Financial News
Constellation Brands Reports Q1 Fiscal 2009 Results; Company Reaffirms Full-Year Guidance
July 1, 2008
July 1, 2008
FAIRPORT, N.Y., July 1, 2008 – Constellation Brands, Inc. (NYSE: STZ, ASX: CBR), a
leading international producer and marketer of beverage alcohol, today reported diluted earnings
per share (“EPS”) on a reported basis of $0.20 for the quarter ended May 31, 2008 (“first quarter
2009”), compared with $0.13 for the prior year first quarter. First quarter 2009 diluted EPS
on a comparable basis, which excludes acquisition-related integration costs, restructuring charges
and unusual items, totaled $0.34 versus $0.21 for the prior year.
“Our first quarter results represent a solid start for the year and we are on
track to achieve our fiscal 2009 strategic business objectives,” stated Rob Sands, Constellation
Brands president and chief executive officer. “Efforts throughout fiscal 2008 set the stage
for fiscal 2009, and milestones such as the recently announced sale of certain U.S. wine assets,
underscore our focus on reducing borrowings, streamlining our portfolio and improving operational
efficiency while enhancing our financial performance.”
Sands also noted the company’s first quarter results reflect strong comparable
basis margin expansion as the company implemented price increases in domestic and international
markets and benefitted from favorable product mix shift by adding the higher-margin Clos du Bois
and Wild Horse wine brands, while disposing of the lower-margin Almaden and Inglenook wines. In
addition, the overlap of the U.S. distributor wine inventory reduction initiative provided
additional operating leverage.
| Contact: | Media: Mike Martin – 585-218-3669 Angie Blackwell – 585-218-3842 Investor Relations: Patty Yahn-Urlaub – 585-218-3838 Bob Czudak – 585-218-3668 |
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