Constellation Brands Completes Accelerated Share Buyback Transaction
(Thomson Reuters ONE) -
VICTOR, N.Y., Dec. 1, 2010 - Constellation Brands, Inc. (NYSE: STZ), the
world's leading wine company, today announced it has completed its $300 million
accelerated stock buyback (ASB) transaction which was announced in April 2010.
Under the transaction, the company paid $300 million in April 2010 and
received a total of 17.2 million shares. Of the total amount, 13.8 million
shares were received in the company's first quarter with the remaining shares
received on November 30(th).
"Our strong free cash flow generation has enabled the company to repay debt,
fund the stock buyback transaction and targets us to reduce our leverage ratio
by year end," said Bob Ryder, chief financial officer, Constellation Brands. "We
currently estimate this transaction will generate about $0.09 of diluted
earnings per share accretion for fiscal 2011."
About Constellation Brands
Constellation Brands is the world's leading wine company that achieves success
through an unmatched knowledge of wine consumers, storied brands that suit
varied lives and tastes, and talented employees worldwide. With a broad
portfolio of widely admired premium products across the wine, beer and spirits
categories, Constellation's brand portfolio includes Robert Mondavi, Hardys,
Clos du Bois, Blackstone, Arbor Mist, Estancia, Ravenswood, Jackson-Triggs, Kim
Crawford, Corona Extra, Black Velvet Canadian Whisky and SVEDKA Vodka.
Constellation Brands (NYSE: STZ and STZ.B) is an S&P 500 Index and Fortune
1000® company with more than 100 brands in our portfolio, sales in about 150
countries and operations at more than 40 facilities. The company believes that
industry leadership involves a commitment to our brands, to the trade, to the
land, to investors and to different people around the world who turn to our
products when celebrating big moments or enjoying quiet ones. We express this
commitment through our vision: to elevate life with every glass raised. To learn
more about Constellation, visit the company's web site at www.cbrands.com.
Forward-Looking Statements
This news release contains forward-looking statements. The words "anticipate,"
"intend," and "expect" and similar expressions are intended to identify forward-
looking statements, although not all forward-looking statements contain such
identifying words. These statements may relate to business strategy, future
operations, prospects, plans and objectives of management, as well as
information concerning expected actions of third parties. All forward-looking
statements involve risks and uncertainties that could cause actual results to
differ materially from those set forth in, or implied by, such forward-looking
statements. Constellation's actual diluted earnings per share accretion for
fiscal 2011 from the ASB transaction will be determined by its actual results of
operations.
Media Relations
Angie Blackwell--585-678-7141
Cheryl Gossin--585-678-7191
Investor Relations
Patty Yahn-Urlaub-585-678-7483
Bob Czudak-585-678-7170
[HUG#1467348]
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Constellation Brands Inc via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 01.12.2010 - 14:01 Uhr
Sprache: Deutsch
News-ID 49305
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