Income: Our Normalized EBITDA reached
Payout and Financial Discipline: In Q3 2009, we paid dividends and
Interest on Own Capital (IOC) totaling around
Financial Highlights - AmBev Consolidated
% As %
R$ million 3Q08 3Q09 Reported Organic
Total volumes 34,445.1 36,345.1 5.5% 4.7%
Beer 24,387.5 26,217.7 7.5% 7.5%
CSD and NANC 10,057.6 10,127.4 0.7% -1.1%
Net sales 4,800.9 5,411.6 12.7% 9.8%
Gross profit 3,101.6 3,552.8 14.5% 11.8%
Gross margin 64.6% 65.7% 100 bps 120 bps
EBITDA 2,085.1 2,372.2 13.8% 11.1%
EBITDA margin 43.4% 43.8% 40 bps 70 bps
Normalized EBITDA 2,088.6 2,373.8 13.7% 11.0%
Normalized EBITDA margin 43.5% 43.9% 40 bps 70 bps
Net Income - AmBev holders 1,163.4 1,230.9 5.8%
Normalized Net Income - AmBev
holders 1,167.0 1,232.5 5.6%
No. of share outstanding (millions) 614.0 616.4
EPS (R$/shares) 1.89 2.00 5.4%
Normalized EPS 1.90 2.00 5.2%
Financial Highlights - AmBev Consolidated
% As %
R$ million YTD 08 YTD 09 Reported Organic
Total volumes 103,007.0 107,689.7 4.5% 4.7%
Beer 73,629.0 77,031.6 4.6% 5.3%
CSD and NANC 29,378.0 30,658.2 4.4% 2.8%
Net sales 14,347.7 16,415.4 14.4% 9.8%
Gross profit 9,329.7 10,935.1 17.2% 12.8%
Gross margin 65.0% 66.6% 160 bps 190 bps
EBITDA 6,196.6 7,539.9 21.7% 17.2%
EBITDA margin 43.2% 45.9% 270 bps 320 bps
Normalized EBITDA 6,208.5 7,339.8 18.2% 13.7%
Normalized EBITDA margin 43.3% 44.7% 140 bps 180 bps
Net Income - AmBev holders 3,418.0 4,195.2 22.7%
Normalized Net Income - AmBev
holders 3,430.0 3,995.1 16.5%
No. of share outstanding
(millions) 614.0 616.4
EPS (R$/shares) 5.57 6.81 22.3%
Normalized EPS 5.59 6.48 16.0%
Note: Earnings per share calculation is based on outstanding shares (total existing shares excluding shares held in treasury).
Contact:
Myriam Bado
Investor Relations Department
Email: ir@ambev.com.br
Tel.: +55 11 2122 1414
SOURCE AmBev
Central European Distribution Corporation to Host Its Third Quarter 2009 Earnings Conference CallNovember 13, 2009
To listen to the call live, you must go to the following web cast at least fifteen minutes early in order to register. You can then download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay of the discussion will be available shortly after the call on our website at www.cedc.com.
What: Central European Distribution Corporation Third Quarter 2009
Earnings Conference Call
When: Wednesday, November 4, 2009 at 8:30 a.m. Eastern Time
Where: http://www.videonewswire.com/event.asp?id=63572
How: Live over the Internet - Simply register and then log on to the
web at the address above
Contact: James Archbold, Director of Investor Relations, (610) 660-7817
TO LISTEN TO THE CONFERENCE CALL PLEASE DIAL IN:
International Calls: 785-830-1942
Toll Free: 800-768-6570
Confirmation Code: 9313345
CEDC is one of the largest vodka producers in Poland and produces the Absolwent, Zubrowka, Bols and Soplica brands, among others. CEDC currently exports Zubrowka to many markets around the world, including the United States, England, France and Japan. CEDC also produces and distributes Royal Vodka, the top selling vodka in Hungary, and produces Parliament Vodka, the leading sub-premium vodka in Russia. CEDC also has an equity stake in the Russian Alcohol Group which produces Green Mark, the number one selling vodka in Russia along with Zhuravli, another top-selling sub-premium vodka in Russia.
CEDC also is the leading national distributor of alcoholic beverages in Poland by value, and a leading importer of alcoholic beverages in Poland and Hungary. In Poland, CEDC imports many of the world's leading brands, including brands such as Carlo Rossi Wines, Concha y Toro wines, Metaxa Brandy, Remy Martin Cognac, Guinness, Sutter Home wines, Grant's Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher's Whisky, Campari, Cinzano, Skyy Vodka and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Hennessey, Moet & Chandon and Concha y Toro, among others.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements.
Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC's Form 10-K for the fiscal year ended December 31, 2008, including statements made under the captions "Item 1A. Risks Relating to Our Business", its Current Report on Form 8-K filed on July 13, 2009 and in other documents filed by CEDC with the Securities and Exchange Commission and risks arising from current credit market and economic conditions globally and in the markets in which we operate.
Contact:
In the U.S.:
James Archbold
Director of Investor Relations
Central European Distribution Corporation
610-660-7817
In Europe:
Anna Zaluska
Corporate PR Manager
Central European Distribution Corporation
48-22-456-6001
SOURCE Central European Distribution Corporation
Shot Spirits Corporation Appoints Experienced Beverage Industry Executives to the Board of DirectorsNovember 13, 2009
Mr. Barrett and Ms. Posten have over thirty five years of experience in working in high end sales and marketing positions for various corporations. Through their joint management of GuestMetrics, Inc. (Pink Sheets: GESM), Mr. Barrett and Ms. Posten have developed key relationships in the beverage industry including Republic National Distributing; the second largest distributor of premium wine and spirits. For more information on GuestMetrics clients go to www.guestmetrics.com/clients.html
"We are excited to be joining Shot Spirits Corporation. The product line of ready to serve straight spirits and mixed shots will be attractive for nightclubs, restaurants and hotels across the country," stated Brian Barrett, President and Chairman of Shot Spirits Corporation.
"It was important for Shot Spirits Corporation to bring in a management team who possesses tremendous experience in the hotel, food, wine, and beverage industries," stated William White, President and CEO of Green Bridge Industries, Inc, one of the largest shareholders of Shot Spirits.
About Shot Spirits Corporation:
Shot Spirits Corporation is a beverage company focused on innovative products for the on-premise and off-premise market place. The Company, through their relationship with the Beverage Pouch Group, has revolutionized the single-serve, ready-to-drink alcohol market sector by introducing a single shot of 34 proof flavored cocktails and its 80 proof STR8UP® spirits in a eco-friendly, lightweight, flexible and patented standup pouch, all of which are marketed under the ShotPak® brand. Shot Spirits owns 15% of Beverage Pouch Group and receives a royalty per case sold. For more information, please go to www.shotspiritscorporation.com and www.shotpakinc.com/index2.html
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE Shot Spirits Corporation
Whole Foods Market(R) Pops the Cork on Top Ten Holiday Wines Priced for MerrymakingNovember 12, 2009
"Here's to this year's list - featuring a large selection of organic wines - which offers super variety at great values," said Doug Bell, global wine co-buyer for Whole Foods Market. "Whether you're looking for something to liven up a holiday gathering or thirsting to warm your soul on a cold winter's night, you'll find it on the list this year."
Here's the list (check it twice!):
El Coto Special Cuvee Rioja
- Toasty with a long finish from Spain's noble Tempranillo grapes
- Hearty cherry-vanilla and plum notes make it perfect for roasted meats
- Pair with sharp El Trigal Manchego or Mahon cheese to give it the flavorful grip that Rioja's known for
Helfrich Gewurztraminer
- Floral, spicy, bursting with freshness and a rich finish, this is THE White for Thanksgiving and holiday aperitifs
- Tows the line between old-fashioned rose and honey notes and vibrant tropical fruit
- Serve with shellfish or spicy Asian food, or for downright buttery results drink with Bavarian Blue or Robusto cheese
Pisato Montepulciano Made with Organically Grown Grapes
- For turkey and other rich poultry, consider this affordable alternative to Chianti with soft tannins and hints of dried fruit
- Bold ruby color and dry, silky fresh tomato notes complement Italian food
- Superbly creamy with Cabot Clothbound Cheddar aged at the Cellars of Jasper Hill or Parmigiano Reggiano Aged 24 months
Marques de Riscal Rueda Seleccion Especial
- Old-world Verdejo comes alive in a straw-colored wine brimming with fruit and fennel
- A huge value, serve as an aperitif or with tapas or roasted chicken
- Pair it with Fourme d'Ambert or Drunken Goat cheese to brighten its flavor
Red Truck Zinfandel Made with Organically Grown Grapes
- Balanced, organic California wine
- Brambly berries, cracked pepper and dark chocolate finish make taste buds stand at attention, whether you're eating pot roast or pasta
- Wow your taste buds when paired with Stilton produced by Colston Bassett or Borough Market
Santa Julia Bonarda Made with Organically Grown Grapes
- Juicy berries and underlying spice drive this lively wine
- Savory match for tomato sauce in pizza and pasta
- Pair with a few bites of Drunken Goat cheese to make the wine jump
Los Vascos Special Selection Sauvignon Blanc
- Whole Foods Market snatched up all of this Chilean white, bottled by legendary Bordeaux winemakers
- Boxwood and exotic fruit with minerality and lean elegance are hints of an extraordinary terroir in the foothills of the Andes
- Sip with oysters or a knob of Cypress Grove Humboldt Fog cheese to bring out its juiciness
M. Chapoutier Belleruche Special Selection Cotes-du-Rhone Blanc
- Authentic, floral special selection white from a family vintner
- Apple, lime and white pepper notes
- Perfect with roasted veggies or pork, or pair with Austrian Amadeus select cheese and you'll swear you're eating fondue
Pepperwood Grove Pinot Noir
- From a beloved brand, warm cherry pie with vanilla ice cream and earthy oak dominate this Chilean bargain that comes in a convenient 750mL two-pack, offering shoppers a real value
- Enjoy a glass while you cook and still have enough for the table
- Serve with beef or look for Gruyere Reserve, Seaside Cheddar or cranberry cheddar to tame the tannins
Sutter Home Muscat of Alexandria
- The retro label is a tip-off--you'll find comfort in this bottle
- Honeysuckle and peaches make it playful for occasions like brunch of dessert when you need a wine on the sweet side
- Cowgirl Creamery Organic Mount Tam or Rogue Creamery Anniversary Blue cheese makes the wine's sugary side divine
J. P. Chenet Blanc de Blancs Brut
- The value-minded--and utterly delicious--French sparkler is back! Fine bubbles and a golden hue make this delicate but powerful pour refined
- Apricot and buttery brioche notes
- Isigny Ste. Brie from Normandy or Herve Mons Camembert, pour for a toast or sip after a long day, it always shines
Paso a Paso Tempranillo Made with Organically Grown Grapes
- From sandy soils in the prized terroir of La Mancha, Spain, comes this powerful Tempranillo
- Six months of aging in French oak barrels results in its deep opaque color and ripe plum and toffee aromas
- Perfect for drinking with hearty winter stews or bring out the creaminess in P'tit Basque cheese for an intense flavor experience
Look for Top Ten Holiday Wines displays throughout Whole Foods Market wine departments. "Feel good about grabbing a budget-friendly bottle to make any meal at home this winter a special occasion," said Bell. "Or pick up a whole case for gifts or party favors and cash in on a case discount."
Whole Foods Market offers recommendations for pairing wine with food and the season's best cheeses -- including a sharp El Trigal Manchego, a super creamy Drunken Goat, and an artisanal Parmigiano Reggiano aged 24 months.
For more about these wines, or about pairings not mentioned in the Top Ten Holiday Wines list, visit Whole Foods Market's Whole Story blog at http://blog.wholefoodsmarket.com/category/wine-beer.
Wine photos can be found at wholefoodsmarket.com/pressroom/photo-gallery.
Contact: Ashley Hawkins
512.542.0381
Ashley.Hawkins@wholefoods.com
SOURCE Whole Foods Market
Anheuser-Busch's Decades of Support for Latino Community to be Recognized at Los Angeles GalaNovember 12, 2009
The company's partnerships with the Latino community span more than 100 years and include support for a variety of organizations.
The award will be given on Thursday, Nov. 12, at The Westin Bonaventure Hotel, when MALDEF hosts its 35th Annual Los Angeles Awards Gala to recognize civic leaders and corporate citizens for their extraordinary work with the Latino community.
Also being honored will be Actress Eva Longoria Parker, who will receive the Community Services Award; Anthony Solana Jr., who will receive the Excellence in Legal Service Award; and Dr. Rodolfo Acuna, who will be honored with the MALDEF Lifetime Achievement Award.
"Our Honorees this year continue the tradition of not only sacrifice for others but inspiring those around to do more for the community," stated Thomas A. Saenz, MALDEF President and General Counsel. "It is an honor to acknowledge these individuals as a demonstration that we do not stand alone in our mission. Anheuser-Busch has been a courageous and generous supporter of MALDEF over several decades, and Anheuser-Busch's example of steadfast and principled support has aided organizations in the Latino community in incalculable ways."
In choosing Anheuser-Busch for this award, MALDEF noted as one example its considerable support for the Hispanic Scholarship Fund (HSF). In the past three decades, the brewer has been the largest corporate contributor in fund-raising efforts for HSF, with the company and its 600 wholesalers nationwide contributing more than $24 million.
"Whether supporting programs to promote Latino education or economic and leadership development, our involvement in the Latino community is just one component of our strong corporate commitment to support causes that are good for society," said Margarita E. Flores, senior director of Community Affairs at Anheuser-Busch.
Overall, and during the past two decades alone, grants and contributions from Anheuser-Busch to support the Latino community have totaled more than $58 million, Flores said. She added that more than 18,000 college students have benefited from scholarships awarded through the HSF.
In choosing Anheuser-Busch for the Corporate Social Responsibility award, MALDEF also cited A-B's leadership in promoting responsible drinking and preventing underage drinking. For nearly three decades, Anheuser-Busch and its wholesalers have invested more than $750 million in community-based programs to promote responsibility and fight alcohol abuse.
"We are proud that our efforts, along with those of many others, have helped reduce underage drinking and drunk driving, and we will continue to be a part of the solution to these issues," Flores said.
Founded in 1968, MALDEF, the nation's leading Latino legal civil rights organization, promotes and protects the rights of Latinos through litigation, advocacy, community education and outreach, leadership development, and higher education scholarships. For more information on MALDEF or to purchase tickets for the gala, please visit www.maldef.org.
For more information on Anheuser-Busch's work in the Latino community, visit www.latinobud.com.
Based in St. Louis, Anheuser-Busch is the leading American brewer, holding a 49.2 percent share of U.S. beer sales. The company brews the world's largest-selling beers, Budweiser and Bud Light. Anheuser-Busch also owns a 50 percent share in Grupo Modelo, Mexico's leading brewer. Anheuser-Busch ranked No. 1 among beverage companies in FORTUNE Magazine's Most Admired Global Companies list in 2009. Anheuser-Busch is a major manufacturer of aluminum cans and one of the world's largest recyclers of aluminum cans. The company is a wholly-owned subsidiary of Anheuser-Busch InBev, the leading global brewer, and continues to operate under the Anheuser-Busch name and logo. For more information, visit www.anheuser-busch.com.
SOURCE Anheuser-Busch
Central European Distribution Corporation to Host Its Third Quarter 2009 Earnings Conference CallNovember 12, 2009
To listen to the call live, you must go to the following web cast at least fifteen minutes early in order to register. You can then download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay of the discussion will be available shortly after the call on our website at www.cedc.com.
What: Central European Distribution Corporation Third Quarter 2009
Earnings Conference Call
When: Wednesday, November 4, 2009 at 8:30 a.m. Eastern Time
Where: http://www.videonewswire.com/event.asp?id=63572
How: Live over the Internet - Simply register and then log on to the
web at the address above
Contact: James Archbold, Director of Investor Relations, (610) 660-7817
TO LISTEN TO THE CONFERENCE CALL PLEASE DIAL IN:
International Calls: 785-830-1942
Toll Free: 800-768-6570
Confirmation Code: 9313345
CEDC is one of the largest vodka producers in Poland and produces the Absolwent, Zubrowka, Bols and Soplica brands, among others. CEDC currently exports Zubrowka to many markets around the world, including the United States, England, France and Japan. CEDC also produces and distributes Royal Vodka, the top selling vodka in Hungary, and produces Parliament Vodka, the leading sub-premium vodka in Russia. CEDC also has an equity stake in the Russian Alcohol Group which produces Green Mark, the number one selling vodka in Russia along with Zhuravli, another top-selling sub-premium vodka in Russia.
CEDC also is the leading national distributor of alcoholic beverages in Poland by value, and a leading importer of alcoholic beverages in Poland and Hungary. In Poland, CEDC imports many of the world's leading brands, including brands such as Carlo Rossi Wines, Concha y Toro wines, Metaxa Brandy, Remy Martin Cognac, Guinness, Sutter Home wines, Grant's Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher's Whisky, Campari, Cinzano, Skyy Vodka and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Hennessey, Moet & Chandon and Concha y Toro, among others.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements.
Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC's Form 10-K for the fiscal year ended December 31, 2008, including statements made under the captions "Item 1A. Risks Relating to Our Business", its Current Report on Form 8-K filed on July 13, 2009 and in other documents filed by CEDC with the Securities and Exchange Commission and risks arising from current credit market and economic conditions globally and in the markets in which we operate.
Contact:
In the U.S.:
James Archbold
Director of Investor Relations
Central European Distribution Corporation
610-660-7817
In Europe:
Anna Zaluska
Corporate PR Manager
Central European Distribution Corporation
48-22-456-6001
SOURCE Central European Distribution Corporation
Anheuser-Busch Cleaners Out of JobsNovember 11, 2009
(Logo: http://www.newscom.com/cgi-bin/prnh/20020918/SEIULOGO)
"Doesn't Anheuser-Busch get that we need to feed our families?" asked Luci Peralta, a cleaner who has worked at the brewery for six years. "With no income, I don't know how I'll put food on the table and make our house payments."
Although Anheuser-Busch's reported revenues were more than $23.5 million in 2008, the company has contracted with what seem to be low-end cleaning companies. Workers have been told the companies, US Metro and NJ-based Dawn Brite, will keep costs down by paying close to minimum wage and providing few, if any, benefits.
"We cannot watch multi-national corporations like Anheuser-Busch replace good Newark jobs with dead-end, low-wage jobs that force our families into poverty," said Kevin Brown, 32BJ New Jersey Director. "If Anheuser-Busch was truly committed to local communities and working people, the company would not stand by while the hard-working cleaners struggle to support their families."
The workers' union, 32BJ SEIU, has contacted Anheuser-Busch about the job loss, but the company has refused to intervene on the workers' behalf.
The brewery cleaners were earning $13.30 an hour and receiving employer-paid family health care - the same rate as most other area cleaners. Under a contract with 32BJ SEIU, many real estate owners and cleaning companies in New Jersey have agreed to standard wages and benefits for thousands of commercial cleaners in the state.
With more than 100,000 members in seven states and Washington, DC, including 8,000 in New Jersey, 32BJ is the largest property services union in the country.
SOURCE SEIU Local 32BJ
Olmeca Launches Olmeca Altos 100_ Agave Tequila in LondonNovember 11, 2009
(Photo: http://www.newscom.com/cgi-bin/prnh/20091110/MXTU001 )
The creators have shared their seasoned knowledge, mutual passion for Tequila, and attention to quality and detail to produce a fine, high quality and unique liquid.
Authentically produced Olmeca Altos is distilled at Olmeca's own
Destileria Colonial de
Olmeca Altos' unrivalled brand uniqueness is further represented by its Tahona production process. Tahona, a 500-year-old process exclusive to the Olmeca brand, uses a giant volcanic millstone to crush the cooked Agave pinas and expose the juice and fibre from the plant. A part of the Tahona Liquid produced during this process is then added to Olmeca Altos' fermentation and distillation process to enhance the sweet, citric taste and aroma.
