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Constellation Brands CEO Discusses Q3 2012 Results Mark Swartzberg Stifel, mlb Fashion Moncler Men down with Hooded Zip Blue Vest jerseys Nicolaus Co., Inc., Research DivisionGood morning. My name is Jackie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands Third Quarter 2012 Earnings Conference Call. [ Instructions] I would now like to turn the conference over to Patty Yahn Urlaub, Vice President of Investor Relations. Please go ahead. Thank you, Jackie. Good morning, everyone, and welcome to Constellation s Third Quarter Fiscal 2012 Conference Call. I m here this morning with Rob Sands, our President and Chief Executive moncler vest jacket Officer; and Bob Ryder, our Chief Financial Officer. This call complements our news release, which has also been furnished to the SEC. During this call, we may discuss financial information on a GAAP, comparable, organic and constant currency basis. However, discussions will generally focus on comparable financial results. Please also be aware that we may make forward looking statements during this call. While those statements represent our best estimates and expectations, actual results could differ materially from our estimates and expectations. For a detailed list of risk factors that may impact the company s estimates, please refer to the news release and Constellation s SEC filings. And now, I d like to turn the call over to Rob. Thanks, Patty, and good morning, and happy new year to everyone. I hope you all had a great holiday and the opportunity to enjoy some of our fine products throughout the season. Welcome to our discussion of Constellation s Third Quarter Fiscal 2012 Sales and Earnings Results. We continue to progress through the year with results that are generally in line with our expectations for most areas of the business. distributor inventory build. distributor transition initiative. This had the effect of benefiting our sales and profits for fiscal 2011, how to spot a fake moncler jacket but created a sales and EBIT comparison challenge for fiscal 2012. Wine Spirits depletions improved sequentially during the third quarter, with the entire portfolio growing almost 2% and focused brands growing about 6%. Wine Spirits businesses. This year, we are driving enhanced promotional and merchandising activity in the second half to better align with the seasonality of our business. As such, you can see in the IRI data, coinciding with our third quarter, that we gained volume share for total table wine and the Premium Plus segment, which represents the greater than $5 retail price point. This channel accounts for about 35% of our business. And our spirits sales remain robust as we gain share driven by our SVEDKA Vodka brand. moncler outlet reviews wine category on a year to date basis through the third quarter. wine share loss for this time period can be primarily attributed to a decline in value brands below the $5 retail price point as we increased net prices for some of our higher volume value brands such as Vendange and Arbor Mist. As would be expected, this action negatively impacted volumes, but to a bit greater degree than we originally anticipated. So what are we doing about this market share issue? We are in the process of revamping up innovation and new product development where we currently have more than 20 new product launches underway in fiscal 2012, many of which are included in hot categories that are experiencing significant growth. We currently have strong momentum for many of our newly launched products like Primal Roots Sweet Red Blend, Rex Goliath Moscato, Ruffino Prosecco, Woodbridge Malbec and the Simply Naked unoaked line of varietals. Our most recent introduction to the new product lineup is The Dreaming Tree brand, a collaboration between Steve Reeder, our award winning winemaker at Simi, and acclaimed musician Dave Matthews, that is receiving rave reviews. This collection of new products is gaining traction and performed very well in the marketplace during the holiday selling season. And next year in fiscal 2013, we expect to have an increasing percentage of our sales growth coming from innovation. As I mentioned earlier, from a depletion perspective, during the third quarter our focus brands grew almost 6%, with several brands growing double digits, including SVEDKA Vodka, Black Box, Rex Goliath and Kim Crawford, just to name a few. However, the previously mentioned price increase on Arbor Mist has reduced our focus brands growth rate somewhat. To mitigate this, we have introduced Arbor Mist Pomegranate Berry Pinot Noir, which is doing very well in the marketplace, and we recently launched Arbor Mist Strawberry Moscato at Wal Mart. This new flavor extension has exceeded all initial launch expectations. Next month, we are introducing Arbor Mist frozen wine cocktails at Wal Mart in order to capitalize on one of the fastest growing segments in beverage alcohol. We have other initiatives underway to drive some of our key focus brands. They include our recent relaunch of the Ravenswood brand with new labeling and a refinement of the Ravenswood blend to produce a more fruit forward taste profile. Ravenswood is a great turnaround story, with recent SymphonyIRI trend showing mid single digit volume growth rates during the third quarter. For Blackstone, we have new packaging moncler clothing sale in the works and 2 new line extensions. A red blend was introduced last fall, and we will be rolling out a Malbec in the New Year. One of the things which I am particularly proud is the string of awards and accolades that we continue to receive for many of our focus brands from several industry leading publications. They include the following: in the December 31 issue of Wine Spectator, the 2008 Robert Mondavi Oakville Cabernet Sauvignon was named one of the Top 100 Wines of 2011. Wine Spectator also awarded the 2008 Robert Mondavi Napa Valley Reserve Chardonnay 93 points, while the 2009 Robert Mondavi Napa Valley Reserve Pinot Noir was awarded Moncler down jackets Women with hooded zip green a 91 point score. The Franciscan Cabernet Sauvignon 2007 was named to the Wine Enthusiast Top moncler dusseldorf 100 of 2011 list. And the Inniskillin 2007 Vidal Icewine received 92 points from the wine enthusiasts and 95 points from the tasting panel. Finally, IMPACT Blue Chip awards were given to Clos du Bois, Estancia, Robert Mondavi Private Selection and SVEDKA. Overall, we are catching up with industry trends in addressing some of the short term challenges we face within our portfolio of brands. As you can see, we have several initiatives underway, and I believe we are firing on all cylinders from an innovation and Moncler Down Jacket Men with Rabbit Hooded coffee new product development perspective

