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CANANDAIGUA WINE COMPANY, INC. ANNOUNCES RECORD EARNINGS AND SALES FOR THE FIRST QUARTER OF ITS 1994 FISCAL YEAR

 CANANDAIGUA, N.Y., Jan. 13 /PRNewswire/ -- Canandaigua Wine Company, Inc. (NASDAQ-NMS: WINEA, WINEB) ("the Company") announced today record net sales and earnings for the Company's first quarter ended Nov. 30, 1993 ("First Quarter 1994"). The Company's results of operations for First Quarter 1994 included the results of operations for a complete period of Barton Incorporated ("Barton"), which was acquired by the Company on June 29, 1993, and the results of the operations of Vintners International Company, Inc. ("Vintners") from Oct. 15, 1993, the date of the Company's acquisition of the assets of Vintners.
 Net sales for the Company's First Quarter 1994 increased to $154.5 million from $71.1 million in the same period a year ago, an increase of $83.4 million or approximately 117%. This increase resulted from the inclusion of $66.3 million of Barton's net sales and $22.2 million of net sales of Vintners' products during First Quarter 1994.
 Net income increased to $5.7 million or $.37 of fully diluted earnings per common share in First Quarter 1994 from $3.6 million or $.28 of fully diluted earnings per common share in the same period a year ago, an increase of $2.1 million or 57%. This increase also resulted from the inclusion of the operations of Barton and Vintners into the Company.
 Marvin Sands, the Company's chairman of the board, said, "We are very pleased with these results which reflect the success of our acquisition strategy. Barton continues its strong sales and earnings performance making a significant contribution to our overall record results. The Vintners acquisition has also contributed to our record performance through increased operating efficiencies as a result of the immediate integration of its operations. We will continue to seek growth through increased marketing and promotion, building on strong customer relations, expanding distribution, improved operating efficiencies through continued integration and selective acquisitions."
 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 principle brands include Corona Extra 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
 Consolidated Statements of Income and Retained Earnings
 Three Month Period Ended
 November 30,
 1993 1992
 (Unaudited) (Unaudited)
 GROSS SALES $213,954,227 $ 88,161,077
 Less excise taxes (59,469,612) (17,052,320)
 Net sales $154,484,615 $ 71,108,757
 COST OF PRODUCT SOLD (109,829,181) (49,571,752)
 Gross profit on sales $ 44,655,434 $ 21,537,005
 SELLING, GENERAL &
 ADMINISTRATIVE EXPENSES (31,647,516) (14,321,643)
 Operating income $ 13,007,918 $ 7,215,362
 INTEREST INCOME 38,025 103,948
 INTEREST EXPENSE (3,853,823) (1,506,906)
 Income before provision
 for income taxes $9,192,120 $5,812,404
 PROVISION FOR FEDERAL AND
 STATE INCOME TAXES (3,538,908) (2,208,700)
 Net income $5,653,212 $3,603,704
 RETAINED EARNINGS, BEGINNING 86,525,325 70,921,273
 RETAINED EARNINGS, ENDING $92,178,537 $74,524,977
 NET INCOME PER COMMON AND
 EQUIVALENT SHARE:
 Primary $.40 $.31
 Fully Diluted $.37 $.28
 WEIGHTED AVERAGE SHARES
 OUTSTANDING:
 Primary 14,033,381 11,759,996
 Fully Diluted 16,252,297 15,053,081
 -0- 1/13/94
 /CONTACT: Lynn K. Fetterman, vice president of finance and chief financial officer of Canandaigua Wine, 716-394-7900/
 (WINE)


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

KT -- DE019 -- 1811 01/13/94 14:59 EST
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Publication:PR Newswire
Date:Jan 13, 1994
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