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CANANDAIGUA WINE COMPANY ANNOUNCES RECORD YEAR END AND FOURTH QUARTER EARNINGS AND SALES

 CANANDAIGUA, N.Y., Nov. 5 /PRNewswire/ -- Canandaigua Wine Company, Inc. (the "company" or "Canandaigua") (NASDAQ: WINEA, WINEB, WINEG) announced today record earnings and record sales for its fiscal year and fourth quarter ended Aug. 31, 1993. The company's significant growth during these periods over the same periods a year ago is primarily a result of the company's focus on, among other matters, expansion of its product lines through acquisitions. The company's net income increased 37.4 percent to $15,604,052 or $1.20 of fully diluted earnings per common share for its fiscal year ended Aug. 31, 1993 ("fiscal 1993") an increase of $4,247,710 from $11,356,342 or $1.01 of fully diluted earnings per common share for its fiscal year ended Aug. 31, 1992 ("fiscal 1992"). The company's net sales increased 24.9 percent to $306,308,335 for fiscal 1993, up from $245,242,548 for fiscal 1992.
 The company's net income increased 63.4 percent to $5,656,988 or $.40 of fully diluted earnings per common share for its fourth quarter ended Aug. 31, 1993 ("fourth quarter 1993"), an increase of $2,194,887 from $3,462,101 or $.28 of fully diluted earnings per common share for its fourth quarter ended Aug. 31, 1992 ("fourth quarter 1992"). The company's net sales increased 94.3 percent to $115,922,580 for fourth quarter 1993, up from $59,652,205 for fourth quarter 1992.
 On June 29, 1993, the company acquired all of the outstanding shares of Barton Incorporated ("Barton"). The increase in the company's net income and net sales for fiscal 1993 and fourth quarter 1993 principally resulted from the inclusion of the company's net income and net sales of the results of operations of Barton since the date of acquisition.
 Marvin Sands, chairman of the board, said, "We are extremely pleased with our acquisition of Barton which has enabled the company to diversify within the beverage alcohol industry by participating in the imported beer and distilled spirits markets, which have similar marketing approaches and distribution channels with those of the company."
 On Oct. 15, 1993, the company acquired substantially all of the assets and business of Vintners International Company, Inc. ("Vintners"). Vintners was the fifth largest wine supplier in the United States. Effective upon closing, Canandaigua integrated the Vintners business into its wine operations and hired the majority of Vintners employees. The organizational integration has included all areas of the business including production, finance, general and administrative, and marketing and sales. Canandaigua's salesforce will be selling the acquired brands primarily through its existing distributor network.
 Giving effect to the Barton and Vintners acquisitions, the company is the second largest wine supplier, fourth largest marketer of imported beer and the eighth largest distilled spirits supplier in the United States. The company's principal brands include Corona beer, Richards Wild Irish Rose wines, Paul Masson wines, Taylor California Cellars wines, Cook's sparkling wines, St. Pauli Girl beer, Cisco wines, Cribari wines, Taylor New York wines, Manischewitz wines, Barton Gin and Vodka, Tsingtao beer, Ten High bourbon and Montezuma tequila.
 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 FISCAL YEAR ENDED
 Aug. 31, 1993 Aug. 31, 1992
 Net sales 306,308,335 245,242,548
 Cost of product sold (214,930,669) (174,685,036)
 Gross profit 91,377,666 70,557,512
 Selling, general and
 administrative expenses (59,983,385) (46,490,983)
 Operating income 31,394,281 24,066,529
 Interest expense, net (6,126,012) (6,182,557)
 Income before provision
 for income taxes 25,268,269 17,883,972
 Provision for federal and
 state income taxes (9,664,217) (6,527,630)
 Net income $15,604,052 $11,356,342
 Per Share Data:
 Net Income per common share:
 Primary $1.30 $1.08
 Fully diluted(A) $1.20 $1.01
 Weighted average number of shares:
 Primary 11,963,652 10,527,270
 Fully diluted(A) 15,203,114 13,820,355
 QUARTER ENDED
 (UNAUDITED)
 Aug. 31, 1993 Aug. 31, 1992
 Net sales 115,922,580 59,652,205
 Cost of product sold (82,185,896) (42,968,886)
 Gross profit 33,736,684 16,683,319
 Selling, general and
 administrative expenses (22,443,697) (10,034,552)
 Operating income 11,292,987 6,648,767
 Interest expense, net (1,940,082) (1,197,036)
 Income before provision
 for income taxes 9,352,905 5,451,731
 Provision for federal and
 state income taxes (3,695,917) (1,989,630)
 Net income $5,656,988 $3,462,101
 Per Share Data:
 Net Income per common share:
 Primary $0.45 $0.30
 Fully diluted(A) $0.40 $0.28
 Weighted average number of shares:
 Primary 12,535,118 11,624,960
 Fully diluted(A) 15,774,580 14,918,045
 (A) -- Fully diluted earnings per share take into account the effect of the assumed conversion of the company's convertible debentures and other common stock equivalents.
 -0- 11/5/93
 /CONTACT: Lynn K. Fetterman, senior vice president chief financial officer, of Canandaigua Wine Company, 716-394-7900/
 (WINEA WINEB WINEG)


CO: Canandaigua Wine Company, Inc. ST: New York IN: FOD SU: ERN

KL-BM -- CL008 -- 1262 11/05/93 13:29 EST
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Date:Nov 5, 1993
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