-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P51ef0dFCCx7UuaOhofbcoSuJCsDNpeLDCa0u+KMyL08G9jCLNx6PxkeIeJ6kW2q 7vEuTVAwzgLgAWvctTQYxw== 0000016918-99-000014.txt : 19990928 0000016918-99-000014.hdr.sgml : 19990928 ACCESSION NUMBER: 0000016918-99-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990927 ITEM INFORMATION: FILED AS OF DATE: 19990927 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANANDAIGUA BRANDS INC CENTRAL INDEX KEY: 0000016918 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 160716709 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-07570 FILM NUMBER: 99717262 BUSINESS ADDRESS: STREET 1: 300 WILLOWBROOK OFFICE PARK CITY: FAIRPORT STATE: NY ZIP: 14450 BUSINESS PHONE: 7162182169 MAIL ADDRESS: STREET 1: 300 WILLOWBROOK OFFICE PARK CITY: FAIRPORT STATE: NY ZIP: 14450 FORMER COMPANY: FORMER CONFORMED NAME: CANANDAIGUA WINE CO INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BATAVIA WINE CELLARS INC CENTRAL INDEX KEY: 0000914160 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 161222994 STATE OF INCORPORATION: NY FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-01 FILM NUMBER: 99717263 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON INC CENTRAL INDEX KEY: 0000914167 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 363185921 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-07 FILM NUMBER: 99717264 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO ST CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON BRANDS LTD /DE/ CENTRAL INDEX KEY: 0000914168 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 362855879 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-08 FILM NUMBER: 99717265 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON BEERS LTD CENTRAL INDEX KEY: 0000914169 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 061048198 STATE OF INCORPORATION: CT FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-09 FILM NUMBER: 99717266 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON BRANDS OF CALIFORNIA INC CENTRAL INDEX KEY: 0000914171 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 581215938 STATE OF INCORPORATION: GA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-10 FILM NUMBER: 99717267 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON BRANDS OF GEORGIA INC CENTRAL INDEX KEY: 0000914172 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 131794441 STATE OF INCORPORATION: NY FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-11 FILM NUMBER: 99717268 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON DISTILLERS IMPORT CORP CENTRAL INDEX KEY: 0000914173 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 510311795 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-12 FILM NUMBER: 99717269 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BARTON FINANCIAL CORP CENTRAL INDEX KEY: 0000914174 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 390638900 STATE OF INCORPORATION: WI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-13 FILM NUMBER: 99717270 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEVENS POINT BEVERAGE CO CENTRAL INDEX KEY: 0000914175 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 390638900 STATE OF INCORPORATION: WI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-17673-13 FILM NUMBER: 99717271 BUSINESS ADDRESS: STREET 1: 116 BUFFALO STREET CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONARCH IMPORT CO CENTRAL INDEX KEY: 0000914179 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 363539106 STATE OF INCORPORATION: IL FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-16 FILM NUMBER: 99717272 BUSINESS ADDRESS: STREET 1: 235 N BLOOMFIELD RD CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO STREET 2: 17TH FLOOR CITY: CANANDAIGUA STATE: NY ZIP: 14424 FORMER COMPANY: FORMER CONFORMED NAME: BARTON MANAGEMENT INC DATE OF NAME CHANGE: 19931027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANANDAIGUA WINE CO INC /NY/ CENTRAL INDEX KEY: 0000928683 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 161462887 STATE OF INCORPORATION: NY FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-70824-19 FILM NUMBER: 99717273 BUSINESS ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163947900 MAIL ADDRESS: STREET 1: 116 BUFFALO CITY: CANANDAIGUA STATE: NY ZIP: 14424 FORMER COMPANY: FORMER CONFORMED NAME: CANANDAIGUA WEST INC DATE OF NAME CHANGE: 19940818 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIKING