Brown-Forman Reports Strong Results for the Third Quarter of Fiscal 2006; Increases Full Year Guidance.LOUISVILLE Louisville (l  `ēvĭl), city (1990 pop. 269,063), seat of Jefferson co., NW Ky., at the Falls of the Ohio; inc. 1780. , Ky. -- Brown-Forman Corporation The Brown-Forman Corporation is one of the largest American-owned companies in the spirits and wine business, and is a diversified producer and marketer of various consumer products. Headquartered in Louisville, Kentucky, Brown-Forman employs 3,350. (NYSE NYSESee: New York Stock Exchange :BFB BFB Bubbling Fluidized Bed BFB Bromofluorobenzene BFB Blood for Blood (Band) BFB Broken Family Band BFB Balanced Failure Biasing BFB Biker Friendly Bar BFB Big Freakin' Baby (polite form) )reported adjusted earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $0.80 per share(1) for the third quarter ended January January: see month. 31, 2006, up 12% from adjusted earnings of $0.72 per share in the same period last year. This earnings increase was fueled by continued strong growth in sales and profits for the company's Premium Global brands, most notably Jack Daniel's For the running coach, see . For the British car engineer, see . For the American politician, see . Jack Daniel's is a Tennessee whiskey distillery and brand known for its rectangular bottles and black label. Tennessee Whiskey Tennessee whiskey is a type of American whiskey. This whiskey is generally similar to bourbon, in that it is composed of a mash of at least 51% corn (maize) and is aged in new, charred oak barrels, typically for four or more years. . Adjusted results included in this release represent management's view of the company's underlying business. Excluding adjustments, reported third quarter earnings from continuing operations declined 4%, to $0.98 per share, from $1.02 per share in the prior year, reflecting the absence of a $0.39 per share gain recorded in the prior year related to the company's sale of its shares in Glenmorangie Glenmorangie (English: The Glen of Tranquility) is a distillery in Ross-shire, Scotland that produces single malt scotch whisky. The distillery is owned by Glenmorangie plc. plc. Additionally, in the third quarter of this fiscal year the company recorded a $0.14 per share net benefit related to changes in its Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. distribution joint venture and a $0.04 per share gain on the sale of winery win·er·y n. pl. win·er·ies An establishment at which wine is made. Noun 1. winery - distillery where wine is made wine maker property. Attached on page 4 of this earnings release is a supplemental schedule that reconciles reported results to adjusted results. Adjusted net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and gross profit improved 10% and 13%, respectively, in the quarter. Reported net sales and gross profit grew at lower rates (5% and 10%, respectively), primarily due to unfavorable foreign exchange rates. Continued global volume and profit growth for Jack Daniel's, Fetzer Wines' profit growth in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and positive trends for Finlandia Vodka Finlandia is a Finnish vodka produced from six-row barley. Of all Finnish alcohol products, it is the brand name that most foreigners associate with the country. Finlandia was launched in Scandinavia in 1970 and in the United States in 1971. (particularly in central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. ) were the primary factors contributing to the quarter's growth. The increase in gross profit was accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. advertising investments behind the company's Premium Global portfolio and higher investments in SG&A expenses, due in part to the impact of international distribution changes. Global depletions(2) for the company's total portfolio of brands were up in the mid-single digits in the quarter with balanced growth across all geographies, led by strength in many international markets. Depletions for the company's Premium Global brands, consisting of Jack Daniel's, Southern Comfort, and Finlandia, grew in the high single digits and represent approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 60% of total volumes. Depletions for the company's Mid-Priced Regional brands, which include Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Mist, Early Times, Fetzer and Bolla
adj. Being between 10 and 99 percent: double-digit inflation. rate in the quarter. For the first nine months of the fiscal year, both reported and adjusted earnings from continuing operations were up 14% over the prior year. Growth was driven by positive volume trends and continued margin improvement for the company's Premium Global brands. These improvements, combined with higher profits from some of the company's Mid-Priced Regional brands (most notably Fetzer) and volume and profit growth from its Super-Premium Developing brand portfolio, more than offset increased advertising investments (primarily behind the company's Premium Global brands) and higher SG&A spending. In the first nine months of fiscal 2006, Jack Daniel's worldwide depletions grew in the high single digits. While this growth rate was slightly below that of the prior year, the brand grew by more than 500,000 cases in the period. Substantial volume gains were registered in the U.S., Asia, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. and nearly all markets in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Year-to-date Year-to-date (YTD)The period beginning at the start of the calendar year up to the current date. depletions for Southern Comfort grew in the mid-single digits, driven by the brand's continued progress in the U.S., while Finlandia depletions grew at a double-digit rate, propelled by continued strong growth in Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, and Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). . Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Varga, the company's chief executive officer stated, "We are pleased with yet another quarter of strong organic growth. Our gross profit growth is solid across both brands and geographies. This performance is due to consistent long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments, our diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d resource allocation resource allocation Managed care The constellation of activities and decisions which form the basis for prioritizing health care needs process, an environment conducive con·du·cive adj. Tending to cause or bring about; contributive: working conditions not conducive to productivity. See Synonyms at favorable. to our brand building, and the focused effort of our employees worldwide. We continue to see growth opportunities ahead." Earnings Outlook from Continuing Operations Based on strong third quarter results, the company is increasing its fiscal 2006 full year outlook from continuing operations. The company now expects earnings in the range of $2.79 to $2.85 per share compared to the previously communicated projected range of $2.73 to $2.79 per share. Consistent with the previous guidance, this outlook excludes the net benefit from the early termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the company's distribution rights to the Glenmorangie family of brands, the net effect of changes in the company's Australian distribution joint venture, and the sale of winery property in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Prior year adjusted earnings were $2.42 per share, which excluded the gain on the sale of Glenmorangie shares and trade inventory reductions related to distribution changes in Europe. This revised full year guidance implies (logic) implies - (=> or a thin right arrow) A binary Boolean function and logical connective. A => B is true unless A is true and B is false. The truth table is A B | A => B ----+------- F F | T F T | T T F | F T T | T It is surprising at first that A => a range of earnings from continuing operations for the fourth quarter of $0.48 to $0.54 per share, versus last year's adjusted earnings of $0.54 per share, reflecting the expectation of reductions in global trade inventory levels, incremental brand and SG&A investments, and unfavorable foreign exchange effects.
Supplemental Schedule
---------------------
Except for per share data, amounts in Three Months Ended
million US Dollars January 31,
---------------------------
Continuing Operations (e.) 2005 2006 % Change
---- ---- --------
Net Sales $ 607.1 $ 636.8 5%
Glenmorangie distribution termination (4.0)
Trade inventory levels 3.7 6.7
Foreign exchange 24.0
Adjusted Net Sales (a.) $ 606.8 $ 667.5 10%
========= ========= ========
Gross Profit $ 305.0 $ 334.4 10%
Glenmorangie distribution termination (1.2) 0.1
Trade inventory levels 5.9 5.5
Foreign exchange 11.2
All other, net 2.2
Adjusted Gross Profit (b.) $ 311.9 $ 351.2 13%
========= ========= ========
Operating Income $ 117.4 $ 165.7 41%
Glenmorangie (0.4) 0.2
Australian distributor transition (14.1)
Gain on sale of winery (4.6)
Trade inventory levels 5.9 (3.7)
Foreign exchange 7.0
All other, net 10.3
Adjusted Operating Income (c.) $ 133.1 $ 150.3 13%
========= ========= ========
Earnings Per Share (Diluted) $ 1.02 $ 0.98 (4%)
Glenmorangie (0.40)
Australian distributor transition (0.14)
Gain on sale of winery (0.04)
Trade inventory levels 0.03 (0.02)
Lower net interest and effective tax (0.02)
rate
Foreign exchange 0.04
All other, net 0.06
Adjusted Earnings Per Share
(Diluted) (d.) $ 0.72 $ 0.80 12%
========= ========= ========
Except for per share data, amounts in Nine Months Ended
million US Dollars January 31,
-------------------------------
Continuing Operations (e.) 2005 2006 % Change
---- ---- --------
Net Sales $ 1,715.6 $ 1,850.0 8%
Glenmorangie distribution termination (12.4) (4.2)
Trade inventory levels 8.2 (0.5)
Foreign exchange 28.4
Adjusted Net Sales (a.) $ 1,711.4 $ 1,873.8 9%
========= ========= ========
Gross Profit $ 888.9 $ 994.8 12%
Glenmorangie distribution termination (4.1) (1.4)
Trade inventory levels 5.8 (0.8)
Foreign exchange 15.3
All other, net 1.3
Adjusted Gross Profit (b.) $ 892.0 $ 1,007.9 13%
========= ========= ========
Operating Income $ 358.4 $ 460.1 28%
Glenmorangie (1.6) (12.5)
Australian distributor transition (14.1)
Gain on sale of winery (4.6)
Trade inventory levels 5.8 (10.1)
Foreign exchange 10.1
All other, net 9.4
Adjusted Operating Income (c.) $ 372.1 $ 428.9 15%
========= ========= ========
Earnings Per Share (Diluted) $ 2.27 $ 2.59 14%
Glenmorangie (0.39) (0.11)
Australian distributor transition (0.14)
Gain on sale of winery (0.04)
Trade inventory levels 0.03 (0.05)
Lower net interest and effective tax
rate (0.05)
Foreign exchange 0.05
All other, net 0.06
Adjusted Earnings Per Share
(Diluted) (d.) $ 1.96 $ 2.25 14%
========= ========= ========
(e.) Continuing operations do not include results from Lenox, Inc.,
the company's former subsidiary, which was sold on September 1, 2005.