Available in either Reposado or
Following last night's launch, Olmeca Altos will immediately become available to the UK and other key European markets, with additional global markets expected to follow in the coming New Year.
About Olmeca:
Olmeca is the original Tequila brand in Pernod Ricard's international
portfolio. The Olmeca family of Tequilas includes Olmeca, Olmeca Altos and
Olmeca Tezon, and is available in over 80 countries. Today Olmeca is ranked
as the No. 1 Tequila in EMEA (
For further press information, please contact
SOURCE Pernod Ricard
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine _ Spirits Store Nov. 11November 11, 2009
See more news releases in: Beers, Wines and Spirits, General Sports, Domestic Policy, U.S. State Policy News
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine & Spirits Store Nov. 11
HARRISBURG, Pa., Nov. 5 - Tommy Lasorda, a Norristown native, baseball Hall of Famer and manager of the two-time World Series champion Los Angeles Dodgers, will meet fans and sign bottles of his Lasorda Wines from 5 p.m. to 7 p.m. on Wednesday, Nov. 11, at the Pennsylvania Wine & Spirits Store at 1940 S. Columbus Blvd., Philadelphia.
"Tommy Lasorda long ago made his mark on the baseball diamond, and now his line of Lasorda wines is making its mark off the field," said Patrick J. "P.J." Stapleton, III, chairman of the Pennsylvania Liquor Control Board. "We're thrilled to bring this baseball icon back to the area he calls home to let customers and fans meet him and discover his new passion of winemaking."
Fans over 21 may purchase a bottle of Lasorda's wine at the store and have it autographed by Lasorda, Stapleton added.
Eager to preserve his legacy and fulfill another dream after his career in baseball, Lasorda began assembling an award-winning team of Italian wines two years ago, including his Championship Series and Gold Medal Collection.
Two of Lasorda's varietals will be available for purchase during his appearance and are available at more than 20 Philadelphia-area Wine & Spirits stores.
Lasorda Chianti, made in Tuscany from 100 percent Sangiovese grapes, is aged in oak and can be enjoyed now or in the next five years. Lasorda recommends serving this red wine with hearty pasta, barbecue or seafood dishes. The price is $17.99.
Lasorda Pinot Grigio del Veneto is a bright, crisp white wine made in the Old World style, best served with fish, shellfish, roasted white meats or pasta, or alone as an aperitif. The price is $15.99.
Lasorda, who will be inducted into the Philadelphia Sports Hall of Fame on Nov. 12, signed with the Philadelphia Athletics organization as a pitcher in 1944. He made his major league debut with the Brooklyn Dodgers in 1954 and was a member of the Dodgers' 1955 World Series-winning team. He became manager of the Los Angeles Dodgers in 1976, leading them to World Series victories in 1981 and 1988. He retired in 1996 and was elected to the National Baseball Hall of Fame in 1997.
Established in 1933 at the end of national Prohibition, the Pennsylvania Liquor Control Board regulates the distribution of beverage alcohol. In addition to regulating the industry, the Liquor Control Board operates 618 Wine & Spirits Stores. The Liquor Control Board reported sales of more than $1.8 billion in fiscal 2008-09 and a return of $494.5 million in taxes and profits to the state's General Fund, helping to pay the cost of essential services such as education, health care, infrastructure and public safety.
Media contacts: Nick Hays or Francesca Chapman, 717-783-8864
SOURCE Pennsylvania Liquor Control Board
Molson Coors Reports Double-Digit Third Quarter 2009 Income GrowthNovember 10, 2009
Peter Swinburn, Molson Coors president and chief executive officer, said, "Molson Coors had a successful third quarter, with underlying earnings up more than 22 percent versus a year ago. This headline profit includes some non-operating and one-time noise, both positive and negative. The positive resolution of tax positions in the quarter was partially offset by currency headwinds, a mark-to-market hedge loss this year, and the challenge of cycling supplier negotiation benefits last year. Excluding these factors, earnings grew approximately 13 percent in the quarter. These trading results reflect a high level of brand investment, coupled with cost control and price management. Our results also reflect weak industry volume trends, continued cost inflation across our businesses, and more promotional pricing activity in Canada. In terms of our portfolio performance, total-company volume in the third quarter declined, and worldwide Coors Light volumes were down slightly against a strong growth quarter a year ago."
"We remain focused on building a diverse portfolio of extraordinary brands, offering value-enhancing innovations for consumers, and achieving positive pricing to grow our top-line and bottom-line as the economy improves. We offer value to consumers in many forms, including innovative brands and promotional packaging, as well as category-leading advertising, retail promotions and service to our customers. In the fourth quarter, incremental investments related to these efforts will be most significant in our Canada, U.S. and international businesses. These investments are consistent with our brand-led global strategies, and we expect them to drive top-line and bottom-line growth as we move into 2010."
Third Quarter Highlights
Key operating and financial highlights for the Company's fiscal third quarter ended September 26, 2009, compared to the fiscal third quarter ended September 28, 2008, include the following:
- Net income attributable to Molson Coors increased 37.4 percent to $235.3 million for the third quarter, up from $171.3 million a year ago, driven by a lower effective tax rate, a one-time gain on the Company's total-return swap, and lower net special charges, as well as strong cost control and price management across the company.
- Underlying after-tax income(1) increased 22.7 percent to $212.9 million, or $1.14 per diluted share, up from $173.5 million, or $0.93 per diluted share a year ago. This earnings performance was driven by a lower effective tax rate and strong earnings growth from MillerCoors and our U.K. business, which were partially offset by cost inflation, lower worldwide volume, and unfavorable currency movements.
- Third quarter 2009 results include the impact of unfavorable foreign currency movements, which decreased total underlying pretax income approximately $13 million versus a year ago.
- Molson Coors worldwide beer volume decreased 2.9 percent, driven by challenging markets, a weak global economy, and the Company's continued strategy in the U.K. to emphasize revenue growth over low-margin volume growth.
The Company's effective tax rate during the third quarter 2009 for income from continuing operations was 9 percent on a reported basis and 4 percent on an underlying basis. The Company estimates that its full-year 2009 underlying effective tax rate will be in the range of negative 2 percent to positive 2 percent. These tax rates are significantly lower than the Company's anticipated long-term tax rate range of 22 percent to 26 percent due to the favorable resolution of unrecognized tax positions during 2009.
During the quarter, Molson Coors achieved an incremental $18 million of cost savings as part of its three-year, $250 million Resources for Growth (RFG) cost savings program. Savings from the RFG program now total $246 million.
MillerCoors achieved $73 million in synergies in the third quarter, largely due to marketing synergies, as well as organizational savings resulting from the elimination of duplicate and transitional positions in the third quarter 2008. Molson Coors' 42 percent share of these synergies is $31 million. Network optimization savings continue to be realized from shifting production of Coors and Miller brands into the larger MillerCoors brewery network, a process which will continue for the next nine months. MillerCoors continues to integrate business processes and systems across the enterprise to deliver enhanced customer solutions and better leverage the scale of the business.
MillerCoors has delivered $183 million in synergies this year, bringing the total to $211 million since beginning operations on July 1, 2008. The Company now expects to achieve $270 million of cumulative synergies by the end of 2009, surpassing its original commitment of $225 million. As previously communicated, MillerCoors will deliver incremental cost savings above the $500 million synergy target, and approximately $200 million in cost savings are expected to be delivered by the end of 2012, approximately in-line with current market expectations. These cost savings include efficiencies in production costs, procurement, and marketing, general and administrative expense.
Molson Coors Brewing Company's total worldwide beer volume was 13.8 million hectoliters in the quarter, 2.9 percent lower versus the prior year, as shown in Table 1 below.
Molson Coors Brewing Company
Table 1: 2009 Third Quarter Worldwide Beer Volume
(In Millions of Hectoliters)
Thirteen Weeks Ended
--------------------------------------
September 26, 2009 September 28, 2008 % Change
-------------------------------------- --------
Actual Actual
Financial Volume: 5.181 5.480 (5.5%)
Royalty Volume: 0.076 0.078 (2.6%)
--------------------------------------
Owned Volume: 5.257 5.558 (5.4%)
Proportionate Share of
Equity Investment
Sales-to-Retail(1): 8.542 8.658 (1.3%)
--------------------------------------
Total Worldwide Beer
Volume: 13.799 14.216 (2.9%)
======================================
Notes:
(1) Reflects the addition of Molson Coors Brewing Company's
proportionate share of MillerCoors and Modelo Molson sales-to-retail
for the periods presented, adjusted for comparable trading days, if
applicable.
Business Segments
Following are the Company's 2009 third quarter results by business segment:
Canada Business
Canada underlying pretax income in local currency declined 2 percent versus a year ago. Positive net pricing and the benefit of cost savings initiatives were offset by declines in volume and higher marketing, general and administrative expenses, driven by increased brand investment and the deconsolidation of our interest in the Beer Stores in Ontario (Brewers Retail Inc.). On a reported basis, Canada underlying pretax income was $139.3 million in the third quarter, 7.7 percent lower than a year ago, as the Canadian Dollar declined versus the U.S. Dollar approximately 6 percent, or $9 million, in the quarter.
Canada sales-to-retail (STRs) decreased 3.2 percent in the third quarter versus last year. Coors Light continued to show growth, while Molson Canadian and Molson Export declined versus prior year. Canada beer industry volumes decreased an estimated 0.7 percent in the quarter.
Canada sales volume was 2.5 million hectoliters, down 1.8 percent from a year ago. Comparable(2) net sales per hectoliter increased 2 percent in local currency, driven by favorable net pricing, led by price increases across all major markets, partially offset by continued price discounting activity.
Cost of goods sold per hectoliter increased slightly on a comparable basis in local currency. An increase in commodity, packaging material, distribution and other input costs, including pension expense, as well as fixed cost deleverage related to lower export volume to the U.S., were offset by savings from our Resources for Growth initiatives.
Comparable marketing, general and administrative expenses increased 4.4 percent in local currency, driven by higher brand and innovation investments.
United States Business (MillerCoors)(3)
Molson Coors underlying U.S. segment pretax income grew 16.6 percent to $107.4 million in the third quarter due to strong underlying income growth by MillerCoors. Strong MillerCoors income growth was partially offset by cycling high equity income last year and one day of income for the legacy Coors business prior to the formation of MillerCoors on July 1, 2008.
MillerCoors Operating and Financial Highlights (U.S. GAAP)
For the quarter, underlying net income attributable to MillerCoors, excluding special items, increased 28.1 percent to $244.4 million versus the prior-year comparable quarter. MillerCoors is successfully delivering synergies, controlling costs, and managing revenue for sustainable profit growth, despite continuing commodity cost pressures.
MillerCoors domestic sales-to-retailers (STRs) were down 1.3 percent due to a slight decline in premium light volumes and continued softness in above premium and premium brands. Domestic sales-to-wholesalers (STWs) fell 0.7 percent primarily driven by lower retail sales.
MillerCoors total net revenue increased 3.1 percent to $2.01 billion versus the prior-year comparable quarter, driven by domestic net pricing. Excluding contract brewing and company-owned distributor sales, net sales revenue increased 3.0 percent to $1.87 billion. Third-party contract brewing volumes declined 4.6 percent, though profits were up slightly from the prior-year comparable quarter.
Pricing remained strong in the third quarter, as domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 3.7 percent, driven by sustained price increases taken in the fall of 2008 and reductions in discount activity.
Cost of goods sold per barrel increased 3.5 percent as benefits from MillerCoors cost leadership programs were more than offset by brewing and packaging material cost increases under procurement contracts largely arranged prior to more recent commodity market price reductions.
Marketing, general and administrative costs decreased 4.5 percent, driven primarily by lower organizational costs and synergies, which were partially offset by IT integration-related expenses.
Depreciation and amortization expenses for MillerCoors in the third quarter were $72.9 million and additions to tangible and intangible assets totaled $79.5 million.
United Kingdom Business
U.K. underlying pretax earnings in local currency increased more than 20 percent versus a year ago. This increase was driven by positive results from the strategic actions our U.K. team has taken in the past year, including leveraging our contract brewing arrangement and brand building efforts, allowing us to forgo low-margin volume. The benefit of these actions was partially offset by the one-time impact of a mark-to-market adjustment on natural gas hedges and cycling a one-time supplier negotiation benefit of $6 million in 2008, combined with lower volume and higher marketing, general and administration expenses in the quarter. On a reported basis, third quarter U.K. underlying pretax income was $32.7 million, an increase of $2.0 million, or 6.5 percent, versus the same quarter last year. These results include the impact of a 13 percent devaluation of the British Pound versus the U.S. Dollar, which reduced U.K. earnings by $5 million in the quarter.
U.K. owned-brand volume decreased 6.3 percent during the quarter due to declining industry volume and the Company's strategy to forgo low-margin volume. The U.K. beer industry volume declined approximately 1 percent in the third quarter.
Comparable net sales per hectoliter of owned products increased 21 percent in local currency, driven by two factors. Higher pricing in all channels and positive sales mix drove 17 percent and 4 percent of the increase, respectively.
Comparable cost of goods sold per hectoliter of owned brands increased 22 percent in local currency in the third quarter, driven by cycling the one-time supplier negotiation benefit in 2008, input cost inflation, adverse brand and channel mix, a mark-to-market adjustment on natural gas hedges, and the deleveraging impact of lower owned-brand volumes.
Marketing, general and administrative expense increased 7.8 percent in local currency due to higher marketing, incentive compensation, and bad debt expenses in the quarter, along with sales-related costs in our new Cobra business.
International Markets and Corporate
The underlying pretax loss for International Markets and Corporate was $57.5 million, a 7.1 percent increase versus the third quarter of 2008.
The Company's International Markets business grew volume nearly 28 percent, on a small base, driven by the strength of Coors Light in China and Carling in Europe. Marketing, general and administrative expense for International Markets was $12.7 million in the quarter, an increase of $1.1 million versus a year ago.
Corporate general and administrative expense was $28.1 million in the third quarter, an increase of $7.7 million, driven by higher incentive compensation, project spending, and labor-related costs this year.
Corporate net interest expense was $24.7 million in the third quarter, a decrease of $3.7 million compared to a year ago, with approximately $2.7 million of this reduction attributable to the deconsolidation of BRI and the balance due to foreign currency movements. In the quarter, Corporate other income of $58.2 million was driven by a one-time mark-to-market gain related to the Foster's cash-settled total-return swap.
Special and Other One-Time Items
During the third quarter 2009, the Company reported net special charges of $4.3 million pretax, which was composed primarily of $3.5 million of non-cash expenses associated with closing the Edmonton Brewery.
Other one-time items in the quarter included a $59.3 million non-cash mark-to-market gain in Corporate other income related to the cash-settled total-return swap the Company arranged with respect to Foster's common stock in 2008.
During the third quarter of 2009, MillerCoors reported special charges totaling $14.7 million, which include pension curtailment and integration expenses. This equates to $6.2 million at Molson Coors' 42 percent economic ownership share.
The foregoing special and other one-time items have been excluded from underlying earnings in the third quarter 2009.
The company's underlying results were reduced by other non-operating or unusual factors, including unfavorable year-over-year currency movements, a mark-to-market hedge loss this year and supplier negotiation benefits last year in the U.K. These headwinds totaled $22.3 million pretax in the 3rd quarter. Meanwhile, results in the quarter benefited from the favorable resolution of some unrecognized tax positions, which increased $36.4 million from a year ago.
Discontinued Operations
The Company reports results associated with its former Brazilian unit, Cervejarias Kaiser ("Kaiser"), as discontinued operations. The Company reported a loss of $9.0 million from discontinued operations during the quarter due to legal expenses and losses from foreign exchange, which were partially offset by reductions in liabilities.
2009 Third Quarter Earnings Conference Call
Molson Coors Brewing Company will conduct an earnings conference call with financial analysts and investors at 11:00 a.m. Eastern Time today to discuss the Company's 2009 third quarter results. The Company will provide a live webcast of the earnings call.
Approximately two hours after the conclusion of the earnings call, the Company will also host an online, real-time webcast of an Investor Relations Follow-up Session with financial analysts at 2:00 p.m. Eastern Time. Both webcasts will be accessible via the Company's website, www.molsoncoors.com. Online replays of the webcasts will be available until 11:59 p.m. Eastern Time on February 9, 2010. The Company will also post this release and related financial statements on its website today.
Footnotes:
(1) The Company calculates non-GAAP underlying income by excluding special and other one-time items from the nearest U.S. GAAP earnings measure. To calculate underlying income in the third quarter of 2009, the Company excluded one-time items, particularly related to MillerCoors, and the Foster's cash-settled total-return swap, as well as net special charges of $4.3 million pretax. For further details, please see the section "Special and Other One-Time Items", along with tables for reconciliations to the nearest U.S. GAAP measures. All $ amounts are in U.S. Dollars.
(2) Except where otherwise indicated, comparable Canada results exclude the sales and costs related to exporting beer to MillerCoors, as well as the reporting effects of the deconsolidation of Brewers Retail Inc. (BRI) in Ontario on March 1, 2009.
(3) MillerCoors, a U.S. joint venture of Molson Coors Brewing Company and SABMiller plc, was launched on July 1, 2008. Molson Coors has a 42 percent economic interest in MillerCoors, which is accounted for using the equity method. Molson Coors' interest in MillerCoors results, along with certain adjustments under U.S. GAAP, are reflected in "Equity Income in MillerCoors." This release includes reconciliation from MillerCoors Net Income to Molson Coors Brewing Company Equity Income in MillerCoors and Non-GAAP U.S. Segment Underlying Pretax Income (see Table 6).
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the federal securities laws, and language indicating trends, such as "trend improvements," "progress," "anticipated," "expected," "improving sales trends" and "on track." It also includes financial information, of which, as of the date of this press release, the Company's independent auditors have not completed their review. Although the Company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. These factors include, among others, changes in consumer preferences and product trends; price discounting by major competitors; failure to realize the anticipated cost savings and other benefits from MillerCoors; failure to realize anticipated results from synergy initiatives; and increases in costs generally. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
Reconciliations to Nearest U.S. GAAP Measures
Molson Coors Brewing Company
Table 2: 2009 Third Quarter Underlying After-Tax Income
(After-Tax Income From Continuing Operations, Excluding Special and Other
One-time Items)
(In Millions of $US, Except Per Share Data)
(Note: Some numbers may not sum due to rounding.)
2009 3rd Q 2008 3rd Q
---------- ----------
U.S. GAAP: Income from continuing
operations attributable to MCBC,
net of tax: 244.3 168.1
Per diluted share: $1.31 $0.90
Add back: Pretax special items - net 4.3 24.8
Add back: Environmental litigation
reserve (1) - 3.6
Add back: Proportionate share of MillerCoors
pretax special items - net (2) 6.2 9.5
(Less): Impact of MillerCoors accounting
policy elections (2) - (27.9)
(Less): Gain related to the cash-settled
total return swap (1) (59.3) (13.6)
Add back: Tax effects related to special
and other one-time items 17.4 9.0
Non-GAAP: Underlying after-tax income: 212.9 173.5
Per diluted share: $1.14 $0.93
Notes:
(1) Included in Other Income (Expense)
(2) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
Molson Coors Brewing Company
Table 3: 2009 Third Quarter Underlying After-Tax Income, Net of
Adjustments(1)
(In Millions of $US)
(Note: Some numbers may not sum due to rounding.)
