<PAGE>
Exhibit 99
[ANHEUSER BUSCH logo]
NEWS
For more information, contact:
Carlos Ramirez, (314) 577-9629
FOR IMMEDIATE RELEASE
---------------------
ANHEUSER-BUSCH COS. REPORTS
FIRST QUARTER 2005 FINANCIAL RESULTS
------------------------------------
ST. LOUIS, April
27, 2005 - Anheuser-Busch Cos., Inc. reported first
quarter sales and earnings results today at
its annual meeting of
shareholders held in Williamsburg, Va.
Consolidated net sales increased 2.5
percent in the first quarter and reported
earnings per share decreased 3.0
percent. Excluding one-time gains in both
2005 and 2004, first quarter
earnings per share decreased 4.5
percent(1).
"Anheuser-Busch
had a challenging first quarter in its domestic beer
business," said Patrick Stokes, president
and chief executive officer of the
company. "The domestic beer industry and
Anheuser-Busch experienced volume
declines and higher commodity cost
pressures. The company has a number of
initiatives in place to enhance beer volume
growth, including introduction
of new products, led by Budweiser Select,
increased investments in domestic
marketing, stepped up on premise sales
initiatives, new packaging and
tactical price promotions. We are confident
the company will successfully
restore its volume and market share growth
momentum, and we are forecasting
earnings per share growth in the low single
digit percent range for 2005(2),
excluding the one-time gains."
- more -
First Quarter Earnings
Anheuser-Busch
Add One
BEER SALES RESULTS
------------------
The company's
reported beer volume is summarized in the following
table:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
Beer Volume (millions of barrels)
-----------------------------------------------------------------------------------
First Quarter
2005 vs. 2004
------------------
--------------------
2005
2004
Barrels
%
------ ------
-------
---------
<S>
<C>
<C>
<C>
<C>
Domestic
24.4
25.1 Dn
0.7 Dn
2.7%
International
4.4
1.9 Up
2.5
Up 130.8%
------ ------
-------
---------
Worldwide A-B Brands
28.8
27.0 Up
1.8 Up
6.6%
Int'l Equity Partner Brands
4.3
4.4 Dn
0.1 Dn
1.6%
------ ------
-------
---------
Total Brands
33.1
31.4 Up
1.7 Up
5.5%
======
======
=======
=========
-----------------------------------------------------------------------------------
</TABLE>
Domestic beer
sales-to-wholesalers decreased 2.7 percent for the first
quarter 2005 vs. the first quarter 2004, to
24.4 million barrels. Wholesaler
inventories at the end of the first quarter
were about one-and-one-half days
higher than at the end of the first quarter
last year, representing a
reduction of approximately one day versus
the two-and-one-half day
differential at the end of 2004. Wholesaler
sales-to-retailers were down 1.0
percent in the first quarter vs. 2004 on a
comparable selling day basis due
to generally weak industry volume
conditions and the comparison with the
strong performance of Michelob ULTRA last
year. Bud family
sales-to-retailers increased in the first
quarter 2005, driven by solid Bud
Light growth and the national introduction
in late February of Budweiser
Select.
The company's
estimated domestic market share (excluding exports) for
the first quarter 2005 was 51.2 percent,
compared to first quarter 2004
market share of 51.7 percent. Domestic
market share is based on estimated
U.S. beer industry shipment volume using
information provided by the Beer
Institute and the U.S. Department of
Commerce.
International
volume, consisting of Anheuser-Busch brands produced
overseas by company-owned breweries and
under license and contract-brewing
agreements, plus exports from the company's
U.S. breweries to markets around
the world, increased 131 percent for the
first quarter.
First Quarter Earnings
Anheuser-Busch
Add Two
International beer volume in the first
quarter 2005 includes 2.5 million
barrels related to Harbin Brewery Group
(acquired in the third quarter
2004). Excluding Harbin, international beer
volume decreased 1.6 percent.
Worldwide
Anheuser-Busch beer sales volume for the first quarter 2005
rose 6.6 percent, to 28.8 million barrels,
vs. first quarter 2004. Worldwide
beer volume is comprised of domestic volume
plus international volume.