DISTILLERY INC CENTRAL INDEX KEY: 0001028294 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 582183528 STATE OF INCORPORATION: GA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-17673-18 FILM NUMBER: 99717274 BUSINESS ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163934130 MAIL ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANANDAIGUA EUROPE LTD CENTRAL INDEX KEY: 0001051699 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 161195581 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-40571-13 FILM NUMBER: 99717275 BUSINESS ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163934130 MAIL ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROBERTS TRADING CORP CENTRAL INDEX KEY: 0001051701 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 160865491 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-40571-14 FILM NUMBER: 99717276 BUSINESS ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 BUSINESS PHONE: 7163934130 MAIL ADDRESS: STREET 1: 235 NORTH BLOOMFIELD ROAD CITY: CANANDAIGUA STATE: NY ZIP: 14424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POLYPHENOLICS INC CENTRAL INDEX KEY: 0001073188 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 161546354 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-67037-15 FILM NUMBER: 99717277 BUSINESS ADDRESS: STREET 1: 433 AIRPORT BLVD STREET 2: SUITE 403 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 7163934130 MAIL ADDRESS: STREET 1: 300 WILLOWBROOK OFFICE PARK CITY: FAIRPORT STATE: NY ZIP: 14450 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANANDAIGUA LTD CENTRAL INDEX KEY: 0001073189 STANDARD INDUSTRIAL CLASSIFICATION: BEVERAGES [2080] IRS NUMBER: 161546354 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-67037-16 FILM NUMBER: 99717278 BUSINESS ADDRESS: STREET 1: 200 ALDERSGATE STREET CITY: LONDON ENGLAND BUSINESS PHONE: 7163934130 MAIL ADDRESS: STREET 1: 300 WILLOWBROOK OFFICE PARK CITY: FAIRPORT STATE: NY ZIP: 14450 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 27, 1999 ------------------ COMMISSION FILE NUMBER 0-7570 DELAWARE CANANDAIGUA BRANDS, INC. 16-0716709 AND ITS SUBSIDIARIES: NEW YORK BATAVIA WINE CELLARS, INC. 16-1222994 NEW YORK CANANDAIGUA WINE COMPANY, INC. 16-1462887 NEW YORK CANANDAIGUA EUROPE LIMITED 16-1195581 ENGLAND AND WALES CANANDAIGUA LIMITED --- NEW YORK POLYPHENOLICS, INC. 16-1546354 NEW YORK ROBERTS TRADING CORP. 16-0865491 DELAWARE BARTON INCORPORATED 36-3500366 DELAWARE BARTON BRANDS, LTD. 36-3185921 MARYLAND BARTON BEERS, LTD. 36-2855879 CONNECTICUT BARTON BRANDS OF CALIFORNIA, INC. 06-1048198 GEORGIA BARTON BRANDS OF GEORGIA, INC. 58-1215938 NEW YORK BARTON DISTILLERS IMPORT CORP. 13-1794441 DELAWARE BARTON FINANCIAL CORPORATION 51-0311795 WISCONSIN STEVENS POINT BEVERAGE CO. 39-0638900 ILLINOIS MONARCH IMPORT COMPANY 36-3539106 GEORGIA THE VIKING DISTILLERY, INC. 58-2183528 (State or other (Exact name of registrant as (I.R.S. Employer jurisdiction of specified in its charter) Identification incorporation or No.) organization) 300 WillowBrook Office Park, Fairport, New York 14450 ----------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (716) 218-2169 -------------- ------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS Canandaigua Brands, Inc. released the following information on September 27, 1999 regarding its second quarter 2000 results: CANANDAIGUA BRANDS REPORTS SECOND QUARTER RESULTS Fairport, New York, September 27, 1999 - Canandaigua Brands, Inc. (Nasdaq: CBRNA and CBRNB), today reported earnings per share on a diluted basis of $1.14 for the three months ended August 31, 1999 ("Second Quarter 2000"), an increase of 30 percent over earnings per share of $0.88 for the three months ended August 31, 1998 ("Second Quarter 1999"). Richard Sands, Chairman and Chief Executive Officer of Canandaigua Brands, said, "Our performance was very strong in the second quarter. Exclusive of acquisitions, our portfolio of brands posted impressive sales and earnings gains, with sales increasing 13 percent and operating income growing more than 20 percent. The acquisitions we completed over the last year included expanding to the United Kingdom, enhancing our distilled spirits portfolio and gaining a major presence in the fine wine category. Each of the acquired businesses exceeded our expectations for the quarter, with solid volume growth recorded in each category; together, the acquisitions made a positive