Non-GAAP: Underlying after-tax
income - 3rd Q 2009: $212.9
Adjustments - 3rd Q 2009 versus 3rd Q 2008:
Currency movements, mark-to-market hedge
loss 16.3
Supplier renegotiation benefits in prior
year 6.0
Tax effects related to hedge loss and
supplier renegotiation benefits (2.7)
Benefit of resolution of unrecognized
tax positions (36.4)
-------
Non-GAAP: Underlying after-tax
income - 3rd Q 2009, net of
adjustments(1): $196.1
Non-GAAP: Underlying after tax
income - 3rd Q 2008: $173.5
Year-over-year percent change: 13%
Notes:
(1) Adjusted for year-over-year variances in other non-operating or
unusual factors.
Molson Coors Brewing Company
Table 4: 2009 Third Quarter Underlying Pretax Income
(Pretax Income From Continuing Operations, Excluding Special and Other
One-time Items)
(In Millions of $US)
(Note: Some numbers may not sum due to rounding.)
Business Total
---------------------------------------- ------------
MCI and
Canada U.S. U.K. Corporate Consolidated
---------------------------------------- ------------
U.S. GAAP: 2009 3rd
Q Income (loss) from
continuing operations
before income
taxes $135.7 $101.2 $32.4 $1.4 $270.7
Add back: Pretax
special items - net 3.8 - 0.2 0.3 4.3
Add back: Proportionate
share of MillerCoors
pretax special items
- net (2) - 6.2 - - 6.2
(Less): Gain related
to the cash-settled
total return swap (1) - - - (59.3) (59.3)
Non-GAAP: 2009 3rd Q
underlying pretax
income (loss) $139.3 $107.4 $32.7 $(57.5) $221.9
---------------------------------------- ------------
Percent change 2009
3rd Q vs. 2008 3rd
Q underlying pretax
income (loss) -7.7% 16.6% 6.5% 7.1% 0.8%
---------------------------------------- ------------
U.S. GAAP: 2008
3rd Q Income (loss)
from continuing
operations before
income taxes $148.0 $110.5 $30.5 $(65.3) $223.7
Add back: Pretax
special items - net 3.0 - 0.2 21.6 24.8
Add back: Environmental
litigation
reserve (1) - - - 3.6 3.6
Add back: Proportionate
share of MillerCoors
pretax special items -
net (2) - 9.5 - - 9.5
(Less): Impact of
MillerCoors accounting
policy
elections (2) - (27.9) - - (27.9)
(Less): Gain related
to the cash-settled
total return
swap (1) - - - (13.6) (13.6)
Non-GAAP: 2008 3rd Q
underlying pretax
income (loss) $151.0 $92.1 $30.7 $(53.7) $220.1
---------------------------------------- ------------
Notes:
(1) Included in Other Income (Expense)
(2) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
MillerCoors LLC
Table 5: 2009 Third Quarter Underlying Net Income
(Net Income, Excluding Special Items)
(In Millions)
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
--------------------------- ---------------------------
Pro Forma
U.S. GAAP - Net
Income attributable
to MillerCoors LLC: $229.7 $168.2 $740.6 $479.4
Add back: Special
items, net 14.7 22.6 45.5 138.7
--------------------------- ---------------------------
Non-GAAP -
Underlying
net income: $244.4 $190.8 $786.1 $618.1
=========================== ===========================
Pretax and after-tax underlying income should be viewed as a supplement to -- not a substitute for -- our results of operations presented on the basis of accounting principles generally accepted in the United States. We believe that underlying income performance is used by and is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to evaluate our performance without regard to items such as special items, which can vary substantially from company to company depending upon accounting methods and book value of assets and capital structure. Our management uses underlying income as a measure of operating performance to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; and in communications with the board of directors, stockholders, analysts and investors concerning our financial performance.
Molson Coors Brewing Company
Table 6: Reconciliation of Net Income Attributable to MillerCoors to
MCBC's Equity Income in MillerCoors and Reconciliation to U.S. Segment
Underlying Pretax Income
(In Millions)
(Note: Some numbers may not sum due to rounding.)
Three Three
Months Ended Months Ended
-------------------------------
September 30, September 30,
2009 2008
-------------------------------
MillerCoors Net Income $229.7 $168.2
Multiply: MCBC economic interest
% in MillerCoors 42% 42%
-------------------------------
MCBC proportionate share of MillerCoors
net income $96.5 $70.6
Add: Accounting policy elections (1) - 31.8
Add: Amortization of the difference
between MCBC contributed cost basis and
the underlying equity in net assets
of MillerCoors (2) 2.4 6.0
Add: Share-based compensation
adjustment (3) 2.3 (1.9)
-------------------------------
Equity Income in MillerCoors (reported) $101.2 $106.5
===============================
Add: U.S. Segment pretax income for
June 30, 2008 - 4.0
Add: Proportionate share of MillerCoors
special items (4) 6.2 9.5
Add: MillerCoors variable share-based
compensation (5) - 3.9
(Minus): Accounting policy elections (1) - (31.8)
-------------------------------
U.S. Segment Underlying Pretax Income
(Non-GAAP) $107.4 $92.1
===============================
Notes:
(1) MillerCoors made its initial accounting policy elections upon
formation, impacting certain asset and liability balances. These
adjustments reflect the impact to our investment in MillerCoors,
which is based upon our contributed assets and liabilities.
(2) MCBC's net investment in MillerCoors is based on the carrying values
of the net assets it contributed to the joint venture. MCBC's
investment basis in MillerCoors is less than our underlying equity
(42%) in the total net assets of MillerCoors (contributed by both
Coors and Miller) by approximately $633.4 million. This amount is
being amortized over a period of time represented primarily by the
remaining useful lives of long-lived assets giving rise to the
difference. For non-depreciable assets, such as goodwill, no
adjustment will be recorded to the MillerCoors equity method income
unless there is an impairment.
(3) The net adjustment is to record all stock-based compensation
associated with preexisting equity awards to be settled in MCBC Class
B common stock held by former CBC employees now employed by
MillerCoors and eliminate all stock-based compensation impacts
related to preexisting SABMiller equity awards held by Miller
employees now employed by MillerCoors. The adjustment is to
recognize the additional 58% of the stock-based compensation costs
associated with those awards recognized and reported by MCBC's U.S.
business and eliminate all of the costs associated with equity awards
to be settled in SABMiller equity.
(4) MillerCoors Q3 2009 Special Items of $14.7 million, multiplied by
MCBC's proportionate share of MillerCoors at 42%, equals $6.2
million. MillerCoors Q3 2008 Special Items of $22.6 million,
multiplied by MCBC's proportionate share of MillerCoors at 42%,
equals $9.5 million.
(5) Included in Equity Income in MillerCoors. This adjustment represents
the fair value mark to market component of MCBC share-based
compensation held by employees of MillerCoors.
Molson Coors Brewing Company and Subsidiaries
Table 7: Condensed Consolidated Statements of Operations
(In Millions, Except Per Share Data)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters 5.181 5.480 14.082 29.868
=========================== ===========================
Sales $1,250.3 $1,373.8 $3,234.9 $5,549.5
Excise taxes (396.6) (452.7) (1,023.3) (1,514.3)
--------------------------- ---------------------------
Net Sales 853.7 921.1 2,211.6 4,035.2
Cost of goods sold (472.6) (524.4) (1,251.3) (2,392.9)
--------------------------- ---------------------------
Gross profit 381.1 396.7 960.3 1,642.3
Marketing, general and
administrative
expenses (240.7) (236.8) (653.3) (1,136.6)
Special items, net (4.3) (24.8) (21.6) (136.1)
Equity income in
MillerCoors 101.2 106.5 332.4 106.5
--------------------------- ---------------------------
Operating income 237.3 241.6 617.8 476.1
Interest expense,
net (1) (22.5) (25.6) (62.3) (80.4)
Debt extinguishment
costs - - - (12.4)
Other income, net 55.9 7.7 29.1 6.4
--------------------------- ---------------------------
Income from continuing
operations before
income taxes 270.7 223.7 584.6 389.7
Income tax expense (25.3) (54.9) (71.3) (74.9)
--------------------------- ---------------------------
Income from continuing
operations 245.4 168.8 513.3 314.8
(Loss) income from
discontinued
operations, net
of tax (9.0) 3.2 (12.9) (18.1)
--------------------------- ---------------------------
Net income 236.4 172.0 500.4 296.7
Less: Net income
attributable to
noncontrolling
interests (2) (1.1) (0.7) (2.1) (11.6)
--------------------------- ---------------------------
Net income
attributable
to MCBC $235.3 $171.3 $498.3 $285.1
=========================== ===========================
Basic income (loss)
per share:
From continuing
operations
attributable
to MCBC $1.32 $0.91 $2.78 $1.66
From discontinued
operations
attributable
to MCBC (0.05) 0.02 (0.07) (0.10)
Basic net income
per share $1.27 $0.93 $2.71 $1.56
Diluted income
(loss) per share:
From continuing
operations
attributable
to MCBC $1.31 $0.90 $2.75 $1.63
From discontinued
operations
attributable
to MCBC (0.05) 0.02 (0.07) (0.10)
--------------------------- ---------------------------
Diluted net income
per share $1.26 $0.92 $2.68 $1.53
=========================== ===========================
Weighted average
shares - basic 184.6 183.5 184.2 182.3
Weighted average
shares - diluted 186.2 185.7 185.6 185.5
Dividends per share $0.24 $0.20 $0.68 $0.56
=========================== ===========================
Amount attributable
to MCBC
Income from
continuing
operations,
net of tax $244.3 $168.1 $511.2 $303.2
(Loss) income
from discontinued
operations,
net of tax (9.0) 3.2 (12.9) (18.1)
--------------------------- ---------------------------
Net income
attributable
to MCBC $235.3 $171.3 $498.3 $285.1
=========================== ===========================
Notes:
(1) On December 29, 2008, we adopted guidance regarding accounting for
convertible debt instruments that may be settled in cash upon
conversion (including partial cash settlement) that applies to all
convertible debt instruments that have a "net settlement feature",
which means that such convertible debt instruments, by their terms,
may be settled either wholly or partially in cash upon conversion.
This guidance requires issuers of convertible debt instruments that
may be settled wholly or partially in cash upon conversion to
separately account for the liability and equity components in a
manner reflective of the issuers' nonconvertible debt borrowing rate.
The provisions of this guidance were retroactively applied. As a
result, $4.0 million and $11.8 million of additional non-cash
interest expense was recorded in the third quarter and first thirty-
nine weeks of 2008, respectively. During the third quarter and first
thirty-nine weeks of 2009, we recorded $4.1 million and $12.2 million
of additional non-cash interest expense, respectively.
(2) On December 29, 2008, MCBC adopted guidance regarding accounting for
noncontrolling interests in consolidated financial statements, the
provisions of which, among others, require that minority interests be
renamed noncontrolling interests and that consolidated net income
(loss) includes the amounts attributable to such noncontrolling
interests for all periods presented.
Molson Coors Brewing Company and Subsidiaries
Table 8: Canada Segment Results of Operations
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008(1)
--------------------------- ---------------------------
Volume in
hectoliters 2.477 2.522 6.642 7.548
=========================== ===========================
Sales $653.4 $706.9 $1,689.5 $1,957.8
Excise taxes (159.6) (165.2) (400.0) (444.2)
--------------------------- ---------------------------
Net sales 493.8 541.7 1,289.5 1,513.6
Cost of goods sold (239.7) (278.5) (658.2) (808.8)
--------------------------- ---------------------------
Gross profit 254.1 263.2 631.3 704.8
Marketing, general
and administrative
expenses (113.4) (110.9) (300.7) (334.7)
Special items, net (3.8) (3.0) (12.8) (4.9)
--------------------------- ---------------------------
Operating income 136.9 149.3 317.8 365.2
Other (expense)
income, net (1.2) (1.3) 4.3 (0.5)
--------------------------- ---------------------------
Earnings before
income taxes $135.7 $148.0 $322.1 $364.7
=========================== ===========================
Notes:
(1) As a result of the MillerCoors formation on July 1, 2008, and MCBC's
prospective equity accounting for MillerCoors, sales shown above for
the thirteen weeks ended September 28, 2008, present MCBC's former
U.S. segment net sales for a single day of June 30, 2008, and our
proportional share of net income for the period July 1, 2008, through
September 28, 2008. Sales shown for the thirty-nine weeks ended
September 28, 2008, represent MCBC's former U.S. segment net sales
for the twenty-six weeks ended June 29, 2008, plus net sales for a
single day of June 30, 2008, and our proportional share of net income
for the period July 1, 2008, through September 28, 2008.
Molson Coors Brewing Company and Subsidiaries
Table 9: United States Segment Results of Operations (1)
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters - 0.115 - 14.894
=========================== ===========================
Sales $- $14.7 $- $1,736.4
Excise taxes - (1.8) - (231.6)
--------------------------- ---------------------------
Net sales - 12.9 - 1,504.8
Cost of goods sold - (7.7) - (915.1)
--------------------------- ---------------------------
Gross profit - 5.2 - 589.7
Marketing, general and
administrative expenses - (1.2) - (413.3)
Special items, net - - - (69.3)
Equity income in
MillerCoors 101.2 106.5 332.4 106.5
--------------------------- ---------------------------
Operating income 101.2 110.5 332.4 213.6
Other income, net - - - 2.3
Earnings before
income taxes $101.2 $110.5 $332.4 $215.9
=========================== ===========================
Notes:
(1) Reflects the formation of MillerCoors on July 1, 2008, and the
Company's pre-existing U.S. operations prior to July 1, 2008.
Molson Coors Brewing Company and Subsidiaries
Table 10: United Kingdom Segment Results of Operations
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters 2.552 2.724 7.048 7.894
=========================== ===========================
Sales $573.5 $632.4 $1,485.9 $1,859.8
Excise taxes (235.0) (283.6) (618.3) (833.5)
--------------------------- ---------------------------
Net sales 338.5 348.8 867.6 1,026.3
Cost of goods sold (220.5) (227.9) (561.9) (698.4)
--------------------------- ---------------------------
Gross profit 118.0 120.9 305.7 327.9
Marketing, general
and administrative
expenses (86.5) (92.8) (236.4) (284.1)
Special items, net (0.2) (0.2) (7.9) (5.4)
--------------------------- ---------------------------
Operating income 31.3 27.9 61.4 38.4
Interest income, net 2.2 2.8 6.3 8.5
Other expense, net (1.1) (0.2) (2.7) (2.0)
--------------------------- ---------------------------
Earnings before
income taxes $32.4 $30.5 $65.0 $44.9
=========================== ===========================
Molson Coors Brewing Company and Subsidiaries
Table 11: Molson Coors International and Corporate Results of Operations
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters 0.152 0.119 0.392 0.316
=========================== ===========================
Sales $23.4 $19.8 $59.5 $51.1
Excise taxes (2.0) (2.1) (5.0) (5.0)
--------------------------- ---------------------------
Net sales 21.4 17.7 54.5 46.1
Cost of goods sold (12.4) (10.3) (31.2) (26.2)
--------------------------- ---------------------------
Gross profit 9.0 7.4 23.3 19.9
Marketing, general
and administrative
expenses (40.8) (31.9) (116.2) (104.5)
Special items, net (0.3) (21.6) (0.9) (56.5)
--------------------------- ---------------------------
Operating loss (32.1) (46.1) (93.8) (141.1)
Interest expense,
net (24.7) (28.4) (68.6) (88.9)
Debt extinguishment
costs - - - (12.4)
Other income, net 58.2 9.2 27.5 6.6
--------------------------- ---------------------------
Income (loss)
before income taxes $1.4 $(65.3) $(134.9) $(235.8)
=========================== ===========================
MillerCoors LLC (1)
Table 12: Results of Operations
(In Millions)
(Unaudited)
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
--------------------------- ---------------------------
Pro
Actual Actual Actual Forma (2)
Volume in
hectoliters 21.640 21.881 63.000 63.998
=========================== ===========================
Sales $2,350.7 $2,293.4 $6,855.8 $6,710.2
Excise taxes (341.2) (343.7) (993.7) (1,004.1)
--------------------------- ---------------------------
Net sales 2,009.5 1,949.7 5,862.1 5,706.1
Cost of goods sold (1,266.6) (1,236.9) (3,618.8) (3,513.7)
--------------------------- ---------------------------
Gross profit 742.9 712.8 2,243.3 2,192.4
Marketing, general
and administrative
expenses (496.0) (519.1) (1,438.4) (1,566.2)
Special items, net (14.7) (22.6) (45.5) (138.7)
--------------------------- ---------------------------
Operating income 232.2 171.1 759.4 487.5
Other income, net 2.3 2.3 1.6 7.1
--------------------------- ---------------------------
Income from
continuing
operations
before income
taxes 234.5 173.4 761.0 494.6
Income tax expense (2.3) (1.9) (6.9) (1.9)
--------------------------- ---------------------------
Income from
continuing
operations 232.2 171.5 754.1 492.7
Less: Net income
attributable to
noncontrolling
interests (2.5) (3.3) (13.5) (13.3)
--------------------------- ---------------------------
Net income
attributable
to MillerCoors LLC $229.7 $168.2 $740.6 $479.4
=========================== ===========================
Notes:
(1) Economic ownership of MillerCoors LLC is 58% held by SABMiller and
42% held by Molson Coors. See Table 5 in the release for a
reconciliation from MillerCoors net income to Molson Coors equity
income in MillerCoors.
(2) The pro forma financial information has been derived from the
historical financial results of the respective U.S. businesses of
Molson Coors Brewing Company and SABMiller, giving effect to the
MillerCoors transaction and other related adjustments. These pro
forma results are not necessarily indicative of the results of
operations that would have been achieved had the MillerCoors
transaction taken place at the beginning of the pro forma period,
and do not purport to be indicative of future operating results.
Molson Coors Brewing Company and Subsidiaries
Table 13: Condensed Consolidated Balance Sheets
(In Millions)
(Unaudited)
As of
-------------------------------
September 26, December 28,
2009 2008
------------- ------------
Assets
Cash and cash equivalents $565.1 $216.2
Receivables, net 661.8 635.4
Inventories, net 223.7 192.1
Other, net 57.2 63.4
------------- ------------
Total current assets 1,507.8 1,107.1
Properties, net 1,251.8 1,301.9
Goodwill and intangibles, net 5,813.7 5,221.4
Investment in MillerCoors 2,588.1 2,418.7
Other 329.8 337.5
------------- ------------
Total assets $11,491.2 $10,386.6
============= ============
Liabilities and equity
Accounts payable $185.4 $170.5
Accrued expenses and other 912.4 815.5
Current portion of long-term debt and
short-term borrowings 300.1 0.1
Total current liabilities 1,397.9 986.1
Long-term debt 1,376.6 1,752.0
Pension and post-retirement benefits 489.9 581.0
Other 1,192.7 1,028.1
------------- ------------
Total liabilities 4,457.1 4,347.2
Total MCBC stockholders' equity 7,018.7 6,055.4
Noncontrolling interests 15.4 (16.0)
------------- ------------
Total equity 7,034.1 6,039.4
------------- ------------
Total liabilities and equity $11,491.2 $10,386.6
============= ============
Molson Coors Brewing Company and Subsidiaries
Table 14: Condensed Consolidated Statements of Cash Flows
(In Millions)
(Unaudited)
Thirty-Nine Weeks Ended
-------------------------------
September 26, September 28,
2009 2008
------------- -------------
Cash flows from operating activities:
Net income $500.4 $296.7
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 135.3 224.4
Equity income in MillerCoors (332.4) (106.5)
Distributions from MillerCoors 351.5 58.8
Change in working capital and other, net 12.0 (77.8)
------------- -------------
Net cash provided by operating
activities 666.8 395.6
Cash flows from investing activities:
Additions to properties and intangible
assets (71.7) (176.5)
Proceeds from sales of assets and
businesses, net 3.9 35.7
Acquisition of businesses (19.6) -
Investment in MillerCoors, net (109.2) (78.8)
Other, net (29.9) 4.6
------------- -------------
Net cash used in investing activities (226.5) (215.0)
Cash flows from financing activities:
Exercise of stock options under equity
compensation plans 25.5 51.6
Dividends paid to Molson Coors Brewing
Company stockholders (125.8) (102.2)
Net repayments of debt (0.4) (163.2)
Other 9.1 (6.2)
------------- -------------
Net cash used in financing activities (91.6) (220.0)
Cash and cash equivalents:
Net increase (decrease) in cash and
cash equivalents 348.7 (39.4)
Effect of foreign exchange rate changes
on cash and cash equivalents 0.2 (3.1)
Balance at beginning of year 216.2 377.0
------------- -------------
Balance at end of period $565.1 $334.5
============= =============
SOURCE Molson Coors Brewing Company
"This campaign is one of the steps being taken to promote a greater awareness of Cyprus wines to the Canadian consumer," states Dennis C. Droushiotis, Managing Director of the Cyprus Wine Association in North America. Participation in trade shows, such as the Ottawa Wine & Food Show, is an integral part of the EuroWines program, a one-year tactical marketing program to increase sales and awareness of Cypriot wine varietals in Canada. Other campaign initiatives include targeted advertising, public relations activities, educational seminars for sommeliers and trade, and an extensive in-store tasting program that includes over 200 demos in key flagship stores in the Province of Ontario. The project's mission is to increase trade and consumer awareness. More importantly, it hopes to increase greater appreciation for the unique grape varietals of Cyprus' legendary dessert wine, Commandaria.