Results from discontinued operations, which include both the results
of divested operations through the date of the sale and remaining
operations classified as discontinued, are not reflected in this
release unless expressly stated.
Use of Non-GAAP Financial Information
-------------------------------------
This press release includes financial measures that were not derived
in accordance with generally accepted accounting principles
("GAAP"). These measures should not be considered in isolation or
as a substitute for any measure derived in accordance with GAAP, and
may be inconsistent with similar measures presented by other
companies. Reconciliation of these measures to GAAP measures, and
reasons for the company's uses of these measures, are presented
here.
(a.) Adjusted Net Sales is net sales derived in accordance with
GAAP, excluding the impact of both changes in foreign exchange rates
and global trade inventories, and net revenues from Glenmorangie and
its family of brands which the company formerly distributed in the
U.S. and several international markets. Management believes that
disclosing this measure is important because it more accurately
reflects the underlying or organic net sales growth of the company.
(b.) Adjusted Gross Profit is gross profit derived in accordance
with GAAP, excluding the impact of both changes in foreign exchange
rates and global trade inventories, and gross profits from
Glenmorangie and its family of brands, which the company formerly
distributed in the U.S. and several international markets.
Management believes that disclosing this measure is important
because it more accurately reflects the underlying or organic gross
profit growth of the company.
(c.) Adjusted Operating Income is operating income derived in
accordance with GAAP, excluding the impact of both changes in
foreign exchange rates and global trade inventories, the favorable
impact of changes in the company's Australian distribution
operation, the sale of winery property located in California, and
the impact of items associated with the company's interest in and
representation of the Glenmorangie family of brands and other items
(e.g., higher incentive compensation in the prior year; asset
impairment associated with the company's minority interest in a
small Mexican tequila company). Management believes that disclosing
this measure is important because it more accurately reflects the
underlying or organic operating income growth of the company.
(d.) Adjusted Earnings Per Share is earnings per share derived in
accordance with GAAP adjusted for the impact of both changes in
foreign exchange rates and global trade inventories, period-to-
period changes in the company's effective tax rate and interest
expense, the favorable impact of changes in the company's Australian
distribution operation, the sale of winery property located in
California, and the impact of items associated with the company's
interest in and representation of the Glenmorangie family of brands,
as well as several other miscellaneous items. Management believes
that disclosing this measure is important because it more accurately
reflects the underlying or organic earnings per share growth of the
company.