International
equity partner brands volume, representing the company's
share of its foreign equity partners'
volume reported on a one-month lag,
decreased 1.6 percent for the first quarter
of 2005 vs. 2004, due to the
sale by the company of its ownership stake
in Compania Cervecerias Unidas
S.A. (CCU) in late 2004. Excluding CCU
volume, equity partners' volume
increased 6.8 percent. Total brands volume
increased 5.5 percent for the
first quarter 2005.
FIRST QUARTER 2005 FINANCIAL RESULTS
------------------------------------
Key operating
results for the first quarter 2005 vs. 2004 are
summarized below:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
($ in millions, except per share)
-----------------------------------------------------------
First Quarter
2005 vs. 2004
-----------------------
-------------------------
2005
2004
$
%
-------
-------
--------
---------
<S>
<C>
<C>
<C>
<C>
Gross Sales
$4,085
$4,003
Up $82
Up 2.1%
Net Sales
$3,564
$3,477
Up $87
Up 2.5%
Income Before Income Taxes
$644
$754
Dn $110
Dn 14.5%
Equity Income
$106
$89
Up $17
Up 19.2%
Net Income
$513
$550
Dn $37
Dn 6.7%
Diluted Earnings per Share
$.65
$.67
Dn $.02
Dn 3.0%
------------------------------------------------------------------------------------------------
</TABLE>
A discussion of
financial highlights for the first quarter 2005
follows:
o Net sales increased
2.5 percent vs. the first quarter 2004, driven
primarily by a
29 percent increase in international beer segment net
sales due to the
Harbin acquisition, higher entertainment segment sales
and increased
commodity-based sales from packaging operations.
First Quarter Earnings
Anheuser-Busch
Add Three
Domestic beer
segment sales decreased 1.3 percent primarily due to
lower beer sales
volume partially offset by higher revenue per barrel.
Domestic revenue
per barrel(3) grew 1.6 percent in the first quarter
2005 vs. the
first quarter 2004. This growth reflects the company's
implementation
of price increases on over two-thirds of its domestic
volume in two
phases in October 2004 and February 2005, partially
offset by
tactical pricing actions and unfavorable product mix from
lower Bacardi
Silver and Michelob ULTRA sales volumes.
o Income before income
taxes decreased 14.5 percent vs. the first quarter
2004, primarily
reflecting lower profits in domestic beer, higher
interest expense
and lower one-time gains, partially offset by improved
entertainment
segment results due primarily to the Easter holiday in
the first
quarter 2005.
During the first
quarter 2005, the company recognized a $15.4 million
pretax gain
($.024 per share) from the sale of its 13 percent equity
interest in Port
Aventura, a theme park near Barcelona, Spain. This
pretax gain is
included in other income for consolidated reporting, and
classified as a
corporate item for business segment reporting purposes.
In the first
quarter 2004, the company recognized in other income a
$19.5 million
pretax gain ($.015 per share) from the sale of commodity
hedges. For
business segment reporting purposes, the commodity hedge
gain is reported
as a corporate item.
International
beer pretax income was down 5 percent primarily due to
lower volume in
China, partially offset by the inclusion of Harbin
results. The
company completed its acquisition of Harbin and began
consolidating
Harbin results in the third quarter 2004.
First Quarter Earnings
Anheuser-Busch
Add Four
Packaging
segment pretax profits were down 3 percent primarily due to
higher materials
cost for glass manufacturing operations.
Entertainment
segment pretax results improved 42 percent due to
increased
attendance, admissions pricing and in-park spending,
partially offset
by higher park operating expenses.
o Equity income
increased $17 million in the first quarter 2005 vs. 2004,
primarily
reflecting the benefit of Grupo Modelo volume growth and a
lower Mexican
income tax rate.
o Net income decreased
6.7 percent compared to first quarter 2004.
Diluted earnings
per share were $.65, a decrease of 3 percent, compared
to the first
quarter 2004. Earnings per share excluding the 2005 gain
on the sale of
the Spanish theme park and the 2004 gain on commodity
hedges decreased
4.5 percent(2).