Commandaria dates back as early as 800 B.C. and was later introduced to Europe by the Crusaders. It is the world's oldest wine still in production with a long history of accolades from the Greek poet Homer to King Richard the Lion Heart who once said, "I must return to Cyprus if only to taste this wine again." Such testimonials continue into the present with its "Top 10 Dessert Wines" in the world from Wine Enthusiast.
Furthermore, the Canadian Intellectual Property Office has officially recognized Commandaria wine as a distinctive product unique and indigenous to Cyprus and has granted a Canadian Certification Mark to Commandaria. Dennis C. Droushiotis notes, "This trademark certification protects the interests of the Cypriot wine industry whose exports of Commandaria to Canada have increased steadily. This action, more importantly, provides product confidence to consumers."
In addition to Commandaria, the EuroWines Pavilion at the Ottawa Wine & Food Show will be serving Xynisteri and Mavro, two other popular indigenous Cypriot wines. The island of Cyprus is an unusual, wine-producing gem as the country's grape varieties' rootstocks have grown undisturbed for centuries. Perhaps a blessing from Dionysus the God of Wine, as the cursed phylloxera beetle which decimated the majority of European vineyards in the late 19th century never reached Cyprus.
The Association hopes to impress as well as educate trade and consumers on Cyprus' unique steep history, tradition and legacy in winemaking. It is for this reason that the Cyprus Wine Association is participating in the following two events at the Ottawa Wine & Food Show, the Wine Competition and Tasting Alley. EuroWines will participate in the Wine Competition with two Cypriot indigenous wines, Commandaria and Xynisteri. In addition, EuroWines will feature Commandaria in the Exhibition's Tasting Alley event, which takes place Friday and Saturday, November 6 and 7 from 5-7pm and showcases premium wines from around the world.
The Cyprus Wine Association was formed as a result of a joint undertaking between the Republic of Cyprus and the European Union. The Association is comprised of the four major Cypriot wineries: ETKO, KEO, LOEL, and SODAP all of which represent 86% of Cyprus wine exports worldwide. Dennis C. Droushiotis, North American Managing Director, leads all marketing activities from his office based in New York.
Please visit the EuroWines Pavilion for a glass of sweet history at booth #1024, 1026, 1028.
SOURCE Cyprus Wine Association
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine _ Spirits Store Nov. 11November 10, 2009
See more news releases in: Beers, Wines and Spirits, General Sports, Domestic Policy, U.S. State Policy News
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine & Spirits Store Nov. 11
HARRISBURG, Pa., Nov. 5 - Tommy Lasorda, a Norristown native, baseball Hall of Famer and manager of the two-time World Series champion Los Angeles Dodgers, will meet fans and sign bottles of his Lasorda Wines from 5 p.m. to 7 p.m. on Wednesday, Nov. 11, at the Pennsylvania Wine & Spirits Store at 1940 S. Columbus Blvd., Philadelphia.
"Tommy Lasorda long ago made his mark on the baseball diamond, and now his line of Lasorda wines is making its mark off the field," said Patrick J. "P.J." Stapleton, III, chairman of the Pennsylvania Liquor Control Board. "We're thrilled to bring this baseball icon back to the area he calls home to let customers and fans meet him and discover his new passion of winemaking."
Fans over 21 may purchase a bottle of Lasorda's wine at the store and have it autographed by Lasorda, Stapleton added.
Eager to preserve his legacy and fulfill another dream after his career in baseball, Lasorda began assembling an award-winning team of Italian wines two years ago, including his Championship Series and Gold Medal Collection.
Two of Lasorda's varietals will be available for purchase during his appearance and are available at more than 20 Philadelphia-area Wine & Spirits stores.
Lasorda Chianti, made in Tuscany from 100 percent Sangiovese grapes, is aged in oak and can be enjoyed now or in the next five years. Lasorda recommends serving this red wine with hearty pasta, barbecue or seafood dishes. The price is $17.99.
Lasorda Pinot Grigio del Veneto is a bright, crisp white wine made in the Old World style, best served with fish, shellfish, roasted white meats or pasta, or alone as an aperitif. The price is $15.99.
Lasorda, who will be inducted into the Philadelphia Sports Hall of Fame on Nov. 12, signed with the Philadelphia Athletics organization as a pitcher in 1944. He made his major league debut with the Brooklyn Dodgers in 1954 and was a member of the Dodgers' 1955 World Series-winning team. He became manager of the Los Angeles Dodgers in 1976, leading them to World Series victories in 1981 and 1988. He retired in 1996 and was elected to the National Baseball Hall of Fame in 1997.
Established in 1933 at the end of national Prohibition, the Pennsylvania Liquor Control Board regulates the distribution of beverage alcohol. In addition to regulating the industry, the Liquor Control Board operates 618 Wine & Spirits Stores. The Liquor Control Board reported sales of more than $1.8 billion in fiscal 2008-09 and a return of $494.5 million in taxes and profits to the state's General Fund, helping to pay the cost of essential services such as education, health care, infrastructure and public safety.
Media contacts: Nick Hays or Francesca Chapman, 717-783-8864
SOURCE Pennsylvania Liquor Control Board
The Capital Grille Invites You to Design a Custom Label for an Exclusive, World-Class WineNovember 9, 2009
Today through November 30, 2009, the search is on for a unique, original label for a special wine, exclusively produced for The Capital Grille. Wine lovers, label enthusiasts and anyone with an inner artist are invited to create an original label to appear on this soon-to-be-debuted wine. Each bottle of this highly-allocated wine will be hand-numbered and only 7,000 bottles will be produced.
The winning label will be featured on every bottle, available exclusively at The Capital Grille from March 15 to April 25, 2010. Additionally, the winner will receive a case of this special wine and an all-expense paid trip to Napa Valley, for an insider's tour of some of the world's top wineries.
The inspiration for this competition comes from a small corner of Napa Valley with high elevation, rugged terrain and salty breezes from the San Pedro Bay. This inspired wine, a wonderfully intense Cabernet Sauvignon with opulent flavors of ripe cherries, black cassis, cedar and vanilla, is deserving of an equally inspired label.
This spectacular wine will complement The Capital Grille's award-winning wine program, which is routinely recognized by Wine Spectator. Featuring over 3,000 bottles of more than 325 Old and New World selections housed in floor-to-ceiling, temperature-controlled wine kiosks, The Capital Grille also offers a Captain's List of 125 collector wines. Guests also have the opportunity to lease a wine locker, personalized with an inscribed brass nameplate.
Entries should be original artwork and will be accepted now through November 30, 2009. Entries will be accepted via mail or email. To enter, visit http://thecapitalgrille.com/call-for-entries/main.asp for contest rules and details. More information on how to enter can be found below.
To Enter by Mail
Download and print the official entry form found at http://thecapitalgrille.com/call-for-entries/main.asp. Complete the entry form and enclose it with your submission of your original (or facsimile of your original) artwork. Entries must include your name, complete address and zip code, phone number with area code, date of birth and signed statement that work is original and the entrant's own. Send completed entry form and art by first class mail, postage affixed, to:
The Capital Grille Wine Label Design Competition
1000 Darden Center Drive
Orlando, Florida 32837
Mailed entries must be postmarked no later than November 30, 2009 and received by December 4, 2009. Sponsor is not responsible for lost, late, damaged, misdirected, illegible, incomplete, stolen or postage due mail or entries. All entries become the property of the sponsor and will not be acknowledged or returned.
To Enter by Email
Send an email to winecompetition@tcgdine.com and include your name, complete address and zip code, phone number with area code, date of birth and signed statement that work is original and the entrant's own. Any art sent via email that does not include this complete information will not be considered.
Attach your artwork (or image of artwork) in one of the following file types: .jpg, .pdf, .eps, or .gif. Please limit your file size to 1 MB. Files larger than that size will not be accepted for consideration.
For more information, please contact: Angela Shin, ashin@jgordonassociates.com; 212.871.3020 x. 109.
About The Capital Grille
The Capital Grille owns and operates 39 locations nationwide. It is known for its dry aged steaks, award-winning wine list, and professional service in an atmosphere of relaxed elegance. Routinely recognized by Wine Spectator magazine, the restaurant recently received the American Culinary Federation's "Achievement of Excellence Award." The Capital Grille offers more than 325 New and Old World wine selections, including a Captain's List of some of the world's most highly allocated and sought-after wines. The restaurant also offers a variety of elegant private dining spaces for meetings and group events. Visit www.thecapitalgrille.com.
SOURCE The Capital Grille
Central European Distribution Corporation to Host Its Third Quarter 2009 Earnings Conference CallNovember 9, 2009
To listen to the call live, you must go to the following web cast at least fifteen minutes early in order to register. You can then download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay of the discussion will be available shortly after the call on our website at www.cedc.com.
What: Central European Distribution Corporation Third Quarter 2009
Earnings Conference Call
When: Wednesday, November 4, 2009 at 8:30 a.m. Eastern Time
Where: http://www.videonewswire.com/event.asp?id=63572
How: Live over the Internet - Simply register and then log on to the
web at the address above
Contact: James Archbold, Director of Investor Relations, (610) 660-7817
TO LISTEN TO THE CONFERENCE CALL PLEASE DIAL IN:
International Calls: 785-830-1942
Toll Free: 800-768-6570
Confirmation Code: 9313345
CEDC is one of the largest vodka producers in Poland and produces the Absolwent, Zubrowka, Bols and Soplica brands, among others. CEDC currently exports Zubrowka to many markets around the world, including the United States, England, France and Japan. CEDC also produces and distributes Royal Vodka, the top selling vodka in Hungary, and produces Parliament Vodka, the leading sub-premium vodka in Russia. CEDC also has an equity stake in the Russian Alcohol Group which produces Green Mark, the number one selling vodka in Russia along with Zhuravli, another top-selling sub-premium vodka in Russia.
CEDC also is the leading national distributor of alcoholic beverages in Poland by value, and a leading importer of alcoholic beverages in Poland and Hungary. In Poland, CEDC imports many of the world's leading brands, including brands such as Carlo Rossi Wines, Concha y Toro wines, Metaxa Brandy, Remy Martin Cognac, Guinness, Sutter Home wines, Grant's Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher's Whisky, Campari, Cinzano, Skyy Vodka and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Hennessey, Moet & Chandon and Concha y Toro, among others.
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements.
Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC's Form 10-K for the fiscal year ended December 31, 2008, including statements made under the captions "Item 1A. Risks Relating to Our Business", its Current Report on Form 8-K filed on July 13, 2009 and in other documents filed by CEDC with the Securities and Exchange Commission and risks arising from current credit market and economic conditions globally and in the markets in which we operate.
Contact:
In the U.S.:
James Archbold
Director of Investor Relations
Central European Distribution Corporation
610-660-7817
In Europe:
Anna Zaluska
Corporate PR Manager
Central European Distribution Corporation
48-22-456-6001
SOURCE Central European Distribution Corporation
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine _ Spirits Store Nov. 11November 9, 2009
See more news releases in: Beers, Wines and Spirits, General Sports, Domestic Policy, U.S. State Policy News
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine & Spirits Store Nov. 11
HARRISBURG, Pa., Nov. 5 - Tommy Lasorda, a Norristown native, baseball Hall of Famer and manager of the two-time World Series champion Los Angeles Dodgers, will meet fans and sign bottles of his Lasorda Wines from 5 p.m. to 7 p.m. on Wednesday, Nov. 11, at the Pennsylvania Wine & Spirits Store at 1940 S. Columbus Blvd., Philadelphia.
"Tommy Lasorda long ago made his mark on the baseball diamond, and now his line of Lasorda wines is making its mark off the field," said Patrick J. "P.J." Stapleton, III, chairman of the Pennsylvania Liquor Control Board. "We're thrilled to bring this baseball icon back to the area he calls home to let customers and fans meet him and discover his new passion of winemaking."
Fans over 21 may purchase a bottle of Lasorda's wine at the store and have it autographed by Lasorda, Stapleton added.
Eager to preserve his legacy and fulfill another dream after his career in baseball, Lasorda began assembling an award-winning team of Italian wines two years ago, including his Championship Series and Gold Medal Collection.
Two of Lasorda's varietals will be available for purchase during his appearance and are available at more than 20 Philadelphia-area Wine & Spirits stores.
Lasorda Chianti, made in Tuscany from 100 percent Sangiovese grapes, is aged in oak and can be enjoyed now or in the next five years. Lasorda recommends serving this red wine with hearty pasta, barbecue or seafood dishes. The price is $17.99.
Lasorda Pinot Grigio del Veneto is a bright, crisp white wine made in the Old World style, best served with fish, shellfish, roasted white meats or pasta, or alone as an aperitif. The price is $15.99.
Lasorda, who will be inducted into the Philadelphia Sports Hall of Fame on Nov. 12, signed with the Philadelphia Athletics organization as a pitcher in 1944. He made his major league debut with the Brooklyn Dodgers in 1954 and was a member of the Dodgers' 1955 World Series-winning team. He became manager of the Los Angeles Dodgers in 1976, leading them to World Series victories in 1981 and 1988. He retired in 1996 and was elected to the National Baseball Hall of Fame in 1997.
Established in 1933 at the end of national Prohibition, the Pennsylvania Liquor Control Board regulates the distribution of beverage alcohol. In addition to regulating the industry, the Liquor Control Board operates 618 Wine & Spirits Stores. The Liquor Control Board reported sales of more than $1.8 billion in fiscal 2008-09 and a return of $494.5 million in taxes and profits to the state's General Fund, helping to pay the cost of essential services such as education, health care, infrastructure and public safety.
Media contacts: Nick Hays or Francesca Chapman, 717-783-8864
SOURCE Pennsylvania Liquor Control Board
Peter Swinburn, Molson Coors president and chief executive officer, said, "Molson Coors had a successful third quarter, with underlying earnings up more than 22 percent versus a year ago. This headline profit includes some non-operating and one-time noise, both positive and negative. The positive resolution of tax positions in the quarter was partially offset by currency headwinds, a mark-to-market hedge loss this year, and the challenge of cycling supplier negotiation benefits last year. Excluding these factors, earnings grew approximately 13 percent in the quarter. These trading results reflect a high level of brand investment, coupled with cost control and price management. Our results also reflect weak industry volume trends, continued cost inflation across our businesses, and more promotional pricing activity in Canada. In terms of our portfolio performance, total-company volume in the third quarter declined, and worldwide Coors Light volumes were down slightly against a strong growth quarter a year ago."
"We remain focused on building a diverse portfolio of extraordinary brands, offering value-enhancing innovations for consumers, and achieving positive pricing to grow our top-line and bottom-line as the economy improves. We offer value to consumers in many forms, including innovative brands and promotional packaging, as well as category-leading advertising, retail promotions and service to our customers. In the fourth quarter, incremental investments related to these efforts will be most significant in our Canada, U.S. and international businesses. These investments are consistent with our brand-led global strategies, and we expect them to drive top-line and bottom-line growth as we move into 2010."
Third Quarter Highlights
Key operating and financial highlights for the Company's fiscal third quarter ended September 26, 2009, compared to the fiscal third quarter ended September 28, 2008, include the following:
- Net income attributable to Molson Coors increased 37.4 percent to $235.3 million for the third quarter, up from $171.3 million a year ago, driven by a lower effective tax rate, a one-time gain on the Company's total-return swap, and lower net special charges, as well as strong cost control and price management across the company.
- Underlying after-tax income(1) increased 22.7 percent to $212.9 million, or $1.14 per diluted share, up from $173.5 million, or $0.93 per diluted share a year ago. This earnings performance was driven by a lower effective tax rate and strong earnings growth from MillerCoors and our U.K. business, which were partially offset by cost inflation, lower worldwide volume, and unfavorable currency movements.
- Third quarter 2009 results include the impact of unfavorable foreign currency movements, which decreased total underlying pretax income approximately $13 million versus a year ago.
- Molson Coors worldwide beer volume decreased 2.9 percent, driven by challenging markets, a weak global economy, and the Company's continued strategy in the U.K. to emphasize revenue growth over low-margin volume growth.
The Company's effective tax rate during the third quarter 2009 for income from continuing operations was 9 percent on a reported basis and 4 percent on an underlying basis. The Company estimates that its full-year 2009 underlying effective tax rate will be in the range of negative 2 percent to positive 2 percent. These tax rates are significantly lower than the Company's anticipated long-term tax rate range of 22 percent to 26 percent due to the favorable resolution of unrecognized tax positions during 2009.
During the quarter, Molson Coors achieved an incremental $18 million of cost savings as part of its three-year, $250 million Resources for Growth (RFG) cost savings program. Savings from the RFG program now total $246 million.
MillerCoors achieved $73 million in synergies in the third quarter, largely due to marketing synergies, as well as organizational savings resulting from the elimination of duplicate and transitional positions in the third quarter 2008. Molson Coors' 42 percent share of these synergies is $31 million. Network optimization savings continue to be realized from shifting production of Coors and Miller brands into the larger MillerCoors brewery network, a process which will continue for the next nine months. MillerCoors continues to integrate business processes and systems across the enterprise to deliver enhanced customer solutions and better leverage the scale of the business.
MillerCoors has delivered $183 million in synergies this year, bringing the total to $211 million since beginning operations on July 1, 2008. The Company now expects to achieve $270 million of cumulative synergies by the end of 2009, surpassing its original commitment of $225 million. As previously communicated, MillerCoors will deliver incremental cost savings above the $500 million synergy target, and approximately $200 million in cost savings are expected to be delivered by the end of 2012, approximately in-line with current market expectations. These cost savings include efficiencies in production costs, procurement, and marketing, general and administrative expense.
Molson Coors Brewing Company's total worldwide beer volume was 13.8 million hectoliters in the quarter, 2.9 percent lower versus the prior year, as shown in Table 1 below.
Molson Coors Brewing Company
Table 1: 2009 Third Quarter Worldwide Beer Volume
(In Millions of Hectoliters)
Thirteen Weeks Ended
--------------------------------------
September 26, 2009 September 28, 2008 % Change
-------------------------------------- --------
Actual Actual
Financial Volume: 5.181 5.480 (5.5%)
Royalty Volume: 0.076 0.078 (2.6%)
--------------------------------------
Owned Volume: 5.257 5.558 (5.4%)
Proportionate Share of
Equity Investment
Sales-to-Retail(1): 8.542 8.658 (1.3%)
--------------------------------------
Total Worldwide Beer
Volume: 13.799 14.216 (2.9%)
======================================
Notes:
(1) Reflects the addition of Molson Coors Brewing Company's
proportionate share of MillerCoors and Modelo Molson sales-to-retail
for the periods presented, adjusted for comparable trading days, if
applicable.