Brown-Forman will host a conference call to discuss third quarter results today at 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . All interested parties in the U.S. are invited to join the conference by dialing 888-624-9285 and asking for the Brown-Forman call. International callers should dial 706-679-3410 and ask for the Brown-Forman call. No password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. is required. The company suggests that participants dial in approximately ten minutes in advance of the 10:00 a.m. start of the conference call. For those unable to participate in the live call, a replay will be available by calling 800-642-1687 (U.S.) or 706-645-9291 (international). The identification code is 5719061. A digital audio recording of the conference call will also be available on the Brown-Forman website approximately one hour after the conclusion of the conference call. The replay will be available for at least 30 days following the conference call. Brown-Forman Corporation is a diversified diversified (di·verˑ·s producer and marketer of fine quality consumer products, including Jack Daniel's, Southern Comfort, Finlandia Vodka, Canadian Mist, Fetzer and Bolla Wines, Korbel California Champagnes, and Hartmann Hartmann is a surname and may refer to:
(1) All per share amounts are calculated on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis unless otherwise indicated. (2) Depletions are shipments from wholesale distributors to retail customers, and are commonly regarded in the industry as an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. measure of consumer demand. Important Note on Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This report contains statements, estimates, or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "expect," "believe," "intend," "estimate," "will," "anticipate," and "project," and similar expressions identify a forward-looking statement, which speaks only as of the date the statement is made. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. We believe that the expectations and assumptions with respect to our forward-looking statements are reasonable. But by their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that in some cases are out of our control. These factors could cause our actual results to differ materially from Brown-Forman's historical experience or our present expectations or projections. Here is a non-exclusive list of such risks and uncertainties: --changes in general economic conditions, particularly in the United States where we earn the majority of our profits; --lower consumer confidence or purchasing in the wake of catastrophic events; --tax increases, whether at the federal or state level or in major international markets and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. tariff barriers tariff barrier n (COMM) → barrera arancelaria tariff barrier n → barrière douanière tariff barrier tariff n or other restrictions affecting beverage alcohol; --restrictions on alcohol marketing, including advertising and promotion, as a result of stricter governmental policies adopted either in the United States or globally; --adverse developments in the class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax filed against Brown-Forman and other spirits, beer and wine manufacturers alleging that our industry conspired to promote the consumption of alcohol by those under the legal drinking age The legal drinking age is a limit assigned by governments to restrict the access of children and youth to alcoholic beverages. In most countries the legal age to purchase alcohol is at least 18, but there are notable exceptions. ; --a strengthening U.S. dollar against foreign currencies, especially the British Pound; --reduced bar, restaurant, hotel and travel business in wake of terrorist attacks or threats, such as occurred in September September: see month. , 2001 in the U.S. and in July July: see month. , 2005 in London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. ; --lower consumer confidence or purchasing associated with rising energy prices; --a decline in U.S. spirits consumption as might be indicated by recent published trends suggesting a slight reduction in the growth rate of distilled spirits consumption; --longer-term, a change in consumer preferences, social trends or cultural trends that results in the reduced consumption of our premium spirits brands; --changes in distribution arrangements in major markets that limit our ability to market our products; --increases in the price of energy or raw materials, including grapes Grapes - A Modula-like system description language. E-mail: <peter@cadlab.cadlab.de>. ["GRAPES Language Description. Syntax, Semantics and Grammar of GRAPES-86", Siemens Nixdorf Inform, Berlin 1991, ISBN 3-8009-4112-0]. , grain, wood, glass, and plastic; --excess wine inventories or a further world-wide oversupply o·ver·sup·ply n. pl. o·ver·sup·plies A supply in excess of what is appropriate or required. tr.v. o·ver·sup·plied, o·ver·sup·ply·ing, o·ver·sup·plies of grapes; --adverse developments as a result of state investigations of beverage alcohol industry trade practices of suppliers, distributors and retailers.
