Molson Coors Brewing Company
NYSE : TAP
TSX : TAP.A
TSX : TAP.B

Molson Coors Brewing Company

May 19, 2008 08:30 ET

Molson Coors Brewing Company Announces 25% Quarterly Dividend Increase to $0.20 Per Share

DENVER, COLORADO, AND MONTREAL, QUEBEC--(Marketwire - May 19, 2008) - Molson Coors Brewing Company (TSX:TAP.A)(TSX:TAP.B)(NYSE:TAP) announced today that its Board of Directors has approved a 25 percent increase in the quarterly dividend rate on its Class A and Class B shares from $0.16 per share to $0.20 per share, payable June 16, 2008, to shareholders of record May 30, 2008.The quarterly dividend increase raises the annual dividend rate from $0.64 per share to $0.80 per share and is payable to holders of Class A and Class B common stock of Molson Coors Brewing Company, as well as to holders of Class A and Class B exchangeable shares of Molson Coors Canada Inc.

"Since the merger in 2005, our brand-building and cost-savings efforts have led to significant sales growth, and after-tax earnings have increased more than 75 percent in just the past two years," said Leo Kiely, President and Chief Executive Officer. "This dividend increase reflects our confidence in delivering continued earnings growth and cash generation, and is consistent with our focus on creating long-term shareholder value."

"Over the past three years, we have strengthened the financial foundation of Molson Coors by building our brands, reducing costs, and paying down significant amounts of our outstanding debt," said Tim Wolf, Chief Financial Officer."We are excited to now be in a strong position to increase our dividend significantly while preserving financial flexibility to pursue value-added strategic growth opportunities.As our cash resources grow, our Board will continue to review further increases in cash returns to our shareholders."

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 beer brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light. It operates in Canada, through Molson Canada; in the U.S., through Coors Brewing Company; in the UK, Europe and Asia, through Coors Brewers Limited. For more information on Molson Coors Brewing Company, visit the company's website, www.molsoncoors.com

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the federal securities laws, and language indicating trends, such as "will continue."Although the Company believes that the assumptions upon which 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 complete, or to realize the anticipated cost savings and other benefits from our planned MillerCoors joint venture; 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.

Contact Information

  • News Media
    Paul de la Plante
    514-590-6349
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    Investor Relations
    Dave Dunnewald
    303-279-6565
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    Investor Relations
    Leah Ramsey
    303-277-7205