Business Segments
Following are the Company's 2009 third quarter results by business segment:
Canada Business
Canada underlying pretax income in local currency declined 2 percent versus a year ago. Positive net pricing and the benefit of cost savings initiatives were offset by declines in volume and higher marketing, general and administrative expenses, driven by increased brand investment and the deconsolidation of our interest in the Beer Stores in Ontario (Brewers Retail Inc.). On a reported basis, Canada underlying pretax income was $139.3 million in the third quarter, 7.7 percent lower than a year ago, as the Canadian Dollar declined versus the U.S. Dollar approximately 6 percent, or $9 million, in the quarter.
Canada sales-to-retail (STRs) decreased 3.2 percent in the third quarter versus last year. Coors Light continued to show growth, while Molson Canadian and Molson Export declined versus prior year. Canada beer industry volumes decreased an estimated 0.7 percent in the quarter.
Canada sales volume was 2.5 million hectoliters, down 1.8 percent from a year ago. Comparable(2) net sales per hectoliter increased 2 percent in local currency, driven by favorable net pricing, led by price increases across all major markets, partially offset by continued price discounting activity.
Cost of goods sold per hectoliter increased slightly on a comparable basis in local currency. An increase in commodity, packaging material, distribution and other input costs, including pension expense, as well as fixed cost deleverage related to lower export volume to the U.S., were offset by savings from our Resources for Growth initiatives.
Comparable marketing, general and administrative expenses increased 4.4 percent in local currency, driven by higher brand and innovation investments.
United States Business (MillerCoors)(3)
Molson Coors underlying U.S. segment pretax income grew 16.6 percent to $107.4 million in the third quarter due to strong underlying income growth by MillerCoors. Strong MillerCoors income growth was partially offset by cycling high equity income last year and one day of income for the legacy Coors business prior to the formation of MillerCoors on July 1, 2008.
MillerCoors Operating and Financial Highlights (U.S. GAAP)
For the quarter, underlying net income attributable to MillerCoors, excluding special items, increased 28.1 percent to $244.4 million versus the prior-year comparable quarter. MillerCoors is successfully delivering synergies, controlling costs, and managing revenue for sustainable profit growth, despite continuing commodity cost pressures.
MillerCoors domestic sales-to-retailers (STRs) were down 1.3 percent due to a slight decline in premium light volumes and continued softness in above premium and premium brands. Domestic sales-to-wholesalers (STWs) fell 0.7 percent primarily driven by lower retail sales.
MillerCoors total net revenue increased 3.1 percent to $2.01 billion versus the prior-year comparable quarter, driven by domestic net pricing. Excluding contract brewing and company-owned distributor sales, net sales revenue increased 3.0 percent to $1.87 billion. Third-party contract brewing volumes declined 4.6 percent, though profits were up slightly from the prior-year comparable quarter.
Pricing remained strong in the third quarter, as domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 3.7 percent, driven by sustained price increases taken in the fall of 2008 and reductions in discount activity.
Cost of goods sold per barrel increased 3.5 percent as benefits from MillerCoors cost leadership programs were more than offset by brewing and packaging material cost increases under procurement contracts largely arranged prior to more recent commodity market price reductions.
Marketing, general and administrative costs decreased 4.5 percent, driven primarily by lower organizational costs and synergies, which were partially offset by IT integration-related expenses.
Depreciation and amortization expenses for MillerCoors in the third quarter were $72.9 million and additions to tangible and intangible assets totaled $79.5 million.
United Kingdom Business
U.K. underlying pretax earnings in local currency increased more than 20 percent versus a year ago. This increase was driven by positive results from the strategic actions our U.K. team has taken in the past year, including leveraging our contract brewing arrangement and brand building efforts, allowing us to forgo low-margin volume. The benefit of these actions was partially offset by the one-time impact of a mark-to-market adjustment on natural gas hedges and cycling a one-time supplier negotiation benefit of $6 million in 2008, combined with lower volume and higher marketing, general and administration expenses in the quarter. On a reported basis, third quarter U.K. underlying pretax income was $32.7 million, an increase of $2.0 million, or 6.5 percent, versus the same quarter last year. These results include the impact of a 13 percent devaluation of the British Pound versus the U.S. Dollar, which reduced U.K. earnings by $5 million in the quarter.
U.K. owned-brand volume decreased 6.3 percent during the quarter due to declining industry volume and the Company's strategy to forgo low-margin volume. The U.K. beer industry volume declined approximately 1 percent in the third quarter.
Comparable net sales per hectoliter of owned products increased 21 percent in local currency, driven by two factors. Higher pricing in all channels and positive sales mix drove 17 percent and 4 percent of the increase, respectively.
Comparable cost of goods sold per hectoliter of owned brands increased 22 percent in local currency in the third quarter, driven by cycling the one-time supplier negotiation benefit in 2008, input cost inflation, adverse brand and channel mix, a mark-to-market adjustment on natural gas hedges, and the deleveraging impact of lower owned-brand volumes.
Marketing, general and administrative expense increased 7.8 percent in local currency due to higher marketing, incentive compensation, and bad debt expenses in the quarter, along with sales-related costs in our new Cobra business.
International Markets and Corporate
The underlying pretax loss for International Markets and Corporate was $57.5 million, a 7.1 percent increase versus the third quarter of 2008.
The Company's International Markets business grew volume nearly 28 percent, on a small base, driven by the strength of Coors Light in China and Carling in Europe. Marketing, general and administrative expense for International Markets was $12.7 million in the quarter, an increase of $1.1 million versus a year ago.
Corporate general and administrative expense was $28.1 million in the third quarter, an increase of $7.7 million, driven by higher incentive compensation, project spending, and labor-related costs this year.
Corporate net interest expense was $24.7 million in the third quarter, a decrease of $3.7 million compared to a year ago, with approximately $2.7 million of this reduction attributable to the deconsolidation of BRI and the balance due to foreign currency movements. In the quarter, Corporate other income of $58.2 million was driven by a one-time mark-to-market gain related to the Foster's cash-settled total-return swap.
Special and Other One-Time Items
During the third quarter 2009, the Company reported net special charges of $4.3 million pretax, which was composed primarily of $3.5 million of non-cash expenses associated with closing the Edmonton Brewery.
Other one-time items in the quarter included a $59.3 million non-cash mark-to-market gain in Corporate other income related to the cash-settled total-return swap the Company arranged with respect to Foster's common stock in 2008.
During the third quarter of 2009, MillerCoors reported special charges totaling $14.7 million, which include pension curtailment and integration expenses. This equates to $6.2 million at Molson Coors' 42 percent economic ownership share.
The foregoing special and other one-time items have been excluded from underlying earnings in the third quarter 2009.
The company's underlying results were reduced by other non-operating or unusual factors, including unfavorable year-over-year currency movements, a mark-to-market hedge loss this year and supplier negotiation benefits last year in the U.K. These headwinds totaled $22.3 million pretax in the 3rd quarter. Meanwhile, results in the quarter benefited from the favorable resolution of some unrecognized tax positions, which increased $36.4 million from a year ago.
Discontinued Operations
The Company reports results associated with its former Brazilian unit, Cervejarias Kaiser ("Kaiser"), as discontinued operations. The Company reported a loss of $9.0 million from discontinued operations during the quarter due to legal expenses and losses from foreign exchange, which were partially offset by reductions in liabilities.
2009 Third Quarter Earnings Conference Call
Molson Coors Brewing Company will conduct an earnings conference call with financial analysts and investors at 11:00 a.m. Eastern Time today to discuss the Company's 2009 third quarter results. The Company will provide a live webcast of the earnings call.
Approximately two hours after the conclusion of the earnings call, the Company will also host an online, real-time webcast of an Investor Relations Follow-up Session with financial analysts at 2:00 p.m. Eastern Time. Both webcasts will be accessible via the Company's website, www.molsoncoors.com. Online replays of the webcasts will be available until 11:59 p.m. Eastern Time on February 9, 2010. The Company will also post this release and related financial statements on its website today.
Footnotes:
(1) The Company calculates non-GAAP underlying income by excluding special and other one-time items from the nearest U.S. GAAP earnings measure. To calculate underlying income in the third quarter of 2009, the Company excluded one-time items, particularly related to MillerCoors, and the Foster's cash-settled total-return swap, as well as net special charges of $4.3 million pretax. For further details, please see the section "Special and Other One-Time Items", along with tables for reconciliations to the nearest U.S. GAAP measures. All $ amounts are in U.S. Dollars.
(2) Except where otherwise indicated, comparable Canada results exclude the sales and costs related to exporting beer to MillerCoors, as well as the reporting effects of the deconsolidation of Brewers Retail Inc. (BRI) in Ontario on March 1, 2009.
(3) MillerCoors, a U.S. joint venture of Molson Coors Brewing Company and SABMiller plc, was launched on July 1, 2008. Molson Coors has a 42 percent economic interest in MillerCoors, which is accounted for using the equity method. Molson Coors' interest in MillerCoors results, along with certain adjustments under U.S. GAAP, are reflected in "Equity Income in MillerCoors." This release includes reconciliation from MillerCoors Net Income to Molson Coors Brewing Company Equity Income in MillerCoors and Non-GAAP U.S. Segment Underlying Pretax Income (see Table 6).
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the federal securities laws, and language indicating trends, such as "trend improvements," "progress," "anticipated," "expected," "improving sales trends" and "on track." It also includes financial information, of which, as of the date of this press release, the Company's independent auditors have not completed their review. Although the Company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. These factors include, among others, changes in consumer preferences and product trends; price discounting by major competitors; failure to realize the anticipated cost savings and other benefits from MillerCoors; failure to realize anticipated results from synergy initiatives; and increases in costs generally. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. We do not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
Reconciliations to Nearest U.S. GAAP Measures
Molson Coors Brewing Company
Table 2: 2009 Third Quarter Underlying After-Tax Income
(After-Tax Income From Continuing Operations, Excluding Special and Other
One-time Items)
(In Millions of $US, Except Per Share Data)
(Note: Some numbers may not sum due to rounding.)
2009 3rd Q 2008 3rd Q
---------- ----------
U.S. GAAP: Income from continuing
operations attributable to MCBC,
net of tax: 244.3 168.1
Per diluted share: $1.31 $0.90
Add back: Pretax special items - net 4.3 24.8
Add back: Environmental litigation
reserve (1) - 3.6
Add back: Proportionate share of MillerCoors
pretax special items - net (2) 6.2 9.5
(Less): Impact of MillerCoors accounting
policy elections (2) - (27.9)
(Less): Gain related to the cash-settled
total return swap (1) (59.3) (13.6)
Add back: Tax effects related to special
and other one-time items 17.4 9.0
Non-GAAP: Underlying after-tax income: 212.9 173.5
Per diluted share: $1.14 $0.93
Notes:
(1) Included in Other Income (Expense)
(2) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
Molson Coors Brewing Company
Table 3: 2009 Third Quarter Underlying After-Tax Income, Net of
Adjustments(1)
(In Millions of $US)
(Note: Some numbers may not sum due to rounding.)
Non-GAAP: Underlying after-tax
income - 3rd Q 2009: $212.9
Adjustments - 3rd Q 2009 versus 3rd Q 2008:
Currency movements, mark-to-market hedge
loss 16.3
Supplier renegotiation benefits in prior
year 6.0
Tax effects related to hedge loss and
supplier renegotiation benefits (2.7)
Benefit of resolution of unrecognized
tax positions (36.4)
-------
Non-GAAP: Underlying after-tax
income - 3rd Q 2009, net of
adjustments(1): $196.1
Non-GAAP: Underlying after tax
income - 3rd Q 2008: $173.5
Year-over-year percent change: 13%
Notes:
(1) Adjusted for year-over-year variances in other non-operating or
unusual factors.
Molson Coors Brewing Company
Table 4: 2009 Third Quarter Underlying Pretax Income
(Pretax Income From Continuing Operations, Excluding Special and Other
One-time Items)
(In Millions of $US)
(Note: Some numbers may not sum due to rounding.)
Business Total
---------------------------------------- ------------
MCI and
Canada U.S. U.K. Corporate Consolidated
---------------------------------------- ------------
U.S. GAAP: 2009 3rd
Q Income (loss) from
continuing operations
before income
taxes $135.7 $101.2 $32.4 $1.4 $270.7
Add back: Pretax
special items - net 3.8 - 0.2 0.3 4.3
Add back: Proportionate
share of MillerCoors
pretax special items
- net (2) - 6.2 - - 6.2
(Less): Gain related
to the cash-settled
total return swap (1) - - - (59.3) (59.3)
Non-GAAP: 2009 3rd Q
underlying pretax
income (loss) $139.3 $107.4 $32.7 $(57.5) $221.9
---------------------------------------- ------------
Percent change 2009
3rd Q vs. 2008 3rd
Q underlying pretax
income (loss) -7.7% 16.6% 6.5% 7.1% 0.8%
---------------------------------------- ------------
U.S. GAAP: 2008
3rd Q Income (loss)
from continuing
operations before
income taxes $148.0 $110.5 $30.5 $(65.3) $223.7
Add back: Pretax
special items - net 3.0 - 0.2 21.6 24.8
Add back: Environmental
litigation
reserve (1) - - - 3.6 3.6
Add back: Proportionate
share of MillerCoors
pretax special items -
net (2) - 9.5 - - 9.5
(Less): Impact of
MillerCoors accounting
policy
elections (2) - (27.9) - - (27.9)
(Less): Gain related
to the cash-settled
total return
swap (1) - - - (13.6) (13.6)
Non-GAAP: 2008 3rd Q
underlying pretax
income (loss) $151.0 $92.1 $30.7 $(53.7) $220.1
---------------------------------------- ------------
Notes:
(1) Included in Other Income (Expense)
(2) Included in Equity Income in MillerCoors, but excluded from non-GAAP
underlying pretax income.
MillerCoors LLC
Table 5: 2009 Third Quarter Underlying Net Income
(Net Income, Excluding Special Items)
(In Millions)
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
--------------------------- ---------------------------
Pro Forma
U.S. GAAP - Net
Income attributable
to MillerCoors LLC: $229.7 $168.2 $740.6 $479.4
Add back: Special
items, net 14.7 22.6 45.5 138.7
--------------------------- ---------------------------
Non-GAAP -
Underlying
net income: $244.4 $190.8 $786.1 $618.1
=========================== ===========================
Pretax and after-tax underlying income should be viewed as a supplement to -- not a substitute for -- our results of operations presented on the basis of accounting principles generally accepted in the United States. We believe that underlying income performance is used by and is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to evaluate our performance without regard to items such as special items, which can vary substantially from company to company depending upon accounting methods and book value of assets and capital structure. Our management uses underlying income as a measure of operating performance to assist in comparing performance from period to period on a consistent basis; as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; and in communications with the board of directors, stockholders, analysts and investors concerning our financial performance.
Molson Coors Brewing Company
Table 6: Reconciliation of Net Income Attributable to MillerCoors to
MCBC's Equity Income in MillerCoors and Reconciliation to U.S. Segment
Underlying Pretax Income
(In Millions)
(Note: Some numbers may not sum due to rounding.)
Three Three
Months Ended Months Ended
-------------------------------
September 30, September 30,
2009 2008
-------------------------------
MillerCoors Net Income $229.7 $168.2
Multiply: MCBC economic interest
% in MillerCoors 42% 42%
-------------------------------
MCBC proportionate share of MillerCoors
net income $96.5 $70.6
Add: Accounting policy elections (1) - 31.8
Add: Amortization of the difference
between MCBC contributed cost basis and
the underlying equity in net assets
of MillerCoors (2) 2.4 6.0
Add: Share-based compensation
adjustment (3) 2.3 (1.9)
-------------------------------
Equity Income in MillerCoors (reported) $101.2 $106.5
===============================
Add: U.S. Segment pretax income for
June 30, 2008 - 4.0
Add: Proportionate share of MillerCoors
special items (4) 6.2 9.5
Add: MillerCoors variable share-based
compensation (5) - 3.9
(Minus): Accounting policy elections (1) - (31.8)
-------------------------------
U.S. Segment Underlying Pretax Income
(Non-GAAP) $107.4 $92.1
===============================
Notes:
(1) MillerCoors made its initial accounting policy elections upon
formation, impacting certain asset and liability balances. These
adjustments reflect the impact to our investment in MillerCoors,
which is based upon our contributed assets and liabilities.
(2) MCBC's net investment in MillerCoors is based on the carrying values
of the net assets it contributed to the joint venture. MCBC's
investment basis in MillerCoors is less than our underlying equity
(42%) in the total net assets of MillerCoors (contributed by both
Coors and Miller) by approximately $633.4 million. This amount is
being amortized over a period of time represented primarily by the
remaining useful lives of long-lived assets giving rise to the
difference. For non-depreciable assets, such as goodwill, no
adjustment will be recorded to the MillerCoors equity method income
unless there is an impairment.
(3) The net adjustment is to record all stock-based compensation
associated with preexisting equity awards to be settled in MCBC Class
B common stock held by former CBC employees now employed by
MillerCoors and eliminate all stock-based compensation impacts
related to preexisting SABMiller equity awards held by Miller
employees now employed by MillerCoors. The adjustment is to
recognize the additional 58% of the stock-based compensation costs
associated with those awards recognized and reported by MCBC's U.S.
business and eliminate all of the costs associated with equity awards
to be settled in SABMiller equity.
(4) MillerCoors Q3 2009 Special Items of $14.7 million, multiplied by
MCBC's proportionate share of MillerCoors at 42%, equals $6.2
million. MillerCoors Q3 2008 Special Items of $22.6 million,
multiplied by MCBC's proportionate share of MillerCoors at 42%,
equals $9.5 million.
(5) Included in Equity Income in MillerCoors. This adjustment represents
the fair value mark to market component of MCBC share-based
compensation held by employees of MillerCoors.
Molson Coors Brewing Company and Subsidiaries
Table 7: Condensed Consolidated Statements of Operations
(In Millions, Except Per Share Data)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters 5.181 5.480 14.082 29.868
=========================== ===========================
Sales $1,250.3 $1,373.8 $3,234.9 $5,549.5
Excise taxes (396.6) (452.7) (1,023.3) (1,514.3)
--------------------------- ---------------------------
Net Sales 853.7 921.1 2,211.6 4,035.2
Cost of goods sold (472.6) (524.4) (1,251.3) (2,392.9)
--------------------------- ---------------------------
Gross profit 381.1 396.7 960.3 1,642.3
Marketing, general and
administrative
expenses (240.7) (236.8) (653.3) (1,136.6)
Special items, net (4.3) (24.8) (21.6) (136.1)
Equity income in
MillerCoors 101.2 106.5 332.4 106.5
--------------------------- ---------------------------
Operating income 237.3 241.6 617.8 476.1
Interest expense,
net (1) (22.5) (25.6) (62.3) (80.4)
Debt extinguishment
costs - - - (12.4)
Other income, net 55.9 7.7 29.1 6.4
--------------------------- ---------------------------
Income from continuing
operations before
income taxes 270.7 223.7 584.6 389.7
Income tax expense (25.3) (54.9) (71.3) (74.9)
--------------------------- ---------------------------
Income from continuing
operations 245.4 168.8 513.3 314.8
(Loss) income from
discontinued
operations, net
of tax (9.0) 3.2 (12.9) (18.1)
--------------------------- ---------------------------
Net income 236.4 172.0 500.4 296.7
Less: Net income
attributable to
noncontrolling
interests (2) (1.1) (0.7) (2.1) (11.6)
--------------------------- ---------------------------
Net income
attributable
to MCBC $235.3 $171.3 $498.3 $285.1
=========================== ===========================
Basic income (loss)
per share:
From continuing
operations
attributable
to MCBC $1.32 $0.91 $2.78 $1.66
From discontinued
operations
attributable
to MCBC (0.05) 0.02 (0.07) (0.10)
Basic net income
per share $1.27 $0.93 $2.71 $1.56
Diluted income
(loss) per share:
From continuing
operations
attributable
to MCBC $1.31 $0.90 $2.75 $1.63
From discontinued
operations
attributable
to MCBC (0.05) 0.02 (0.07) (0.10)
--------------------------- ---------------------------
Diluted net income
per share $1.26 $0.92 $2.68 $1.53
=========================== ===========================
Weighted average
shares - basic 184.6 183.5 184.2 182.3
Weighted average
shares - diluted 186.2 185.7 185.6 185.5
Dividends per share $0.24 $0.20 $0.68 $0.56
=========================== ===========================
Amount attributable
to MCBC
Income from
continuing
operations,
net of tax $244.3 $168.1 $511.2 $303.2
(Loss) income
from discontinued
operations,
net of tax (9.0) 3.2 (12.9) (18.1)
--------------------------- ---------------------------
Net income
attributable
to MCBC $235.3 $171.3 $498.3 $285.1
=========================== ===========================
Notes:
(1) On December 29, 2008, we adopted guidance regarding accounting for
convertible debt instruments that may be settled in cash upon
conversion (including partial cash settlement) that applies to all
convertible debt instruments that have a "net settlement feature",
which means that such convertible debt instruments, by their terms,
may be settled either wholly or partially in cash upon conversion.
