Coca-Cola to pour efforts into Diet Coke

The Coca-Cola Co., the world’s largest beverage maker, said Wednesday it would renew its focus on marketing Diet Coke as the company reported its dissatisfaction with a 30 percent increase in fourth-quarter earnings because of only modest growth in revenue and volume.

For the three months ending Dec. 31, Atlanta-based Coke said it earned $1.20 billion, or 50 cents a share, compared to a profit of $927 million, or 38 cents a share, a year ago.

Excluding one-time items, Coke said it earned $1.12 billion, or 46 cents a share. That beat the 40 cents a share that analysts surveyed by Thomson First Call were expecting.

Coke shares rose 65 cents, or 1.5 percent, to close at $43.30 Wednesday on the New York Stock Exchange.

Donald Knauss, head of Coke’s North America unit, said the company had plans for accelerated marketing in 2005 — particularly a “major re-emphasis” of Diet Coke to deal with an increasingly diet-conscious public.

Bankruptcy

Interstate Bakeries plays ball with site

Interstate Bakeries Corp.’s intention to sell nearly 10 acres of land in Southern California won’t stop Little Leaguers from playing ball on the site for the next two seasons.

The Kansas City, Mo.-based company announced Wednesday that it had agreed to keep the San Pedro Eastview Little League on the company’s three baseball fields through the 2006 baseball season. The company also will pay the league $250,000 to help it relocate to a new location, once the property is sold.

IBC has “received several unsolicited offers to purchase the property, and has no choice but to sell in order to benefit creditors” in its ongoing bankruptcy case, the company has said.

Interstate Bakeries is the nation’s largest wholesale baker and distributor of fresh baked bread and sweet goods under various brand names. Its products include Hostess Twinkies.

Gaming

FTC clears casino deal

The Federal Trade Commission on Wednesday approved MGM Mirage’s proposal to buy rival Mandalay Resort Group, a move that could create one of the largest gambling companies in the world and give the casino operator control of 11 resorts on the famed Las Vegas Strip.

The commission voted 5-0 to close its investigation and place no conditions on the transaction.

MGM Mirage Inc. still needs Nevada and other state gambling regulators to approve the blockbuster deal. Nevada gambling regulators are scheduled to consider the matter next week.