53 rd Week Impact
The 53 rd week in our fiscal year 2011 (versus 52 weeks in 2010) increased worldwide sales volume by about 300,000 hectoliters and boosted pretax profit by an estimated $9 million in the fourth quarter and full year 2011. Excluding the 53 rd week, worldwide volume declined 0.1 percent in the fourth quarter and 1.3 percent in the full year.
Stock Repurchase Program
On August 2, 2011, Molson Coors Brewing Company announced its Board of Directors had approved a new program authorizing the repurchase of up to $1.2 billion of the Company’s Class B Common shares (subsequently amended to also include Class A Common shares), with an expected program term of three years. In the fourth quarter 2011, the Company repurchased 1.2 million Class B Common shares for $50 million. Since the inception of the program, shares repurchased have totaled approximately 7.5 million for $321.1 million, which is approximately 27 percent of the total program authorization and just over 4 percent of outstanding Class B shares. Share repurchases increased underlying earnings per share by 4 cents in the fourth quarter and 4 cents in the full year 2011.Cost Savings Highlights In the fourth quarter, the Company delivered $20 million of Resources for Growth Two (RFG2) cost reductions. For the full year 2011, Molson Coors achieved $60 million of RFG2 cost savings. MillerCoors achieved cost savings of $27 million in the fourth quarter and synergies and other cost savings of $111 million for full year 2011, bringing the total to $765 million in synergies and other costs savings since beginning operations on July 1, 2008. Molson Coors benefits from 42 percent of these cost savings.
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