This guidance requires issuers of convertible debt instruments that
may be settled wholly or partially in cash upon conversion to
separately account for the liability and equity components in a
manner reflective of the issuers' nonconvertible debt borrowing rate.
The provisions of this guidance were retroactively applied. As a
result, $4.0 million and $11.8 million of additional non-cash
interest expense was recorded in the third quarter and first thirty-
nine weeks of 2008, respectively. During the third quarter and first
thirty-nine weeks of 2009, we recorded $4.1 million and $12.2 million
of additional non-cash interest expense, respectively.
(2) On December 29, 2008, MCBC adopted guidance regarding accounting for
noncontrolling interests in consolidated financial statements, the
provisions of which, among others, require that minority interests be
renamed noncontrolling interests and that consolidated net income
(loss) includes the amounts attributable to such noncontrolling
interests for all periods presented.
Molson Coors Brewing Company and Subsidiaries
Table 8: Canada Segment Results of Operations
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008(1)
--------------------------- ---------------------------
Volume in
hectoliters 2.477 2.522 6.642 7.548
=========================== ===========================
Sales $653.4 $706.9 $1,689.5 $1,957.8
Excise taxes (159.6) (165.2) (400.0) (444.2)
--------------------------- ---------------------------
Net sales 493.8 541.7 1,289.5 1,513.6
Cost of goods sold (239.7) (278.5) (658.2) (808.8)
--------------------------- ---------------------------
Gross profit 254.1 263.2 631.3 704.8
Marketing, general
and administrative
expenses (113.4) (110.9) (300.7) (334.7)
Special items, net (3.8) (3.0) (12.8) (4.9)
--------------------------- ---------------------------
Operating income 136.9 149.3 317.8 365.2
Other (expense)
income, net (1.2) (1.3) 4.3 (0.5)
--------------------------- ---------------------------
Earnings before
income taxes $135.7 $148.0 $322.1 $364.7
=========================== ===========================
Notes:
(1) As a result of the MillerCoors formation on July 1, 2008, and MCBC's
prospective equity accounting for MillerCoors, sales shown above for
the thirteen weeks ended September 28, 2008, present MCBC's former
U.S. segment net sales for a single day of June 30, 2008, and our
proportional share of net income for the period July 1, 2008, through
September 28, 2008. Sales shown for the thirty-nine weeks ended
September 28, 2008, represent MCBC's former U.S. segment net sales
for the twenty-six weeks ended June 29, 2008, plus net sales for a
single day of June 30, 2008, and our proportional share of net income
for the period July 1, 2008, through September 28, 2008.
Molson Coors Brewing Company and Subsidiaries
Table 9: United States Segment Results of Operations (1)
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters - 0.115 - 14.894
=========================== ===========================
Sales $- $14.7 $- $1,736.4
Excise taxes - (1.8) - (231.6)
--------------------------- ---------------------------
Net sales - 12.9 - 1,504.8
Cost of goods sold - (7.7) - (915.1)
--------------------------- ---------------------------
Gross profit - 5.2 - 589.7
Marketing, general and
administrative expenses - (1.2) - (413.3)
Special items, net - - - (69.3)
Equity income in
MillerCoors 101.2 106.5 332.4 106.5
--------------------------- ---------------------------
Operating income 101.2 110.5 332.4 213.6
Other income, net - - - 2.3
Earnings before
income taxes $101.2 $110.5 $332.4 $215.9
=========================== ===========================
Notes:
(1) Reflects the formation of MillerCoors on July 1, 2008, and the
Company's pre-existing U.S. operations prior to July 1, 2008.
Molson Coors Brewing Company and Subsidiaries
Table 10: United Kingdom Segment Results of Operations
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters 2.552 2.724 7.048 7.894
=========================== ===========================
Sales $573.5 $632.4 $1,485.9 $1,859.8
Excise taxes (235.0) (283.6) (618.3) (833.5)
--------------------------- ---------------------------
Net sales 338.5 348.8 867.6 1,026.3
Cost of goods sold (220.5) (227.9) (561.9) (698.4)
--------------------------- ---------------------------
Gross profit 118.0 120.9 305.7 327.9
Marketing, general
and administrative
expenses (86.5) (92.8) (236.4) (284.1)
Special items, net (0.2) (0.2) (7.9) (5.4)
--------------------------- ---------------------------
Operating income 31.3 27.9 61.4 38.4
Interest income, net 2.2 2.8 6.3 8.5
Other expense, net (1.1) (0.2) (2.7) (2.0)
--------------------------- ---------------------------
Earnings before
income taxes $32.4 $30.5 $65.0 $44.9
=========================== ===========================
Molson Coors Brewing Company and Subsidiaries
Table 11: Molson Coors International and Corporate Results of Operations
(In Millions)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
--------------------------- ---------------------------
September 26, September 28, September 26, September 28,
2009 2008 2009 2008
--------------------------- ---------------------------
Volume in
hectoliters 0.152 0.119 0.392 0.316
=========================== ===========================
Sales $23.4 $19.8 $59.5 $51.1
Excise taxes (2.0) (2.1) (5.0) (5.0)
--------------------------- ---------------------------
Net sales 21.4 17.7 54.5 46.1
Cost of goods sold (12.4) (10.3) (31.2) (26.2)
--------------------------- ---------------------------
Gross profit 9.0 7.4 23.3 19.9
Marketing, general
and administrative
expenses (40.8) (31.9) (116.2) (104.5)
Special items, net (0.3) (21.6) (0.9) (56.5)
--------------------------- ---------------------------
Operating loss (32.1) (46.1) (93.8) (141.1)
Interest expense,
net (24.7) (28.4) (68.6) (88.9)
Debt extinguishment
costs - - - (12.4)
Other income, net 58.2 9.2 27.5 6.6
--------------------------- ---------------------------
Income (loss)
before income taxes $1.4 $(65.3) $(134.9) $(235.8)
=========================== ===========================
MillerCoors LLC (1)
Table 12: Results of Operations
(In Millions)
(Unaudited)
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
--------------------------- ---------------------------
Pro
Actual Actual Actual Forma (2)
Volume in
hectoliters 21.640 21.881 63.000 63.998
=========================== ===========================
Sales $2,350.7 $2,293.4 $6,855.8 $6,710.2
Excise taxes (341.2) (343.7) (993.7) (1,004.1)
--------------------------- ---------------------------
Net sales 2,009.5 1,949.7 5,862.1 5,706.1
Cost of goods sold (1,266.6) (1,236.9) (3,618.8) (3,513.7)
--------------------------- ---------------------------
Gross profit 742.9 712.8 2,243.3 2,192.4
Marketing, general
and administrative
expenses (496.0) (519.1) (1,438.4) (1,566.2)
Special items, net (14.7) (22.6) (45.5) (138.7)
--------------------------- ---------------------------
Operating income 232.2 171.1 759.4 487.5
Other income, net 2.3 2.3 1.6 7.1
--------------------------- ---------------------------
Income from
continuing
operations
before income
taxes 234.5 173.4 761.0 494.6
Income tax expense (2.3) (1.9) (6.9) (1.9)
--------------------------- ---------------------------
Income from
continuing
operations 232.2 171.5 754.1 492.7
Less: Net income
attributable to
noncontrolling
interests (2.5) (3.3) (13.5) (13.3)
--------------------------- ---------------------------
Net income
attributable
to MillerCoors LLC $229.7 $168.2 $740.6 $479.4
=========================== ===========================
Notes:
(1) Economic ownership of MillerCoors LLC is 58% held by SABMiller and
42% held by Molson Coors. See Table 5 in the release for a
reconciliation from MillerCoors net income to Molson Coors equity
income in MillerCoors.
(2) The pro forma financial information has been derived from the
historical financial results of the respective U.S. businesses of
Molson Coors Brewing Company and SABMiller, giving effect to the
MillerCoors transaction and other related adjustments. These pro
forma results are not necessarily indicative of the results of
operations that would have been achieved had the MillerCoors
transaction taken place at the beginning of the pro forma period,
and do not purport to be indicative of future operating results.
Molson Coors Brewing Company and Subsidiaries
Table 13: Condensed Consolidated Balance Sheets
(In Millions)
(Unaudited)
As of
-------------------------------
September 26, December 28,
2009 2008
------------- ------------
Assets
Cash and cash equivalents $565.1 $216.2
Receivables, net 661.8 635.4
Inventories, net 223.7 192.1
Other, net 57.2 63.4
------------- ------------
Total current assets 1,507.8 1,107.1
Properties, net 1,251.8 1,301.9
Goodwill and intangibles, net 5,813.7 5,221.4
Investment in MillerCoors 2,588.1 2,418.7
Other 329.8 337.5
------------- ------------
Total assets $11,491.2 $10,386.6
============= ============
Liabilities and equity
Accounts payable $185.4 $170.5
Accrued expenses and other 912.4 815.5
Current portion of long-term debt and
short-term borrowings 300.1 0.1
Total current liabilities 1,397.9 986.1
Long-term debt 1,376.6 1,752.0
Pension and post-retirement benefits 489.9 581.0
Other 1,192.7 1,028.1
------------- ------------
Total liabilities 4,457.1 4,347.2
Total MCBC stockholders' equity 7,018.7 6,055.4
Noncontrolling interests 15.4 (16.0)
------------- ------------
Total equity 7,034.1 6,039.4
------------- ------------
Total liabilities and equity $11,491.2 $10,386.6
============= ============
Molson Coors Brewing Company and Subsidiaries
Table 14: Condensed Consolidated Statements of Cash Flows
(In Millions)
(Unaudited)
Thirty-Nine Weeks Ended
-------------------------------
September 26, September 28,
2009 2008
------------- -------------
Cash flows from operating activities:
Net income $500.4 $296.7
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 135.3 224.4
Equity income in MillerCoors (332.4) (106.5)
Distributions from MillerCoors 351.5 58.8
Change in working capital and other, net 12.0 (77.8)
------------- -------------
Net cash provided by operating
activities 666.8 395.6
Cash flows from investing activities:
Additions to properties and intangible
assets (71.7) (176.5)
Proceeds from sales of assets and
businesses, net 3.9 35.7
Acquisition of businesses (19.6) -
Investment in MillerCoors, net (109.2) (78.8)
Other, net (29.9) 4.6
------------- -------------
Net cash used in investing activities (226.5) (215.0)
Cash flows from financing activities:
Exercise of stock options under equity
compensation plans 25.5 51.6
Dividends paid to Molson Coors Brewing
Company stockholders (125.8) (102.2)
Net repayments of debt (0.4) (163.2)
Other 9.1 (6.2)
------------- -------------
Net cash used in financing activities (91.6) (220.0)
Cash and cash equivalents:
Net increase (decrease) in cash and
cash equivalents 348.7 (39.4)
Effect of foreign exchange rate changes
on cash and cash equivalents 0.2 (3.1)
Balance at beginning of year 216.2 377.0
------------- -------------
Balance at end of period $565.1 $334.5
============= =============
SOURCE Molson Coors Brewing Company
"Here's to this year's list - featuring a large selection of organic wines - which offers super variety at great values," said Doug Bell, global wine co-buyer for Whole Foods Market. "Whether you're looking for something to liven up a holiday gathering or thirsting to warm your soul on a cold winter's night, you'll find it on the list this year."
Here's the list (check it twice!):
El Coto Special Cuvee Rioja
- Toasty with a long finish from Spain's noble Tempranillo grapes
- Hearty cherry-vanilla and plum notes make it perfect for roasted meats
- Pair with sharp El Trigal Manchego or Mahon cheese to give it the flavorful grip that Rioja's known for
Helfrich Gewurztraminer
- Floral, spicy, bursting with freshness and a rich finish, this is THE White for Thanksgiving and holiday aperitifs
- Tows the line between old-fashioned rose and honey notes and vibrant tropical fruit
- Serve with shellfish or spicy Asian food, or for downright buttery results drink with Bavarian Blue or Robusto cheese
Pisato Montepulciano Made with Organically Grown Grapes
- For turkey and other rich poultry, consider this affordable alternative to Chianti with soft tannins and hints of dried fruit
- Bold ruby color and dry, silky fresh tomato notes complement Italian food
- Superbly creamy with Cabot Clothbound Cheddar aged at the Cellars of Jasper Hill or Parmigiano Reggiano Aged 24 months
Marques de Riscal Rueda Seleccion Especial
- Old-world Verdejo comes alive in a straw-colored wine brimming with fruit and fennel
- A huge value, serve as an aperitif or with tapas or roasted chicken
- Pair it with Fourme d'Ambert or Drunken Goat cheese to brighten its flavor
Red Truck Zinfandel Made with Organically Grown Grapes
- Balanced, organic California wine
- Brambly berries, cracked pepper and dark chocolate finish make taste buds stand at attention, whether you're eating pot roast or pasta
- Wow your taste buds when paired with Stilton produced by Colston Bassett or Borough Market
Santa Julia Bonarda Made with Organically Grown Grapes
- Juicy berries and underlying spice drive this lively wine
- Savory match for tomato sauce in pizza and pasta
- Pair with a few bites of Drunken Goat cheese to make the wine jump
Los Vascos Special Selection Sauvignon Blanc
- Whole Foods Market snatched up all of this Chilean white, bottled by legendary Bordeaux winemakers
- Boxwood and exotic fruit with minerality and lean elegance are hints of an extraordinary terroir in the foothills of the Andes
- Sip with oysters or a knob of Cypress Grove Humboldt Fog cheese to bring out its juiciness
M. Chapoutier Belleruche Special Selection Cotes-du-Rhone Blanc
- Authentic, floral special selection white from a family vintner
- Apple, lime and white pepper notes
- Perfect with roasted veggies or pork, or pair with Austrian Amadeus select cheese and you'll swear you're eating fondue
Pepperwood Grove Pinot Noir
- From a beloved brand, warm cherry pie with vanilla ice cream and earthy oak dominate this Chilean bargain that comes in a convenient 750mL two-pack, offering shoppers a real value
- Enjoy a glass while you cook and still have enough for the table
- Serve with beef or look for Gruyere Reserve, Seaside Cheddar or cranberry cheddar to tame the tannins
Sutter Home Muscat of Alexandria
- The retro label is a tip-off--you'll find comfort in this bottle
- Honeysuckle and peaches make it playful for occasions like brunch of dessert when you need a wine on the sweet side
- Cowgirl Creamery Organic Mount Tam or Rogue Creamery Anniversary Blue cheese makes the wine's sugary side divine
J. P. Chenet Blanc de Blancs Brut
- The value-minded--and utterly delicious--French sparkler is back! Fine bubbles and a golden hue make this delicate but powerful pour refined
- Apricot and buttery brioche notes
- Isigny Ste. Brie from Normandy or Herve Mons Camembert, pour for a toast or sip after a long day, it always shines
Paso a Paso Tempranillo Made with Organically Grown Grapes
- From sandy soils in the prized terroir of La Mancha, Spain, comes this powerful Tempranillo
- Six months of aging in French oak barrels results in its deep opaque color and ripe plum and toffee aromas
- Perfect for drinking with hearty winter stews or bring out the creaminess in P'tit Basque cheese for an intense flavor experience
Look for Top Ten Holiday Wines displays throughout Whole Foods Market wine departments. "Feel good about grabbing a budget-friendly bottle to make any meal at home this winter a special occasion," said Bell. "Or pick up a whole case for gifts or party favors and cash in on a case discount."
Whole Foods Market offers recommendations for pairing wine with food and the season's best cheeses -- including a sharp El Trigal Manchego, a super creamy Drunken Goat, and an artisanal Parmigiano Reggiano aged 24 months.
For more about these wines, or about pairings not mentioned in the Top Ten Holiday Wines list, visit Whole Foods Market's Whole Story blog at http://blog.wholefoodsmarket.com/category/wine-beer.
Wine photos can be found at wholefoodsmarket.com/pressroom/photo-gallery.
Contact: Ashley Hawkins
512.542.0381
Ashley.Hawkins@wholefoods.com
SOURCE Whole Foods Market
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine _ Spirits Store Nov. 11November 8, 2009
See more news releases in: Beers, Wines and Spirits, General Sports, Domestic Policy, U.S. State Policy News
Baseball Legend Tommy Lasorda to Sign Bottles of Lasorda Wines at Philadelphia Wine & Spirits Store Nov. 11
HARRISBURG, Pa., Nov. 5 - Tommy Lasorda, a Norristown native, baseball Hall of Famer and manager of the two-time World Series champion Los Angeles Dodgers, will meet fans and sign bottles of his Lasorda Wines from 5 p.m. to 7 p.m. on Wednesday, Nov. 11, at the Pennsylvania Wine & Spirits Store at 1940 S. Columbus Blvd., Philadelphia.
"Tommy Lasorda long ago made his mark on the baseball diamond, and now his line of Lasorda wines is making its mark off the field," said Patrick J. "P.J." Stapleton, III, chairman of the Pennsylvania Liquor Control Board. "We're thrilled to bring this baseball icon back to the area he calls home to let customers and fans meet him and discover his new passion of winemaking."
Fans over 21 may purchase a bottle of Lasorda's wine at the store and have it autographed by Lasorda, Stapleton added.
Eager to preserve his legacy and fulfill another dream after his career in baseball, Lasorda began assembling an award-winning team of Italian wines two years ago, including his Championship Series and Gold Medal Collection.
Two of Lasorda's varietals will be available for purchase during his appearance and are available at more than 20 Philadelphia-area Wine & Spirits stores.
Lasorda Chianti, made in Tuscany from 100 percent Sangiovese grapes, is aged in oak and can be enjoyed now or in the next five years. Lasorda recommends serving this red wine with hearty pasta, barbecue or seafood dishes. The price is $17.99.
Lasorda Pinot Grigio del Veneto is a bright, crisp white wine made in the Old World style, best served with fish, shellfish, roasted white meats or pasta, or alone as an aperitif. The price is $15.99.
Lasorda, who will be inducted into the Philadelphia Sports Hall of Fame on Nov. 12, signed with the Philadelphia Athletics organization as a pitcher in 1944. He made his major league debut with the Brooklyn Dodgers in 1954 and was a member of the Dodgers' 1955 World Series-winning team. He became manager of the Los Angeles Dodgers in 1976, leading them to World Series victories in 1981 and 1988. He retired in 1996 and was elected to the National Baseball Hall of Fame in 1997.