contribution to earnings." Mr. Sands added, "Overall, the Company experienced healthy growth in each major category of business, with pro forma volumes up 15 percent for the quarter. Canandaigua Brands is clearly on track to benefit from the business development strategies we've implemented in the pursuit of our mission to become a leader in the drinks business worldwide." CONSOLIDATED RESULTS Net sales reached $622 million in Second Quarter 2000, a 78 percent increase over Second Quarter 1999. Most of the sales growth resulted from the acquisitions completed between December 1998 and June 1999; however, net sales of the Company's existing portfolio of products increased by 13 percent in Second Quarter 2000. Net sales for the six months ended August 31, 1999 ("Six Months 2000"), reached $1.2 billion, a 74 percent increase as compared to the six months ended August 31, 1998 ("Six Months 1999"). Gross profit rose to $189 million from $103 million in Second Quarter 1999, an increase of $86 million, or 83 percent. The improvement in gross profit was primarily related to sales from the acquisitions and increased beer sales. As a percent of net sales, gross profit reached 30.4 percent in Second Quarter 2000, as compared to 29.5 percent in Second Quarter 1999. The increase in the gross margin resulted primarily from the acquisition of high-margin spirits and fine wine products. Gross profit and gross profit margin for Six Months 2000 were $345 million and 30.0 percent, respectively, compared to $195 million and 29.5 percent in Six Months 1999. Selling, general and administrative expenses reached $125 million in Second Quarter 2000, an 86 percent increase from $67 million in Second Quarter 1999. The majority of the increase resulted from the addition of the businesses acquired since December 1998. Selling, general and administrative expenses for Six Months 2000 increased to $236 million from $129 million in Six Months 1999. Operating income increased to $64 million for Second Quarter 2000 from $36 million in Second Quarter 1999. For Six Months 2000, operating income was $104 million, compared to $67 million in Six Months 1999. Net interest expense reached $29 million, an increase of $21 million from Second Quarter 1999. The increase in interest expense resulted from approximately $1 billion in additional borrowings associated with the acquisitions the Company made between December 1998 and June 1999. Net interest expense for Six Months 2000 was $51 million, up from $16 million in Six Months 1999. As a result of these factors, net income reached $21 million in Second Quarter 2000, a 26 percent increase compared with net income of $17 million in Second Quarter 1999. Earnings per diluted share for Second Quarter 2000 were $1.14, a 30 percent increase over earnings of $0.88 in Second Quarter 1999, benefiting from a decrease in average shares outstanding. Net income and earnings per diluted share for Six Months 2000 were $32 million and $1.73, respectively, versus $30 million and $1.56 for Six Months 1999. For financial analysis purposes only, the Company's earnings before interest, taxes, depreciation and amortization ("EBITDA") were $84 million in Second Quarter 2000, an increase of $40 million over EBITDA of $44 million in Second Quarter 1999. EBITDA for Six Months 2000 totaled $138 million, an increase of $55 million over EBITDA of $83 million for Six Months 1999. (EBITDA should not be construed as an alternative to operating income or net cash flow from operating activities and should not be interpreted as an indication of operating performance or as a measure of liquidity.) BARTON RESULTS Net sales for Barton for Second Quarter 2000 were $250 million, a 33 percent increase as compared to Second Quarter 1999. Beer sales grew by 26 percent. The Company believes that some of the sales growth was associated with wholesaler inventory build-up in advance of price increases. Spirits sales increased by 55 percent, with most of the increase related to sales associated with the acquisition of spirits brands that was completed in April 1999. Operating income grew by 46 percent in Second Quarter 2000 to $42 million, led by increased profits from the growth of beer sales and the addition of profits from the spirits acquisition. Barton's net sales and operating income increased to $451 million and $73 million, respectively, for Six Months 2000. CANANDAIGUA WINE RESULTS Net sales for Canandaigua Wine for