Earnings Reports for Feb. 8

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Coors' Earnings Top Expectations

Adolph Coors, parentof No. 3 U.S. brewer Coors Brewing Co., said today fourth-quarter income increased 24 percent, beating forecasts, as its sales volume growth outpaced the U.S. beer industry's.

The maker of Coors Light and other beers said incomeexcluding special items was $15.2 million, or 40 cents perdiluted share, up from $12.2 million, or 33 cents a share, ayear earlier.

The results topped the Wall Street analysts' forecast of 39cents per share compiled by First Call/Thomson Financial.

Including special items, fourth quarter net income was$12.0 million, or 32 cents per share, down 2.2 percent from$12.2 million, or 33 cents, a year earlier. Net sales climbedto $582.1 million from $541.5 million in the 1999 quarter.Sales volume grew 4.9 percent from the year-earlier period.

Last month, the stock tumbled after unfavorable comments aboutthe industry by analysts, including a downgrade of Coors'shares. Even so, Coors has outperformed the broader Standard &Poor's 500 index by more than 45 percent over the pastyear.

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Hasbro to Lay Off 850 Due to Losses

Hasbro, the nation's No. 2 toymaker,announced plans today to cut 850 jobs after poor sales ofPokemon, Furby and Star Wars toys led to a $23 million loss for theyear.

The struggling Pawtucket company had announced layoffs lastOctober, but put the figure at 550 at the time. There was noimmediate word on where the jobs would be cut.

Hasbro lost $58.4 million in the fourth-quarter, or 34 cents ashare, compared to a profit of $155.4 million, or 79 cents a share,in the same period last year.

Sales for the quarter were $1.2 billion, compared to $1.6billion one year ago.

For the year, Hasbro reported the $23 million loss, or a loss of13 cents per share, compared to a profit of $286.6 million, or$1.42 per share, the previous year.

Sales for the year were $3.8 billion, compared to $4.2 billionthe year before.

The earnings results do not include a $146.1 million pre-taxcharge related to laoyffs and reorganization.

Hasbro last month completed the sale of its money-losing HasbroInteractive division and the Games.com games Web portal toInfogrames Entertainment, which makes games for PlayStation andNintendo.

Hasbro last year said it also was trying to reduce reliance ontoy licensing linked to movies to try to stabilize earnings. Manyof the layoffs and reorganization will come in the toymaker'sproduct development, sales, marketing and administrative divisions.

"We are confident we are making the right moves to make Hasbroleaner and more consistently profitable for shareholders," Hasbrochief executive Alan Hassenfeld said. "While 2000 has been a verypainful year, we are looking forward to returning Hasbro toprofitability in 2001 and beyond."

Hasbro is second to El Segundo, Calif.-based Mattel Inc., andowns the Playskool, Kenner, Tonka, Milton Bradley, Parker Brothersand Galoob toy and game brands.

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WorldCom Profits Fall, Meet Expectations

WorldCom, the No. 2 U.S.long-distance telephone company, today posted lowerfourth-quarter profits, in line with lowered expectations, asweakness in the long-distance telephone business offset stronggrowth in data, Internet and international services.

Fourth-quarter profits fell to $710 million, or 25 cents ashare, from $1.3 billion, or 44 cents a share, a year ago. Theresults were in line with the lower financial guidance WorldComprovided in November.

Wall Street analysts had expected the company to earn 25cents a share, according to research firm First Call/ThomsonFinancial.

Revenues rose to $9.6 billion, up from $9.3 billion a yearago.

WorldCom, which said in November it would create a trackingstock for its consumer and wholesale long-distance businesses,suffered from the falling prices and stiff competition thathave hobbled the long-distance industry.

The company is expected to cut up to 11,550 jobs in order to cut costs. Sharesof WorldCom have fallen about 52 percent over the past yearamid a broad sell-off in telecommunications stocks and concernsabout growth in the long-distance market.

The company said it expects full-year 2001 revenue growthfor the WorldCom group of between 12 and 15 percent, withquarterly growth increasing through the year. It expectsrevenues in the MCI group to drop, but the business willgenerate sufficient cash flow in 2001 to pay its dividend anddebt requirements.

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