Established in 1933 at the end of national Prohibition, the Pennsylvania Liquor Control Board regulates the distribution of beverage alcohol. In addition to regulating the industry, the Liquor Control Board operates 618 Wine & Spirits Stores. The Liquor Control Board reported sales of more than $1.8 billion in fiscal 2008-09 and a return of $494.5 million in taxes and profits to the state's General Fund, helping to pay the cost of essential services such as education, health care, infrastructure and public safety.
Media contacts: Nick Hays or Francesca Chapman, 717-783-8864
SOURCE Pennsylvania Liquor Control Board
A New Generation of InnovationNovember 7, 2009
(Logo: http://www.newscom.com/cgi-bin/prnh/20091103/NY04739LOGO-a )
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Perhaps the youngest emerging talent from the region, 29-year old Marie-Elodie Zighera is already garnering praise for the first vintages from her Fleurie estate, Clos de Mez, which began in 2006. Splitting time between her vineyards in Fleurie, Morgon, and her house in Burgundy, Marie-Elodie's main objective is to make a wine in the traditional Beaujolais style: "a solid, haute-couture wine that has the potential to age well," she said. Presently concentrating on the vines and winemaking, she is still defining her sales strategy: "I still have plenty of things to learn. I want to be proud of what I do and surprise myself."
Unlike Marie-Elodie, Jean-Marc Lafont is not new to Beaujolais or to wine, in general. Reared by hard working parents in the business, Jean-Marc sold his first case of wine at the age of 12! Unique in that he is both a winemaker and negociant, Jean-Marc's principal objective is to buy, sell, and produce wines of parallel quality, which equal approximately 160,000 bottles from 25 different cuvees in production. He has worked diligently to perfect his global business through an ultra-modernized cellar and a professional administrative operation, while simultaneously improving the quality of his wines. With plans to produce biodynamic wines on the horizon, Jean-Marc maintains a simple philosophy: at the end of the day, wine is meant for sharing pleasurable moments with friends.
While others are beginning to dabble in the production of biodynamic wines, it has been a passion of Jean-Claude Lapalu's for years. In 2007, eleven years after his first vintage, he officially left the co-op system behind. And, with this newfound sense of freedom, Jean-Claude made the decision to produce all his wines--in Beaujolais-Villages, Brouilly, and Cote de Brouilly--as naturally as possible and to convert his estate in Saint-Etienne-la-Varenne to biodynamic. Working as a chef before he returned to the vineyard in 1983, Jean-Claude knew he wanted to make wine but wasn't sure what type. Eventually, he found his way: natural wines. He limits the use of sulfur, works with indigenous yeasts, and macerates the grapes longer to achieve full extraction and complexity. His next project on the horizon is exploring the cultivation of other varietals.
Another winemaker who has been exploring growing grapes other than gamay is Vincent Audras. In 2010, he will produce his first cuvee of viognier, a grape varietal that is not typically produced in the region. However, that is only one experiment that sets Vincent apart; in 1994, he signed an official, experimental protocol - which lasts through 2018 - to utilize the lyre vine trellis system in his domaine, Clos de Haute-Combe. He is the only winemaker in Beaujolais to vinify more than an acre of planted and cultivated gamay according to this system. He has chosen this unconventional method because it produces spicier wines with green pepper notes and is more logical given the hilly slopes of the vineyard, which are difficult and often dangerous to work. Vincent has been a longtime proponent of wine tourism in Beaujolais as well as one of the founders of the first winemakers association in the region, which collectively increases the business of its members.
Known throughout the world for being a forward-thinking innovator, Jean-Charles Boisset, vice president of The Boisset Group and son of Jean-Claude Boisset, has led the way in creating environmentally friendly alternative wine packaging. His latest invention is a 100% recyclable, aluminum container of wine, made in Brouilly under the Mommessin brand name. Jean-Charles seeks to bring more practicality and value to wine drinkers everywhere with both the Boisset Group wines and those from his family's estate. His pioneering efforts in alternative packaging have reinvigorated the image of Beaujolais wines, attracted new consumers, and reduced the company's CO2 footprint.
Another winemaker who comes from a family deeply rooted in Beaujolais is Mathieu Lapierre. Working alongside his father Marcel, a longtime producer in the region and advocate of natural wines, Mathieu co-manages the family's Morgon domaine, one of the most renowned in Beaujolais, with an eye towards the future. After working as a chef and living in Canada, Mathieu returned to Villie-Morgon in 2005 to work with his father. He is making his own mark on the family business by using modern technology to its advantage: he has created a Web site through which he maintains contact with clients and communicates the domaine's efforts towards converting to biodynamic practices. Mathieu is also a member of The Association of Natural Wines which brings together like-minded artisan winemakers.
About Inter Beaujolais
Inter Beaujolais is the official wine-trade organization of the region. Its primary mission is to promote Beaujolais wines in France and in key export markets through raising awareness of the region. In addition, Inter Beaujolais is responsible for three other major activities: research and development - they boast the largest research facility in France - economic studies to best position their offer, and lastly, the protection and the defense of Beaujolais AOC. For more information, please log on to the newly launched: www.beaujolais.com.
SOURCE Inter Beaujolais
Give Thanks to Bourbon This Holiday SeasonNovember 7, 2009
"Cooking with bourbon or making a batch of eggnog during the Thanksgiving or Christmas holidays can be a wonderful family tradition," said Hall of Fame Master Distiller Jim Rutledge of Four Roses Bourbon in Lawrenceburg, Ky.
Rutledge said his distillery receives emails from across the country asking for an eggnog recipe that ran in a Life magazine advertisement in the 1930s.
"It makes us proud that we're able to continue being a part of those traditions to this day," Rutledge said.
Chef Dean Corbett of one of Louisville, Ky.'s fine-dining restaurants, Equus, believes bourbon can add interest and intrigue to many dishes that are perfect for holiday entertaining.
"Bourbon is such a versatile ingredient," Corbett said. "You can throw it in a sauce to enhance a savory dish like our Shrimp Jenkins. Its sweet notes also make it a natural for desserts like bread pudding and Bananas Foster."
Equus' bar manager and Louisville Magazine's pick for the city's best bartender, Joy Perrine suggests warming up a holiday party with bourbon as the featured punch ingredient, or a rich, steamy drink like the Hot Buttered Bourbon made with bourbon and real butter.
Four Roses Eggnog (from Life magazine ad, 1936)
- Beat separately yolks and whites of 6 eggs.
- Add 1/2 cup of sugar to yolks while beating.
- Add 1/4 cup of sugar to whites after they have been beaten very stiff.
- Mix egg whites with yolks.
- Stir in 1 pint of cream and 1 pint of milk.
- Add a pint of Four Roses and 1 oz. Jamaican rum. Stir thoroughly and serve very cold.
Hot Buttered Bourbon (from Joy Perrine's Kentucky Bourbon Cocktail Book, 2009)
- 5 oz. hot water
- 2 oz. spice-infused bourbon
- 3/4 oz. brown sugar syrup
- 1 oz. butter at room temp (no butter substitutes!)
- Combine water, bourbon and syrup. Stir well.
- Add the butter and stir rapidly to blend the butter into the rest of the mix. Serve immediately.
For more information on holiday gift offerings or drink recipes, visit www.fourroses.us.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Jim Rutledge
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=67714
SOURCE Four Roses Bourbon
2005 Kenwood Artist Series Cabernet Sauvignon Showcases the Genius of Paul Klee and Pat HendersonNovember 7, 2009
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Kenwood Vineyards initiated the Artist Series in 1975 with a simple idea: handcraft the best possible Sonoma County Cabernet Sauvignon and bottle each vintage with a unique label showcasing a work of fine art. The 1975 Artist Series Cabernet Sauvignon featured a work created expressly for the label by famed poster artist David Lance Goines, and in subsequent years the Artist Series has presented works by such famous artists as Joan Miro, Alexander Calder, Pablo Picasso, Sam Francis, Vincent van Gogh and Wayne Thiebaud.
In the exceptionally fine 2005 vintage, winemaker Pat Henderson selected the top lots of Sonoma County Cabernet Sauvignon from Kenwood's extensive vineyard resources. These outstanding vineyard lots were fermented separately in temperature-controlled stainless steel tanks. After two rounds of settling and racking to achieve clarity, the young wine was moved primarily into small French oak barrels to age for 29 months. The final Artist Series blend was assembled from the best of these barrels, with small percentages of Cabernet Franc, Merlot and Malbec included for additional nuance and elegance. Following bottling, the 2005 Artist Series was cellared at the winery for 18 months prior to release.
Saturated in color, the 2005 Kenwood Artist Series Cabernet Sauvignon exhibits intense aromas of black currant, licorice and sandalwood, plus a background note of mint. Concentrated flavors of black currant, blackberry, dark chocolate and cedar blossom with aeration, show different facets over time. The powerful flavors are matched by a dense palate that stays smooth through the lingering finish. While already approachable, the 2005 Kenwood Artist Series Cabernet Sauvignon's combination of balancing acidity and integrated "soft" tannins suggest continued development with cellaring.
The 2005 Kenwood Vineyards Artist Series Cabernet Sauvignon label features "Highway and Byways," a groundbreaking 1929 painting by artist Paul Klee (1879-1940). Swiss-born, but based in Germany for much of his life, Klee was a major contributor to 20th century art not only through his paintings, but also through his theories, teachings and writings. He taught at the Bauhaus, the German school created to unite the arts and industry, from 1921 until 1931. After the Bauhaus was closed by the Nazis in 1933, he returned to Switzerland, where he continued to paint until his death at age 60. Klee was a natural draftsman with an extraordinary mastery of color, tonality and light, and this work - an interpretation of landscape divided by vertical and horizontal networks - illustrates his ability to experiment with and invent new ways of expression. To complement the label, the capsule on the 2005 Kenwood Artist Series bears a drawn adaptation of "Highway and Byways" and - on top, covering the cork - a modified version of the Bauhaus curriculum diagram.
Each vintage of the Artist Series has become a coveted collectible and the 2005 Kenwood Vineyards Artist Series Cabernet Sauvignon ranks among the rarest of the entire series, as only 1,699 cases were produced. It is available in selected markets nationally at a suggested retail of $69.
The Artist Series is one of four Kenwood Vineyards Cabernet Sauvignons. The winery also produces Jack London Vineyard Cabernet Sauvignon from grapes grown on the famous author's Beauty Ranch overlooking the Sonoma Valley, Sonoma County Cabernet Sauvignon from prime local vineyards and Yulupa Cabernet Sauvignon, which is available exclusively at restaurants.
Established in 1970 in the Sonoma Valley, Kenwood Vineyards produces premium wines that express the exceptional quality and character of Sonoma County vineyards.
Drink responsibly.
SOURCE Kenwood Vineyards
Devotion Vodka_ Get Devoted.November 6, 2009
The patent pending proprietary solution found only in Devotion Vodka will transform the cocktail. While bar shelves are cluttered with vodkas from around the globe in every imaginable flavor, Devotion is the first and only vodka which literally provides a drink with a real protein boost. This revolutionary spirit will create a new beverage category, while also defining a new generation of vodka aficionados who devote themselves fully to everything they do in life.
Created and developed by company President Drew Adelman, a nightlife, dining aficionado and fitness buff, Devotion Vodka was inspired by his search to combine his two favorite passions: fitness and nightlife. "My own personal mantra has always been... if you are going to be bad, you might as well be good," notes Adelman. "With Devotion Vodka I can stay devoted to my regimen, while stepping out for a good time. I used to actually take my own protein out with me when I went for a night on the town. Then I realized there were millions of people like me who wanted to take care of their bodies and also have a good time. From that passion, Devotion Vodka was born."
In California, Devotion Vodka will be distributed by Young's Market Company. International Spirits & Wines will be representing Devotion Vodka in New York, New Jersey and Connecticut. Devotion Vodka will be introduced in a 750 milliliter bottle at a suggested retail price of $29.99. The custom designed bottle made in France is not only distinctive, it is transformational; the frosted glass bottle with the iconic logo and distinguishing red cap will further distinguish the brand and lifestyle that is unique to Devotion Vodka.
"I have been in the nightlife industry for many years and I have seen some of the best ideas come through our clubs and restaurants," notes Bob Jones, co-founder/vice president. "From Red Bull and Rockstar to Voss Water and Alize... all of those brands have a common thread - unique selling points that made them hugely successful. Devotion Vodka is a top-tier vodka product spirit enthusiasts will embrace. I believe Devotion Vodka has an unrivaled brand proposition everyone can understand and appreciate: protein. I have no doubt this will be the next big thing in the beverage industry."
"I'm exactly the type of person that Devotion Vodka was made for," explains actor, athlete and fitness model Sebastian Seigel. "I have known Drew for many years and when he told me of his idea to develop protein-infused vodka, I told him I would be the first person buying a drink at the bar. It is ingenious. For athletes and anyone who takes care of their body and is looking for the best products for their lifestyle, Devotion Vodka has to be the choice."
In order to develop a recipe that would embody his vision, Adelman turned to the distinguished Frank Lin Distillery chemist, Dhir Singh and award-winning spirits chemist, Dr. Win Adler. Devotion Vodka's proprietary solution was selected by Singh for the following reasons: Solubility. Clarity. Taste. Feel.
Devotion Vodka speaks to the masses. Its name Devotion shares many of the same attributes of the world's greatest athletes and success stories: commitment, drive and success. From the stand-out design of the bottle to the unique marketing programs, social media campaigns and targeted outreach to the fitness and body builder communities, Devotion Vodka is both an ultra premium spirit and lifestyle choice. Fans and followers will be inspired by the Get Devoted mantra that will surround all aspects of the brand.
For more information, visit www.devotionvodka.com. Follow Devotion Vodka on Facebook at www.facebook.com/devotionvodka and Twitter at www.twitter.com/devotionvodka.
SOURCE Devotion Vodka
Boston Beer Reports Third Quarter 2009 ResultsNovember 6, 2009
Jim Koch, Chairman and Founder of the Company, commented, "Our 6% depletions growth in the third quarter exceeded our expectations. We believe that these results continued the improved trends that we began to see towards the end of the second quarter. While trends have improved, we continue to face increased competition from expanded distribution of domestic specialty brands and regional craft brands. We are happy with our sales execution, our brand strength and our position within the craft category and remain positive about the future of craft beer and our potential for future growth."
Key highlights of the third quarter were:
- Depletions growth of 6% for the quarter and 2% year to date, adjusted for comparable selling days.
- The Packaging Services Agreement with Diageo North America, Inc. ended on May 2, 2009. The Pennsylvania Brewery is now dedicated solely to brewing the Company's beers and is showing efficiency, capacity and cost improvements.
- Gross margins improved to 54% for the quarter and 51% year to date, but remain significantly lower than the gross margins realized prior to 2006, due to the significant brewery operating, packaging and ingredient cost increases experienced since then, which have not been fully offset with pricing.
- Estimate of earnings per diluted share for 2009 has been increased from previous guidance of $1.40 to $1.70 to between $1.75 and $2.05.
Martin Roper, the Company's President and CEO, stated, "During the third quarter we experienced an improvement in our underlying brand volumes. The brands may have responded positively to the redesign of our packaging and the increased investment in media advertising and our sales force, but it is also possible that some of the drinkers of the competitive variety introduced in the last 24 months may be returning to our beers. Looking forward, we have no certainty that these trends will continue but we intend to continue our increased investment and sales activities levels. We feel we are in a good position to compete effectively through the strength of our brand and our sales force and are currently projecting that we should finish the year with depletions growth of approximately 2% to 3%. "
Mr. Roper continued, "Our Pennsylvania Brewery continues to brew great Samuel Adams beer and has now completed its first full quarter dedicated solely to brewing our products. Our gross margins improved again, as the Diageo contract volumes were very low margin. We have also seen some efficiency gains as the brewery focuses on brewing and packaging beer. The third quarter costs also benefited from increased utilization of capacity relative to prior quarters. We believe we are on the right track to bring the Pennsylvania Brewery's economics closer to what we anticipated and to increase capacity to support future growth. We are focused on a multi-year program to identify and execute projects that will continue to reduce cost, drive efficiency and increase productivity at both our Pennsylvania Brewery and our Cincinnati Brewery. Looking forward to 2010, we expect that continued improvement in the efficiencies at our breweries will contribute to improved gross margins compared to 2009 but that this will not return us to the gross margins experienced prior to the increases in brewery operating costs and packaging and ingredient costs since 2006. "
3rd Quarter Results
Core shipment volume for the three months ended September 26, 2009 was approximately 538,000 barrels, a 7% increase versus the same period in 2008. Excluding the impact of the product recall in 2008, core shipment volume increased 6%. The third quarter depletions increase of 6% was primarily attributed to increases in Samuel Adams® Seasonals, the Twisted Tea® brand family and the Samuel Adams® Brewmaster's Collection, which were partially offset by decreases in Samuel Adams Boston Lager® and Sam Adams Light®.
Bill Urich, Boston Beer Company CFO, said, "Our third quarter 2009 gross margin of 54% represented an increase of 10 percentage points over our third quarter 2008 gross margin that included the impact of the 2008 product recall and shortfall fees. Excluding the impact of the recall and shortfall fees in 2008, our gross margin has increased by 6 percentage points. This increase is due primarily to price increases, improved costs of operating our breweries, driven by lower energy costs, and the impact of the low margin Diageo contract production in the third quarter of 2008, partially offset by increased costs of package materials."
The Company's net income of $10.4 million, or $0.72 per diluted share, for the three months ended September 26, 2009 represents an increase of $10.7 million, or $0.74 per diluted share, from the same period last year. The increase in net income is primarily due to increased core shipments, improved gross margin and lower advertising, promotional and selling costs, driven by lower freight costs, offset by an increase in the provision for income taxes. Third quarter 2009 advertising, promotional and selling expenses were $1.3 million lower than those incurred in the third quarter of 2008, primarily as a result of decreases in freight expenses for shipping beer to wholesalers, driven primarily by reduced fuel costs, and the timing of certain marketing programs, offset by an increase in advertising and salary and benefit costs related to the addition of sales personnel. Third quarter 2009 general and administrative costs were $1.0 million lower than those incurred in the third quarter of 2008, primarily as a result of reduced salary and benefit costs. The Company recorded a tax provision in the third quarter of 2009 of $6.8 million, compared to $0.9 million in the prior year. The Company currently expects its full year tax rate to be approximately 43%.
Year to Date Results
Core shipment volume for the nine month period ended September 26, 2009 was 1.5 million barrels, which was flat compared to the same period in 2008. Excluding the impact of the 2008 product recall, 2009 core shipment volume decreased 3% from 2008 levels. In the first nine months of 2009, total Company depletions increased 2%, due primarily to increases in Samuel Adams® Seasonals, the Twisted Tea® brand family and the Samuel Adams® Brewmaster's Collection, which were partially offset by decreases in Samuel Adams Boston Lager® and Sam Adams Light®.
The Company's net income of $23.7 million, or $1.65 per diluted share, for the nine months ended September 26, 2009 represents an increase of $19.2 million, or $1.34 per diluted share, compared to the same period last year. The increase in net income is primarily due to the impact of product recall costs of $22.8 million incurred in the first nine months of 2008, price increases on core products of approximately 3% and lower advertising, promotional and selling costs in 2009, offset by an increase in the provision for income taxes. Advertising, promotional and selling expenses incurred during the first nine months of 2009 decreased by $11.4 million, as compared to 2008. The decrease was primarily due to reductions in freight expenses to wholesalers and better advertising rates and utilization, as well as more efficient spending and the timing of marketing programs that were only partially offset by increases in salaries and benefits due to the addition of sales personnel. General and administrative costs increased by $1.1 million during the first nine months of 2009 as compared to 2008, driven by a full nine months of operating costs related to the Pennsylvania Brewery, compared to only four months in the same period in 2008, offset by a decrease in salary and benefit costs at the Company's corporate office. The Company recorded a tax provision in the first nine months of 2009 of $17.8 million, compared to $5.1 million in the prior year.