Second Quarter 2000 increased 6 percent to $170 million. Leading the sales increase were the Company's Arbor Mist fruit-flavored varietal wines and Almaden box wines, as well as strong growth in the Company's international sales. Operating income of $10 million in Second Quarter 2000 increased slightly as compared to Second Quarter 1999, as the Company invested incremental gross profits in initiatives to build market share. Net sales and operating income for Six Months 2000 were $334 million and $16 million, respectively. Excluding a nonrecurring charge of approximately $3 million, operating income for Six Months 2000 increased to $19 million, up 5 percent from the prior year. MATTHEW CLARK RESULTS The Company acquired control of Matthew Clark in December 1998. Net sales and operating income for Matthew Clark operations were $183 million and $12 million, respectively, in Second Quarter 2000, and $350 million and $19 million, respectively, for Six Months 2000. FRANCISCAN RESULTS The Company completed the acquisitions of Franciscan Estates and Simi Winery in June 1999, both of which are being managed and reported together as the Franciscan division of the Company. Franciscan had net sales of $17 million and operating income of $2 million in Second Quarter 2000. Canandaigua Brands, Inc., headquartered in Fairport, New York, is a leader in the production, marketing and distribution of beverage alcohol products in North America and the United Kingdom. The Company markets more than 180 premier brands, including imported beers, wines, spirits, cider and bottled water, and is a leading drinks wholesaler in the United Kingdom. Canandaigua Brands can be found on the Internet at www.cbrands.com. CONSOLIDATED FINANCIAL STATEMENTS FOLLOW CANANDAIGUA BRANDS, INC., AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) August 31, February 28, 1999 1999 (unaudited) (audited) ----------- ------------- ASSETS - ------ CURRENT ASSETS: Cash and cash investments $ 4,340 $ 27,645 Accounts receivable, net 344,652 260,433 Inventories, net 602,257 508,571 Prepaid expenses and other current assets 74,206 59,090 ----------- ----------- Total current assets 1,025,455 855,739 PROPERTY, PLANT AND EQUIPMENT, net 553,442 428,803 OTHER ASSETS 801,391 509,234 ----------- ----------- Total assets $ 2,380,288 $ 1,793,776 LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES: Notes payable $ 75,077 $ 87,728 Current maturities of long-term debt 17,844 6,005 Accounts payable 150,354 122,746 Accrued Federal and state excise taxes 41,469 49,342 Other accrued expenses and liabilities 214,287 149,451 ----------- ----------- Total current liabilities 499,031 415,272 LONG-TERM DEBT, less current maturities 1,274,295 831,689 DEFERRED INCOME TAXES 110,261 88,179 OTHER LIABILITIES 27,752 23,364 STOCKHOLDERS' EQUITY 468,949 435,272 ----------- ----------- Total liabilities and stockholders' equity $ 2,380,288 $ 1,793,776 CANANDAIGUA BRANDS, INC., AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Three Months Three Months Ended Ended August 31, 1999 August 31, 1998 Percent (unaudited) (unaudited) Change --------------- --------------- ------- Gross sales $ 814,845 $ 457,281 78.2% Net sales $ 621,580 $ 349,386 77.9% Cost of product sold (432,452) (246,150) 75.7% --------- --------- Gross profit 189,128 103,236 83.2% Selling, general and administrative expenses (125,320) (67,454) 85.8% Other nonrecurring charges -- -- N/A --------- --------- Operating income 63,808 35,782 78.3% Interest expense, net (28,640) (7,425) 285.7% --------- --------- Income before taxes 35,168 28,357 24.0% Provision for taxes (14,067) (11,626) 21.0% --------- --------- Net income $ 21,101 $ 16,731 26.1% Earnings per common share: Basic $ 1.17 $ 0.90 30.0% Diluted $ 1.14 $ 0.88 29.5% Weighted average common shares outstanding: Basic 18,010 18,589 -3.1% Diluted 18,499 19,051 -2.9% Segment Information: Net sales: Barton Beer $ 177,195 $ 141,133 25.6% Spirits 73,011 47,227 54.6% --------- --------- Net sales $ 250,206 $ 188,360 32.8% Canandaigua Wine Branded $ 150,814 $ 140,545 7.3% Other 19,449 20,211 -3.8% --------- --------- Net sales $ 170,263 $ 160,756 5.9% Matthew Clark Branded $ 80,879 $ -- N/A Wholesale 102,330 -- N/A --------- --------- Net sales $ 183,209 $ -- N/A Franciscan $ 17,137 $ -- N/A Corporate Operations and Other $ 2,003 $ 270 641.9% Intersegment eliminations $ (1,238) $ -- N/A --------- --------- Consolidated net sales $ 621,580 $ 