USA: Canandaigua Brands Reports Record First Quarter Results
Canandaigua Brands, Inc., today reported net income of $18 million for the three months ended May 31, 2000 ("First Quarter 2001"), an increase of 26 percent over net income of $14 million for the three months ended May 31, 1999 ("First Quarter 2000"), excluding the after-tax impact of nonrecurring charges of approximately $3 million taken in First Quarter 2000. Earnings per share on a diluted basis grew by 25 percent to $0.96 per share versus First Quarter 2000 earnings per share of $0.77, excluding the after-tax impact of nonrecurring charges. Net income and earnings per share including nonrecurring charges were $11 million and $0.59, respectively, for First Quarter 2000.Richard Sands, Chairman and Chief Executive Officer of Canandaigua Brands, said, "We continue to deliver top line growth across multiple businesses which is contributing positively to our performance. The success of our recent acquisition strategy is clearly demonstrated in our results as we once again reported record sales and profits. Industry dynamics continue to look favorable, and in particular, demand for beer and fine wines is still strong after recent price increases. Our healthy cash flow is further strengthening the balance sheet, positioning the Company to continue our track record of double-digit earnings growth."
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 15 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Are Coca-Cola, A-B InBev at a FIFA Crossroads?
- Interview - Illva Saronno CEO Augusto Reina
- Focus - The Risks of Acquisitions
- SABMiller & Meantime: Notes for the New Owner
- Will South Africa Raise Drinking Age to 21?
- Roust takes on Bushmills distribution in Russia
- Brown-Forman completes Kentucky acquisition
- Diageo silent on United Spirits inspection
- NPD: Beam Suntory's Ardmore Tradition, Triple Wood
- Diageo creates USL unit to oversee own brands
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Africa: The Final Frontier for Beer
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review