Constellation Brands Completes Accelerated Share Buyback Transaction
02 December 2010 - 12:00AM
Marketwired
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 30th.
"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) (NYSE: 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
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