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Constellation Brands CEO Discusses Q4 2011 Results Reza Vahabzadeh Lehman BrothersGood morning. My name is Wes, nfl jerseys and I will be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands Fourth Quarter and Fiscal Year End 2011 Earnings Conference Call. [ Instructions] I will turn the conference over to Patty Yahn Urlaub, Vice President of Investor Relations. Please go ahead, ma am. Thank you, Wes. Good morning, everyone, and welcome to Moncler baiel Women down coats Glossy Bow Dark gray Constellation s Fourth Quarter and Fiscal Year End 2011 Conference Call. I m here this morning moncler cheap uk with Rob Sands, our President and Chief Executive Officer; and Bob Ryder, our Chief Financial Officer. This call complements our news release, which has been furnished to the SEC. During this call, we may discuss financial estimation on a GAAP, comparable, organic and constant currency basis. However, discussions will generally focus on comparable financial results. Please also be aware that we may make forward looking statements during this call. While those statements represent our best estimates and expectations, actual results could differ materially from our estimates and expectations. moncler buy For a detailed list of risk factors that may impact the company s estimates, please refer to the news release in Constellation s SEC filing. And now, I d like to turn the call over to Rob. Thanks, Patty. Good morning, and welcome to our call. We recently completed a year of significant accomplishments as we delivered against a number of key strategic goals and business initiatives. I would like to take a minute to highlight some of these accomplishments. and Australian business to the CHAMP Private Equity for approximately $220 million. This transaction represented another transformational step in the execution of our strategy as this business was no longer aligned with our strategic imperatives. We utilized the proceeds from this transaction in combination with strong free cash flow to reduce debt by almost $600 million. This also enabled a decrease in our leverage ratio to the mid 3x range, a level we have not achieved since May 2006. We generated free cash flow of $530 million for the year, and we are targeting, for fiscal 2012, free cash flow to be in the range of $600 million to $650 million. We have obviously made significant progress from our ongoing focus in this area. These strong free cash flow results essentially enabled us to fund an accelerated stock buyback transaction while continuing to reduce debt. We are approaching the final leg of Project Fusion, which was designed to create an integrated technology platform and develop world class systems to support our business. Our Fusion initiatives have reached major milestones within the past year, and the work being done within this program is helping Constellation become more connected as one company, improving efficiencies and achieving cost savings across our business. distributor initiative, which is also one of the primary catalysts driving Moncler Nantes Hooded WoMen's Down Coat Black profitable, organic growth. wine and spirit volume. As we previously discussed, our sales volume to distributors exceeded distributor sales to retail and on premise channel throughout fiscal 2011 due to the distributor transition. business and will create an EBIT comparison challenge for fiscal 2012, the impact of which has been factored into our guidance for this year. During fiscal 2012 and for the remainder of the contract term, we expect our shipments to essentially equal distributor depletions on an annual basis. marketplace, it is best to review a combination of our shipment data, distributor depletions and consumer takeaway trend as they are indicative of the underlying health of our Moncler Kids jackets blouson ski rouge junior Zip business. In an effort to help you better understand this part of our business, we have added shipment and depletion information to the Financial Attachments section of our press release. We expect to provide this information on a quarterly and year to date basis going forward so that you will be able to better understand the results of our efforts. total Wine and Spirits business across all channels increased approximately 3% for the year, which is in line with industry trends. distributor initiative. Wine business in the IRI or Nielsen data that you receive and analyze on a regular basis. I d like to take a minute to describe what s driving these trends moncler jacket white and remind everybody that the IRI food and drug channels represent approximately 30% of our business with the next two largest channels represented by the liquor and on premise channels. At any given point during the year, we post our promo activities as appropriate based on a number of factors including business seasonality, the competitive environment and consumer takeaway trends. Our marketplace performance reflects this in the form of an increase or decrease in promotional activity that typically drives volume results during any given time period throughout the year. You may remember that during the first half of fiscal 2011, our promotional spend exceeded that of the market as we blue moncler jacket worked to regain market share that we had lost during the distributor transition, when we were focused on executing our consolidation strategy. During the second half of fiscal 2011, we resumed more normalized levels of promotional activity but also scaled back promotional support for the lower margin, non premium brand at the less than $5 retail price point. This was done in an effort to improve margins on these products. But as expected, this action negatively impacted volumes. This activity will happen from time to time throughout the year as part of the normal course of operations, because we are focused on taking actions appropriate for the long term health of the business. As a matter of fact, during the first quarter, we will take selected price increases on certain specialty and value product to continue to enhance margins. So you will continue to see this kind of volatility in IRI. Keep in mind, however, that this IRI data represents only a portion of our entire business. As we discussed, going forward, our goal remains the same. From a depletion and consumer takeaway perspective, we expect to grow in line with the market across all channels for fiscal 12 and beyond. market appears to have stabilized yet remains competitive. Moncler Kids pink Clothing-Fall-Winter with hat wine profitability, posted positive depletion trends of almost 10%, 10% for the year, and we gained market share for this entire group of products

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