Other matters
Year-to-date depletions reported to the Company through October 2009 increased approximately 2% from the same period in 2008, with two fewer selling days in 2009.
Shipments and orders in-hand suggest that core shipments year-to-date through December 2009 will be up approximately 1% compared to the same period in 2008, after adjusting the 2008 shipments for the total volume credited to wholesalers for the product recall during 2008. Actual shipments may differ and no inferences should be drawn with respect to shipments in future periods. The Company believes inventories at wholesalers at the end of the third quarter were at appropriate levels given the current volumes and trends.
Based on information of which the Company is currently aware and its projection that 2009 depletions will increase approximately 2 to 3% compared to 2008, the Company projects 2009 earnings per diluted share of between $1.75 and $2.05, but actual results could vary significantly from this target. The Company is committed to maintaining volume and healthy pricing, and is prepared to invest to accomplish this, even if these investments cause short term earnings decreases.
The Company currently expects 2009 capital expenditures to be between $14.0 million and $18.0 million. This amount includes approximately $7.0 million of carryover projects committed in 2008 for the Pennsylvania Brewery and completed during the first half of 2009. The Company is focused on projects that will increase efficiency and productivity at its breweries. Decisions as to which projects will actually be undertaken will depend, in part, on their projected returns on investment. Accordingly, actual 2009 capital expenditures may well be different from these estimates.
Looking forward to 2010, based on information of which the Company is currently aware, the Company hopes to increase revenue per barrel by 2% through minor front line and deal level adjustments and forecasts stability on costs of packaging and ingredients and a continued improvement in operating costs at the Pennsylvania Brewery. If successful, the Company could have full year 2010 gross margins that are consistent with the gross margin levels realized in the third quarter of 2009. While the Company continues to experience a healthy pricing environment, there is no guarantee that it will be able to achieve the planned price increases. The Company intends to increase investment in its brands in 2010 commensurate with the opportunities for growth that it sees, but there is no guarantee such increased investments will result in increased volumes. The Company will provide further 2010 guidance when the Company presents full year 2009 results.
The Company is currently evaluating 2010 capital expenditures and, based on current information, its initial estimates are between $15.0 million and $25.0 million, most of which relate to continued investments in the Pennsylvania Brewery, as the Company pursues efficiency initiatives. The actual amount spent may well be different from these estimates as the Company continues to analyze its investment opportunities. Based on information currently available, the Company believes it could support growth in 2010 in excess of 10% without significant capacity expansion.
The Company expects that its cash balances as of September 26, 2009 of $44.8 million, along with future operating cash flow and the Company's unused line of credit of $50.0 million, will be sufficient to fund future cash requirements. The Company continues to be in compliance with all of the covenants under its credit facility.
During the nine months ended September 26, 2009, the Company repurchased approximately 139,500 shares of its Class A Common Stock for a total cost of $4.1 million. Through November 3, 2009, the Company has repurchased a cumulative total of approximately 8.6 million shares of its Class A Common Stock for an aggregate purchase price of $118.1 million. The Company has approximately $21.9 million remaining on the $140.0 million share buyback expenditure limit set by the Board of Directors. The share buyback expenditure limit set by the Board of Directors was increased from $120.0 million to $140.0 million on August 10, 2009. As of November 3, 2009, the Company had 10.1 million shares of Class A Common Stock and 4.1 million shares of Class B Common Stock outstanding.
The Boston Beer Company began in 1984 with a generations-old family recipe that Founder and Brewer Jim Koch uncovered in his father's attic. After bringing the recipe to life in his kitchen, Jim brought it to bars in Boston with the belief that drinkers would appreciate a complex, full-flavored beer, brewed fresh in America. That beer was Samuel Adams Boston Lager®, and it helped catalyze what became known as the American craft beer revolution.
Today, the Company brews more than 21 styles of beer. The Company uses the traditional four vessel brewing process and often takes extra steps like dry-hopping and a secondary fermentation known as krausening. It passionately pursues the development of new styles and the perfection of its classic beers by constantly searching for the world's finest ingredients. While resurrecting traditional brewing methods, the Company has earned a reputation as a pioneer in another revolution, the "extreme beer" movement, where it seeks to challenge drinkers' perceptions of what beer can be. The Boston Beer Company strives to elevate the image of American craft beer by entering festivals and competitions the world over, and in the past five years it has won more awards in international beer competitions than any other brewery in the world. The Company remains independent, and brewing quality beer remains its single focus. While the Company is the country's largest-selling craft beer, it accounts for only about eight-tenths of one percent of the U.S. beer market. For more information, please visit www.samueladams.com.
Statements made in this press release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including, but not limited to, the Company's report on Form 10-K for the years ended December 27, 2008 and December 29, 2007. Copies of these documents may be found on the Company's website, www.bostonbeer.com, or obtained by contacting the Company or the SEC.
The Boston Beer Company, Inc.
Financial Results
Operating Results
(in thousands, except
per share data) (unaudited) (unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
2009 2008 2009 2008
---- ---- ---- ----
Barrels sold 545 671 1,689 1,723
Revenue, net of
product recall
returns of $979 and
$13,307 for the three
and nine months
ended September 27,
2008, respectively $118,851 $110,467 $335,967 $323,446
Less Excise Tax 10,129 9,339 28,102 28,823
------ ----- ------ ------
Net revenue 108,722 101,128 307,865 294,623
Cost of goods sold 50,417 55,983 149,564 149,735
Costs (recovery)
associated with
product recall - 1,254 (24) 9,546
---- ----- ---- -----
Gross profit 58,305 43,891 158,325 135,342
Operating expenses:
Advertising,
promotional and
selling expenses 32,737 34,004 89,792 101,249
General and
administrative
expenses 8,388 9,368 27,149 26,017
----- ----- ------ ------
Total operating
expenses 41,125 43,372 116,941 127,266
------ ------ ------- -------
Operating income 17,180 519 41,384 8,076
Other income, net:
Interest income 46 134 85 1,316
Other (expense)
income, net (4) (14) - 200
--- --- --- ---
Total other
income, net 42 120 85 1,516
-- --- --- -----
Income before income
taxes 17,222 639 41,469 9,592
Income tax provision 6,848 934 17,811 5,101
----- --- ------ -----
Net income (loss) $10,374 $(295) $23,658 $4,491
======= ===== ======= ======
Net income (loss) per
common share - basic $0.74 $(0.02) $1.68 $0.32
===== ====== ===== =====
Net income (loss) per
common share -
diluted $0.72 $(0.02) $1.65 $0.31
===== ====== ===== =====
Weighted-average
number of common
shares - basic 14,008 13,934 14,054 13,890
====== ====== ====== ======
Weighted-average
number of common
shares - diluted 14,334 13,934 14,322 14,333
====== ====== ====== ======
Consolidated Balance Sheets:
(in thousands, except share data) (unaudited)
September 26, December 27,
2009 2008
---- ----
Assets
Current Assets:
Cash and cash equivalents $44,802 $9,074
Accounts receivable, net
of allowance for doubtful
accounts of $300 and $255 as
of September 26, 2009 and December
27, 2008, respectively 24,331 18,057
Inventories 24,132 22,708
Prepaid expenses and
other assets 6,736 16,281
Deferred income taxes 1,988 2,734
----- -----
Total current assets 101,989 68,854
Property, plant and equipment, net 146,665 147,920
Other assets 1,530 1,606
Goodwill 1,377 1,377
----- -----
Total assets $251,561 $219,757
======== ========
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $18,709 $20,203
Accrued expenses 55,273 46,854
------ ------
Total current liabilities 73,982 67,057
Deferred income taxes 9,617 9,617
Other liabilities 2,656 3,055
----- -----
Total liabilities 86,255 79,729
Commitments and Contingencies
Stockholders' Equity:
Class A Common Stock, $.01
par value; 22,700,000
shares authorized; 10,144,258
and 10,068,486 issued and outstanding
as of September 26, 2009 and
December 27, 2008, respectively 101 101
Class B Common Stock, $.01
par value; 4,200,000 shares authorized;
4,107,355 issued and outstanding 41 41
Additional paid-in capital 108,350 102,653
Accumulated other comprehensive
loss, net of tax (431) (431)
Retained earnings 57,245 37,664
------ ------
Total stockholders' equity 165,306 140,028
------- -------
Total liabilities and
stockholders' equity $251,561 $219,757
======== ========
Consolidated Statements of Cash Flows:
(in thousands) (unaudited)
Nine Months Ended
-----------------
September 26, September 27,
2009 2008
---- ----
Cash flows provided by
operating activities:
Net income $23,658 $4,491
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 12,679 8,289
Impairment of long-lived assets 589 -
(Gain) loss on disposal of property,
plant and equipment (1) 25
Bad debt expense (recovery) 49 (7)
Stock-based compensation expense 2,408 3,354
Excess tax benefit from stock-based
compensation arrangements (1,174) (4,578)
Deferred income taxes 746 -
Proceeds from sale of trading
securities - 16,200
Changes in operating assets and
liabilities:
Accounts receivable (6,323) (3,331)
Inventories (1,424) (5,714)
Prepaid expenses and other assets 9,641 (754)
Accounts payable (1,494) 6,890
Accrued expenses 9,593 2,649
Other liabilities (399) (343)
---- ----
Net cash provided by operating
activities 48,548 27,171
------ ------
Cash flows used in investing activities:
Purchases of property, plant and equipment (11,900) (45,339)
Proceeds from disposal of property, plant
and equipment - 11
Purchase of brewery assets - (44,960)
- -------
Net cash used in investing
activities (11,900) (90,288)
------- -------
Cash flows used in financing activities:
Repurchase of Class A common stock (4,077) (15,324)
Proceeds from exercise of stock options 1,642 4,842
Excess tax benefit from stock-based
compensation arrangements 1,174 4,578
Net proceeds from sale of investment
shares 341 301
--- ---
Net cash used in financing
activities (920) (5,603)
---- ------
Change in cash and cash equivalents 35,728 (68,720)
Cash and cash equivalents at beginning of
period 9,074 79,289
----- ------
Cash and cash equivalents at end of period $44,802 $10,569
======= =======
Supplemental disclosure of cash flow information:
Income taxes paid $7,336 $8,329
Copies of The Boston Beer Company's press releases, including quarterly financial results, are available on the Internet at www.bostonbeer.com
SOURCE Boston Beer Company, Inc.
The World's First Wine Magazine With Wine Concierge ServiceNovember 6, 2009
FINE EXCLUSIVE - the world's most up-to-date knowledge of the finest and rarest wines.
FINE EXCLUSIVE - The only Wine magazine with FINE Wine Concierge service
The world's FINEst wine magazine cannot be bought or subscribed anywhere. It is available by Invitation only.
FINE Exclusive combines the most comprehensive and up-to-date knowledge of fine wine in the world with award-winning visual design. It is a quarterly fine wine magazine with a minimum of 164 pages, with the option of personalized covers for each subscriber.
It also had the world's only Fine Wine Index and Drinkability Index, which allows subscribers an in-dept knowledge of finest mature wines and their real market value compared to their optimal drinking potential.
FINE Exclusive also present the world's first FINE Wine Concierge service dedicated to subscribers, whether they are buying, selling or enjoying the world's most sought-after wines.
FINE Exclusive has a mailing list that is limited to 5000. The first vintage 2010 subscriptions are now available only by invitation. The Vintage 2010 subscription, with all the benefits, is five hundred euros.
FINE Magazines are inspiring fine wine lovers worldwide and are brought to them by a new generation of wine professionals. FINE magazines and books create a new sensory experience when it comes to the enjoyment of fine wines, with stories and pictures that capture the essence of each unique bottle. Each book and magazine is a luxuriously visual and highly enjoyable way to discover and learn about the world's finest wines and the lifestyle that surrounds them.
FINE Magazines publishes nine magazines in total of six languages with distribution of four million in 85 countries.
Further information on FINE publications, events and services is available at http://www.fine-magazines.com
This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.
SOURCE Fine Publishing
Give the Gift of FreshnessNovember 5, 2009
Bonus cards may be used at any of the OSI's concepts -- Outback Steakhouse, Carrabba's Italian Grill, Fleming's Prime Steakhouse & Wine Bar, Roy's, and Bonefish Grill -- and must be redeemed January 1 through February 10, 2010.
The Outback Steakhouse gift card also has a special offer for a free Sugarland song download from the Grammy Award-winning duo's first-ever holiday CD, Gold and Green, or their CD, Love on the Inside. This offer expires December 31, 2009. While visiting www.SugarlandOutback.com, fans can enter for a chance to win concert tickets, CDs and more from Sugarland.
Gift cards may be purchased at the restaurants, online at any of the restaurants websites or over the phone. The $100 offer does not apply to purchases made at a gift card mall in a grocery, drug or mass merchandiser. Outback Steakhouse and Bonefish Grill gift cards are available in denominations of $10, $25, $50, $75 and $100. Gift cards at Fleming's Prime Steakhouse & Wine Bar, Carrabba's Italian Grill, and Roy's are non-denominational.
All gift cards are redeemable at any OSI Restaurant Partners, LLC brand, and are accepted in all 1,250 United States locations including Puerto Rico and Guam. Gift cards are available without any fee or expiration date.
Bulk orders and non-denominational options are also available, as are corporate discounts for purchases of over $10,000. Visit www.osirestaurantpartners.com/giftcards.asp for more information about OSI gift cards.
About OSI Restaurant Partners
OSI Restaurant Partners' portfolio of brands consists of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, and Roy's Hawaiian Fusion Cuisine. The company operates in 49 states and its Outback Steakhouse brand has restaurants in 21 countries around the world.
Renowned for its big, bold flavors, Outback Steakhouse features a menu of juicy USDA Choice steaks, grilled chicken, shrimp and fish, the original Bloomin' Onion, plus signature drinks, salads and desserts.
Carrabba's Italian Grill was founded by Johnny Carrabba and Damian Mandola in Houston, Texas in 1986, and features hand-prepared family recipes made from the finest ingredients and prepared to order in an exhibition kitchen.
Fleming's Prime Steakhouse & Wine Bar offers the best in steakhouse dining -- prime meats and chops, fresh fish and poultry, generous salads and side orders -- with a unique wine list known as the Fleming's 100, that features 100 wines served by the glass.
Bonefish Grill has created the polished casual dining experience, complete with indulgent service and an atmosphere that combines casual attitude and value-conscious prices with a big city bar, guests find themselves amidst a hip, loungy environment. As the "Fresh Fish Experts," Bonefish Grill specializes in market fresh fish cooked to perfection over a wood-burning grill.
First introduced in Honolulu by James Beard award winner Chef Roy Yamaguchi, Roy's has become well known throughout the world for its Hawaiian Fusion® Cuisine featuring the freshest local ingredients, European sauces and bold Asian spices, with a focus on seafood.
SOURCE OSI Restaurant Partners, LLC
Give Thanks to Bourbon This Holiday SeasonNovember 5, 2009
"Cooking with bourbon or making a batch of eggnog during the Thanksgiving or Christmas holidays can be a wonderful family tradition," said Hall of Fame Master Distiller Jim Rutledge of Four Roses Bourbon in Lawrenceburg, Ky.
Rutledge said his distillery receives emails from across the country asking for an eggnog recipe that ran in a Life magazine advertisement in the 1930s.
"It makes us proud that we're able to continue being a part of those traditions to this day," Rutledge said.
Chef Dean Corbett of one of Louisville, Ky.'s fine-dining restaurants, Equus, believes bourbon can add interest and intrigue to many dishes that are perfect for holiday entertaining.
"Bourbon is such a versatile ingredient," Corbett said. "You can throw it in a sauce to enhance a savory dish like our Shrimp Jenkins. Its sweet notes also make it a natural for desserts like bread pudding and Bananas Foster."
Equus' bar manager and Louisville Magazine's pick for the city's best bartender, Joy Perrine suggests warming up a holiday party with bourbon as the featured punch ingredient, or a rich, steamy drink like the Hot Buttered Bourbon made with bourbon and real butter.
Four Roses Eggnog (from Life magazine ad, 1936)
- Beat separately yolks and whites of 6 eggs.
- Add 1/2 cup of sugar to yolks while beating.
- Add 1/4 cup of sugar to whites after they have been beaten very stiff.
- Mix egg whites with yolks.
- Stir in 1 pint of cream and 1 pint of milk.
- Add a pint of Four Roses and 1 oz. Jamaican rum. Stir thoroughly and serve very cold.
Hot Buttered Bourbon (from Joy Perrine's Kentucky Bourbon Cocktail Book, 2009)
- 5 oz. hot water
- 2 oz. spice-infused bourbon
- 3/4 oz. brown sugar syrup
- 1 oz. butter at room temp (no butter substitutes!)
- Combine water, bourbon and syrup. Stir well.
- Add the butter and stir rapidly to blend the butter into the rest of the mix. Serve immediately.
For more information on holiday gift offerings or drink recipes, visit www.fourroses.us.
Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
Jim Rutledge
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=67714
SOURCE Four Roses Bourbon
Schramsberg and Beringer Vineyards Awarded First Annual Truth-in-Labeling Award of Excellence for Leadership in Accurate Wine LabelingNovember 5, 2009
The Truth-in-Labeling Award of Excellence is given to leaders in the wine world who demonstrate a commitment to the integrity of wine place and origin. In the case of these two producers, their commitment to truth-in-labeling has included significant labeling changes that ended the use of terms associated with other wine growing areas, and proudly supports the grape locations where their wines come from.
"Wine labels that truthfully depict the wine's appellation or place of origin ensure that consumers receive clear information and are a further sign of the winemaker's pride in the location from where the wine comes," said Champagne Bureau Director Sam Heitner. "Schramsberg and Beringer's consistent leadership in proudly proclaiming the origin of their grapes, educating consumers about the importance of truth-in-labeling and making business decisions based on these beliefs makes them perfect recipients of this award. We look forward to highlighting numerous other examples of similar leadership throughout the U.S. wine community in years to come."
In the last year, these two wineries took their commitment to truth-in-labeling a step further. In July, Beringer and Schramsberg formally requested that the Alcohol and Tobacco Tax and Trade Bureau (TTB) delete a total of thirteen old Certificate of Label Approvals (COLA) from the government's database. Despite not having been used in years, the COLAs had still been registered to these companies and included the term "Champagne." Such a step was necessary since unlike trademarks COLAs never expire and can even be sold or transferred, a disregard for the spirit of the trade agreements.
Both wineries are located in Napa Valley, an original signatory of the Joint Declaration to Protect Wine Place & Origin. The Declaration was the beginning of a multi-year effort to educate policymakers and consumers around the world about the importance of wine place names. Today, the Coalition has grown to 13 members including Sonoma County, Paso Robles, Oregon, Washington State, Champagne, Port and Sherry among others.
Wine is uniquely tied to its place of origin. The land, air, water, soil and weather where grapes are grown are what make each wine unique. Consequently, it is vital that wine labels reflect the geographic area where they were produced in order to allow consumers to make an informed choice and protect the integrity of great wine-growing regions like Napa Valley, Walla Walla Valley, or Champagne.
Yet today, a loophole in U.S. law allows some domestic winemakers to use the place names of 16 internationally recognized wine regions on wines that are not produced in those regions, potentially misleading consumers who have a right to know from where their wine actually comes.
Consumers are asked to join these wine regions, groups like the National Consumers League, producers like Schramsberg and Beringer, Members of Congress, and all those who support fair and accurate wine labeling by signing a petition at www.protectplace.com. For more information, please contact Shira Levy 202-777-3516 or slevy@clsdc.com.
SOURCE The Champagne Bureau