349,386 77.9% Operating Income: Barton $ 41,963 $ 28,832 45.5% Canandaigua Wine 10,412 10,221 1.9% Matthew Clark 11,980 -- N/A Franciscan 1,571 -- N/A Corporate Operations and Other (2,118) (3,271) -35.2% --------- --------- Consolidated operating income $ 63,808 $ 35,782 78.3% CANANDAIGUA BRANDS, INC., AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Six Months Six Months Ended Ended August 31, 1999 August 31, 1998 Percent (unaudited) (unaudited) Change --------------- --------------- ------- Gross sales $ 1,519,834 $ 880,150 72.7% Net sales $ 1,151,749 $ 662,314 73.9% Cost of product sold (806,499) (467,017) 72.7% ----------- --------- Gross profit 345,250 195,297 76.8% Selling, general and administrative expenses (235,821) (128,786) 83.1% Other nonrecurring charges (5,510) -- N/A ----------- --------- Operating income 103,919 66,511 56.2% Interest expense, net (50,675) (15,952) 217.7% ----------- --------- Income before taxes 53,244 50,559 5.3% Provision for taxes (21,297) (20,729) 2.7% ----------- --------- Net income $ 31,947 $ 29,830 7.1% Earnings per common share: Basic $ 1.78 $ 1.60 11.3% Diluted $ 1.73 $ 1.56 10.9% Weighted average common shares outstanding: Basic 17,994 18,669 -3.6% Diluted 18,459 19,168 -3.7% Segment Information: Net sales: Barton Beer $ 323,806 $ 259,929 24.6% Spirits 127,149 94,599 34.4% ----------- --------- Net sales $ 450,955 $ 354,528 27.2% Canandaigua Wine Branded $ 295,205 $ 267,343 10.4% Other 38,617 39,350 -1.9% ----------- --------- Net sales $ 333,822 $ 306,693 8.8% Matthew Clark Branded $ 155,253 $ -- N/A Wholesale 194,753 -- N/A ----------- --------- Net sales $ 350,006 $ -- N/A Franciscan $ 17,137 $ -- N/A Corporate Operations and Other $ 2,889 $ 1,093 164.3% Intersegment eliminations $ (3,060) $ -- N/A ----------- --------- Consolidated net sales $ 1,151,749 $ 662,314 73.9% Operating Income: Barton $ 73,459 $ 54,620 34.5% Canandaigua Wine 16,019 17,661 -9.3% Matthew Clark 19,310 -- N/A Franciscan 1,571 -- N/A Corporate Operations and Other (6,440) (5,770) 11.6% ----------- --------- Consolidated operating income $ 103,919 $ 66,511 56.2% SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CANANDAIGUA BRANDS, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Senior Vice President and Chief Financial Officer SUBSIDIARIES BATAVIA WINE CELLARS, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Treasurer CANANDAIGUA WINE COMPANY, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Treasurer CANANDAIGUA EUROPE LIMITED Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Treasurer CANANDAIGUA LIMITED Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Finance Director (Principal Financial Officer and Principal Accounting Officer) POLYPHENOLICS, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President and Treasurer ROBERTS TRADING CORP. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, President and Treasurer BARTON INCORPORATED Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President BARTON BRANDS, LTD. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President BARTON BEERS, LTD. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President BARTON BRANDS OF CALIFORNIA, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President BARTON BRANDS OF GEORGIA, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President BARTON DISTILLERS IMPORT CORP. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President BARTON FINANCIAL CORPORATION Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President STEVENS POINT BEVERAGE CO. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President MONARCH IMPORT COMPANY Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President THE VIKING DISTILLERY, INC. Dated: September 27, 1999 By: /s/ Thomas S. Summer -------------------------------- Thomas S. Summer, Vice President INDEX TO EXHIBITS (1) UNDERWRITING AGREEMENT Not Applicable. (2) PLAN OF ACQUISITION, REORGANIZATION, ARRANGEMENT, LIQUIDATION OR SUCCESSION Not Applicable. (4) INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES Not Applicable. (16) LETTER RE CHANGE IN CERTIFYING ACCOUNTANT Not Applicable. (17) LETTER RE DIRECTOR RESIGNATION Not Applicable. (20) OTHER DOCUMENTS OR STATEMENTS TO SECURITY HOLDERS Not Applicable. (23) CONSENTS OF EXPERTS AND COUNSEL Not Applicable. (24) POWER OF ATTORNEY Not Applicable. (27) FINANCIAL DATA SCHEDULE Not Applicable. (99) ADDITIONAL EXHIBITS None -----END PRIVACY-ENHANCED MESSAGE-----