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CANADA: Corby Distilleries Limited announces its financial results for the nine months ended May 31, 2000

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The Corporation's net earnings for the nine months ended May 31, 2000 amounted to $14.6 million or $2.08 per share compared to $16.7 million or $2.38 per share for the corresponding period last year.
Revenues are down 9% for the first nine months of the year compared to last year. As announced in April 2000, this is a direct result of the Corporation's strategic decision to reduce inventory levels at the liquor boards in order to streamline and improve efficiencies within the product to customer supply chain network. As a result, earnings from operations are down $1.7 million or 7% for the first nine months of the year compared to last year. This in no way reflects the underlying performance of the brands at the consumer level. Consumer purchases of Corby's spirits and wines brands were up 3% on a volume basis for the first nine months of the year compared to last year.

Equity earnings in the Tia Maria Group are down $1.3 million in the first nine months of the year compared to last year. Overall, volumes are up 4% over last year but revenues are down 9% after the impact of currency exchange on European denominated sales of Tia Maria. Excluding the effects of currency exchange, Tia Maria revenues were up 3% over the same period last year. Advertising and promotion investment is also up 10% for the period.

On July 4, 2000, the Board of Directors of the Corporation declared a dividend of $0.50 per share payable on Aug 1, 2000 on Voting Class A Common Shares and Non-Voting Class B Common Shares of the Corporation to shareholders of record as at the close of business on July 14, 2000.

Corby, through its affiliation with Allied Domecq PLC, the international spirits group, represents some of the most renowned and respected brands in the industry, including Canadian Club, Wiser's and Lamb's, as well as leading international marques such as Ballantine's, Beefeater, Kahlua and Tia Maria.

The existing Voting Class A Common Shares and Non-Voting Class B Common Shares of the Corporation are traded on Canadian Stock Exchanges under the symbols CDL.A and CDL.B.




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(unaudited)
CORBY DISTILLERIES LIMITED
Consolidated Financial Information
For the Three Months ended May 31, 2000 and May 31, 1999
-------------------------------------------------------------------------
Three Months Three Months
Ended Ended
(in thousands, except per share amounts) May 31, 2000 May 31, 1999
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CONSOLIDATED STATEMENTS OF EARNINGS
Operating revenue
Sales $16,674 $17,558
Commissions 3,531 3,442
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Gross operating revenue $20,205 $21,000
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Earnings from operations $5,474 $7,228
Equity earnings 844 821
Interest expense (518) (512)
-------------------------------------------------------------------------
Earnings before income taxes 5,800 7,537
Income taxes 2,228 3,057
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Net earnings $3,572 $4,480
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Net earnings per share $0.51 $0.64
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CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from (used in) operating activities
Operations
Net earnings $3,572 $4,480
Amortization 249 179
Deferred income taxes 161 22
Equity earnings lower than (in excess of)
dividends received 1,337 1,064
Deferred pension costs 451 44
Change in operating working
capital - net of cash 2,395 (822)
-------------------------------------------------------------------------
Cash flows from operating activities 8,165 4,967
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Cash flows used in investment activities
Additions to capital assets (302) (656)
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Cash flows used in investment activities (302) (656)
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Cash flows from (used in) financing activities
Dividends paid (3,509) (3,500)
Decrease in long-term debt (3,000) (1,000)
Proceeds on issuance of capital stock 56 0
-------------------------------------------------------------------------
Cash flows used in financing activities (6,453) (4,500)
-------------------------------------------------------------------------
NET INCREASE IN CASH EQUIVALENTS 1,410 (189)
CASH EQUIVALENTS(x) - BEGINNING OF PERIOD (2,365) 1,298
-------------------------------------------------------------------------
CASH EQUIVALENTS(x) - END OF PERIOD ($955) $1,109
-------------------------------------------------------------------------
(x) (Cash equivalents comprise short-term investments net of outstanding
cheques in excess of bank balances.)



-------------------------------------------------------------------------
(unaudited)
CORBY DISTILLERIES LIMITED
Consolidated Financial Information
For the Nine Months ended May 31, 2000 and May 31, 1999
-------------------------------------------------------------------------
Nine Months Nine Months
Ended Ended
(in thousands, except per share amounts) May 31, 2000 May 31, 1999
-------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF EARNINGS
Operating revenue
Sales $54,064 $60,914
Commissions 11,167 10,489
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Gross operating revenue $65,231 $71,403
-------------------------------------------------------------------------
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Earnings from operations $22,229 $23,906
Equity earnings 2,965 4,232
Interest expense (1,413) (1,564)
-------------------------------------------------------------------------
Earnings before income taxes 23,781 26,574
Income taxes 9,190 9,913
-------------------------------------------------------------------------
Net earnings $14,591 $16,661
-------------------------------------------------------------------------
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Net earnings per share $2.08 $2.38
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENTS
Cash flows from (used in) operating activities
Operations
Net earnings $14,591 $16,661
Amortization 814 594
Deferred income taxes 859 100
Equity earnings lower than (in excess of)
dividends received (784) (2,347)
Deferred pension costs 171 163
Change in operating working
capital - net of cash 607 (146)
-------------------------------------------------------------------------
Cash flows from operating activities 16,258 15,025
-------------------------------------------------------------------------
Cash flows used in investment activities
Additions to capital assets (702) (1,246)
-------------------------------------------------------------------------
Cash flows used in investment activities (702) (1,246)
-------------------------------------------------------------------------
Cash flows from (used in) financing activities
Dividends paid (10,526) (10,492)
Decrease in long-term debt (4,000) (2,000)
Proceeds on issuance of capital stock 429 269
Cash flows used in financing activities (14,097) (12,223)
-------------------------------------------------------------------------
NET INCREASE IN CASH EQUIVALENTS 1,459 1,556
CASH EQUIVALENTS(x) - BEGINNING OF PERIOD (2,414) (447)
-------------------------------------------------------------------------
CASH EQUIVALENTS(x) - END OF PERIOD $(955) $1,109
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(x) (Cash equivalents comprise short-term investments net of outstanding
cheques in excess of bank balances.)


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