Canada: Molson Coors Brewing Co. said its loss for the first quarter was wider than originally reported
Molson Coors Brewing Co., the fifth largest in the world, said on May 2 that its loss for the first quarter was wider than originally reported last week, according to a document filed with the Securities and Exchange Commission on Monday, May 2.
Molson Coors, which was created when Montreal-based Molson and Colorado-based Adolph Coors merged in February, said on Monday that, excluding special items, it had an after-tax loss of $8.4 million for the 12-weeks ended March 27, instead $5.1 million reported initially on April 28.
Excluding special charges, the brewer, whose operations include Canada, the United States and Brazil, had a pro forma after-tax loss of $7 million, or 9 cents a share, rather than $4 million, or 4 cents a share, as reported on April 28.
"There was a mistake in taking into account the minority interest in the Brazilian asset," said a Molson Coors' spokeswoman. The brewer said net debt on a consolidated basis was about $2.78 billion as of April 27.
Last week, Molson Coors said net debt was about $2.75 billion to $2.8 billion and reported a first-quarter loss of $46.5 million, or 74 cents a share, compared with a pro forma profit of $4.8 million, or 13 cents a share, in the same period a year earlier. Results included $40.7 million in merger related charges.
Shares of Molson Coors rose $1.21, or 2 percent, to $62.96 on the New York Stock Exchange. On the Toronto Stock Exchange, the brewer was up C$1.05 at C$78.91.
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