Brown-Forman Corporation
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Three Months Ended
January 31,
2005 2006 Change
---- ---- ------
Continuing Operations
Net sales $607.1 $636.8 5%
Gross profit 305.0 334.4 10%
Advertising expenses 76.8 85.0 11%
Selling, general, and
administrative expenses 109.3 116.1 6%
Other expense (income), net 1.5 (32.4)
Operating income 117.4 165.7 41%
Gain on sale of investment in affiliate 73.5 --
Interest expense (income), net 2.0 (0.3)
Income before income taxes 188.9 166.0 (12%)
Income taxes 64.5 45.6
Net income 124.4 120.4 (3%)
Earnings per share:
Basic 1.02 0.99 (4%)
Diluted 1.02 0.98 (4%)
Discontinued Operations
Net income (loss) $(29.4) $ 0.1
Loss per share:
Basic (0.24) --
Diluted (0.24) --
Total Company
Net income $ 95.0 $120.5 27%
Earnings per share:
Basic 0.78 0.99 26%
Diluted 0.78 0.98 26%
Brown-Forman Corporation
Consolidated Statements of Income
(Dollars in millions, except per share amounts)
Nine Months Ended
January31,
2005 2006 Change
---- ---- ------
Continuing Operations
Net sales $ 1,715.6 $ 1,850.0 8%
Gross profit 888.9 994.8 12%
Advertising expenses 219.9 244.7 11%
Selling, general, and
administrative expenses 311.2 336.6 8%
Other income, net (0.6) (46.6)
Operating income 358.4 460.1 28%
Gain on sale of investment in
affiliate 72.3 --
Interest expense, net 11.6 3.8
Income before income taxes 419.1 456.3 9%
Income taxes 141.5 136.7
Net income 277.6 319.6 15%
Earnings per share:
Basic 2.28 2.62 15%
Diluted 2.27 2.59 14%
Discontinued Operations
Net loss $ (30.0) $ (77.5)
Loss per share:
Basic (0.25) (0.64)
Diluted (0.25) (0.63)
Total Company
Net income $ 247.6 $ 242.1 (2%)
Earnings per share:
Basic 2.03 1.98 (2%)
Diluted 2.02 1.96 (3%)
Brown-Forman Corporation
Condensed Consolidated Balance Sheets
(Dollars in millions)
April 30, January 31,
2005 2006
---- ----
Assets:
Cash and cash equivalents $ 294.9 $ 366.2
Short-term investments -- 229.7
Accounts receivable, net 295.9 312.6
Inventories 469.9 519.8
Current assets held for sale 157.6 9.3
Other current assets 96.9 92.2
--------- ---------
Total current assets 1,315.2 1,529.8
Property, plant, and equipment, net 417.9 418.1
Trademarks and brand names 334.2 331.7
Goodwill 192.7 188.6
Noncurrent assets held for sale 217.9 7.0
Other assets 171.2 179.4
--------- ---------
Total assets $ 2,649.1 $ 2,654.6
========= =========
Liabilities:
Accounts payable and accrued expenses $ 264.2 $ 261.2
Dividends payable -- 34.2
Accrued income taxes 41.9 42.3
Current portion of long-term debt 279.3 249.5
Current liabilities held for sale 52.7 3.8
--------- ---------
Total current liabilities 638.1 591.0
Long-term debt 351.5 351.9
Deferred income taxes 157.8 146.1
Accrued postretirement benefits 77.6 77.5
Noncurrent liabilities held for sale 82.9 --
Other liabilities 31.2 26.5
--------- ---------
Total liabilities 1,339.1 1,193.0
Stockholders' equity 1,310.0 1,461.6
--------- ---------
Total liabilities and stockholders' equity $ 2,649.1 $ 2,654.6
========= =========
Brown-Forman Corporation
Condensed Consolidated Statements of Cash Flows
(including cash flows from discontinued operations)
(Dollars in millions)
Nine Months Ended
January 31,
2005 2006
---- ----
Cash provided by operating activities $ 342.0 $ 243.4
Cash flows from investing activities:
Proceeds from sale of discontinued operations -- 196.5
Proceeds from sale of investment in affiliate 92.7 --
Investment in short-term securities -- (229.7)
Acquisition of minority interest in
subsidiary (63.6) --
Additions to property, plant, and equipment (31.0) (33.6)
Other 5.4 4.9
-------- --------
Cash provided by (used for) investing
activities 3.5 (61.9)
Cash flows from financing activities:
Net decrease in debt (47.0) (30.0)
Dividends paid (81.6) (94.0)
Other 4.9 13.8
-------- --------
Cash used for financing activities (123.7) (110.2)
Net increase in cash and cash equivalents 221.8 71.3
Cash and cash equivalents, beginning of period 67.7 294.9
-------- --------
Cash and cash equivalents, end of period $ 289.5 $ 366.2
======== ========
Brown-Forman Corporation
Continuing Operations Only
Supplemental Information
(Dollars in millions, except per share amounts)
Three Months Ended
January 31,
2005 2006
---- ----
Depreciation and amortization $ 11.7 $ 10.6
Excise taxes $ 127.8 $ 132.8
Effective tax rate 34.1% 27.5%
Cash dividends paid per common share $ 0.245 $ 0.280
Shares (in thousands) used in the
calculation of earnings per share
Basic 121,755 122,116
Diluted 122,482 123,558
Nine Months Ended
January 31,
2005 2006
---- ----
Depreciation and amortization $ 32.8 $ 32.3
Excise taxes $ 319.4 $ 345.9
Effective tax rate 33.8% 30.0%
Cash dividends paid per common share $ 0.670 $ 0.770
Shares (in thousands) used in the
calculation of earnings per share
Basic 121,723 122,027
Diluted 122,432 123,321
These figures have been prepared in accordance with
the company's customary accounting practices.
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