USA: Robert Mondavi Reports Record First Quarter Shipments and Earnings
The Robert Mondavi Corporation (Nasdaq: MOND) today announced results for its first quarter ended September 30, 2000.Adjusted net income for the quarter grew 22 percent to $11.3 million, or $0.70 per diluted share, compared to $9.3 million, or $0.58 per diluted share, a year ago. Net revenues for the quarter increased by 20 percent over the same period last year to $97.3 million, driven by a 23 percent increase in sales volume. In addition to strong sales volume growth during the quarter, the company also benefited from improved income from joint ventures that was partially offset by an increase in its operating expense ratio due mainly to new business start-up costs.Adjusted net income excludes inventory step-up associated with purchase accounting resulting from the company's acquisition of Arrowood Vineyards and Winery and of a minority investment in Ornellaia. For a further explanation of inventory step-up see footnote (A)."Sales of our Woodbridge and Robert Mondavi Coastal wines were exceptionally strong in preparation for the October debut of national television advertising for these brands," reported R. Michael Mondavi, President and CEO. "While it is too early to evaluate consumer response to the new advertising campaign, the response of our wholesalers and key retailers has been extremely positive." Case sales in U.S. food stores of all of the company's brands combined increased 20 percent over the same period last year, according to ACNielsen/Adams Business Research for the 13 weeks ended September 30, 2000, while sales of the company's wines by wholesalers grew 13 percent during the quarter compared to the same period last year.R. Michael Mondavi will host a conference call to discuss the quarter's results on Thursday, October 19, 2000 at 7:30 a.m. PT. A live listen only webcast of the conference call will be available at
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